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Insolvency Resolution and the Missing High Yield Bond Markets

Becker, Bo - 2013

In many countries, bankruptcy is associated with low recovery by creditors. We develop a model of corporate credit … markets in such an environment. Corporate credit is provided by either a bond market or risk-averse banks. Restructuring of …-country and using insolvency reforms as natural experiments. Our empirical estimates suggest that a one …

Persistent link: https://www.econbiz.de/10013076562

Insolvency Resolution and the Missing High Yield Bond Markets

Becker, Bo - 2016

Persistent link: https://www.econbiz.de/10013007223

Insolvency Resolution and the Missing High Yield Bond Markets

Becker, Bo - 2013

Persistent link: https://www.econbiz.de/10012459246

Can the trade-off theory explain debt structure?

Hackbarth, Dirk; Hennessy, Christopher A.; Leland, … - In: The review of financial studies 20 (2007) 5, pp. 1389-1428

Persistent link: https://www.econbiz.de/10003621137

Securities laws and the choice between loans and bonds for highly levered firms

Prilmeier, Robert; Stulz, René M. - 2019

In contrast to bonds, cov-lite loans do not require SEC registration and are not subject to securities laws. We show that this distinction plays an important role in firms' choice between funding through cov-lite loans and bonds and helps understand why the market share of cov-lite loans has...

Persistent link: https://www.econbiz.de/10012101811