haku: @author Garella, P. / yhteensä: 5
viite: 3 / 5
| Tekijä: | Detragiache, E. Garella, P. |
| Otsikko: | Debt restructuring with multiple creditors and the role of exchange offers |
| Lehti: | Journal of Financial Intermediation
1996 : JUL, VOL. 5:3, p. 305-336 |
| Asiasana: | FINANCE FINANCIAL INTERMEDIARIES DEBT |
| Kieli: | eng |
| Tiivistelmä: | Exploiting the analogy with the private provision of a public good, this paper studies debt restructuring with an arbitrary number of creditors using mechanism design. Creditors differ in the value they expect to receive in bankruptcy, and this value is private information. As with public goods, too little debt forgiveness is granted in equilibrium relative to the first best. Creditors are more willing to make concessions under common values than under pure private values, an opposite phenomenon to the "winners' curse" in auctions. |
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