메뉴 건너뛰기




Volumn 78, Issue 3, 2005, Pages 737-786

Repeated dilution of diffusely held debt

Author keywords

[No Author keywords available]

Indexed keywords


EID: 23444434638     PISSN: 00219398     EISSN: None     Source Type: Journal    
DOI: 10.1086/429643     Document Type: Article
Times cited : (43)

References (58)
  • 1
    • 0002637799 scopus 로고    scopus 로고
    • Almost everything you wanted to know about recoveries on defaulted bonds
    • Altman, E. I., and V. M. Kishore. 1996. Almost everything you wanted to know about recoveries on defaulted bonds. Financial Analysts Journal 1996 (November/December): 57-64.
    • (1996) Financial Analysts Journal , vol.1996 , Issue.NOVEMBER-DECEMBER , pp. 57-64
    • Altman, E.I.1    Kishore, V.M.2
  • 2
    • 0347594518 scopus 로고    scopus 로고
    • A new governance structure for corporate bonds
    • Amihud, Y., K. Garbade, and M. Kahan. 1999. A new governance structure for corporate bonds. Stanford Law Review 51 (December): 447-92.
    • (1999) Stanford Law Review , vol.51 , Issue.DECEMBER , pp. 447-492
    • Amihud, Y.1    Garbade, K.2    Kahan, M.3
  • 3
  • 4
    • 84960551914 scopus 로고
    • Anatomy of financial distress: An examination of junk-bond issuers
    • Asquith, P., R. Gertner, and D. Scharfstein. 1994. Anatomy of financial distress: An examination of junk-bond issuers. Quarterly Journal of Economics 109 (November): 625-58.
    • (1994) Quarterly Journal of Economics , vol.109 , Issue.NOVEMBER , pp. 625-658
    • Asquith, P.1    Gertner, R.2    Scharfstein, D.3
  • 5
    • 84993924992 scopus 로고
    • The priority structure of corporate liabilities
    • Barclay, M. J., and C.W. Smith. 1995. The priority structure of corporate liabilities. Journal of Finance 50 (July): 899-917.
    • (1995) Journal of Finance , vol.50 , Issue.JULY , pp. 899-917
    • Barclay, M.J.1    Smith, C.W.2
  • 7
    • 17444389791 scopus 로고    scopus 로고
    • Optimal debt design and the role of bankruptcy
    • University of Lausanne (DEEP)
    • Berglöf, E., G. Roland, and E. L. von Thadden. 2003. Optimal debt design and the role of bankruptcy. Working paper, University of Lausanne (DEEP).
    • (2003) Working Paper
    • Berglöf, E.1    Roland, G.2    Von Thadden, E.L.3
  • 8
    • 84960577852 scopus 로고
    • Short-term versus long-term interests: Capital structure with multiple investors
    • Berglöf, E., and E. L. von Thadden. 1994. Short-term versus long-term interests: Capital structure with multiple investors. Quarterly Journal of Economics 109 (November): 1055-84.
    • (1994) Quarterly Journal of Economics , vol.109 , Issue.NOVEMBER , pp. 1055-1084
    • Berglöf, E.1    Von Thadden, E.L.2
  • 9
    • 84944831925 scopus 로고
    • Valuing corporate securities: Some effects of bond indenture provisions
    • Black, F., and J. C. Cox. 1976. Valuing corporate securities: Some effects of bond indenture provisions. Journal of Finance 31 (May): 351-67.
    • (1976) Journal of Finance , vol.31 , Issue.MAY , pp. 351-367
    • Black, F.1    Cox, J.C.2
  • 10
    • 0034032249 scopus 로고    scopus 로고
    • Equity, bonds, and bank debt: Capital structure and financial market equilibrium under asymmetric information
    • Bolton, P., and X. Freixas. 2000. Equity, bonds, and bank debt: Capital structure and financial market equilibrium under asymmetric information. Journal of Political Economy 108 (April): 324-51.
    • (2000) Journal of Political Economy , vol.108 , Issue.APRIL , pp. 324-351
    • Bolton, P.1    Freixas, X.2
  • 11
    • 0008155671 scopus 로고    scopus 로고
    • Optimal debt structure and the number of creditors
    • Bolton, P., and D. Scharfstein. 1996. Optimal debt structure and the number of creditors. Journal of Political Economy 104 (February): 1-25.
