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Journal articles on the topic 'Creditors bargaining'

Author: Grafiati

Published: 30 May 2022

Last updated: 31 July 2025

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1

Simmons, Beth A. "Why Innovate? Founding the Bank for International Settlements." World Politics 45, no. 3 (1993): 361–405. http://dx.doi.org/10.2307/2950723.

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One of the concerns of international political economy in the past several years has been to theorize about the conditions conducive to the development of international cooperation and institutionalization. This article explores the usefulness of economic theories of dynamic contracting, which are essentially functionalist in nature, to understand international financial innovation in the 1920s. It interprets the founding of the Bank for International Settlements as an important effort to overcome the problems of contract enforcement and information asymmetries in international lending that ha

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Blaylock, Bradley, Alexander Edwards, and Jared Stanfield. "The Role of Government in the Labor–Creditor Relationship: Evidence from the Chrysler Bankruptcy." Journal of Financial and Quantitative Analysis 50, no. 3 (2015): 325–48. http://dx.doi.org/10.1017/s0022109015000277.

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AbstractWe examine the role of government in the labor–creditor relationship using the case of the Chrysler bankruptcy. As a result of the government intervention, firms in more unionized industries experienced lower event-window abnormal bond returns, higher abnormal bond yields, and lower cumulative abnormal bond returns. The results are stronger for firms closer to distress. We also observe the effect in firms in which labor bargaining power is stronger and those with larger pension liabilities. Overall, the results underline the importance of government as a significant force in shaping th

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Toyofuku, Kenta. "Ex ante efficiency of structured bargaining procedures under coordination failure among creditors." Corporate Ownership and Control 9, no. 3 (2012): 394–406. http://dx.doi.org/10.22495/cocv9i3c3art5.

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We analyze the ex-ante efficiency of structured bargaining procedures, especially the absolute priority rule (APR) violations and the revocation of preferential payments (PP). We show that when creditors receive clear signals about firms, the debtor is more likely to choose a risky action if APR violations are adopted. On the other hand, when a noisy signal is transmitted to creditors, a high liquidation value may induce coordination failure among creditors. Because this also induces moral hazard on the part of the debtor, adopting APR violations may be a useful way of improving ex ante effici

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DiGiuseppe, Matthew, and Patrick E. Shea. "The Devil’s Haircut: Investor–State Disputes over Debt Restructuring." Journal of Conflict Resolution 63, no. 8 (2018): 1889–922. http://dx.doi.org/10.1177/0022002718811531.

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When do private creditors versus debtor states accept a greater burden in resolving sovereign debt crises? In this study, we argue that distributive politics helps explain the “haircut”—or losses—private creditors take in debt restructuring cases. Despite the expected convergence of partisan policies in a globalized economy, we argue that right and left leaders extract different settlements in debt negotiations. Left governments, representing constituents most likely to be hurt from higher debt repayment, credibly demonstrate more bargaining power and extract greater concessions from creditors

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Colonnello, Stefano, Matthias Efing, and Francesca Zucchi. "Shareholder bargaining power and the emergence of empty creditors." Journal of Financial Economics 134, no. 2 (2019): 297–317. http://dx.doi.org/10.1016/j.jfineco.2019.04.001.

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Zahariadis, Nikolaos. "Values as Barriers to Compromise? Ideology, Transnational Coalitions, and Distributive Bargaining in Negotiations over the Third Greek Bailout." International Negotiation 21, no. 3 (2016): 473–94. http://dx.doi.org/10.1163/15718069-12341339.

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What factors explain the brinkmanship and threats of Greece’s distributive tactics over the third bailout package in 2015? Examining negotiations between Greece and its creditors duringsyriza’s (Coalition of the Radical Left) tenure in power, I argue that the Greek government’s strong ideological fervor turned the bailout negotiations into an ideologically based dispute, which involved “sacred” value biases and uncompromising posturing. Unable to form cooperative transnational coalitions, Athens increasingly turned to distributive bargaining tactics that antagonized creditors and escalated the

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Deviana, Nabila Tiara, and Ariawan Gunadi. "Legal Protection for Creditors in Suspension of Debt Payment Obligations (PKPU): A Critique of the Implementation of Law Number 37 of 2004 on Bankruptcy." Jurisprudensi: Jurnal Ilmu Syariah, Perundang-Undangan dan Ekonomi Islam 17, no. 1 (2025): 339–53. https://doi.org/10.32505/jurisprudensi.v17i1.11364.

