We analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized …

This paper develops a new model of debt renegotiation in a structural framework, that accounts for both taxes and … coupon reduction to creditors, given that the new coupon is chosen such that debt value remains constant. Our result shows … firm without hurting the creditors. This model of debt renegotiation can be viewed as a way of passing from a junk bond to …

This paper studies whether debt renegotiation mitigates debt overhang and improves investment efficiency. Using mergers … unsecured loans, providing further support that lender mergers improves investment efficiency for firms suffering from debt …

In this paper we build a theoretical model of a firm repurchasing its corporate debt. We find that firm creditors as a … group sell debt to the firm only at face value. However, because of the cross-creditor externalities buying back debt is … cheaper and easier when there are many creditors, e.g., when debt is traded on the open market. We further show that …

currency depreciations. The increase in investments has been financed mainly via debt issues. The evidence provided here …

inside debt only if it is unsecured. Second, the relation between credit spreads and equity incentives varies depending on … the features of inside debt. …

, especially in times of crisis. This paper presents the receivables/debts management system known as Debt Collection Prevention … and in shaping managerial decisions with- and without the application of the Debt Collection Prevention system, which can …

currency depreciations. The increase in investments has been financed mainly via debt issues. The evidence provided here … Monetary Union (EMU) ; the euro ; valuation ; investment ; debt ; equity ; cost of capital ; currency risk …