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Cambridge Finance Workshop - Jean-Edouard Colliard

Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
When Jan 24, 2019
from 01:00 PM to 02:00 PM
Where Room W4.05, Cambridge Judge Business School
Contact Name
Contact Phone 01223768129
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Jean-Edouard Colliard (HEC Paris)

Financial Restructuring and Resolution of Banks

Abstract

How do resolution frameworks affect the private restructuring of distressed banks? We model a distressed bank’s shareholders and creditors negotiating a restructuring given asymmetric information about asset quality and externalities onto the government. This yields negotiation delays used to signal asset quality. We find that strict bail-in rules increase delays by worsening informational frictions and reducing bargaining surplus. We characterize optimal bail-in rules for the government. We then consider the government’s possible involvement in negotiations. We find this can lead to shorter or longer delays. Notably, the government may gin from committing not to partake in negotiations.

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