Creditor Rights

How Do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

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...

Uncertainty, 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...

Creditor 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...

The 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...

Debt 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...

Bankruptcy 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...

Creditor 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,...