We find that the number of independent directors on corporate boards increases by approximately 24% following financial covenant violations in credit...
We rationalize why leverage in buyouts differs from corporate leverage at large by merging two strands of buyout theory that focus on problems of public...
The large companies that currently file for Chapter 11 look very different than the typical Chapter 11 cases of the past. The liability side of debtors’...
We study transactions in which sellers fears being underpaid because their outside option is better known to the buyer. We rationalize various observed...
In order to identify the relevant sources of firms' financing constraints, we ask what financial frictions matter for corporate policies. To that end,...
Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond...Read more
While the importance of Physical Capital, Human Capital, and Intellectual Capital in corporations is well understood, there is another type of...Read more
Prof. Curtis Milhaupt (Columbia Law School) presents his paper on "Bonded to the State: A Network Perspective on China’s Corporate Debt Market" at the 2016 GCGC Conference in Stockholm. Discussion of the paper is then presented by Prof. Li Jin (Guanghua School of Management Peking University).
A corporate bond market is thought to play an important role as a supplement to bank- oriented financial systems in emerging markets – functioning in effect as a “spare tire.” Yet bond markets typically rely upon a formal institutional foundation that is often lacking in developing economies. China’s corporate bond market is huge, yet scholarly analysis of it is relatively scarce and some of its elements remain poorly understood.