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作者：Brown, David T.
作者单位：State University System of Florida; University of Florida
摘要：When a firm is in financial distress, in most cases a set of mutually advantageous reorganization plans exist. This article shows that the bankruptcy code, by providing rules governing the negotiation process, yields a unique solution to the reorganization process. In addition, the structure imposed by the code mitigates the holdout problem created by the individual claimant's divergent incentives.
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作者：Sundaresan, Suresh M.
作者单位：Columbia University
摘要：In this article we construct a model in which a consumer's utility depends on the consumption history. We describe a general equilibrium framework similar to Cox, Ingersoll, and Ross (1985a). A simple example is then solved in closed form in this general equilibrium setting to rationalize the observed stickiness of the consumption series relative to the fluctuations in stock market wealth. The sample paths of consumption generated from this model imply lower variability in consumption growth r...
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作者：Thakor, Anjan V.
作者单位：Indiana University System; Indiana University Bloomington
摘要：This article studies an asymmetric information game with type convergence, in which, under some realizations of a common uncertainty, inducing informed agents to reveal their types through self selection by contract choke is either costly or impossible. Under other realizations, self-selection permits costless distinctions between informed agents. I obtain sufficient conditions under which contracting with options prior to the realization of the common uncertainty leads to the existence of a p...
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作者：Ronn, Aimee Gerbarg; Ronn, Ehud I.
作者单位：Stanford University; University of Texas System; University of Texas Austin
摘要：This paper develops and tests arbitrage bounds for a combination of two option spread positions known as a box spread. This strategy involves the simultaneous use of four options and creates a position that is equivalent to riskless lending. The no-arbitrage conditions are compared to existing arbitrage bounds and are tested using Chicago Board Options Exchange data.
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作者：Johnston, Elizabeth Tashjian; McConnell, John J.
作者单位：Utah System of Higher Education; University of Utah; Tulane University; Purdue University System; Purdue University
摘要：Futures contracts often include a variety of delivery options that allow participants flexibility in satisfying the contract. These options have the potential to broaden the appeal of the contract. However, if these options are valuable, they may reduce the hedging effectiveness of the contract. This article analyzes the GNMA CDR futures contract that appears to have failed because of flaws in the contract's design. For the first 6 years following its introduction, the contract attracted signi...
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作者：Giammarino, Ronald M.
作者单位：University of British Columbia
摘要：Most models of financial structure embody an assumption about financial distress that causes debt to be costly to the issuing firm. This approach has been criticized on the grounds that the assumed costs could be avoided by a costless financial reorganization. In this article we show that despite the possibility of costless reorganization, it may be rational for firms to incur significant costs in the resolution of financial distress. The main assumptions that give rise to our results are the ...
