swaps (CDS). We show that CDS, and the empty creditors they give rise to, have important ex-ante commitment benefits: By … strengthening creditors' bargaining power they raise the debtor's pledgeable income and help reduce the incidence of strategic …

There are situations in which dispersed creditors (e.g., public creditors) have more difficulties and higher costs when … collecting their claims in financial distress than concentrated creditors (e.g., banks). Under this assumption, our model … predicts that measures of debt concentration relate [a] positively to creditors' chosen aggregate debt collection expenditures …

important problems is that of valuing the assets that serve as collateral for secured creditors. Valuing a secured creditor … complaining that secured creditors are either over- or under-compensated. Our approach would considerably improve the performance …

more impatient than foreign creditors, and (ii) there are deadweight losses from default; both are realistic and standard … creditors will price bonds; long maturity bonds are therefore a crucial component of the multiplicity. We introduce a third …

Although corporate finance theory suggests how adverse shocks influence shareholder preferences toward corporate risk …

We study how a demand shock in an export market propagates to the exporting country's banking system. Using the dual … credit towards firms moderately hit by the trade shock, in an attempt to let them cope with the liquidity shortfall. Our … not directly affected by the shock …