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 …

We study rollover risk and collateral value in a dynamic asset pricing model with endogenous debt financing by … news. We demonstrate the optimality of the maximum riskless short-term debt financing for optimistic borrowers even in the …

debt ratio and fiscal sustainability. While the approach suggests a macroeconomic policy mix and strategies for both fiscal …

debt practices and financialization in contemporary societies. I draw on the literature to discuss that in the business of … debt, the winners are likely to be elite borrowers and powerful financial organizations; the losers are likely to be non …-elite borrowers who face various constraints as evidenced by their debt profile, have low power compared to financial organizations in …

Venture debt, or loans to rapid-growth start-ups, is a puzzle. How are start-ups with no track records, positive cash …? And why do start-ups take on debt rather than rely exclusively on equity investments from angel investors and venture … puzzle of venture debt by revealing that a start-up's VC backing and intellectual property substitute for traditional loan …