Two New Measures of Bankruptcy Efficiency by Riccardo Brogi, Paolo Santella
By Riccardo Brogi, Paolo Santella
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Extra resources for Two New Measures of Bankruptcy Efficiency
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58. 40 A Basel II – based quantitative application to bankruptcy in Italy At an intermediate level, there is a scenario where only a length effect is taken into account. This scenario is made up of a combination between the same recovery rate as the baseline (38 per cent) and a lower average length of bankruptcy proceeding122. 5 years) and the recovery effect (recovery rate of 55 per cent). Once that NPVs have been worked out, the following step is to find for each of them the related LGD123, that is to say how much banks will lose should a borrower default on an obligation.
5–8. , and F. , (2001), Recueil pratique du droit des affaires dans les pays du Marché commun, Allemagne, Paris, Jupiter. , and G. Gobbi, (1996), Il recupero dei crediti: costi, tempi e comportamento delle banche, Temi di dicussione N° 265, Banca d’Italia, Rome. , K. John and L. Lang, (1990), Troubled Debt Restructurings: an Empirical Study of Private Reorganization of Firms in Default, Journal of Financial Economics, vol. 27, pp. 315–354. , (1988), Legal Problems of Credit and Security, London.
Currently, it may be estimated that banks can recover from an insolvent firm, on average, €38 of 100 of their exposure at default118. Now a cumulative recovery function is plotted. It represents the EAD’s percentage being recovered by the bank from an insolvent corporate client throughout the entire recovery time of 7 years. The recovery rate being equal (38 per cent), the first question to address is how the cumulative recovery function changes by decreasing the length of the procedure. To put it another way, given the two key parameters – the recovery rate and the recovery time – the former is kept the same, the latter is considered as a variable one.