    • (1996) Journal of Political Economy , vol.104 , Issue.FEBRUARY , pp. 1-25
    • Bolton, P.1    Scharfstein, D.2
  • 12
    • 0008560908 scopus 로고
    • Valuation of corporate claims
    • Brennan, M. J., and E. S. Schwartz. 1984. Valuation of corporate claims. Journal of Finance 39 (July): 593-607.
    • (1984) Journal of Finance , vol.39 , Issue.JULY , pp. 593-607
    • Brennan, M.J.1    Schwartz, E.S.2
  • 14
    • 38249005126 scopus 로고
    • The information content of distressed restructurings involving public and private debt claims
    • Brown, D. T., C. M. James, and R. M. Mooradian. 1993. The information content of distressed restructurings involving public and private debt claims. Journal of Financial Economics 33 (February): 93-118.
    • (1993) Journal of Financial Economics , vol.33 , Issue.FEBRUARY , pp. 93-118
    • Brown, D.T.1    James, C.M.2    Mooradian, R.M.3
  • 15
    • 0000336489 scopus 로고
    • Asset sales by financially distressed firms
    • _. 1994. Asset sales by financially distressed firms. Journal of Corporate Finance 1 (August): 233-57.
    • (1994) Journal of Corporate Finance , vol.1 , Issue.AUGUST , pp. 233-257
  • 16
    • 0039777479 scopus 로고
    • Coercive tender and exchange offers in distressed high-yield debt restructurings: An empirical analysis
    • Chatterjee, S., U. S. Dhillon, and G. Ramirez. 1995. Coercive tender and exchange offers in distressed high-yield debt restructurings: An empirical analysis. Journal of Financial Economics 38 (July): 333-60.
    • (1995) Journal of Financial Economics , vol.38 , Issue.JULY , pp. 333-360
    • Chatterjee, S.1    Dhillon, U.S.2    Ramirez, G.3
  • 17
    • 21844511403 scopus 로고
    • Reputation, renegotiation and the choice between bank loans and publicly traded debt
    • Chemmanur, T. J., and P. Fulghieri. 1994. Reputation, renegotiation and the choice between bank loans and publicly traded debt. Review of Financial Studies 7 (Fall): 475-506.
    • (1994) Review of Financial Studies , vol.7 , Issue.FALL , pp. 475-506
    • Chemmanur, T.J.1    Fulghieri, P.2
  • 18
    • 0030194478 scopus 로고    scopus 로고
    • Debt restructuring with multiple creditors and the role of exchange offers
    • Detragiache, E., and P. Garella. 1996. Debt restructuring with multiple creditors and the role of exchange offers. Journal of Financial Intermediation 5 (July): 305-36.
    • (1996) Journal of Financial Intermediation , vol.5 , Issue.JULY , pp. 305-336
    • Detragiache, E.1    Garella, P.2
  • 19
    • 84959794927 scopus 로고
    • Credit and efficiency in centralized and decentralized economies
    • Dewatripont, M., and E. Maskin. 1995. Credit and efficiency in centralized and decentralized economies. Review of Economic Studies 62 (October): 541-56.
    • (1995) Review of Economic Studies , vol.62 , Issue.OCTOBER , pp. 541-556
    • Dewatripont, M.1    Maskin, E.2
  • 20
    • 84935413182 scopus 로고
    • Monitoring and reputation: The choice between bank loans and publicly placed debt
    • Diamond, D. 1991. Monitoring and reputation: The choice between bank loans and publicly placed debt. Journal of Political Economy 99 (August): 689-721.
    • (1991) Journal of Political Economy , vol.99 , Issue.AUGUST , pp. 689-721
    • Diamond, D.1
  • 21
    • 0005071631 scopus 로고    scopus 로고
    • Asset substitution, debt pricing, optimal leverage and maturity
    • Ericsson, J. 2000. Asset substitution, debt pricing, optimal leverage and maturity. Finance 21 (December): 39-70.
    • (2000) Finance , vol.21 , Issue.DECEMBER , pp. 39-70
    • Ericsson, J.1
  • 22
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: Theory and tests
    • Fischer, E. O., R. Heinkel, and J. Zechner. 1989. Dynamic capital structure choice: Theory and tests. Journal of Finance 44 (March): 19-40.
    • (1989) Journal of Finance , vol.44 , Issue.MARCH , pp. 19-40
    • Fischer, E.O.1    Heinkel, R.2    Zechner, J.3
  • 23
    • 33644568464 scopus 로고    scopus 로고
    • An empirical study of financial distress of small bank-financed UK companies: A reassessment of English insolvency law
    • London Business School
    • Franks, J. R., and O. Sussman. 2000. An empirical study of financial distress of small bank-financed UK companies: A reassessment of English insolvency law. Working paper, London Business School.
