We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...

We examine the implications for borrowing costs of including collective-action clauses in loan contracts. For a sample of some 2,000 international bonds, we compare the spreads on bonds subject to UK governing law, which typically include collective-action clauses, with spreads on bonds subject...

Die Arbeit untersucht die Wiederherstellung der privaten deutschen Kreditwürdigkeit nach dem Zweiten Weltkrieg anhand eines Konstitutionsprozesses von Vertrauen im Zuge der Londoner Schuldenkonferenz. Im Mittelpunkt steht die These, dass die Bedeutung der deutschen Auslandsschuldenregelung...

This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs,...