Debt Enforcement Around the World
We present insolvency practitioners from 88 countries with an identical case of a hotel about to default on its debt, and ask them to describe in detail how...
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The New Bond Workouts
Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond...
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Credit, Crises and Infrastructure: The Differing Fates of Large and Small Businesses
This essay sheds new light on the importance of credit creation infrastructure in determining who actually receives government support during periods...
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Institutional Debt Holder Governance
Using data on the universe of US-based mutual funds, we find that two out of five fund families hold corporate bonds of firms in which they also own an equity...
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Fiduciary Duties and Equity-Debtholder Conflicts
We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware...
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Loans to Chapter 11 Firms: Contract Design and Pricing
With a hand-collected set of 545 debtor-in-possession (DIP) loan facilities, 2002-2019, we show that these short-term loans are highly...
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Underwriter Competition and Bargaining Power in the Corporate Bond Market
We study the impact of underwriter competition on corporate bond contracts. We develop a new measure of underwriter power and a novel empirical...
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Bonded to the State: A Network Perspective on China?s Corporate Debt Market
A corporate bond market is thought to play an important role as a supplement to bankoriented financial systems in emerging markets ? functioning in...
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When Is (Performance-Sensitive) Debt Optimal?
Existing theories of debt consider a single contractible performance measure ("output''). In reality, other performance signals are available. It...
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