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Ideally, the process of Suspension of Debt Payment Obligations (PKPU) within the Indonesian legal system functions as a fair mechanism to protect the rights of creditors while providing debtors with an opportunity to settle their debts without undergoing bankruptcy. However, in reality, the implementation of the PKPU mechanism often results in an imbalance of power between creditors and debtors, thereby posing serious challenges to the legal protection of creditors. This article aims to critically examine the effectiveness of legal protection for creditors in the PKPU process and to evaluate t

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Evans, John Harry, Shuqing Luo, and Nandu J. Nagarajan. "CEO Turnover, Financial Distress, and Contractual Innovations." Accounting Review 89, no. 3 (2013): 959–90. http://dx.doi.org/10.2308/accr-50688.

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ABSTRACT The design of CEO incentives is particularly important for firms in financial distress. We compare the resolution of CEO incentive problems in distressed firms between the 1980s versus the 1990s, focusing on how changes in contractual provisions, as well as in the executive labor market, resulted in a shift to a new equilibrium. Our analyses provide evidence that the increased bargaining power of creditors, together with changes in the use of contractual provisions in the 1990s, enabled creditors to more effectively retain highly skilled CEOs with firm-specific knowledge and provide t

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Frieden, Jeffry A. "Capital Politics: Creditors and the International Political Economy." Journal of Public Policy 8, no. 3-4 (1988): 265–86. http://dx.doi.org/10.1017/s0143814x0000862x.

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ABSTRACTThis essay analyzes the relationship between international investment interests and foreign economic policy. The first step and level of analysis looks at nation-states as the relevant actors, and claims that a country's international investment position tends to affect its international economic preferences in ways that are easily understood and anticipated. Countries' international asset positions often have a predictable impact on their policies toward international monetary relations, cross-border investment, and trade.The second step and level of analysis looks inside national soc

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Mokal, Rizwaan Jameel. "The Authentic Consent Model: contractarianism, Creditors’ Bargain, and corporate liquidation." Legal Studies 21, no. 3 (2001): 400–443. http://dx.doi.org/10.1111/j.1748-121x.2001.tb00174.x.

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The first part of this paper asks if the Creditors' Bargain Model, long employed by insolvency scholars as the starting point for many an analysis, can explain or justify even the most distinctive and fundamental feature of insolvency law. After examining the defining features of the model's construction, the role of self-interest and consent in it, and its ex ante position, it is concluded that the Bargain model can neither explain nor legitimate the coercive collective liquidation regime. The second part of the paper develops an alternative model to analyse and justify insolvency law. The st

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Mourdoukoutas, Panos, and Abraham Stefanidis. "To List or Not To List: Expectations versus Reality for Greek Shipping IPOs." South East European Journal of Economics and Business 4, no. 1 (2009): 125–34. http://dx.doi.org/10.2478/v10033-009-0009-0.

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To List or Not To List: Expectations versus Reality for Greek Shipping IPOsSharing ownership with outside investors through an IPO has advantages and disadvantages that create dilemmas for company founders. It can further be a source of disappointment when expectations fall short of reality. That's not the case for the Greek ship owners who floated the shares of their companies to major US Exchanges in the early 2000s, however. The listing has met and even exceeded their expectations: Broadened their capital structure, improved image and prestige, strengthened bargaining power with creditors,

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Callaghy, Thomas M. "Debt and Structural Adjustment in Africa: Realities and Possibilities." Issue: A Journal of Opinion 16, no. 2 (1988): 11–18. http://dx.doi.org/10.1017/s0047160700500663.

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Since the middle of the 1970s Sub-Saharan African states have focused increasingly on their severe economic and fiscal crises. These involve wrestling with the burdens of debt service and the rigors of rescheduling, conducting difficult negotiations with bilateral and private creditors, bargaining over conditionality packages with the International Monetary Fund and the World Bank or fending them off, distributing the painful costs of adjustment, coping with import strangulation and devising new development policies and strategies. Already highly dependent on the outside world, the intensity,

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Hotchkiss, Edith, Karin S. Thorburn, and Wei Wang. "The Changing Face of Chapter 11 Bankruptcy: Insights from Recent Trends and Research." Annual Review of Financial Economics 15, no. 1 (2023): 351–67. http://dx.doi.org/10.1146/annurev-financial-100521-103241.

