Narrow search
Showing 1 - 10 of 74
Cover Image
Ex Ante Costs of Violating Absolute Priority in Bankruptcy
Bebchuk, Lucian A. - 2009
A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …
Persistent link: https://www.econbiz.de/10012722156
Cover Image
A New Approach to Valuing Secured Claims in Bankruptcy
Bebchuk, Lucian A. - 2009
would determine the value of collateral in such a way that no participant in the bankruptcy would have a basis for … of business bankruptcy and could constitute an important element of any proposal for bankruptcy reform …
Persistent link: https://www.econbiz.de/10012722179
Cover Image
Using Options to Divide Value in Corporate Bankruptcy
Bebchuk, Lucian A. - 2009
This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988 …). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of … appropriately designed options. The paper starts by discussing the goals that should guide the design of bankruptcy procedures. The …
Persistent link: https://www.econbiz.de/10012722230
Cover Image
An Economic Analysis of Transnational Bankruptcies
Bebchuk, Lucian A. - 2009
;territorialityquot; - in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy - with a …
Persistent link: https://www.econbiz.de/10012722238
Cover Image
Chapter 11
Bebchuk, Lucian A. - 2009
This essay surveys the literature on Chapter 11. I start by discussing the objectives by which the performance of corporate reorganization rules is to be judged and then consider the fundamental problem of valuation that arises in corporate reorganization. I next turn to examine the performance...
Persistent link: https://www.econbiz.de/10012722284
Cover Image
Learning and the disappearing association between governance and returns
Bebchuk, Lucian A.; Cohen, Alma; Wang, Charles C.Y. - In: Journal of Financial Economics 108 (2013) 2, pp. 323-348
The correlation between governance indices and abnormal returns documented for 1990–1999 subsequently disappeared. The correlation and its disappearance are both due to market participants' gradually learning to appreciate the difference between good-governance and poor-governance firms....
Persistent link: https://www.econbiz.de/10010664042
Cover Image
Investor Protection and Interest Group Politics
Bebchuk, Lucian A. - 2010
We model how lobbying by interest groups affects the level of investor protection. In our model, three groups - insiders in existing public companies, institutional investors (financial intermediaries), and entrepreneurs who plan to take companies public in the future - compete for influence...
Persistent link: https://www.econbiz.de/10012759690
Cover Image
The Myth of the Shareholder Franchise
Bebchuk, Lucian A. - 2009
The power of shareholders to replace the board is a central element in the accepted theory of the modern public corporation with dispersed ownership. This power, however, is largely a myth. I document in this paper that the incidence of electoral challenges during the 1996-2005 decade was very...
Persistent link: https://www.econbiz.de/10012767206
Cover Image
Why Firms Adopt Antitakeover Arrangements
Bebchuk, Lucian A. - 2009
Firms going public have increasingly been incorporating antitakeover provisions in their IPO charters, while shareholders of existing companies have increasingly been voting in opposition to such charter provisions. This paper identifies and analyzes possible explanations for this empirical...
Persistent link: https://www.econbiz.de/10012767749
Cover Image
The Case for Increasing Shareholder Power
Bebchuk, Lucian A. - 2009
This paper reconsiders the basic allocation of power between boards and shareholders in publicly traded companies with dispersed ownership. U.S. corporate law has long precluded shareholders from initiating any changes in the company's basic governance arrangements. I show, and support with...
Persistent link: https://www.econbiz.de/10012767763