    • (2000) Working Paper
    • Franks, J.R.1    Sussman, O.2
  • 24
    • 84977706668 scopus 로고
    • An empirical investigation of U.S. firms in renegotiation
    • Franks, J. R., and W. N. Torous. 1989. An empirical investigation of U.S. firms in renegotiation. Journal of Finance 44 (July): 747-69.
    • (1989) Journal of Finance , vol.44 , Issue.JULY , pp. 747-769
    • Franks, J.R.1    Torous, W.N.2
  • 25
    • 0000309092 scopus 로고
    • A comparison of financial recontracting in distressed exchanges and Chapter 11 reorganization
    • Franks, J. R., and W. N. Torous. 1994. A comparison of financial recontracting in distressed exchanges and Chapter 11 reorganization. Journal of Financial Economics 35 (June): 349-70.
    • (1994) Journal of Financial Economics , vol.35 , Issue.JUNE , pp. 349-370
    • Franks, J.R.1    Torous, W.N.2
  • 27
    • 84977716040 scopus 로고
    • A theory of workouts and the effects of reorganization law
    • Gertner, R., and D. Scharfstein. 1991. A theory of workouts and the effects of reorganization law. Journal of Finance 46 (September): 1189-1222.
    • (1991) Journal of Finance , vol.46 , Issue.SEPTEMBER , pp. 1189-1222
    • Gertner, R.1    Scharfstein, D.2
  • 28
    • 0005971306 scopus 로고    scopus 로고
    • Transactions costs and capital structure choice: Evidence from financially distresses firms
    • Gilson, S. C. 1997. Transactions costs and capital structure choice: Evidence from financially distresses firms. Journal of Finance 52 (March): 161-96.
    • (1997) Journal of Finance , vol.52 , Issue.MARCH , pp. 161-196
    • Gilson, S.C.1
  • 29
    • 44949291946 scopus 로고
    • Troubled debt restructuring: An empirical study of private reorganization of firms in default
    • Gilson, S. C., K. John, and L. H. Lang. 1990. Troubled debt restructuring: An empirical study of private reorganization of firms in default. Journal of Financial Economics 27 (October): 315-53.
    • (1990) Journal of Financial Economics , vol.27 , Issue.OCTOBER , pp. 315-353
    • Gilson, S.C.1    John, K.2    Lang, L.H.3
  • 30
    • 18044403859 scopus 로고    scopus 로고
    • An EBIT-based model of optimal capital structure
    • Goldstein, R., N. Ju, and H. Leland. 2001. An EBIT-based model of optimal capital structure. Journal of Business 74 (October): 483-512.
    • (2001) Journal of Business , vol.74 , Issue.OCTOBER , pp. 483-512
    • Goldstein, R.1    Ju, N.2    Leland, H.3
  • 31
    • 0030140519 scopus 로고    scopus 로고
    • Debt and the marginal tax rate
    • Graham, J. R. 1996. Debt and the marginal tax rate. Journal of Financial Economics 41 (May): 41-73.
    • (1996) Journal of Financial Economics , vol.41 , Issue.MAY , pp. 41-73
    • Graham, J.R.1
  • 32
    • 0002886905 scopus 로고
    • Takeover bids, the free-rider problem and the theory of the corporation
    • Grossman, S. J., and O. D. Hart. 1980. Takeover bids, the free-rider problem and the theory of the corporation. Bell Journal of Economics 11 (Spring): 42-63.
    • (1980) Bell Journal of Economics , vol.11 , Issue.SPRING , pp. 42-63
    • Grossman, S.J.1    Hart, O.D.2
  • 33
    • 84936194550 scopus 로고
    • The costs and benefits of ownership: A theory of vertical and lateral integration
    • _. 1986. The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy 94 (August): 691-719.
    • (1986) Journal of Political Economy , vol.94 , Issue.AUGUST , pp. 691-719
  • 34
    • 0000923818 scopus 로고    scopus 로고
    • Lending relationships in Germany-Empirical evidence from survey data
    • Harhoff, D., and T. Koerting. 1998. Lending relationships in Germany-Empirical evidence from survey data. Journal of Banking and Finance 22 (October): 1317-53.
