The Macroeconomic Dependence of Industry Equilibrium
Creditor Recovery: The Macroeconomic Dependence of Industry Equilibrium, Nada Mora, Federal Reserve Bank of Kansas City, June 2013. Federal Reserve Bank of Kansas City Working Paper No. 13-06 “This paper reconciles industry conditions with the state of the economy in driving asset liquidation values and, therefore, recovery rates on defaulted debt securities. Macro-economic effects matter …