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The alchemy of CDO credit ratings

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E Benmelech… - Journal of Monetary Economics, 2009 - Elsevier
Collateralized loan obligations (CLOs) were one of the largest and fastest growing segments
of the structured finance market, fueling the 2003–2007 boom in syndicated loans and
leveraged buyouts. The credit crisis brought CLO issuance to a halt, and as a result the ...
Cited by 100 - Related articles - Library Search - All 13 versions

Do liquidation values affect financial contracts? Evidence from commercial loan contracts and zoning regulation

[PDF] from oxfordjournals.org
E Benmelech, MJ Garmaise… - 2004 - nber.org
We examine the impact of asset liquidation value on debt contracting using a unique set of
commercial property non-recourse loan contracts. We employ commercial zoning regulation
to capture the flexibility of a property's permitted uses as a measure of an asset's ...
Cited by 85 - Related articles - BL Direct - All 43 versions

[PDF] The credit rating crisis

[PDF] from nber.org
E Benmelech… - 2010 - nber.org
Abstract Since June 2007, the creditworthiness of structured finance products has
deteriorated rapidly. The number of downgrades in November 2007 alone exceeded 2,000
and many downgrades were severe, with 500 tranches downgraded more than 10 ...
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Human capital and the productivity of suicide bombers

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E Benmelech… - The Journal of Economic …, 2007 - ingentaconnect.com
Abstract: This paper studies the relation between the human capital of suicide bombers and
the outcomes of their suicide attacks. We argue that human capital is an important factor in
the production of terrorism and that if terrorists behave rationally, we should observe that ...
Cited by 64 - Related articles - BL Direct - All 20 versions

Collateral pricing

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E Benmelech… - Journal of Financial Economics, 2009 - Elsevier
We examine how collateral affects the cost of debt capital. Using a novel data set of secured
debt issued by US airlines, we construct industry-specific measures of collateral
redeployability. We show that debt tranches that are secured by more redeployable ...
Cited by 55 - Related articles - Library Search - BL Direct - All 20 versions

Asset salability and debt maturity: Evidence from nineteenth-century American railroads

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E Benmelech - Review of Financial Studies, 2009 - Soc Financial Studies
Abstract I investigate the effect of assets' liquidation values on capital structure by exploiting
the diversity of track gauges in nineteenth-century American railroads. The abundance of
track gauges limited the redeployability of rolling stock and tracks to potential users with ...
Cited by 47 - Related articles - All 27 versions

Liquidation values and the credibility of financial contract renegotiation: Evidence from US airlines

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E Benmelech… - The Quarterly Journal of …, 2008 - qje.oxfordjournals.org
Abstract How do liquidation values affect financial contract renegotiation? While the
“incomplete-contracting” theory of financial contracting predicts that liquidation values
determine the allocation of bargaining power between creditors and debtors, there is little ...
Cited by 44 - Related articles - Library Search - BL Direct - All 40 versions

The political economy of financial regulation: evidence from US state usury laws in the 19th century

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E Benmelech… - The Journal of Finance, 2010 - Wiley Online Library
Financial regulation was as hotly debated a political issue in the 19th century as it is today.
We study the political economy of state usury laws in 19th century America. Exploiting the
wide variation in regulation, enforcement, and economic conditions across states and time ...
Cited by 42 - Related articles - Library Search - BL Direct - All 47 versions

Attack assignments in terror organizations and the productivity of suicide bombers

[PDF] from worldaffairsboard.com
E Benmelech… - 2007 - nber.org
This paper studies the relation between human capital of suicide bombers and outcomes of
their suicide attacks. We argue that human capital is an important factor in the production of
terrorism, and that if terrorists behave rationally we should observe that more able suicide ...
Cited by 34 - Related articles - Library Search - BL Direct - All 28 versions

