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作者:Andersen, Torben G.; Lund, Jesper
作者单位:Northwestern University
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作者:Barr, David G.; Campbell, John Y.
作者单位:Harvard University
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作者:Chen, Nai-Fu; Zhang, Feng
作者单位:University of California System; University of California Irvine
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作者:Beck, Stacie E.
作者单位:University of Delaware
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作者:Kang, Jun-Koo; Shivdasani, Anil
作者单位:Michigan State University; Michigan State University's Broad College of Business
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作者:Maksimovic, Vojislav; Phillips, Gordon M.
作者单位:University System of Maryland; University of Maryland College Park
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作者:Pagano, Marco; Roell, Ailsa
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作者:Whitelaw, Robert F.
作者单位:University of California System; University of California Los Angeles
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作者:Gilson, SC
摘要:This study provides evidence that transactions costs discourage debt reductions by financially distressed firms when they restructure their debt out of court. As a result, these firms remain highly leveraged and one-in-three subsequently experience financial distress. Transactions costs are significantly smaller, hence leverage falls by more and there is less recurrence of financial distress,, when firms recontract in Chapter 11. Chapter 11 therefore gives financially distressed firms more fle...
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作者:Amin, Kaushik, I; Lee, Charles M. C.
作者单位:Cornell University