We develop a dynamic model of strategic investment in a transnational pipeline system. In the absence of international … contract enforcement, countries may distort investment in order to increase their bargaining power, resulting in overinvestment …-cooperative solution have been achieved. -- Multilateral bargaining ; hold-up ; irreversible investment ; collusion …

generates novel implications for the impact of renegotiable debt on covenant and investment policies …

our model, we find that the relation between debt enforcement and firms' investment and risk depends on the firm …-specific probability of default. A difference-in-differences analysis of firms' investment and risk taking in response to bankruptcy …