used as commitment devices when it is impossible to commit not to renegotiate them. We characterize renegotiation …. If contracts are observable, then the second mover obtains her best possible payoff given that she plays a renegotiation … externalities and to a model of credibility of monetary policy and show that in both cases renegotiation-proofness imposes a very …

renegotiation, whose timing is governed by the financial health of the contracting parties and uncertainty regarding the borrowers … these results in light of financial contracting theories and emphasize that renegotiation is an important mechanism for …

A leading explanation for the lack of widespread mortgage renegotiation is the existence of frictions in the mortgage … securitization process. This paper finds similarly small renegotiation rates for securitized loans and loans held on banks' balance … renegotiation. Consistent with the theory, renegotiation rates are strongly negatively correlated with the degree of informational …