Creditor recovery: the macroeconomic dependence of industry equilibrium
Abstract: This paper reconciles industry conditions with the state of the economy in driving asset liquidation values and, therefore, recovery rates on defaulted debt securities. Macroeconomic effects matter but they operate differentially at the industry level.
File(s): File format is application/pdf https://www.kansascityfed.org/documents/7709/rwp13-06.pdf
Provider: Federal Reserve Bank of Kansas City
Part of Series: Research Working Paper
Publication Date: 2013
Number: RWP 13-06