The Secured Creditor's Right to Full Liquidation Value in Corporate Reorganization

The Duties of the Corporate Debtor to Its Creditors

Estimates of Creditors’ Discount Rates in Court-Supervised Reorganization Decisions

Using data from reorganization proposals filed by bankrupt Canadian firms, we estimate the discount rate implicit in the creditors’ reorganization decision. Using two approaches, a grid-search and an optimization algorithm, we estimate the implicit monthly discount rate in reorganization to be around 5 percent, which corresponds to an annual discount rate of 87 percent.

Large creditors and corporate governance: the case of Chinese banks

Purpose – Banks are the major suppliers of external funds for companies in China. The purpose of this paper is to examine whether Chinese banks exercise effective monitoring over borrowers in two lending decisions, including loan interest rates and loan renewals. Design/methodology/approach – Using a sample of Chinese public industrial firms from 2000 to 2005, the authors perform multivariate r...

Secured Debt and Corporate Performance:

Agency theory in modern corporate finance suggests the presence of a conflict of interest between managers and shareholders. Prior theoretical and empirical research has identified leverage as an important mechanism that is likely to mitigate agency costs. Although debt plays a central role in mitigating corporate agency conflicts, relatively few studies have examined the implications that aris...

the caspian sea s role in energy supply to china

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