Vintage capital and creditor protection

• 成果类型: Article
• 署名作者: Benmelech, Efraim; Bergman, Nittai K.
• 署名单位: Harvard University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2010.09.004
• 发表日期: 2011
• 页码: 308-332
• 关键词: Asset-backed securities; bankruptcy; collateral; contagion

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.