Vintage capital and creditor protection

被引：38

作者：

Benmelech, Efraim ^{[1
,3
]}

Bergman, Nittai K. ^{[2
,3
]}

机构：

[1] Harvard Univ, Dept Econ, Littauer Ctr, Cambridge, MA 02138 USA

[2] MIT, Alfred P Sloan Sch Management, Cambridge, MA 02142 USA

[3] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2011年 / 99卷 / 02期

关键词：

Asset-backed securities; Bankruptcy; Collateral; Contagion; FINANCIAL DEVELOPMENT; SOVEREIGN DEBT; GROWTH; INVESTMENT; ENFORCEMENT; ALLOCATION; MARKET; MODEL; LAW;

D O I：

10.1016/j.jfineco.2010.09.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We provide novel evidence linking the level of creditor protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Using a panel of aircraft-level data around the world, we find that better creditor rights are associated with both aircraft of a younger vintage and newer technology, as well as firms with larger aircraft fleets. We propose that by mitigating financial shortfalls, enhanced legal protection of creditors facilitates the ability of firms to make large capital investments, adapt advanced technologies, and foster productivity. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：308 / 332

页数：25

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