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| Author: | Benmelech, E. Bergman, N.K. |
| Title: | Vintage capital and creditor protection |
| Journal: | Journal of Financial Economics
2011 : FEB, VOL. 99:2, p. 308-332 |
| Index terms: | bankruptcy credit capital securities law airlines industries |
| Freeterms: | collateral contagion |
| Language: | eng |
| Abstract: | This paper provides new evidence on linking the level of creditor (henceforth as: credr/s.) protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Based on a panel of aircraft-level data around the world, it is found that better credr/s. rights are linked with both aircraft of a younger vintage and newer technology, and firms with larger aircraft fleets. It is proposed that by easing off financial shortfalls, enhanced legal protection of credr/s. alleviates the ability of firms making large capital investments, adapting advanced technologies, and fostering productivity. |
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