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Titolo:
THE COLLAPSE OF 1ST-EXECUTIVE-CORPORATION JUNK BONDS, ADVERSE PUBLICITY, AND THE RUN ON THE BANK PHENOMENON
Autore:
DEANGELO H; DEANGELO L; GILSON SC;
Indirizzi:
UNIV SO CALIF LOS ANGELES CA 90089 HARVARD UNIV BOSTON MA 02163
Titolo Testata:
Journal of financial economics
fascicolo: 3, volume: 36, anno: 1994,
pagine: 287 - 336
SICI:
0304-405X(1994)36:3<287:TCO1JB>2.0.ZU;2-#
Fonte:
ISI
Lingua:
ENG
Soggetto:
CORPORATE-CONTROL; MARKET;
Keywords:
JUNK BONDS; BANK RUNS; INSURANCE; FINANCIAL DISTRESS; POLITICS OF FINANCE;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social Sciences Citation Index
Social Sciences Citation Index
Citazioni:
38
Recensione:
Indirizzi per estratti:
Citazione:
H. Deangelo et al., "THE COLLAPSE OF 1ST-EXECUTIVE-CORPORATION JUNK BONDS, ADVERSE PUBLICITY, AND THE RUN ON THE BANK PHENOMENON", Journal of financial economics, 36(3), 1994, pp. 287-336

Abstract

In April 1991, regulators seized the major subsidiaries of First Executive Corporation (FE), an insurer that invested heavily in junk bonds. During the junk bond market turmoil of 1989-1990, adverse publicity fueled a bank run at FE, forcing a $4 billion portfolio liquidation before the market rose 50-60% in 1991-1992. More traditional insurers did not receive commensurate press coverage, despite their substantial exposure to real estate declines, which were roughly 2.5 times the junkbond decline. Seizure of FE's subsidiaries was defensible, although FE would have become solvent within a year, given average junk bond market appreciation.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 06/04/20 alle ore 02:11:54