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Constructing a comprehensive data set of financially distressed firms that restructured their debts from 2000-2014, we find that firms with financial institutions' debt-equity simultaneous holdings are more likely to restructure out of court than to file for bankruptcy. The effect is stronger...
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This paper looks at the post-financial-crisis period, and the relationship between default risk and corporate governance for financial firms outside North America. Default risk is measured by both credit default swap spreads (CDS) and the Merton-type default probabilities from Bloomberg. Our...
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