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Several recent trends have reshaped the nature of bargaining in Chapter 11. These include increasingly complex prebankruptcy capital structures, decreasing time in Chapter 11 due to prepacks and prenegotiated plans, growing use of restructuring support agreements (RSAs) and sales of substantially all assets, an increased number of defaulting private equity–owned firms, and an increase in activity of specialized distressed debt investors. These trends have changed the balance of power in favor of senior secured lenders, who further shape the course of out-of-court negotiations. We examine evide

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Husain, Aasim Mairaj. "Forgiveness, Buybacks, and Exit Bonds: An Analysis of Alternate Debt Relief Strategies." Pakistan Development Review 27, no. 4II (1988): 819–28. http://dx.doi.org/10.30541/v27i4iipp.819-828.

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The 1980s have seen the issue of Third World debt rise to prominence as one of the foremost concerns for economic policy-makers. The foreign indebtedness of many developing countries has risen to such high levels that the casual observer is forced to wonder if the debt will ever be paid back. Many scholars are now arguing that the debt obligations of some of the most heavily indebted countries (HICs)are so large that they act as a severe disincentive to investment. These disincentives, in turn, reduce growth rates in the HICs, thereby making future repayments even less likely. Many explanation

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Bonthuys, Elsje. "Public Policy in Family Contracts, Part II: Antenuptial Contracts." Stellenbosch Law Review 32, no. 1 (2021): 3–23. http://dx.doi.org/10.47348/slr/v32/i1a1.

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This, the second part of an article on public policy in contracts between family members, focuses on legality in antenuptial contracts, particularly those which exclude all forms of sharing between spouses. The Matrimonial Property Act 88 of 1984 is now 35 years old and, apart from writing, it neither requires formalities to ensure that prospective spouses who enter into antenuptial contracts fully appreciate the consequences of their agreements, nor does it guarantee that the agreed upon property system is fair to both spouses. Instead, the focus is upon protecting the interests of third part

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Danil, Danil, Asbullah Thamrin, Ilham Ilham, and Muhammad Obie. "Implications of the Contract Freedom Principle and Legal Consequences of Standard Contract Which Detrimental to Debtors of Bank Syariah Indonesia (BSI) Makassar." Jurnal Ilmiah AL-Jauhari: Jurnal Studi Islam dan Interdisipliner 7, no. 2 (2022): 236–51. http://dx.doi.org/10.30603/jiaj.v7i2.3063.

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The objectives of the study were as follows: 1) To determine how the freedom of contract principle is affected by the implementation of standard contracts; and 2) To determine the legal repercussions of standard contracts whose terms are unfavorable to the debtor or consumer. This kind of research consisted of normative legal research or research conducted in libraries. The study made use of qualitative analysis by elaborating on the previously collected data through the use of words or statements. 1) The implication of the principle of freedom of contract in the implementation of a standard c

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Donnelly, Faye, and William Vlcek. "Drowning the Greek economy: Injurious speech and sovereign debt." Finance and Society 3, no. 1 (2017): 51–71. http://dx.doi.org/10.2218/finsoc.v3i1.1938.

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Drawing on Judith Butler’s concept of injurious speech, this article conceptualises the ‘Grexit’ crisis as a series of performances. More specifically, we investigate how the Greek government framed the bailout plans tabled by the Troika as a form of torture. By adopting phrases such as ‘fiscal water-boarding’, ‘asphyxiation’, and ‘suicide’, the Syriza government sought to narrate the harm inflicted on Greece by its creditors. Paying attention to this language is important as it casts new light on how Greek sovereign debt has been framed, negotiated, and contested. In many ways, the overarchin

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Huo, Jingjing. "Left Partisanship and Top Management Pay in Affluent Capitalist Democracies." Social Forces 98, no. 1 (2018): 93–118. http://dx.doi.org/10.1093/sf/soy101.

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Abstract Complementing the existing partisanship and income distribution literature that focuses on the earnings of all employees, this paper examines the effect of left government partisanship on top managers. Drawing on firm-level top executive compensation data across thirteen advanced industrialized countries, the paper shows that left government partisanship principally leads to lower CEO compensation, either through laws that enhance workers’ collective bargaining power vis-à-vis management or laws that allow shareholders to cast proxy votes on executive compensation (i.e., say-on-pay la

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Savickis, Valdis. "Maksātnespējas process Covid-19 pandēmijas ēnā." SOCRATES. Rīgas Stradiņa universitātes Juridiskās fakultātes elektroniskais juridisko zinātnisko rakstu žurnāls / SOCRATES. Rīga Stradiņš University Faculty of Law Electronic Scientific Journal of Law 3, no. 21 (2021): 70–81. http://dx.doi.org/10.25143/socr.21.2021.3.070-081.