Stock-based compensation and CEO (dis) incentives

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E Benmelech, E Kandel… - The Quarterly Journal of …, 2010 - qje.oxfordjournals.org
Abstract The use of stock-based compensation as a solution to agency problems between
shareholders and managers has increased dramatically since the early 1990s. We show
that in a dynamic rational expectations model with asymmetric information, stock-based ...
Cited by 31 - Related articles - Library Search - BL Direct - All 52 versions

Bankruptcy and the collateral channel

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E Benmelech… - The Journal of Finance, 2011 - Wiley Online Library
Do bankrupt firms impose negative externalities on their nonbankrupt competitors? We
propose and analyze a collateral channel in which a firm's bankruptcy reduces the collateral
value of other industry participants, thereby increasing their cost of debt financing. We ...
Cited by 27 - Related articles - Library Search - All 32 versions

Economic conditions and the quality of suicide terrorism

[PDF] from biu.ac.il
E Benmelech, C Berrebi… - 2010 - nber.org
We analyze the link between economic conditions and the quality of suicide terrorism. While
the existing empirical literature shows that poverty and economic conditions are not
correlated with the quantity of terror, theory predicts that poverty and poor economic ...
Cited by 24 - Related articles - Library Search - All 20 versions

[PDF] Managerial entrenchment and debt maturity: Theory and evidence

[PDF] from harvard.edu
E Benmelech - … University and The National Bureau of …, 2006 - economics.harvard.edu
Abstract Debt maturity theories have emphasized the role of short-term debt in reducing the
agency problem between managers and shareholders. In this paper I argue that the maturity
structure choice itself is driven by the same agency problem. I develop a model that ...
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Securitization without adverse selection: The case of CLOs

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E Benmelech, J Dlugosz… - 2011 - nber.org
For nearly a decade prior to the collapse of structured finance markets in late 2007,
securitization by collateralized loan obligations (CLOs) was a key source of capital for the
high-yield corporate loan market. In this paper, we investigate whether securitization was ...
Cited by 17 - Related articles - Library Search - All 13 versions

Negotiating with labor under financial distress

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E Benmelech, NK Bergman… - 2011 - nber.org
We analyze how firms renegotiate labor contracts to extract concessions from labor. While
anecdotal evidence suggests that firms tend to renegotiate down wages in times of financial
distress, there is no empirical evidence that documents such renegotiation, its ...
Cited by 13 - Related articles - Library Search - All 41 versions

Counter-Suicide-Terrorism: Evidence from House Demolitions

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E Benmelech, C Berrebi… - 2010 - nber.org
This paper examines whether house demolitions are an effective counterterrorism tactic
against suicide terrorism. We link original longitudinal micro-level data on houses
demolished by the Israeli Defense Forces with data on the universe of suicide attacks ...
Cited by 12 - Related articles - Library Search - All 17 versions

Credit traps

[PDF] from ieo-imf.org
E Benmelech… - 2010 - nber.org
This paper studies the limitations of monetary policy transmission within a credit channel
frame-work. We show that, under certain circumstances, the credit channel transmission
mechanism fails in that liquidity injections by the central bank into the banking sector are ...
Cited by 12 - Related articles - Library Search - All 38 versions

The political economy of financial regulation: Evidence from us state usury laws in the 18th and 19th century

[PDF] from psu.edu
E Benmelech… - 2006 - papers.ssrn.com
Abstract: We study the political economy of financial regulation by examining the
determinants and effects of US state usury laws during the 18th and 19th centuries. We
argue that regulation is the outcome of private interests using the coercive power of the ...
Cited by 10 - Related articles - All 23 versions

The Economic Cost of Harboring Terrorism

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E Benmelech, C Berrebi… - Journal of Conflict Resolution, 2010 - jcr.sagepub.com
Abstract The literature on conflict and terrorism has paid little attention to the economic costs
of terrorism for the perpetrators. This article aims to fill that gap by examining the economic
costs of harboring suicide terror attacks. Using data covering the universe of Palestinian ...
Cited by 8 - Related articles - Library Search - All 23 versions

