منابع مشابه
Creditor rights and corporate risk-taking
We propose that stronger creditor rights in bankruptcy affect corporate investments by reducing corporate risk-taking. In cross-country analysis, we find that stronger creditor rights induce greater propensity of firms to engage in diversifying acquisitions and of firms with low-recovery assets to acquire targets with high-recovery assets. These relations are strongest in countries where manage...
متن کاملShort-Selling Attacks and Creditor Runs
This paper investigates the mechanism through which short selling of a banks stocks can trigger the failure of the bank. In the model, creditors, who learn information from stock prices, will grow increasingly unsure about the banks true fundamentals in facing noisier stock prices; thus a run on the bank is more likely because of creditors concave payo¤. Understanding this, speculators condu...
متن کاملA dynamic model of optimal creditor dispersion
Borrowing from multiple creditors exposes firms to liquidation risks due to coordination problems among creditors, but it also improves the firms’ repayment incentives, thereby increasing pledgeability. Based on this trade-off, I develop a dynamic debt rollover model to analyze the evolution of creditor dispersion. Consistent with empirical findings, firms optimally increase the number of credi...
متن کاملAccounting Conservatism and Creditor Recovery Rate
This is a PDF file of a manuscript that has been accepted for publication in an American Accounting Association journal. It is the final version that was uploaded and approved by the author(s). While the paper has been through the usual rigorous peer review process for AAA journals, it has not been copyedited, nor have the graphics and tables been modified for final publication. Also note that ...
متن کاملEffects of Creditor Remedies and Rate Restrictions
A. The Nature of the Study This study attempts to assess the impact that restrictions on legal rate ceilings and restrictions on creditors’ abilities to collect on delinquent or defaulted debts (i.e., "creditors’ remedies") have on the consumer credit markets. The methodology employed is to study intensively the behavior of creditors in selected local consumer credit markets. The consumer credi...
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ژورنال
عنوان ژورنال: Virginia Law Review
سال: 1994
ISSN: 0042-6601
DOI: 10.2307/1073554