share ownership. Furthermore, creditor control rights during bankruptcy (through debtor-in-possession financing and large … stay until filing), the median incumbent does not reduce his stock ownership as the firm approaches bankruptcy …

This paper studies the presence of hedge funds in the Chapter 11 process and their effects on bankruptcy outcomes …

the Leland-Toft endogenous bankruptcy model has strong explanatory power on the debt recovery observed in the market. Our …, we find that both agency problems and heterogeneous bankruptcy costs weaken the explanatory power of the model. Our study … suggests structural models that incorporate the role of managers in endogenously determining the bankruptcy boundary provide …

distressed debt market. Liquidation, bankruptcy costs, and active involvement by hedge funds contribute to the understanding of … losses during bankruptcy reorganization. This study then provides several explanations for the return anomaly observed in the … the returns of distressed bonds. The large negative returns of the junior bonds during bankruptcy reorganization are most …