Financing labor

[PDF] from harvard.edu
E Benmelech, NK Bergman… - 2011 - nber.org
Financial market imperfections can have significant impact on employment decisions of
firms. We illustrate the economic importance of this channel by demonstrating that the
responsiveness of employment decisions to firms' financial health is quantitatively similar ...
Cited by 10 - Related articles - All 9 versions

Vintage capital and creditor protection

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E Benmelech… - Journal of Financial Economics, 2011 - Elsevier
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 ...
Cited by 7 - Related articles - Library Search - All 64 versions

[PDF] What lies beneath: Is there adverse selection in CLO collateral

[PDF] from upenn.edu
E Benmelech, J Dlugosz… - Unpublished …, 2009 - finance.wharton.upenn.edu
Abstract Since 2000 collateralized loan obligations (CLOs) have been the dominant source
of capital for the high-yield corporate loan market. In this paper, we investigate whether
securitization was associated with risky lending in the corporate loan market by examining ...
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[CITATION] The Real Effects of Corporate Governance: Evidence from the Financial Crisis of 1873

E Benmelech - 2006 - Working paper, Harvard University
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[PDF] The financial crisis of 1873 and 19th century American corporate governance,”

[PDF] from crei.cat
E Benmelech… - 2007 - crei.cat
The crisis of 1873 is one of the classic international crises according to Kindleberger (1990).
It is also one of Sprague's (1910) four crises of the US National Banking era that eventually
led to the creation of the Federal Reserve in 1914. The traditional view of the US crisis ...
Cited by 3 - Related articles - View as HTML - All 5 versions

[CITATION] TJ, 2005.“Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation”

Full text - MIT Libraries
E Benmelech… - Quarterly Journal of Economics
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[PDF] Military CEOs

[PDF] from nber.org
E Benmelech… - … MS. University of California, Berkeley. Haas …, 2009 - nber.org
Abstract We analyze the effect of military service of CEOs on a host of managerial decisions,
corporate policies and outcomes. Exploiting exogenous variation in the propensity to serve
in the military that is driven by year of birth, we show that service in the military leads to ...
Cited by 3 - Related articles - View as HTML - All 14 versions

[CITATION] Do liquidation values affect financial contracts?

E Benmelech, MJ Garmaise… - 2004
Cited by 3 - Related articles

[CITATION] The Credit Rating Crisis

B Efraim… - NBER Working Paper, 2009
Cited by 3 - Related articles

[CITATION] The political economy of financial regulation: evidence from US usury laws in the 19th century

E Benmelech… - Journal of Finance, forthcoming, 2005
Cited by 3 - Related articles

[CITATION] forthcoming.“Economic Conditions and the Quality of Suicide Terrorism.”

E Benmelech, C Berrebi… - Journal of Politics
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] forthcoming.“Collateral Pricing,”

E Benmelech… - Journal of Financial Economics
Cited by 2 - Related articles - Get it from MIT Libraries

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis

[PDF] from harvard.edu
E Benmelech… - 2011 - nber.org
Does short-term debt increase vulnerability to financial crisis, or does short-term debt reflect--
rather than cause--the incipient crisis? We study the role that short-term debt played in the
collapse of the East Asian financial sector in 1997-1998. We alleviate concerns about the ...
Cited by 3 - Related articles - All 16 versions

Economic Conditions and the Quality of Suicide Terrorism

[PDF] from harvard.edu
Full text - MIT Libraries
E Benmelech, C Berrebi… - The Journal of Politics, 2012 - Cambridge Univ Press
Abstract This article analyzes the link between economic conditions and the quality of
suicide terrorism. While the existing empirical literature shows that poverty and economic
conditions are not correlated with the quantity of terror, theory predicts that poverty and ...
Cited by 2 - Related articles - All 6 versions

[CITATION] Financial Studies

CG Holderness, KJM Cremers, VB Nair, K John… - 2009 - JSTOR

[CITATION] Forthcoming Articles A Bayesian Analysis of Return Dynamics with Levy Jumps Haitao Li, Martin T. Wells, and Cindy L. Yu A General Stochastic Volatility …