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The author has set two main objectives researching the topic concerning the influence of the COVID-19 pandemic to the insolvency proceedings; the first one being identification how the scope of prohibitions and restrictions impact insolvency proceedings (in particular – legal entities), while the second concerns determining legal and financial instruments that have been implemented on national level, influencing solvency and insolvency proceedings policy during the emergency period. Using analytical and descriptive methods, normative acts and political planning documents have been studied. The

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Mungure, Sheila. "EFFECT OF ECONOMY PRICING STRATEGY ON THE PROFITABILITY OF INSURANCE FIRMS IN KENYA." International Journal of Finance and Accounting 2, no. 3 (2017): 24. http://dx.doi.org/10.47604/ijfa.318.

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Purpose: The objectives of the study were to analyze effect of an IPO on the financial performance of listed companies in the Nairobi securities exchangeMethodology:The study will adopt an events study. The target of this study is companies that have issued IPOs and are listed in the Nairobi Securities Exchange.The sample will consist of companies that issued IPOs between 1996 and 2011.Our sample size is 13 listed companies in the NSE (Appendix II).The study will make use of secondary data.Market model will be used in coming up with Expected/Normal Return (R), Abnormal Return (AR), the Cumulat

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Lehtimäki, Mika J. "Intercreditor Agreement and Contractual Restructuring of LBOs." European Company and Financial Law Review 20, no. 3 (2023): 547–90. http://dx.doi.org/10.1515/ecfr-2023-0020.

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Abstract 547Leveraged buyout (LBO) transactions are corporate acquisitions financed with multiple layers of debt and equity and form a large subset of the leveraged finance markets. In European LBOs various creditor-categories, the priorities, control and restructuring options are invariably controlled by intercreditor agreements. They set out a basis for a privatised insolvency procedure. Such privatised procedures are often considered both theoretically and practically impossible because of the risk of strategic creditor actions, the incomplete contracting problem, the incentive effects of a

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Tabot Enow, Samuel, and Peter Kamala. "The accounts payable management practices of small, medium and micro enterprises in the Cape Metropolis, South Africa." Investment Management and Financial Innovations 13, no. 1 (2016): 77–83. http://dx.doi.org/10.21511/imfi.13(1).2016.07.

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The purpose of this article is to investigate the accounts payable management practices of small, medium and micro enterprises (SMMEs) in the Cape Metropolis. The study is motivated by a lack of research on payable management practices of SMMEs in South Africa. Data are collected from a sample of 200 SMMEs by means of a closed-ended questionnaire and analyzed using descriptive statistics and inferential statistics. The findings of the study indicate that 70% of the sampled SMMEs purchase only on cash basis. Of the sampled SMMEs, 22% purchase on both cash and credit, while 8% purchase only on c

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Leonard, Tommy, Elvira Fitriyani Pakpahan, and Kevin Alexander. "FREEDOM OF CONTRACT IN MORTGAGE LOAN AGREEMENT AT PT. BANK CIMB NIAGA, TBK. IN MEDAN." International Journal of Latin Notary 2, no. 02 (2022): 143–51. http://dx.doi.org/10.61968/journal.v2i02.42.

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In a credit agreement, the position of the bank as a creditor and the customer as a debtor is never balanced. The position of the bank is stronger than that of potential customers. Whereas freedom of contract can only achieve justice if the parties have a balanced bargaining power. Unbalanced bargaining power occurs when a strong party can impose his will on a weak party, until the weak party only follows the terms of the contract proposed to him. Given that in the credit agreement there has been a contractual relationship and the clauses tend to favor the bank as the creditor, in a credit agr

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Muller, Christina. "California State University Catastrophic (Cat) Leave Donation Program: Demographics, Economic Security, and Social Equity." Journal of Health and Human Services Administration 38, no. 1 (2015): 108–59. http://dx.doi.org/10.1177/107937391503800107.