    • (1998) Journal of Banking and Finance , vol.22 , Issue.OCTOBER , pp. 1317-1353
    • Harhoff, D.1    Koerting, T.2
  • 35
    • 38649141305 scopus 로고
    • Martingales and arbitrage in multiperiod securities markets
    • Harrison, M. J., and D. M. Kreps. 1979. Martingales and arbitrage in multiperiod securities markets. Journal of Economic Theory 20 (June): 381-408.
    • (1979) Journal of Economic Theory , vol.20 , Issue.JUNE , pp. 381-408
    • Harrison, M.J.1    Kreps, D.M.2
  • 36
    • 84934453985 scopus 로고
    • Property rights and the nature of the firm
    • Hart, O. D., and J. H. Moore. 1990. Property rights and the nature of the firm. Journal of Political Economy 98 (December): 1119-58.
    • (1990) Journal of Political Economy , vol.98 , Issue.DECEMBER , pp. 1119-1158
    • Hart, O.D.1    Moore, J.H.2
  • 37
    • 0037236331 scopus 로고    scopus 로고
    • Workouts, court-supervised reorganization and the choice between private and public debt
    • Hege, U. 2003. Workouts, court-supervised reorganization and the choice between private and public debt. Journal of Corporate Finance 9 (February): 233-69.
    • (2003) Journal of Corporate Finance , vol.9 , Issue.FEBRUARY , pp. 233-269
    • Hege, U.1
  • 38
    • 0010971826 scopus 로고    scopus 로고
    • How long do junk bonds spend in default?
    • Helwege, J. 1999. How long do junk bonds spend in default? Journal of Finance 54 (February): 341-57.
    • (1999) Journal of Finance , vol.54 , Issue.FEBRUARY , pp. 341-357
    • Helwege, J.1
  • 39
    • 84993915039 scopus 로고
    • Postbankruptcy performance and management turnover
    • Hotchkiss, E. S. 1995. Postbankruptcy performance and management turnover. Journal of Finance 50 (March): 3-22.
    • (1995) Journal of Finance , vol.50 , Issue.MARCH , pp. 3-22
    • Hotchkiss, E.S.1
  • 40
    • 0011736481 scopus 로고    scopus 로고
    • Bank information monopolies and the mix of private and public debt claims
    • Houston, J., and C. M. James. 1996. Bank information monopolies and the mix of private and public debt claims. Journal of Finance 51 (December): 1863-89.
    • (1996) Journal of Finance , vol.51 , Issue.DECEMBER , pp. 1863-1889
    • Houston, J.1    James, C.M.2
  • 41
    • 21844498977 scopus 로고
    • Why do banks take equity in debt restructurings?
    • James, C. M. 1995. Why do banks take equity in debt restructurings? Review of Financial Studies 8 (Winter): 1209-34.
    • (1995) Review of Financial Studies , vol.8 , Issue.WINTER , pp. 1209-1234
    • James, C.M.1
  • 42
    • 0040517705 scopus 로고    scopus 로고
    • Bank debt restructurings and the composition of exchange offers in financial distress
    • _. 1996. Bank debt restructurings and the composition of exchange offers in financial distress. Journal of Finance 51 (December): 711-28.
    • (1996) Journal of Finance , vol.51 , Issue.DECEMBER , pp. 711-728
  • 43
    • 21344485096 scopus 로고
    • Do bondholders lose form junk bond covenants?
    • Kahan, M., and B. Tuckman. 1993. Do bondholders lose form junk bond covenants? Journal of Business 66 (October): 499-516.
    • (1993) Journal of Business , vol.66 , Issue.OCTOBER , pp. 499-516
    • Kahan, M.1    Tuckman, B.2
  • 44
    • 0002730095 scopus 로고
    • Learning, mutation, and long-run equilibria in games
    • Kandori, M., G. Mailath, and R. Rob. 1993. Learning, mutation, and long-run equilibria in games. Econometrica 61 (September): 29-56.
    • (1993) Econometrica , vol.61 , Issue.SEPTEMBER , pp. 29-56
    • Kandori, M.1    Mailath, G.2    Rob, R.3
  • 45
    • 0005776183 scopus 로고
    • Does default risk in coupons affect the valuation of corporate bonds?: A contingent claims model
    • Kim, I. J., K. Ramaswamy, and S. Sundaresan. 1993. Does default risk in coupons affect the valuation of corporate bonds?: A contingent claims model. Financial Management 22 (Autumn): 117-31.
