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On the Relation between Reschedulings and Bank Value

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  • Ozler, Sule
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    Abstract

    The effect of developing country loan reschedulings on large U.S. banks is investigated using an event study methodology. The major finding concerns the evolving nature of the impact of loan reschedulings. During 1978-80, reschedulings had a positive effect on bank returns, in contrast to the negative impact found for the 1981-83 period. An explanation for these results is provided by a model of the rescheduling process that recognizes the noncompetitive aspects of rescheduling negotiation. Copyright 1989 by American Economic Association.

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 79 (1989)
    Issue (Month): 5 (December)
    Pages: 1117-31

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    Handle: RePEc:aea:aecrev:v:79:y:1989:i:5:p:1117-31

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    Cited by:
    1. Balazs Szentes & Natalia Kovrijnykh, 2005. "A Theory of Debt Overhang and Buyback," 2005 Meeting Papers 447, Society for Economic Dynamics.
    2. Osman Kilic & David Tufte & M. Hassan, 1999. "The 1994–1995 Mexican Currency Crisis and U.S. Bank Stock Returns," Journal of Financial Services Research, Springer, vol. 16(1), pages 47-60, September.
    3. Ozler, Sule & Tabellini, Guido, 1991. "External Debt and Political Instability," CEPR Discussion Papers 582, C.E.P.R. Discussion Papers.
    4. Kim Oosterlinck, 2003. "Why do investors still hope? The Soviet repudiation puzzle (1918-1919)," Working Papers CEB 03-010.RS, ULB -- Universite Libre de Bruxelles.
    5. Ozler, Sule & Huizinga, Harry, 1991. "How factors in creditor countries affect secondary market prices for developing country debt," Policy Research Working Paper Series 622, The World Bank.
    6. Barrett, Christopher B., 1996. "The Economic And Ethical Ambiguities Of African Debt Forgiveness," Economics Research Institute, ERI Study Papers 28345, Utah State University, Economics Department.

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