Working Paper
Conditional Control: The Consequences of Expanding Creditors’ Right to Initiate Bankruptcy
We study the effects of a court decision granting creditors the power to force into bankruptcy corporate debtors whose liabilities exceed their assets...
Read moreUncertainty, Access to Debt, and Firm Precautionary Behavior
Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of...
Read moreThe Effect of Creditor Rights on Bank Monitoring, Capital Structure and Risk-taking
We examine the multi-faceted effect of creditor rights on the way banks monitor, operate and finance themselves. We present a simple analytical model...
Read moreCreditor Rights, Claims Enforcement, and Bond Returns in Mergers and Acquisitions
By means of an international sample of cross-border mergers and acquisitions (M&As) involving firms with outstanding Eurobonds from the US,...
Read moreDebt Textualism and Creditor-on-Creditor Violence: A Modest Plea to Keep the Faith
Although debt finance and restructuring rarely command headlines, they collectively comprise some of the most heated corporate battles in recent...
Read moreBankruptcy Shopping: Domestic Venue Races and Global Forum Wars
This Article proposes reforms to bankruptcy law’s venue rules. These reforms would expand venue choice, reduce opportunistic venue shopping, and...
Read moreCreditor Control Rights and Resource Allocation within Firms
We examine the within-firm resource allocation and restructuring effects of creditor intervention and their relationship to performance gains at...
Read moreNews
The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry
We study the resolution of financial distress in shipping, where the ex-territorial nature of assets has distanced the industry from on-shore...Read more