search query: @indexterm Liquidation / total: 59
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| Author: | Kahl, M. |
| Title: | Economic distress, financial distress, and dynamic liquidation |
| Journal: | Journal of Finance
2002 : FEB, VOL. 57:1, p. 135-168 |
| Index terms: | DEBT LIQUIDATION |
| Freeterms: | ECONOMIC DISTRESS FINANCIAL DISTRESS |
| Language: | eng |
| Abstract: | Many firms emerging from a debt restructuring remain highly leveraged, continue to invest little, perform poorly, and often reenter financial distress. The existing literature interprets these findings as inefficiencies arising from coordination problems among many creditors or an inefficient design for bankruptcy law. In contrast, this paper emphasizes that creditors lack the information that is needed to make quick and correct liquidation decisions. |
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