Richard Koo calls a ‘balance sheet recession’. Besides interest rates cuts, asset purchases and capital restructuring are key …

characterize the optimal mechanism for restructuring ownership and control. Under the optimal mechanism, corporations typically …

the insiders has produced little restructuring while on the other, state-owned enterprises have engaged in some … restructuring even in the absence of a clear prospect of privatization. It situates enterprise restructuring at the heart of the … of the speed and depth of restructuring, and clarifies the roles of managers, employees, the state, and banks in bringing …

restructured. Restructuring yields hierarchies with fewer layers and fewer managers, all working under incentive pay and providing … first best effort. However, managers need not participate in the gains associated with the restructuring of their business …

restructuring, investors focus control on poorly performing companies. These results stand in contrast to the US, where there is …

MNEs’ initial rents. Moreover, other policies used in times of investment liberalization, such as restructuring, are …

corporate restructuring. It emphasizes differences in the sequence in which reforms are undertaken in different countries. In … some countries, restructuring is being undertaken by the state before privatization; in some, restructuring is delegated to … preceding restructuring. The article suggests that the recent theoretical literature on corporate ownership and vertical …

appear to benefit from the ability to avail themselves of an orderly restructuring process. In contrast, less credit … restructuring are offset by the moral hazard and default risk associated with the presence of renegotiation-friendly loan provisions. …

loans compared to the social optimum. Finally, we analyse how bank competition affects the firms' restructuring effort. We … find that restructuring has positive externalities that give rise to multiple equilibria, with either much or little … restructuring activity. …