As benmelech, garmaise, and moskowitz 2005 note, the real. Real estate prices and firm capital structure cvijanovic. He is a winner of the 2011 brattle prize for his article bankruptcy and collateral channel. See, for example, pulvino 1998, 1999 and eisfeldt and rampini 2008. Facebook gives people the power to share and makes the world more open and connected. We propose three hypotheses to prove that political benefits exist. In a related paper, benmelech, garmaise, and moskowitz 2005 analyze the. Efraim benmelech national bureau of economic research. Check out lemelech by ohad moskowitz on amazon music. Benmelech, garmaise, and moskowitz 2005, bergman and nicolaievsky 2007, and benmelech 2008.
First, do politically connected firms obtain preferential treatment for bank loans. Anammelech definition and meaning bible dictionary. Prayer book for sabbath and festivals with torah readings and. Someone else renamed him, later on, to reflect his position in societywhich is not very high. Creditor control rights and firm investment policy. We employ commercial zoning regulation to capture the flexibility of a propertys permitted uses as a measure of an assets redeployability or value in its next best. This paper investigates whether political connections improve the access of firms to financing. Garmaise is from the ucla anderson school and moskowitz is from the graduate school of business, university of chicago and nber. He was raised in gary, indiana on the next street over from who would become the world famous jackson 5.
Benmelech, garmaise and moskowitz 2005, qian and strahan 2007, benmelech and bergman 2009, and vig 20, who find that the strengthening of creditor rights is correlated with longer debt maturity. Evidence from, booktitle commercial loan contracts and zoning regulation, quarterly journal of economics 120, 1121, year. Before ebedmelech removed jeremiah from the cistern, he obtained old rags and worn out clothes. Benmelech, garmaise, and moskowitz 2005 show that the liquidation values of collateralized assets are firstorder determinants of loan contract terms. Furthermore, the diversity of track gauges provides an environment in which demand for assets can be identified.
The hbr list breakthrough ideas for 2005 kramer, r. Entry for anammelech cyclopedia of biblical, theological and ecclesiastical literature one of 8 bible encyclopedias freely available, this encyclopedia, with its nearly 50,000 entries and 17 millin words, dwarfs modern bible encyclopedias with the depth of knowledge. Prayer book for sabbath and festivals with torah readings and torah readings and haftaroth. Benmelech, garmaise, and moskowitz, w11004 do liquidation values affect financial contracts. Originally king zedekiah gave them permission to confine jeremiah in the empty cistern.
Topics include short and longterm financing, capital structure and dividend decisions, cost of capital, capital budgeting, firm valuation, financial and operational restructuring, and. Bankruptcy and the resolution of financial distress 3 1. They find that properties with more flexible zoning designations. Prayer book for sabbath and festivals with torah readings. In how many ways is ebedmelech the ethiopian, one of the eunuchs typical of true christians today.
Evidence from commercial loan contracts and zoning regulation, the quarterly journal of economics, oxford university press, vol. The lower default risk and the likely reduced lossgivendefault may translate into a lower required risk premium, and potentially also into a lower cost of debt. Garmaise search for more papers by this author tobias j. Efraim benmelech faculty kellogg school of management. By focusing on zoning regulation that determines the potential buyers of real estate properties, benmelech, garmaise, and moskowitz take a similar approach to this study, in. By focusing on zoning regulation that determines the potential buyers of real estate properties, benmelech, garmaise, and moskowitz 2005 take a similar approach to this study, in which. We examine the impact of asset liquidation value on debt contracting using a unique set of commercial property nonrecourse loan contracts. Stuart professor of finance at the kellogg school of management at northwestern university, usa. Evidence from nineteenthcentury american railroads. Housing collateral and entrepreneurship request pdf.
His mother did not call him ebed for short, because ebedmelech, meaning the servant of the king, can hardly be his real name. Evidence from us state usury laws in the 19th century. The credit rating crisis national bureau of economic. Mark garmaise national bureau of economic research. Liquidation values and the credibility of financial contract. Second, if these firms do obtain preferential treatment, do they benefit from governmentowned banks gobs more than from. See abimelech instances in the king james version kjv. We have benefited from the suggestions and comments of tony bernardo, marianne bertrand, phillip bond, doug diamond, mark duggan, eugene fama, kenneth french, jonathan guryan, erik hurst, matthias kahl, anil kashyap, steven levitt, atif mian, sendhil mullainathan. Furthermore, consistent with benmelech, garmaise, and moskowitz 2005, and as predicted by shleifer and vishny 1992 and hart and moore 1994, i. Ben melech was born steven elwood britt in 1949, to thomas and geraldine britt in philadelphia, pa.
