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Abstract Using a dynamic model of strategic bargaining between equity and debt holders following default, we analyze the impact of shareholder bargaining power and debt overhang on optimal investment ...
Abstract We argue that stronger debt enforcement in bankruptcy can reduce indirect costs of financial distress: (i) by increasing the likelihood of restructuring outside bankruptcy and (ii ...
for a ban on optional business-to-business QoS transactions likely is strategic . Google, for example, has a dominant share of Internet searches and search-related advertising, the gateway to Internet browsing ...
by mid-century. This strategic myopia is magnified by the lack of a clear national strategy, one that should be focused on recognizing the full implications of the rise of China and India into the ranks ...
. In Bulow and Rogoff (1989a), for example, trade sanctions are the punishment mechanism to prevent strategic default. But since their bargaining model assumes a single creditor lending to a single debtor ...
market are vS−vW , since W’s outside option when he trades in the resale market is equal to his valuation, while S’s outside option is zero. We assume that bidders’ valuations are revealed after ...
and probability of liquidation. It turns out that the optimal number of creditors is determined by the trade‐off between deterring strategic defaults and minimising the ex post inefficiency of liquidation ...
federal bankruptcy law. However, state laws, which generally concern secured creditors, can be even less friendly to unsecured creditors. One of the most crucial protections afforded to the unsecured ...
. These models not only hadn’t predicted the crisis, its occurrence was completely outside of their framework. The framework assumes there are no macroeconomic inconsistencies—all plans are realized, all budget ...
) and delays in publishing the search report are negative for VC funding. Opposition to the patent by others increases the hazard of obtaining funding. The authors argue that because the presence of opposition ...
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