Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests

Sample Selection Bias as a Specification Error

1979 • 27,564 citations

Limited-dependent and qualitative variables in econometrics

1983 • 13,615 citations

Determinants of corporate borrowing

1977 • 13,054 citations

The Benefits of Lending Relationships: Evidence from Small Business Data

1994 • 5,085 citations

Liquidation Values and Debt Capacity: A Market Equilibrium Approach

1992 • 2,708 citations

Corporate Finance and Corporate Governance

1988 • 2,178 citations

How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed

1998 • 1,231 citations

BANKRUPTCY COSTS: SOME EVIDENCE

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Troubled debt restructurings

1990 • 1,127 citations

Investment–Cash Flow Sensitivities: Constrained versus Unconstrained Firms

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Anatomy of Financial Distress: An Examination of Junk-Bond Issuers

1994 • 980 citations

A Further Empirical Investigation of the Bankruptcy Cost Question

1984 • 901 citations

Bankruptcy resolution

1990 • 740 citations

Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions

1998 • 701 citations

A Theory of Workouts and the Effects of Reorganization Law*

1991 • 668 citations

Investor valuation of the abandonment option

1996 • 613 citations

Postbankruptcy Performance and Management Turnover

1995 • 539 citations

The Logic and Limits of Bankruptcy Law

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A comparison of financial recontracting in distressed exchanges and chapter 11 reorganizations

1994 • 485 citations

Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms

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THE INSIGNIFICANCE OF BANKRUPTCY COSTS TO THE THEORY OF OPTIMAL CAPITAL STRUCTURE

1978 • 441 citations

Toeholds and Takeovers

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CORPORATE CONTROL AND THE POLITICS OF FINANCE

1991 • 410 citations

The Bankruptcy Decision

1978 • 388 citations

The Uneasy Case for Corporate Reorganizations

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Revisiting Auctions in Chapter 11

1993 • 342 citations

Bankruptcy auctions: costs, debt recovery, and firm survival

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The Untenable Case for Chapter 11

1992 • 312 citations

Security Pricing and Deviations from the Absolute Priority Rule in Bankruptcy Proceedings

1990 • 296 citations

Initial Shareholdings and Overbidding in Takeover Contests

1995 • 277 citations

Liquidation costs and capital structure

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A New Approach to Corporate Reorganizations

1988 • 241 citations

Management's Incentives, Equity's Bargaining Power, and Deviations from Absolute Priority in Chapter 11 Bankruptcies

1995 • 238 citations

A Comparison of US, UK, and German Insolvency Codes

1996 • 235 citations

Asset Efficiency and Reallocation Decisions of Bankrupt Firms

1998 • 205 citations

Information problems, conflicts of interest, and asset stripping:

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A new approach to corporate reorganizations

1996 • 179 citations

Claimholder Incentive Conflicts in Reorganization: The Role of Bankruptcy Law

1989 • 174 citations

Opportunistic underinvestment in debt renegotiation and capital structure

1991 • 156 citations

Optimal Bankruptcy Laws Across Different Economic Systems

1999 • 154 citations

Effects of bankruptcy court protection on asset sales

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The Design of Bankruptcy Law: A Case for Management Bias in Bankruptcy Reorganizations

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The Economics of Bankruptcy Reform

1992 • 109 citations

Information Problems, Conflicts of Interest and Asset Stripping: Chapter 11's Failure in the Case of Eastern Airlines

1996 • 105 citations

Probability and Statistics

1987 • 85 citations

The Costs of Corporate Bankruptcy: A U.S.-European Comparison

1993 • 60 citations

Campeau's acquisition of Federated

1994 • 50 citations

Bargaining and the Division of Value in Corporate Reorganization

1992 • 44 citations

The resolution of bankruptcy by auction: allocating the residual right of design

1999 • 25 citations

The corporate bankruptcy decision

1996 • 14 citations

Insolvensrättsligt forum 2019

2019 • 1 citations