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The California State University (CSU) Chancellor's Office reached an agreement with all CSU collective bargaining units and Employee Relations on a uniform Catastrophic (CAT) Leave Donation Program in 1992. The CAT Leave Donation Program allows employees to donate sick and/or vacation leave credits to employees who are incapacitated due to a catastrophic illness or injury and have exhausted all of their own leave credits. This also extends to employees with whom family illnesses are deemed catastrophic, thus requiring the employee to care for an immediate family member. Stakeholders include un

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Subagiyo, Dwi Tatak, and Hari Wibisono. "Debtor’s Legal Standing in the Possession of Fiduciary Collateral in Indonesia." Journal of Lifestyle and SDGs Review 5, no. 5 (2025): e04077. https://doi.org/10.47172/2965-730x.sdgsreview.v5.n05.pe04077.

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Introduction: The forms of collateral in Burgerlijk Wetboek (pawn and mortgages) are apparently less able to facilitate the needs of Micro, Small, Medium Enterpreneurs (MSMEs) who need capital but also still need to utilize the collateral objects. Fiduciary was created to accommodate the needs of the community to be able to obtain additional funds while still controlling collateral objects. These objects are still used in managing business activities and increase the chances of success of debt repayment so that this method is considered to be equally beneficial for debtors and creditors. The r

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OUCHIDA, Yasunori. "On the Bargaining Mechanism and the Certification of Emission Credits in Clean Development Mechanism." Studies in Regional Science 30, no. 1 (1999): 291–300. http://dx.doi.org/10.2457/srs.30.291.

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Sánchez-Rebull, Maria-Victòria, Ramon Ferrer-Rullan, Ana-Beatriz Hernández-Lara, and Angels Niñerola. "Six Sigma for improving cash flow deficit: a case study in the food can manufacturing industry." International Journal of Lean Six Sigma 11, no. 6 (2020): 1119–40. http://dx.doi.org/10.1108/ijlss-12-2018-0137.

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Purpose Cash flow deficit situations and working capital control are major challenges for many companies, especially those whose suppliers and clients have strong bargaining power. This study aims to describe the application of the Six Sigma methodology for solving these problems in a large German food can manufacturing company. Design/methodology/approach This paper follows the qualitative methodology of case study research. During different define, measure, analyse, improve and control process phases, the problem and critical aspects are identified to improve the quality of the payment proce

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Fahmi, Sahal. "STANDAARD BANK CREDIT AGREEMENT BASED ON THE VALUE OF JUSTICE." International Journal of Law Reconstruction 1, no. 1 (2017): 55. http://dx.doi.org/10.26532/ijlr.v1i1.1635.

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The treaty law is an open system with the principle of freedom of contract as stipulated in Article 1338 paragraph (1) of BW. The freedom provides an opportunity for all parties, including banks to make an agreement in the form of standaard. This standaard agreement is burdensome because there is no bargaining position between the community as a debtor customer with the bank as a creditor. However, such agreement continues in the banking practice. The purpose of this study is to find the factors influencing standaard bank credit agreement on the distribution of credit to the community based on

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Ma, Miaomiao, Weidong Meng, Yuyu Li, and Bo Huang. "Supply chain coordination strategy for NEVs based on supplier alliance under dual-credit policy." PLOS ONE 16, no. 10 (2021): e0257505. http://dx.doi.org/10.1371/journal.pone.0257505.

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In this paper, we assume that the supply chain for new energy vehicles (NEVs) consists of a manufacturer and N parts suppliers, considering that the R&D investment of both manufacturer and suppliers will affect the market demand of NEVs and NEVs credit, we construct decentralized and centralized decision-making models under the dual-credit policy to study the R&D investment strategy of supply chain enterprises. Furthermore, considering that suppliers can form alliances, we establish bargaining game models under the conditions of the non-alliance and alliance of suppliers, and discuss t

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Krowin, Pontianus Apa Rume, Ruslan Renggong, and Baso Madiong. "PERLINDUNGAN HUKUM TERHADAP DEBITUR YANG WANPRESTASI DALAM PEMBELIAN KENDARAAN RODA EMPAT." Indonesian Journal of Legality of Law 3, no. 1 (2021): 12–17. http://dx.doi.org/10.35965/ijlf.v3i1.485.

