A Theory of Workouts and the Effects of Reorganization Law
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We present a model of a financially distressed firm with outstanding bank debt and public debt. Coordination problems among public debtholders introduce investment inefficiencies in the workout process. In most cases, these inefficiencies are not mitigated by the ability of firms to buy back their
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美国国家经济研究局创建时间：
1991-05-01
