Aller au contenu principal
A propos d'HEC A propos d'HEC Faculté et Recherche Faculté et Recherche Grande Ecole
& Masters Grande Ecole
& Masters
MBA Programs MBA Programs Programme PhD Programme PhD Executive Education Executive Education Summer School Summer School HEC Online HEC Online
A propos d'HEC En bref En bref Qui sommes-nous ? Qui sommes-nous ? Egalité des chances Egalité des chances HEC Talents HEC Talents International International Vie du campus Vie du campus Développement durable Développement durable Diversité et inclusion Diversité et inclusion Stories Stories Fondation HEC Fondation HEC Coronavirus Coronavirus Faculté et Recherche À propos À propos Corps professoral Corps professoral Départements Départements Centres Centres Chaires Chaires Knowledge Knowledge Grande Ecole
& Masters
Grande Ecole
Master in Management Grande Ecole
Master in Management
Master in International
Finance Master in International
Finance
MS
et Masters MS
et Masters
Programmes Ecole
Polytechnique-HEC Programmes Ecole
Polytechnique-HEC
Doubles Diplômes
en Admission directe Doubles Diplômes
en Admission directe
Visiting
students Visiting
students
Certificats Certificats Vie
Etudiante Vie
Etudiante
MBA Programs MBA MBA Executive MBA Executive MBA TRIUM EMBA TRIUM EMBA Programme PhD Overview Overview HEC Difference HEC Difference Program details Program details Research areas Research areas HEC Community HEC Community Placement Placement Job Market Job Market Admissions Admissions Financing Financing Executive Education Executive Masters Executive Masters Certificats Executive Certificats Executive Programmes courts Executive Programmes courts Executive Online Online Entreprises Entreprises Executive MBA Executive MBA Infinity Pass Infinity Pass Summer School Youth programs Youth programs Summer programs Summer programs HEC Online En bref En bref Programme diplômant Programme diplômant Certificats Executive Certificats Executive MOOCs MOOCs Summer Programs Summer Programs
Faculté et Recherche

Globally Consistent Creditor Protection, Reallocation, and Productivity

11 avr
2019
14H00
Jouy-en-Josas
Anglais

Participer

Ajouter au calendrier
2019-04-11T14:00:00 2019-04-11T15:15:00 Globally Consistent Creditor Protection, Reallocation, and Productivity Finance Speaker : Bo Bian Buil. T - Room T104  Jouy-en-Josas

Finance

Speaker : Bo Bian

Buil. T - Room T104 

This paper documents that resource reallocation across firms is an important mechanism through which creditor rights affect real outcomes. I exploit the staggered adoption of an international convention that provides globally consistent strong creditor protection for aircraft finance. I find that country-level productivity in the aviation sector, proxied by average monthly flying hours per aircraft, increases by 12% following the adoption of the Convention. Across-firm reallocation accounts for most of the productivity increase. Productive firms borrow more, expand, and adopt new technology at the expense of unproductive ones. Such reallocation is facilitated by (i) easier and quicker asset redeployment; and (ii) the influx of foreign financiers offering innovative financial products to improve credit allocative efficiency. I further document an increase in competition and an improvement in the breadth and the quality of products available to consumers.

 

Cliquez ici pour télécharger le papier

 

Participer

Ajouter au calendrier
2019-04-11T14:00:00 2019-04-11T15:15:00 Globally Consistent Creditor Protection, Reallocation, and Productivity Finance Speaker : Bo Bian Buil. T - Room T104  Jouy-en-Josas