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Penelitian ini bertujuan untuk mengetahui (1) upaya hukum yang dapat ditempuh oleh debitur yang wanprestasi dalam pembelian kendaraan roda empat dan (2) pelaksanaan bentuk perlindungan hukum terhadap debitur yang wanprestasi dalam pembelian kendaraan roda empat. Penelitian ini menggunakan metode pendekatan empiris, wawancara, dan pengamatan. Populasi dan sampel dalam penelitian berjumlah 50 responden debitur dan seorang sebagai pengelolah hutang pada PT. Mandiri Tunas Finance. Data-data yang diperoleh dianalisis menggunakan analisis kualitatif dan akan dipaparkan secara lengkap. Hasil peneliti

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Ncube, Douglas. "The Importance of Contract Farming to Small-scale Farmers in Africa and the Implications for Policy: A Review Scenario." Open Agriculture Journal 14, no. 1 (2020): 59–86. http://dx.doi.org/10.2174/1874331502014010059.

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Introduction: Contract Farming (CF) has been largely believed to have the ability to promote the chances of Small-scale Farmers (SSFs) from less developed nations to participate in intensive agricultural production and lucrative export markets, thereby integrating them into the latest way of doing agri-business. Problem statement: A perennial issue of SSFs in Africa is a subsistence agricultural productivity due to lack of proper markets, credits and technology in recent years, aggravated by unstable prices of energy and food and lately by the global financial crisis. Methodology: The study is

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Maraseni, Tek, and Kathryn Reardon-Smith. "Meeting National Emissions Reduction Obligations: A Case Study of Australia." Energies 12, no. 3 (2019): 438. http://dx.doi.org/10.3390/en12030438.

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Akin to a public good, emissions reduction suffers from the ‘free rider’ syndrome. Although many countries claim that they are meeting their greenhouse gas (GHG) emissions reduction commitments, the average global temperature and GHG emissions continue to rise. This has led to growing speculation that some countries may be taking advantage of the system by effectively exploiting a range of loopholes in global agreements. Using a case study approach, we critically review the evidence from Australia, exploring how Australia has participated in global climate change negotiations and the way in wh

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Nuryanti, Sri, and Dewa Ketut Sadra Swastika. "Peran Kelompok Tani dalam Penerapan Teknologi Pertanian." Forum penelitian Agro Ekonomi 29, no. 2 (2016): 115. http://dx.doi.org/10.21082/fae.v29n2.2011.115-128.

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<p><strong>English</strong><br />This paper describes roles of farmers’ groups in agricultural technology application. A farmers’ group is defined as a group of farmers informally consolidate themselves based on their common goals in farming activities. Initial spirit of establishing a farmers’ group is to strengthen farmers’ bargaining position, especially in terms of collective purchasing of farm inputs and selling their agricultural products efficiently. Indonesia has a long experience in formation of farmers’ groups since Mass Intensification (BIMAS) and Special Int

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Van Roeyen, Gino, Mariangela Ferrari, Bruno Inzitari, and Nicolas Geelhand. "Barclays Bank plc v O'Brien and another [1993] 4 All ER 417, BVerfG, 19.10.1993." European Review of Private Law 4, Issue 3 (1996): 263–85. http://dx.doi.org/10.54648/141124.

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Barclays Bank plc v O'Brien (Case 1) provided an opportunity for the House of Lords to settle an issue which had arisen on a number of previous occasions in the Court of Appeal. The question was whether a bank is entitled to enforce against a wife an obligation to secure a debt owed by her husband to the bank where the wife has been induced to stand as a surety for her husband's debt by the undue influence or misrepresentation of the husband. The House of Lords concluded that a creditor would be fixed with constructive notice of the undue influence or misrepresentation of a cohabitee (and ther

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Ghosal, Sayantan, and Marcus Miller. "Writing-Down Debt with Heterogeneous Creditors: Lock Laws and Late Swaps." Journal of Globalization and Development 6, no. 2 (2015). http://dx.doi.org/10.1515/jgd-2015-0017.

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AbstractThe presence of “holdouts” in recent sovereign debt swaps poses a challenge to bargaining models which assume all creditors to be homogeneous. We modify the Rubinstein “alternating offers” framework so as to accommodate exogenous creditor heterogeneity – specifically holdouts more patient than other bondholders. The “second best” equilibrium derived is an initial offer and an associated “lock-law” sufficient to tempt impatient creditors into a prompt bond exchange. This is followed by a delayed, but more generous, swap with the patient creditors, timed to take place when the lock-law e

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Becher, David A., Thomas P. Griffin, and Greg Nini. "Creditor Control of Corporate Acquisitions." Review of Financial Studies, June 29, 2021. http://dx.doi.org/10.1093/rfs/hhab075.