Their combined citations are counted only for the first article. Ebedmelech was a servant while the four men who put jeremiah in the cistern were senior officials, possibly even princes, in the kings court. Efraim benmelech professor harvard university academic room. Efraim benmelech harvard university and nber nittai k. Bergman massachusetts institute of technology and nber paper presented at the 10th jacques polak annual research conference hosted by the international monetary fund washington, dcnovember 56, 2009 the views expressed in this paper are those of the authors onl. E44,g01,g21,g24,g38 abstract since june 2007, the creditworthiness of structured finance products has deteriorated rapidly. Benmelech, garmaise and moskowitz 2005 provide a link between collateral and liquidation values, but their analysis applies to one particular type of asset in a specic context. The credit rating crisis efraim benmelech and jennifer dlugosz nber working paper no. Stuart professor of finance director of the guthrie center for real estate research. In a related paper, benmelech, garmaise and moskowitz 2004 analyze the e. Debt to cash flow is the book value of borrower short and long term debt, scaled by the earnings before interest and taxes, plus depreciation and amortization. Life without foreclosures adair morse uc berkeley and nber margarita tsoutsoura university of chicago.
We examine the impact of asset liquidation value on debt contracting using a unique set of commercial property nonrecourse. All video rentals use streaming services which may be blocked by your internet filter. To most of the galaxy he was a legend without a face, and to the res. Moskowitz, title do liquidation values affect financial contracts. In a related paper, benmelech, garmaise, and moskowitz analyze the effect of liquidation values on commercial property nonrecourse loan contracts. Efraim benmelech, department of economics, harvard university, littauer. Stromberg 2003, benmelech 2006, benmelech, garmaise and moskowitz 2005.
Prayer book for sabbath and festivals with torah readings and torah readings and haftaroth birnbaum, philip on. Benmelech, garmaise, and moskowitz 2005, benmelech and bergman. Moskowitz we examine the impact of asset liquidation value on debt contracting using a unique set of commercial property loan contracts. All ohad moskowitz lyrics sorted by popularity, with video and meanings. It was a female deity representing the moon, as adrammelech q. Evidence from commercial loan contracts and zoning regulation. Moskowitz and tony bernardo and efraim benmelech and mark j. Vintage capital and creditor protection researchgate. Benmelech, garmaise, and moskowitz 2005, bergman and nicolaievsky 2007. Apr 14, 2014 ebedmelech was a servant while the four men who put jeremiah in the cistern were senior officials, possibly even princes, in the kings court. Evidence from commercial loan contracts and zoning regulation, nber working papers 11004, national bureau of economic research, inc. Research interests asset pricing portfolio choice risk sharing market e.
Bankruptcy and the resolution of financial distress 15. Hart 2001, bolton and scharfstein 1990, eisfeldt and rampini 2009, bolton and scharfstein 1996, shleifer and vishny. Evidence from nineteenthcentury american railroads efraim benmelech. Leverage is measured as the book value of total funded debt divided by the book value of the assets. He is also a research associate at the national bureau of economic research nber. See, for example, pulvino 1998, 1999 and eisfeldt and rampini. Book values are measured in annual terms over the four quarters prior to the signing of the credit agreement. Assuncao, benmelech and silva 2012 benmelech, garmaise and moskowitz 2000. Renegotiation frictions and financial distress resolution. As they were musical prodigies he discovered at an early age his anointed genius in art. Benmelech e, garmaise mj, moskowitz tj 2005 do liquidation values affect financial contracts. Evidence from commercial zoning laws, with mark garmaise and toby moskowitz, quarterly journal of economics, 2005, 120 3 11211154. Book assets are the book value of assets of the borrower. Finally, the loan analysis in our paper is related to benmelech, garmaise, and moskowitz 2005 and benmelech and bergman 2009.
This is in line with the collateral quality literature on real assets see benmelech, garmaise, moskowitz, 2005, campello, giambona, 20, demirci, gurun, yonder. Sep 28, 2014 this is a general prediction emerging from williamson 1988, shleifer and vishny 1992, and hart and moore 1994, and it is consistent with 11. The quarterly journal of economics 120 3, 11211154. Financial decisions finc4420 this course uses case studies to enhance the students understanding of managerial financial decision making, specifically investment and financing decisions. Join facebook to connect with or benmelech and others you may know. Firms with greater collateral value are able to raise external funds at lower cost e. Furthermore, the diversity of track gauges provides an environment in which demand for assets can be identi.
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