| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2461 |
| DP2461 The Euro and International Capital Markets | |
| Philipp Hartmann; Carsten Detken | |
| 发表日期 | 2000-05-30 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Debt with many creditors is analysed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-à-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial entitlement to non-collateralized assets will be expropriated through exchange offers. Exchange offers successively increase the level of collateral until all assets are fully collateralized. The ex ante optimal debt contract is neither fully collateralized nor without any collateral. Diffusely held debt allows for a larger debt capacity and bears lower credit risk premia than privately held debt. We derive simple closed-form solutions for the value of equity and defaultable bonds. Numerical estimates show that the bond valuation is very sensitive to the correct specification of the debt renegotiation model. |
| 主题 | Financial Economics |
| 关键词 | Debt reorganization Multiple creditors |
| URL | https://cepr.org/publications/dp2461 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531540 |
| 推荐引用方式 GB/T 7714 | Philipp Hartmann,Carsten Detken. DP2461 The Euro and International Capital Markets. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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