G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2927
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
URLhttps://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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