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On the Relation between Reschedulings and Bank Value

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  • Ozler, Sule

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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  • Ozler, Sule, 1989. "On the Relation between Reschedulings and Bank Value," American Economic Review, American Economic Association, vol. 79(5), pages 1117-1131, December.
    • Handle: RePEc:aea:aecrev:v:79:y:1989:i:5:p:1117-31
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    Cited by:

    1. 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;Western Finance Association, vol. 16(1), pages 47-60, September.
    2. 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.
    3. Sule Ozler & Guido Tabellini, 1991. "External Debt and Political Instability," NBER Working Papers 3772, National Bureau of Economic Research, Inc.
    4. Balazs Szentes & Natalia Kovrijnykh, 2005. "A Theory of Debt Overhang and Buyback," 2005 Meeting Papers 447, Society for Economic Dynamics.
    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. Osman Kilic & M. Hassan & David Tufte, 1998. "An empirical investigation of U.S. bank risk and the Mexican peso crisis," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 22(2), pages 139-147, June.
    7. 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.
    8. Sule Ozler, 1992. "Have Commercial Banks Ignored History?," NBER Working Papers 3959, National Bureau of Economic Research, Inc.

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