We investigate how long an insolvent debtor can avoid default when survival is beneficial to creditors collectively, but individual creditors gain by forcing early repayment. Theory predicts that the debt is not rolled over and default is immediate. With 23 experimental sessions, default is...

This paper provides evidence that the formation of global supply chain partnerships predicts significant increases, relative to otherwise similar firms, in cross-border financing. Our findings are detected in all three major financing markets - equities, syndicated loans, and public debt - as...

We study a sample of Form 13F filings where fund advisors seek confidential treatment for some, or all, of their 13(f)-reportable positions. Consistent with the hypothesis that managers seek confidentiality to protect proprietary information we find that confidential positions earn positive and...