Vintage capital and creditor protection
By: Efraim Benmelech, Nittai K. Bergman.
Contributors: Bergman, Nittai K.; National Bureau of Economic Research.
Series: NBER working paper series -- working paper 15735; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 15735.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "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"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 3/16/2010.

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