作者：Giambona, Erasmo; Wang, Ye
作者单位：Syracuse University; University of International Business & Economics
摘要：This article analyzes the importance of supply-side fluctuations for corporate hedging. To establish a causal link, we exploit a regulatory change that allows derivatives counterparties to circumvent the Bankruptcy Code's automatic stay: the Safe Harbor Reform of 2005. Following the reform-induced expansion in the availability of derivatives, fuel hedging by airlines nearing financial distress (those that benefited most from the reform) significantly increased in comparison with financially so...
作者：Black, Lamont K.; Krainer, John R.; Nichols, Joseph B.
作者单位：DePaul University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Two main creditors exist in commercial real estate: arm's-length investors and banks. We model commercial mortgage-backed securities (CMBS) as the less informed source of credit. In equilibrium, these investors fund properties with a low probability of distress, and banks fund properties that may require renegotiation. As a natural experiment, we test the model using the collapse of the CMBS market during 2007-2009, when banks funded both collateral types. Our results show that properties like...
