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Vintage Capital and Creditor Protection / Efraim Benmelech, Nittai K. Bergman.
- Format:
- Book
- Author/Creator:
- Benmelech, Efraim.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15735.
- NBER working paper series no. w15735
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2010.
- Summary:
- We provide novel evidence linking the level of creditor protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Using a panel of aircraft-level data around the world, we find that better creditor rights are associated with both aircraft of a younger vintage and newer technology as well as firms with larger aircraft fleets. We propose that by mitigating financial shortfalls, enhanced legal protection of creditors facilitates the ability of firms to make large capital investments, adapt advanced technologies and foster productivity.
- Notes:
- Print version record
- February 2010.
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