A comprehensive look at the enormous growth and evolution of distressed debt markets,
corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative …

We provide evidence that creditors play an active role in the governance of corporations well
outside of payment default states. By examining the Securities and Exchange Commission's …

This paper examines debt structure using a new and comprehensive database on types of
debt employed by public US firms. We find that 85% of the sample firms borrow …

This paper studies the interaction between default and liquidity for corporate bonds that are
traded in an over‐the‐counter secondary market with search frictions. Bargaining with …

Firms sharing a board member with a media company receive more news coverage. This in
turn affects those firms' financing choices: they issue more bonds, rely less on bank loans …

We develop a structural credit model to examine how interactions between default and
liquidity affect corporate bond pricing. The model features debt rollover and bond-price …

We examine the role private equity (PE) sponsors play in the resolution of financial distress
of portfolio companies. PE-backed firms have higher leverage and default at higher rates …

This paper investigates the consequences of liquidation and reorganization on the
allocation and subsequent utilization of assets in bankruptcy. Using the random assignment …

Using large panel data of public and private firms, this paper dissects the growth of bond
financing in the Euro Area through the lens of the cross-section of issuers. In recent years …

Corporate bankruptcy presents a puzzle. Why does the law provide special rules that apply
only in financial distress? One can imagine 1-or advocate for-a world in which no such rules …