| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/t0103 |
| 来源ID | Technical Working Paper 0103 |
| A Theory of Workouts and the Effects of Reorganization Law | |
| Robert Gertner; David Scharfstein | |
| 发表日期 | 1991-05-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | We present a model of a financially distressed firm with outstanding bank debt and public debt. Coordination problems among public debtholders introduce investment inefficiencies in the workout process. In most cases, these inefficiencies are not mitigated by the ability of firms to buy back their public debt with cash and other securities--the only feasible way that firms can restructure their public debt. We show that Chapter 11 reorganization law increases investment and we characterize the types of corporate financial structures for which this increased investment enhances efficiency. |
| 主题 | Financial Economics |
| URL | https://www.nber.org/papers/t0103 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561005 |
| 推荐引用方式 GB/T 7714 | Robert Gertner,David Scharfstein. A Theory of Workouts and the Effects of Reorganization Law. 1991. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| t0103.pdf（2969KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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