Creditor Rights and Bank Loan Losses
研究了两种债权人权利与银行贷款损失的关系，发现重组限制和担保债权人优先受偿与贷款风险负相关，并利用会计披露数据构建了贷款组合层面的违约概率和违约损失率指标。
Abstract We develop hypotheses regarding the association between two types of creditor rights and bank loan losses. Contrary to prior research conclusions, bank lending risk is negatively associated with both restrictions on reorganization and the secured creditor being paid first. Using accounting disclosures, we develop novel empirical measures of the probability of default (PD) and loss given default (LGD) at the loan-portfolio level. Different types of creditor rights have differential effects pertaining to PD and LGD and exhibit significant intertemporal variation. We corroborate our cross-country findings using the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) shock to creditor rights.