What determines creditor recovery rates
What determines creditor recovery rates
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债权人回收率由什么决定
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
Nada Mora
中科院分区：
文献类型：
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作者：
Nada Mora
2007-09 年的金融危机说明了健康的银行对于金融体系和经济整体稳定的重要性。由于银行业本身就存在风险，因此银行的健康状况取决于其管理风险和损失敞口的能力。 ;强大的风险管理体系的一个重要组成部分是银行评估其投资潜在损失的能力。决定损失程度的因素之一是违约贷款和债券的回收率。例如，如果债权人只能收回到期本金和应计利息的一半，则回收率为 50%。 ;莫拉根据 30 多年来违约债务工具的回收数据发现，经济状况有助于确定债权人的回收率。行业困境也会推动复苏率，有证据表明经济疲软可能引发行业困境。
The 2007-09 financial crisis illustrated the importance of healthy banks for the overall stability of the financial system and economy. Because banking is inherently risky, the health of banks depends on their ability to manage risk and exposure to losses. ; An important component of a strong risk management system is a bank?s ability to assess the potential losses on its investments. One factor that determines the extent of losses is the recovery rate on loans and bonds that are in default. For example, the recovery rate is said to be 50 percent if the creditor is able to recover only half the amount of principal and accrued interest due. ; Drawing on more than 30 years of recovery data on defaulted debt instruments, Mora finds that the state of the economy helps determine creditor recovery rates. Industry distress also drives recovery rates, and evidence suggests industry distress can be triggered by a weak economy.