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Latest Working papers

12 January 2021

Revisiting the Asset Fire Sale Discount: Evidence from Commercial Aircraft Sales

Using a sample of commercial aircraft transactions, the paper decomposes the raw fire sale discount on sales of aircraft by distressed airlines into three components: (i) quality impairment due to under-maintenance, (ii)...

Julian Franks | Gunjan Seth | Oren Sussman | Vikrant Vig
05 January 2021

The Value of "New" and "Old" Intermediation in Online Debt Crowdfunding

We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We...

Fabio Braggion | Alberto Manconi | Nicola Pavanini | Haikun Zhu