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A book review of a history of bankruptcy in the United States told through an interdisciplinary lens of law, history and economics. The main contribution of this book is to evaluate changes in federal bankruptcy rates and bankruptcy law in relation to state collections law. Bankruptcy in America...
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likely to participate in a debt restructuring. The paper also contains direct evidence for the existence of empty creditors …
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distress caused by coordination failure among creditors, and inconsistent with these effects explaining other sources of …
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I examine the effect of credit default swaps (CDSs) on the restructuring of distressed firms. Theoretically, I show that if bondholders are insured with CDSs, the participation rate in a restructuring decreases. Using a sample of distressed exchange offers, I estimate that the participation rate...
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company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a … fraction of the shares of the company. Indeed, by retaining the minority stake, creditors reduce to a minimum the rents that …
Persistent link: https://www.econbiz.de/10009781568
Why do banks remain passive? In a model of bank-firm relationship we study the trade-off a bank faces when having defaulting firms declared bankrupt. First, the bank receives a payoff if a firm is liquidated. Second, it provides information about a firm's type to its competitors. Thereby,...
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decisions that creditors and debtors make at every stage and how various formal and informal institutions influence these …
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