Flavio, Bazzana; Eleonora, Broccardo - In: Journal of Financial Management, Markets and Institutions (2013) 1, pp. 51-65
This paper develops a model to assess the potential for unfairness in freeze-out bond covenant exchange offers by highlighting the role played by coordination among bondholders. We show that (i) shareholders have an incentive to always structure an exchange offer unfairly and (ii) the...