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Optimal Resolutions of Financial Distress by Contract

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Author Info
Gennaioli, Nicola
Rossi, Stefano

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Abstract

We study theoretically the possibility for the parties to efficiently resolve financial distress by contract as opposed to exclusively rely on state intervention. We characterize which financial contracts are optimal depending on investor protection against fraud, and how efficient is the resulting resolution of financial distress. We find that when investor protection is strong, issuing a convertible debt security to a large, secured creditor who has the exclusive right to reorganize or liquidate the firm yields the first best. Conversion of debt into equity upon default allows contracts to collateralize the whole firm to that creditor, not just certain physical assets, thereby inducing him to internalize the upside from efficient reorganization. Concentration of liquidation rights on such creditor avoids costly inter-creditor conflicts. When instead investor protection is weak, the only feasible debt structure has standard foreclosure rights, even if it induces over-liquidation. The normative implications are that lifting legal restrictions on floating charge financing, convertibles and concentration of liquidation rights, and increasing investor protection against fraud should improve the efficiency of resolutions of financial distress.

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Paper provided by Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University in its series CEI Working Paper Series with number 2008-6.

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Length: 50 p.
Date of creation: Apr 2008
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Handle: RePEc:hit:hitcei:2008-6

Note: This version: October 2007
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Related research
Keywords: Corporate Bankruptcy; Creditor Protection; Financial Contracting;

Other versions of this item:

Find related papers by JEL classification:
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law

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  102. Okamuro, Hiroyuki & Zhang, Jian Xiong, 2006. "Ownership Structure and R&D Investment of Japanese Start-up Firms," CEI Working Paper Series 2006-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  103. Abe, Naohito & Gaston, Noel & Kubo, Katsuyuki, 2001. "Executive Pay in Japan: The Role of Bank-Appointed Monitors and the Main Bank Relationship," CEI Working Paper Series 2001-10, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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  104. 丸, 淳子 & 米澤, 康博 & 松本, 勇樹, 2003. "東アジアにおける外国人投資家によるコーポレート・ガバナンス," CEI Working Paper Series 2003-9, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  105. 木村, 福成 & 清田, 耕造, 2003. "日本企業における外資比率と企業経営 : パネル・データを用いた実証研究," CEI Working Paper Series 2003-6, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  106. Iwasaki, Ichiro, 2007. "Board Formation and Its Endogeneity: An Empirical Study of Russian Firms," CEI Working Paper Series 2007-1, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  107. Hilary, Gilles & Oshika, Tomoki, 2003. "Shareholder activism in Japan: social pressure, private cost and organized crime," CEI Working Paper Series 2003-20, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  108. Rixtel, Adrian van & Wiwattanakantang, Yupana & Souma, Toshiyuki & Suzuki, Kazunori, 2002. "Banking in Japan: Will "Too Big To Fail" Prevail?," CEI Working Paper Series 2002-16, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  109. Durnev, Art & Kim, E. Han, 2004. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," CEI Working Paper Series 2004-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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  110. Worawat Margsiri & Antonio S. Mello & Martin E. Ruckes, 2008. "A Dynamic Analysis of Growth via Acquisition," Review of Finance, Oxford University Press for European Finance Association, vol. 12(4), pages 635-671. [Downloadable!] (restricted)
  111. Kim, YoungGak, 2007. "A Survey on Intangible Capital," CEI Working Paper Series 2007-10, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  112. Lee, Keun & Ryu, Keunkwan & Yoon, Jungmo, 2004. "Corporate Governance and Long Term Performance of the Business Groups: The Case of Chaebols in Korea," CEI Working Paper Series 2004-3, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  113. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November. [Downloadable!] (restricted)
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