search query: @indexterm BANKRUPTCY / total: 345
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| Author: | Wohlschlegel, A. |
| Title: | Bankruptcy law and financial structure: the impact of managerial incentives |
| Journal: | European Journal of Finance
2006 : JUN, VOL. 12:4, p. 333-345 |
| Index terms: | bankruptcy debt incentives managers |
| Language: | eng |
| Abstract: | In this paper, the author claims that although providing a company manager with appropriate incentives to act in the investorsÂ’ best interest may be socially efficient, it may not be individually rational for the investors themselves. The author provides a second-best method and shows how investors can be induced to implement it by using an optimal bankruptcy code. However, this applies in the case where only standard financial contracts are available. |
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