    • (1993) Financial Management , vol.22 , Issue.AUTUMN , pp. 117-131
    • Kim, I.J.1    Ramaswamy, K.2    Sundaresan, S.3
  • 46
    • 84993608428 scopus 로고
    • Risky debt, bond covenants and optimal capital structure
    • Leland, H. E. 1994. Risky debt, bond covenants and optimal capital structure. Journal of Finance 49 (September): 1213-52.
    • (1994) Journal of Finance , vol.49 , Issue.SEPTEMBER , pp. 1213-1252
    • Leland, H.E.1
  • 47
    • 0002350933 scopus 로고    scopus 로고
    • Agency costs, risk management, and capital structure
    • _. 1998. Agency costs, risk management, and capital structure. Journal of Finance 53 (August): 1213-43.
    • (1998) Journal of Finance , vol.53 , Issue.AUGUST , pp. 1213-1243
  • 48
    • 0039021357 scopus 로고    scopus 로고
    • Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads
    • Leland, H. E. and K. B. Toft. 1996. Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads. Journal of Finance 51 (July): 987-1019.
    • (1996) Journal of Finance , vol.51 , Issue.JULY , pp. 987-1019
    • Leland, H.E.1    Toft, K.B.2
  • 49
    • 84993865629 scopus 로고
    • A simple approach to valuing risky and floating rate debt
    • Longstaff, F. A., and E. S. Schwartz. 1995. A simple approach to valuing risky and floating rate debt. Journal of Finance 50 (July): 789-819.
    • (1995) Journal of Finance , vol.50 , Issue.JULY , pp. 789-819
    • Longstaff, F.A.1    Schwartz, E.S.2
  • 50
    • 0033422956 scopus 로고    scopus 로고
    • The dynamics of default and debt reorganization
    • Mella-Barral, P. 1999. The dynamics of default and debt reorganization. Review of Financial Studies 12 (Fall): 535-78.
    • (1999) Review of Financial Studies , vol.12 , Issue.FALL , pp. 535-578
    • Mella-Barral, P.1
  • 52
    • 84993660676 scopus 로고
    • The agency costs of debt
    • Mello, A. S., and J. E. Parsons. 1992. The agency costs of debt. Journal of Finance 47 (December): 1887-1904.
    • (1992) Journal of Finance , vol.47 , Issue.DECEMBER , pp. 1887-1904
    • Mello, A.S.1    Parsons, J.E.2
  • 53
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: The risk structure of interest rates
    • Merton, R. C. 1974. On the pricing of corporate debt: The risk structure of interest rates. Journal of Finance 29 (May): 449-70.
    • (1974) Journal of Finance , vol.29 , Issue.MAY , pp. 449-470
    • Merton, R.C.1
  • 54
    • 84944072660 scopus 로고
    • Debt and taxes
    • Miller, M. H. 1977. Debt and taxes. Journal of Finance 32 (May): 261-75.
    • (1977) Journal of Finance , vol.32 , Issue.MAY , pp. 261-275
    • Miller, M.H.1
  • 55
    • 85050789166 scopus 로고
    • Who's being greedy? A theoretical and empirical examination of holdouts and coercion in debt tender and exchange offers
    • Peterson, L. S. 1993. Who's being greedy? A theoretical and empirical examination of holdouts and coercion in debt tender and exchange offers. Yale Law Journal 103:505-35.
    • (1993) Yale Law Journal , vol.103 , pp. 505-535
    • Peterson, L.S.1
  • 56
    • 84977702514 scopus 로고
    • Insiders and outsiders: The choice between informed and arm's length debt
    • Rajan, R. G. 1992. Insiders and outsiders: The choice between informed and arm's length debt. Journal of Finance 47 (September): 1367-1400.
    • (1992) Journal of Finance , vol.47 , Issue.SEPTEMBER , pp. 1367-1400
    • Rajan, R.G.1
  • 57
    • 70350642007 scopus 로고
    • The voting prohibition in bond workouts
    • Roe, M. J. 1987. The voting prohibition in bond workouts. Yale Law Journal 97:232-79.
    • (1987) Yale Law Journal , vol.97 , pp. 232-279
    • Roe, M.J.1
  • 58
    • 0010778645 scopus 로고
    • Bankruptcy resolution: Direct costs and violation of priority of claims
    • Weiss, L. A. 1990. Bankruptcy resolution: Direct costs and violation of priority of claims. Journal of Financial Economics 27 (October): 285-314.
    • (1990) Journal of Financial Economics , vol.27 , Issue.OCTOBER , pp. 285-314
    • Weiss, L.A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.