The sheer volume of debt hanging over Asian companies suggests that corporate insolvency should remain a top policy concern.  This, despite signs of improvement resulting from dramatic regulatory overhauls that followed the 1997-1998 Asian financial crisis.  Moreover, the absence of widespread...

The sheer volume of debt hanging over Asian companies suggests that corporate insolvency should remain a top policy concern. This conference proceedings presents reports from each country on the trends and developments in debt and credit risk since the 1997-1998 Asian financial crisis. It also...

An argument that APR violations exacerbate credit rationing problems by reducing the payment lenders receive in default states.

A demonstration that violations of the absolute priority rule exacerbate credit rationing problems by reducing the payment lenders receive in default states.

An analysis showing that allowing creditors to "run" on a firm in financial distress is socially valuable, since it compensates them for monitoring the firm's condition; in contrast, strict adherence to absolute and proportionate priority rules allows lenders to free ride on the monitoring...