Learn More
Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995 to 2001. Bankruptcy costs are very heterogeneous and sensitive to the measurement method used. We find that Chapter 7 liquidations appear to be no faster or cheaper (in terms of direct expense) than Chapter 11 reorganizations. However,(More)
  • Governance Hayong, Yun, Kenneth Ayotte, Patrick Bolton, Charles Calomiris, Charles Himmelberg +10 others
  • 2005
This paper uses the second-generation antitakeover legislation as a natural experiment to understand corporate governance in ‡uence on managerial decisions, speci…cally by examining in ‡uences on …rms'liquidity choices between cash and loan commitments. These choices di¤er primarily in the allocation of ex-post control rights of …rms'liquid-ity reserves,(More)
A number of commentators have raised concerns about the empty creditor problem that arises when a debtholder has obtained insurance against default but otherwise retains control rights in and outside bankruptcy. We analyze this problem from an ex-ante and ex-post perspective in a formal model of debt with limited commitment, by comparing contracting(More)
Women's preferences for facial structure vary over the menstrual cycle. Little is known, however, as to how preferences for behavior may be influenced by hormonal factors. Here, we demonstrate that social properties of facial motion influence attractiveness judgments in the absence of other cues, and that women's preferences for these displays vary over the(More)
In the past decade, there have been increasing concerns over the effects of pharmaceutical compounds in the aquatic environment, however very little is known about the effects of antidepressants such as the selective serotonin re-uptake inhibitors (SSRIs). Many biological functions within invertebrates are under the control of serotonin, such as(More)
This preliminary study investigated whether individual differences in performance on a difficult social perception task (determining the sex of shape normalized, line drawn dynamic faces) are related to sex of observer, scores on an empathy quotient and scores on a systemizing quotient. Performance in the face perception task (N = 60) was above chance,(More)
Facial movement has received little attention in studies of human attractiveness, yet dynamic displays are an important aspect of courtship in many species. This experiment investigated whether facial movement could be used to identify sex, and whether the ease of identification was associated with attractiveness. We removed shape cues to sex by applying(More)
We investigate whether homeowners respond strategically to news of mortgage modification programs. We exploit plausibly exogenous variation in modification policy induced by U.S. state government lawsuits against Countrywide Financial Corporation, which agreed to offer modifications to seriously delinquent borrowers with subprime mortgages throughout the(More)
Executive Summary We are witnessing an unprecedented housing and foreclosure crisis, with 2.25 million foreclosures started last year and at least 1.7 million foreclosure starts expected this year. Privately securitized mortgages are at the core of the problem. These mortgages—which were originated without a guarantee from government-sponsored(More)
The opinions in this paper reflect our own views and neither our colleagues nor the Federal Reserve Bank of New York are responsible for any flaws or omissions in the analysis. The Paul Milstein Center for Real Estate at Columbia Business School provided critical funding to support this research. Abstract Collateralized Debt Obligations (CDO) played a key(More)