search query: @author Bebchuk, L.A. / total: 3
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| Author: | Bebchuk, L.A. |
| Title: | Using options to divide value in corporate bankruptcy |
| Journal: | European Economic Review
2000 : MAY, VOL. 44:4-6, p. 829-843 |
| Index terms: | Companies Bankruptcy Options |
| Freeterms: | Reorganization |
| Language: | eng |
| Abstract: | This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988). The paper discusses the goals that should guide the design of bankruptcy options. It is explained how the options procedure can improve both ex-post and ex-ante efficiency. A refined version of the procedure is offered. The paper concludes by explaining the relationship btw. the options approach to corporate bankruptcy and the Black-Scholes characterization of all corporate securities as options. |
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