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Abstract We examine the impact of creditor control rights on corporate acquisitions. Nearly 75% of loan agreements include restrictions that limit borrower acquisition decisions throughout the life of the contract. Following a financial covenant violation, creditors use their bargaining power to tighten these restrictions and limit acquisition activity, particularly deals expected to earn negative announcement returns. Firms that do announce an acquisition after violating a financial covenant earn 1.8% higher stock returns, on average, and do not pursue less risky deals. We conclude that credi

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Heller, Yuval, Sharon Peleg Lazar, and Alon Raviv. "Banks’ risk taking and creditors’ bargaining power." Journal of Corporate Finance, May 2022, 102198. http://dx.doi.org/10.1016/j.jcorpfin.2022.102198.

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Heller, Yuval, Sharon Peleg Lazar, and Alon Raviv. "Banks Risk Taking and Creditors Bargaining Power." SSRN Electronic Journal, 2019. http://dx.doi.org/10.2139/ssrn.3312603.

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Ferry, Lauren L. "Defaulting Differently: The Political Economy of Sovereign Debt Restructuring Negotiations." International Studies Quarterly 67, no. 4 (2023). http://dx.doi.org/10.1093/isq/sqad086.

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Abstract Negotiations to restructure sovereign debt are protracted affairs, and their outcomes, known as “haircuts,” range from 0 to 80 percent creditor losses. Haircuts impact states’ ability to borrow, cost of borrowing, and economic recovery; they also redistribute income—between states and creditors and between domestic interest groups. I conceptualize the interaction between governments and private creditors as a bargaining game where the government’s will to repay is private information. Creditors can make inferences about repayment based on the government’s political economy, but distri

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Zhou, Jie. "Creditors’ Role in Shaping Asymmetric Cost Behavior: Evidence from Debt Covenant Violation." Journal of Management Accounting Research, February 1, 2024, 1–24. http://dx.doi.org/10.2308/jmar-2023-014.

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ABSTRACT This study uses covenant violations as a quasinatural experimental setting to examine creditors’ roles in shaping corporate cost behavior. Using a regression discontinuity design, I find that cost stickiness experiences a sharp decline following debt covenant violations when control rights are transferred to creditors. The cost stickiness effect is more substantial for borrowers with lower credit ratings and when creditors possess greater bargaining power. The effect is also more pronounced during industry downturns when borrowers have fewer alternative sources of finance. Results are

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Doh, Hyun Soo, and Guanhao Feng. "Renegotiable debt, liquidity injections and financial instability." Journal of Derivatives and Quantitative Studies: 선물연구, May 7, 2024. http://dx.doi.org/10.1108/jdqs-01-2024-0003.

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This paper develops a debt-run model to study the effects of liquidity injections on debt markets in the presence of a renegotiation option. In the model, creditors decide when to withdraw their funding and equityholders can renegotiate the contract terms of debt. We show that when equityholders have a large bargaining power, liquidity injections into distressed firms can rather cause more aggressive runs from their creditors, hurting the debt value. This outcome occurs because equityholders can strategically utilize the renegotiation option as a bankruptcy threat, pushing down the debt value

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42

Chen, Feng, Yiwei Dou, Helen Hurwitz, and Jing Li. "Creditors’ Bargaining Power and Accounting Conservatism: A Debt Contracting Perspective." SSRN Electronic Journal, 2010. http://dx.doi.org/10.2139/ssrn.1742078.

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Huang, Yichu, Lei Chen, and Frank Hong Liu. "Bank intervention and firms’ earnings management: evidence from debt covenant violations." Review of Quantitative Finance and Accounting, March 12, 2024. http://dx.doi.org/10.1007/s11156-024-01255-7.

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AbstractEarnings management has long been one of the main concerns in accounting and management literature, and the extent to which corporate governance mechanisms can discipline management behaviour and prevent earnings management has attracted increasing interest among policy makers and academic researchers. Differing from previous corporate governance literature that focuses mainly on the board and auditors, we explore the role of creditors in corporate governance. In particular, we examine the effect of bank intervention on earnings management via the lens of debt covenant violations, wher

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Boukalas, Christos, and Julian Müller. "Un-doing Labour in Greece: Memoranda, Workfare and Eurozone 'Competitiveness'." Global Labour Journal 6, no. 3 (2015). http://dx.doi.org/10.15173/glj.v6i3.2720.

