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Corporate Bankruptcy: Economic and Legal Perspectives » (1st Edition)

Book cover image of Corporate Bankruptcy: Economic and Legal Perspectives by Jagdeep S. Bhandari

Authors: Jagdeep S. Bhandari
ISBN-13: 9780521457170, ISBN-10: 0521457173
Format: Paperback
Publisher: Cambridge University Press
Date Published: March 1996
Edition: 1st Edition

Author Biography: Jagdeep S. Bhandari

Book Synopsis

This collection is the first comprehensive selection of readings focusing on corporate bankruptcy.

	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