AB Trolle, ES Schwartz, M Cherkes, J Sagi… - JSTOR
All 2 versions

DP6515 Stock-Based Compensation and CEO (Dis) Incentives

E Benmelech, E Kandel… - 2007 - cepr.org
Stock-based compensation is the standard solution to agency problems between
shareholders and managers. In a dynamic rational expectations equilibrium model with
asymmetric information we show that although stock-based compensation causes ...
Cached - All 3 versions

Does short-term debt increase vulnerability to crisis? Evidence from the East Asian financial crisis

E Dvir… - Proceedings, 2010 - ideas.repec.org
Does short-term debt increase vulnerability to financial crisis, or does causality go the other
way, so that short term debt reflects rather than causes the incipient crisis? We approach this
question empirically by examining the banking sector in five East Asian economies that ...
Cached - Get it from MIT Libraries - All 3 versions

[CITATION] Burgess, Robin Camerer, Colin F. Campante, Filipe Campbell, John Y. Carroll, Christopher

H David, CN Avery, L Babcock, D Backus, G Baker… - MIT Press

The Political Economy of Financial Regulation: Evidence from US State Usury Laws in the 19th Century

T Moskowitz… - NBER Working Paper No. W12851, 2007 - papers.ssrn.com
Abstract: We investigate the causes and consequences of financial regulation by studying
the political economy of US state usury laws in the 19th century. We find evidence that usury
laws were binding and enforced and that lending activity was affected by rate ceilings. ...
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[PDF] What lies beneath: An inside look at corporate CLOs collateral

[PDF] from unc.edu
E Benmelech, J Dlugosz… - Cambridge, MA, …, 2009 - areas.kenan-flagler.unc.edu
Abstract Since 2000 collateralized loan obligations (CLOs) have been the dominant source
of capital for the high-yield corporate loan market. Despite the widespread belief that the rise
of CLOs has led to riskier lending, there is little evidence to support it. In this paper, we ...
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[CITATION] Forthcoming Articles A General Stochastic Volatility Model for the Pricing of Interest Rate Derivatives Anders B. Trolle and Eduardo S. Schwartz A Liquidity …

M Cherkes, J Sagi, R Stanton, PD Corte, L Sarno… - JSTOR
All 2 versions

[CITATION] Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from US Airlinesxref ref-type=" fn" rid=" fn1"

Full text - MIT Libraries
E Benmelech… - Quarterly Journal of Economics, 2010

Repossession and the Democratization of Credit

[PDF] from harvard.edu
JJ Assunção, E Benmelech… - 2012 - nber.org
We exploit a 2004 credit reform in Brazil that simplified the sale of repossessed cars used as
collateral for auto loans. We show that the change has led to larger loans with lower spreads
and longer maturities. The reform expanded credit to riskier, low-income borrowers for ...
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[PDF] Internet Appendix for “The Political Economy of Financial Regulation: Evidence from US State Usury Laws in the 19th Century”

[PDF] from harvard.edu
E Benmelech… - scholar.harvard.edu
This appendix contains tables and a figure that supplement the analysis in the published
article. Table IA. I displays additional descriptive information on maximum legal rates and
penalties for usury in 1850. Table IA. II reports the correlations between various market's ...
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DP7995 Economic Conditions and the Quality of Suicide Terrorism

E Benmelech, C Berrebi… - 2010 - cepr.org
We analyze the link between economic conditions and the quality of suicide terrorism. While
the existing empirical literature shows that poverty and economic conditions are not
correlated with the quantity of terror, theory predicts that poverty and poor economic ...
Cached - All 3 versions

[CITATION] Essays On Debt Maturity

E Benmelech - 2005 - en.scientificcommons.org
Publikationsansicht. 32401580. Essays on debt maturity / (2005). Benmelech, Efraim.
Abstract. Thesis (Ph. D.)--University of Chicago, Graduate School of Business, June 2005..
Includes bibliographical references. Details der Publikation. ...
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