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<p>This article examines the assault on the rights, wages and bargaining position of workers in Greece following the bailout agreements between Greece and its creditors – the European Central Bank, the International Monetary Fund (IMF) and the group of Eurozone countries. It focuses in particular on the workfare measures that are designed to activate the industrial reserve army. These measures are enacted in the name of competitiveness, which is defined as reducing unit labour costs, revealing the neo-liberal orientation of the structural adjustment programme to which Greece is being sub

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Thakkar, Hiteshkumar, and Pranay Agarwal. "Enhancing efficiency through negotiation and minimizing transaction costs: application of Coase theorem to corporate insolvency." International Journal of Law and Management, November 11, 2024. http://dx.doi.org/10.1108/ijlma-04-2024-0136.

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Purpose Coase theorem is more interested in increasing the economic value of the transaction through a libertarian approach, i.e. free bargain than a utilitarian approach, i.e. maximum benefit to a maximum number of people. Ex ante Corporate Insolvency Resolution Process (CIRP) ensured that the stakeholders would arrive at an efficient outcome through bargaining and negotiation regardless of the initial allocation of legal rights. It also minimizes transaction costs to facilitate a voluntary resolution/settlement process; otherwise, it is costly to determine how much stakeholder value the same

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Valdez, Jimena. "What Capital Wants: Business Interests and Labor Market Reform in Portugal and Spain." Comparative Politics, 2020. http://dx.doi.org/10.5129/001041521x16059843939568.

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Under what conditions are governments able to liberalize labor markets? I leverage the cases of Portugal and Spain, two countries hit by the Eurozone crisis and constrained in their policy options, that diverge in the key measure mandated by international creditors to recover&#x2014;the decentralization of collective bargaining. Against the common assumption that the liberalization of labor is widely embraced by capital, I show that governments are only able to advance labor reforms when there is a leading industrial export sector that benefits from it and provides a powerful domestic soci

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Wood, Roderick J. "Circular Priorities in Secured Transactions Law." Alberta Law Review, June 1, 2010, 823. http://dx.doi.org/10.29173/alr171.

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Circular priority problems are endemic in secured transaction law. A circular priority situation arises when there are three or more parties with competing claims to the same asset and there is no clear ranking of priority among them. There are multiple approaches applied by courts or advanced by commentators to resolve circular priority problems. The different mechanisms used by the courts to resolve a circular priority problem are evaluated using criteria that reflect the general values and goals of commercial law, and the mechanism that best accords with this criteria is identified. Althoug

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Ellias, Jared A. "Bankruptcy Law's Knowns and Unknowns." Annual Review of Law and Social Science 19, no. 1 (2023). http://dx.doi.org/10.1146/annurev-lawsocsci-111522-085910.

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In 1978, Congress created a new federal bankruptcy law that has since become a key part of the American capital markets. I examine how large companies and their investors contract to make bankruptcy more or less likely, how distressed firms negotiate with creditors outside of bankruptcy, and how companies plan for a Chapter 11 filing and navigate the bankruptcy system. I also survey the strategic moves, ranging from litigation to financing, that activist investors deploy to improve their bargaining power and earn higher returns. The American bankruptcy system is evolving constantly, and prevai

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Wong, Tak-Yuen, and Jin Yu. "Credit Default Swaps and Debt Overhang." Management Science, March 9, 2021. http://dx.doi.org/10.1287/mnsc.2020.3953.

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We analyze the impact of credit default swaps (CDSs) trading on firm investment, long-term debt financing, and valuation. In our model, the firm is endowed with a real option to initiate a project and enhance its future growth. Its creditors have access to CDS contracts that hedge them against default losses. We show that CDS protection increases the firm’s pledgable income: that is, the maximum amount of debt it can raise. However, at the same time CDS protection decreases asset growth and impedes project initiation. As a result, CDS trading could reduce firm value, and the negative effects a

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Danovi, Alessandro, Silvia Giacomelli, Patrizia Riva, and Giacomo Rodano. "Strumenti Negoziali Per La Soluzione Della Crisi DDImpresa: Il Concordato Preventivo (Bargaining Tools for the Resolution of Distressed Firms: Judicial Composition with Creditors)." SSRN Electronic Journal, 2018. http://dx.doi.org/10.2139/ssrn.3165491.

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