We develop hypotheses regarding the association between two types of creditor rights and bank loan losses. Contrary to prior research conclusions, bank lending risk is negatively associated with both restrictions on reorganization and the secured creditor being paid first. Using accounting disclosures, we develop novel empirical measures of the probability of default (PD) and loss given default (LGD) at the loan-portfolio level. Different types of creditor rights have differential effects pertaining to PD and LGD and exhibit significant intertemporal variation. We corroborate our cross-country findings using the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) shock to creditor rights.

中文翻译：

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债权和银行贷款损失

我们提出了关于两种债权与银行贷款损失之间关联的假设。与先前的研究结论相反，银行贷款风险与重组限制和有担保债权人首先得到偿付都呈负相关。使用会计披露，我们在贷款组合层面开发了违约概率 (PD) 和违约损失率 (LGD) 的新经验度量。不同类型的债权对违约概率和违约损失率具有不同的影响，并表现出显着的跨期变化。我们使用《破产滥用预防和消费者保护法》（BAPCPA）对债权人权利的冲击来证实我们的跨国调查结果。