On the Relation between Reschedulings and Bank Value

Sule Ozler

American Economic Review, 1989, vol. 79, issue 5, 1117-31

Abstract: The effect of developing country loan reschedulings on large U.S. banks is investigated using an event study methodology. The major finding concerns the evolving nature of the impact of loan reschedulings. During 1978-80, reschedulings had a positive effect on bank returns, in contrast to the negative impact found for the 1981-83 period. An explanation for these results is provided by a model of the rescheduling process that recognizes the noncompetitive aspects of rescheduling negotiation. Copyright 1989 by American Economic Association.

Date: 1989
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