Debt renegotiation
Inside debt renegotiation: Optimal debt reduction, timing, and the number of rounds
... and renegotiation decisions, firm value, capital structure and the number of ...of debt renegotiation, in order to facilitate comparison between ...
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Serial default and debt renegotiation
... endogenous debt renegotiation after default in a standard dynamic model of defaultable ...The renegotiation process involves Nash bargaining between the defaulting debtor and creditors over both the ...
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Debt renegotiation and entrepreneurial optimism
... Private debt renegotiation is a subject of great interest in corporate finance as it is a crucial moment in a firm’s life with great potential of conflict ...unexpected renegotiation behaviors of ...
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Risk and the role of collateral in debt renegotiation
... In his basic model of debt renegotiation, B ESTER [1994] argues that collateral is more effective if high risk projects are financed. This result, however, crucially depends on the definition of risk. Using ...
13
Debt renegotiation and debt overhang: Evidence from lender mergers
... In this paper, I overcome the challenge by exploiting exogenous variation in the ability to renegotiate debt contracts generated by mergers between lenders of the same firms. Loan contract renegotiations, ...
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Asymmetries of information in financial markets with applications to debt renegotiation and financial certification
... The general structure of the model is as follows. Time is divided into two periods, t — 0 and 1 and the risk-free rate is normalised to zero. There are two types of risk- neutral agents: a firm (or manager-owner of the ...
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Macroeconomic Factors in Private Bank Debt Renegotiation
... of renegotiation in affecting loan terms of bank debt, little work has been done investigating factors influencing renegotiation of privately placed ...to debt covenants are very weakly ...
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On Debt Service and Renegotiation when Debt-holders Are More Strategic
... a debt renegotiation game with a passive bank which does not use strategically its capability to force liquidation, contrary to what is observed in ...private debt only, the optimal probability of ...
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Dynamic investment, debt structure and debt overhang
... the debt structure and investment decisions interact with each other, the optimal timing of investment varies under different debt structures and so do the timing of debt ...in debt ...
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One Reason Countries Pay their Debts: Renegotiation and International Trade
... sovereign debt through the Paris Club, a package that was subsequently repaid in ...sovereign debt renegotiation, after other factors are taken into account? ...
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Bankruptcy Procedures with Ex Post Moral Hazard
... collateralized debt as described by Schmidt-Mohr (1997) with the debt renegotiation models of Bester (1994), Scheepens (1995), Choe (1998), Khalil and Parigi (1998), Boyer (2001), and Menichini and ...
21
Two Essays on Corporate Finance
... bank debt contracts are renegotiated using a sample of firms with both bank debt and public bonds in their capital ...bank debt renegotiation, and have empirical implications for the impact of ...
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Three Essays in Macroeconomics and International Economics.
... In our new approach, we have maintained several important features from pre- vious work. Eaton and Gersovitz (1981) proposed financial autarky as a means to support debtors’ incentive to repay the debt. In our ...
159
Dynamic Capital Structure with Callable Debt and Debt Renegotiations
... distress, debt and equity holders agree—either voluntarily or as part of a Chapter 11 process—to restructure the firm’s capital thereby allowing the firm to con- tinue operation, see Weiss (1990), Gilson et ...makes ...
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Towards a voluntary Code of good conduct for Sovereign Debt Restructuring.
... facilitating debt restructuring: the so-called “contractual approach” – based on the generalised inclusion of Collective Action Clauses (CAC) in bond contracts – and the “statutory approach”, ...sovereign ...
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Reelection and renegotiation : the political economy of international agreements
... place both before and after elections (i.e., delegation decisions). Our contribution is to show how initial negotiation strategies are driven by the negotiators’ conflicting interests in shap- ing voters’ induced ...
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Renegotiation of Concession Contracts in Latin America.
... of renegotiation through improving the governance environment, increasing predictability, reducing arbitrariness and reducing corruption in regulatory decisions, should be consid- ...
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Unforeseen contingency and renegotiation with asymmetric information
... What we thus have here is a simple contracting model in which asym- metric information does not limit the scope of contracting in any way. There are substantial common interests here, and therefore, it is straightforward ...
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Optimality of linearity with collusion and renegotiation
... This study analyzes a continuous-time N -agent Brownian hidden-action model with exponential utilities, in which agents’ actions jointly determine the mean and the variance of the outcome process. In order to give a ...
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Renegotiation of social contracts by majority rule
... attractive ex ante. Public information about private choices can play a key supporting role in this respect: the more observable private choices are, the easier it is for the majority to extract a surplus from the ...
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