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Financial Distress and Bank Restructuring of Small to Medium Size UK Companies
We use a unique data set to study how U.K. banks deal with financially distressed small and medium-sized companies under a ‘contractualist’ bankruptcy system. Unlike in the U.S., these proceduresExpand
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A New Test of Capital Structure
This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment spikes. We find that the spikes are predominantly financed with debt by largeExpand
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Finance and Growth: Theory and New Evidence
This paper describes a feedback effect between real and financial development. The paper presents a new variable, which we call the cost of financial intermediation, through which the feedbackExpand
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Macroeconomic Effects of Tax on Bond Interest Rate
The effect of taxes on interest earned upon capital accumulation and inflation is discussed within an overlapping generations model. It is shown that an increase in such a tax is likely to reduceExpand
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Financial innovations and corporate bankruptcy
In this paper we construct an evolutionary theory of bankruptcy law in which bankruptcy law is perceived as a mechanism for standardizing the default clauses in debt contracts. Our theory isExpand
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Banking and Development
This paper reformulates the well known financial development conjecture (FDC) and supplies some new empirical evidence in its favour. The financial development conjecture, namely, that there existExpand
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Financial Innovations and Corporate Insolvency
In this paper we develop a corporate-finance oriented theory of financial innovations. The theory is motivated by the different corporate insolvency procedures in England and America. In the paper’sExpand
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Investment Spike Financing
This is one of the most comprehensive studies to date to employ filtering techniques to distinguish between routine and "investment spike'' financing. It records marked differences in how US publiclyExpand
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Endogenous Cycles in a Stiglitz-Weiss Economy
The literature on financial imperfections and business cycles has focused on propagation mechanisms. In this paper we model a pure reversion mechanism, such that the economy may converge to aExpand
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Resolving Financial Distress By Way of a Contract:an Empirical Study of Small UK Companies
This paper provides an empirical study of the resolution of financial distress in England. The study is based upon a unique data set of 532 financially distressed UK companies, most of which areExpand
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