Credit default swaps (CDSs) are thought to ease borrowing by protecting lenders against default. This paper develops a model of the demand for CDS when borrowers choose the riskiness of investment and verification is imperfect. The model shows that CDSs may lead to risk-shifting, increasing the probability of default. Our model provides new insights on the role of CDS during the recent financia...

Processing of the amyloid precursor protein (APP) by beta- and gamma-secretases leads to the generation of amyloid-beta (Abeta) peptides with varying lengths. Particularly Abeta42 contributes to cytotoxicity and amyloid accumulation in Alzheimer's disease (AD). However, the precise molecular mechanism of Abeta42 generation has remained unclear. Here, we show that an amino-acid motif GxxxG withi...

The effects of doping antimony oxides (Sb2O3/Sb2O5) on the ferroelectric/piezoelectric and energy-harvesting properties of 0.99Pb(Zr0.53Ti0.47)O3–0.01BiYO3 (PZT–BY) have been studied. The feasibility of doping Sb2O3 and Sb2O5 into the PZT–BY ceramics has also been compared by considering factors such as sintering condition, grain size, density, and electrical properties etc. This work discusses...

Pengujian daya hasil galur-galur seleksi merupakan salah satu tahap dalam perakitan varietas unggul. Penelitian bertujuan mempelajari 18 galur kacang tanah (Arachis hypogaea L.) generasi F8 IPB. dilaksanakan pada bulan Desember 2019 sampai April 2020 di lahan pertanian Desa Sukamanah, Kecamatan Cugenang, Kabupaten Cianjur, Jawa Barat, ketinggian 600 m dpl. ini menggunakan Rancangan Kelompok Len...

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) imposed stringent requirements on Key Employee Retention Plan (KERP) adoptions and implicitly favored Performance Incentive Plans (PIPs) in the amended Chapter 11. We use court documents to differentiate between retention versus performance incentive plans, and examine their impact on bankruptcy resolution before and after...

We study how equity and debt contracts commit investors to discipline managers. Our model shows that the optimal allocation of debt, equity, and control rights depends on which disciplinary action is more efficient. When the efficient action is managerial replacement, then control rights should be allocated to equity holders, and capital structure should consist of equity and long-term debt. Wh...

We study a novel aspect of a firm’s capital structure, namely the profile of its debt maturity dates. In a simple theoretical framework we show that the dispersion of debt maturities constitutes an important dimension of capital structure choice, driven by firm characteristics and debt rollover risk. Guided by these results we establish two main empirical results. First, using an exogenous shoc...

Multivariate Discriminant Analysis (MDA) has long been used to classify failing and non-failing firms with high accuracy rates, although a number of methodological flaws are well known. The alternative approach based on Conditional Probability Analysis (CPA) models have been applied to forecast mergers and acquisitions and extended to the prediction of corporate failure. This is used her to dis...