use of default clauses and their restrictiveness within the same type of lending contract but also across loans and bonds …

This paper examines the relationship between debt contracts and state contract law. We first develop an index to … evaluate whether each state's law is favorable or unfavorable to lenders. We then analyze how the contract terms, the frequency … most likely to be used when the contract is governed by law that is favorable to debtors, and that out-of-state borrowers …

We relate the design of contract law to the process of development. In this paper, contract law defines which private … levels of effort and trading among agents. The solution to this problem requires a social contract which meets two conditions …: (i) an economywide delegate (judge) responsible for the enforcement of the social contract and (ii) a set of non …

about the asset? How do the disclosure rules of contract law influence the investigation decision? Shavell (1994) showed …-disclosure rule, which requires disclosure of material information, but only after the contract is concluded. We show that this rule … can be more efficient than both voluntary disclosure and mandatory (pre-contract) disclosure …