individually want to commit themselves to liquidation, and it is collectively better for them than voluntary contract choice or …

the loan spread increases by 22 basis points in the loan following the violation. We also find that the new contract … violated covenants in the previous contract are significantly more likely to violate covenants again in the next loan. Moreover …

liquidation tied to the par value of the bank's capital. Our tests show that optimal contracting theory can provide an explanation …

. Less noticeably, market players have been experimenting for years with contract clauses in debt transactions that fulfill a … such solutions. However, parties in these transactions tend to insulate the effects of contract solutions, ruling out an …', which is hard to pin down. When parties try to achieve complex managerial and distributive solutions through contract …