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Section 365, Mandatory Bankruptcy Rules and Inefficient Continuance

Che, Yeon-Koo; Schwartz, Alan - School of Management, Yale University - 1998

Section 365 of the Bankruptcy Code prohibits enforcement of the once common "ipso facto" clause." The clause excuses the solvent party from performance of the contract when the other party becomes insolvent. We show that the ability of insolvent firms to continue bad projects is enhanced by the...

Persistent link: https://www.econbiz.de/10005147075

Buyouts in Large Companies

Hermalin, Benjamin E.; Schwartz, Alan - School of Management, Yale University - 1998

We consider legal rules that determine the price at which minority shareholders can be excluded from the corporate enterprise after a change in control. These rules affect investment after such a change as well as the probability of the change itself. Our principal results are that minority...

Persistent link: https://www.econbiz.de/10005586960

Corporate Law and Corporate Governance

Romano, Roberta - School of Management, Yale University - 1998

We have seen a revival in interest in corporate law and corporate governance since the 1980s, as researchers applied the tools of the new institutional economics and modern corporate finance to analyze the new transactions emerging in the 1980s takeover wave. This article focuses on three...

Persistent link: https://www.econbiz.de/10005587029

Priority Contracts and Priority in Bankruptcy

Schwartz, Alan - School of Management, Yale University - 1997

Parties to lending agreements can create priority rankings in two ways: by securing a lender or by protecting the lender's debt with financial covenants. Protected debt turns into high priority debt because the early lender will permit covenant violations only if a later lender agrees to...

Persistent link: https://www.econbiz.de/10005587076

Privacy in E-Commerce: Development of Reporting Standards, Disclosure and Assurance Services in an Unregulated Market

Sunder, Shyam NMI; Jamal, Karim; Maier, Michael S. - School of Management, Yale University - 2002

Government regulation of financial reporting by publicly listed firms, coupled with a punitive regime for violation of Generally Accepted Accounting Principles (GAAP) has been in place in the United States for seven decades. Whether this regime is effective or useful is an open question,...

Persistent link: https://www.econbiz.de/10005587165

The Costs of Bankruptcy

Bris, Arturo; Welch, Ivo; Zhu, Ning - School of Management, Yale University - 2005

Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995-2001. We find that bankruptcy costs are very heterogeneous and sensitive to measurement method. Still, Chapter 7 liquidations appear no faster or cheaper (in terms of direct...

Persistent link: https://www.econbiz.de/10008854021

European Banking Union A: The Single Supervisory Mechanism

Wiggins, Rosalind Z.; Wedow, Michael; Metrick, Andrew - School of Management, Yale University - 2014

many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this … the European Central Bank (ECB), with day-to-day assistance from existing national authorities. This case reviews the … changes in Eurozone bank regulation and supervision resulting from the Single Supervisory Mechanism. …

Persistent link: https://www.econbiz.de/10011269021

The Lehman Brothers Bankruptcy E: The Effect on Lehman’s U.S. Broker-Dealer

Wiggins, Rosalind Z.; Metrick, Andrew - School of Management, Yale University - 2014

Lehman’s U.S. broker-dealer, Lehman Brothers Inc. (LBI), was excluded from the parent company’s bankruptcy filing on September 15, 2008, because it was thought that the solvent subsidiary might be able to wind down its affairs in a normal fashion. However, the force of the parent’s demise...

Persistent link: https://www.econbiz.de/10011269022

The Lehman Brothers Bankruptcy A: Overview

Wiggins, Rosalind Z.; Piontek, Thomas; Metrick, Andrew - School of Management, Yale University - 2014

On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 …

Persistent link: https://www.econbiz.de/10011269023

Ireland and Iceland in Crisis A: Increasing Risk in Ireland

Zeissler, Arwin G.; Braun-Munzinger, Karen; Metrick, Andrew - School of Management, Yale University - 2014

greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 …

Persistent link: https://www.econbiz.de/10011269024