dc.contributor.author |
Neus, Werner |
de_DE |
dc.contributor.author |
Stadler, Manfred |
de_DE |
dc.date.accessioned |
2011-07-26 |
de_DE |
dc.date.accessioned |
2014-03-18T10:03:45Z |
|
dc.date.available |
2011-07-26 |
de_DE |
dc.date.available |
2014-03-18T10:03:45Z |
|
dc.date.issued |
2011 |
de_DE |
dc.identifier.other |
347806368 |
de_DE |
dc.identifier.uri |
http://nbn-resolving.de/urn:nbn:de:bsz:21-opus-57385 |
de_DE |
dc.identifier.uri |
http://hdl.handle.net/10900/47866 |
|
dc.description.abstract |
In his basic model of debt renegotiation, BESTER [1994] argues that collateral is more effective if high risk projects are financed. This result, however, crucially depends on the definition of risk. Using the second-order stochastic dominance criterion introduced by ROTHSCHILD AND STIGLITZ [1970], we show that it is not a project’s high risk, induced by a high probability of default, that makes collateral more effective. Instead it turns out that, given the expected return, the probability of default has no impact on the collateral’s effectiveness. Moreover, a higher risk of the project caused by a higher loss given default makes the use of collateral even less effective. |
en |
dc.language.iso |
en |
de_DE |
dc.publisher |
Universität Tübingen |
de_DE |
dc.rights |
ubt-podno |
de_DE |
dc.rights.uri |
http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=de |
de_DE |
dc.rights.uri |
http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=en |
en |
dc.subject.classification |
Schulden |
de_DE |
dc.subject.ddc |
330 |
de_DE |
dc.subject.other |
Debt renegotiation , Collateral , Risk , Stochastic dominance |
en |
dc.title |
Risk and the Role of Collateral in Debt Renegotiation |
en |
dc.type |
WorkingPaper |
de_DE |
utue.publikation.fachbereich |
Wirtschaftswissenschaften |
de_DE |
utue.publikation.fakultaet |
6 Wirtschafts- und Sozialwissenschaftliche Fakultät |
de_DE |
dcterms.DCMIType |
Text |
de_DE |
utue.publikation.typ |
workingPaper |
de_DE |
utue.opus.id |
5738 |
de_DE |
utue.publikation.source |
University of Tübingen Working Papers in Economics and Finance ; 16 |
de_DE |