La 4e de couverture indique : "Il n'existe pas de débiteur sous procédure collective sans un créancier ayant la qualité d'établissement de crédit? Le risque de défaillance d'entreprise est l'un des plus importants pour le secteur bancaire, confronté à gérer d'innombrables dossiers de...

Coordination failure among owners of heterogeneous debt types increases distress costs. Covenants reduce expected distress costs by lowering the probability of liquidity shortages, increasing liquidation values, and incentivizing creditor monitoring. We predict and find that new debt contracts...

We study how managers respond to hurricane events when their firms are located in the neighborhood of the disaster area. We find that the sudden shock to the perceived liquidity risk leads managers to increase corporate cash holdings and to express more concerns about hurricane risk in...