Corporate Bankruptcy: Economic and Legal Perspectives / Edition 1

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Overview

This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, directors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries other than the United States, including the United Kingdom, Europe, and Japan. The editors' introductions guide readers through each of the six parts, comprised of edited versions of papers combined with editorial notes to reduce the time required to absorb key ideas.
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Product Details

  • ISBN-13: 9780521457170
  • Publisher: Cambridge University Press
  • Publication date: 6/28/2005
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 579
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.30 (d)

Table of Contents

Foreward
Preface
Pt. I The role of credit 1
1 Leverage, Nobel Memorial Prize Lecture (1990) 3
2 Agency costs of free cash flow, corporate finance, and takeovers 11
3 A theory of loan priorities 17
Pt. II Bankruptcy as a reflection of the creditors' implicit bargain 25
4 A world without bankruptcy 29
5 Bankruptcy, nonbankruptcy entitlements, and the creditors' bargain 39
6 Translating assets and liabilities to the bankruptcy forum 58
7 Bankruptcy policy 73
8 Loss distribution, forum shopping, and bankruptcy: A reply to Warren 95
Pt. III Beyond the basic creditors' bargain 109
9 Bargaining after the fall and the contours of the absolute priority rule 113
10 On the nature of bankruptcy: An essay on bankruptcy sharing and the creditors' bargain 141
11 A simple noncooperative bargaining model of corporate reorganizations 168
12 Commentary on "On the nature of bankruptcy": bankruptcy, priority, and economics 181
13 Bankruptcy and risk allocation 190
14 The corporate bankruptcy decision 207
15 Bargaining over equity's share in the bankruptcy reorganization of large, publicly held companies 232
16 Bankruptcy resolution: Direct costs and violation of priority of claims 260
17 The costs of conflict resolution and financial distress: Evidence from the Texaco-Pennzoil litigation 279
18 Survey of evidence on business bankruptcy 298
Pt. IV Workouts or bargaining in the shadow of bankruptcy 307
19 Managing default: Some evidence on how firms choose between workouts and chapter 11 308
20 The economics of pre-packaged bankruptcy 322
Pt. V Alternatives to bankruptcy and the creditors' bargain 327
21 Corporate control and the politics of finance 329
22 The uneasy case for corporate reorganizations 336
23 Bankruptcy and debt: A new model for corporate reorganization 351
24 A new approach to corporate reorganizations 370
25 Debtors choice: A menu approach to corporate bankruptcy 395
26 Is corporate bankruptcy efficient? 408
27 The voting prohibition in bond workouts 415
28 Financial and political theories of American corporate bankruptcy 434
Pt. VI Experience of other countries 449
29 Lessons from a comparison of U.S. and U.K. insolvency codes 450
30 The costs of corporate bankruptcy: A U.S.-European comparison 467
31 Should we abolish Chapter 11? The evidence from Japan 501
32 The role of banks in reducing the costs of financial distress in Japan 531
Index 550
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