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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP2927 |
DP2927 Wage Growth, Productivity Growth, and the Evolution of Employment | |
Martin Hellwig; Andreas Irmen | |
发表日期 | 2001-08-22 |
出版年 | 2001 |
语种 | 英语 |
摘要 | A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute priority. Research done in the past decade has suggested that deviations from absolute priority have beneficial ex ante effects. In contrast, this Paper shows that ex post deviations from absolute priority also have negative effects on ex ante decisions taken by shareholders. Such deviations aggravate the moral hazard problem with respect to project choice increasing the equityholders' incentive to favour risky projects as well as with respect to borrowing and dividend decisions. |
主题 | Financial Economics |
关键词 | Bankruptcy Chapter 11 Corporate reorganizations Workouts Absolute priority Moral hazard Asset dilution Claim dilution |
URL | https://cepr.org/publications/dp2927 |
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/531971 |
推荐引用方式 GB/T 7714 | Martin Hellwig,Andreas Irmen. DP2927 Wage Growth, Productivity Growth, and the Evolution of Employment. 2001. |
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