This paper develops optimal pricing, lending, and renegotiation strategies for companies in
relationships where one firm is highly dependent on the other. Long‐term trade—creditor …

In this paper I investigate the role of debtor-in-possession (DIP) financing in the bankruptcy
process and find that post-petition loans are associated with a greater probability of …

This paper proposes a two-period model to examine which bankruptcy procedure is better
for both the debtor and creditor when insolvency happens. Our theoretical model depicts …

Numerous studies have examined the impact of security issuance upon the value of pre-
existing debt and equity but the focus has largely been on changes in equity value. We …

Insolvent firms usually file for formal bankruptcy protection under either liquidation or
reorganization. Reorganization aims to save viable failing firms whereas liquidation focuses …

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Structure, Portfolio Management, and Credit Risk Modeling [Irwin Library of Investment & …

This article provides a classification of the reasons behind deviations from absolute priority
(DAPs) in Chapter 11 bankruptcies and tests several explanations using a regression …

Abstract Debtor-in-possession (DIP) financing is new financing that arises through lending to
bankrupt firms. Many scholars have discussed the theoretical implications of DIP financing in …

This paper provides a detailed descriptive analysis of multiple-plan Chapter 11
reorganizations and an empirical study of the determinants of multiple-plan adoption. In the …

This paper documents emerging patterns in deviations from absolute priority (DAPs) in
Chapter 11 bankruptcies. Priority rules are violated in at least two-thirds of all cases, with …