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- W2979508724 abstract "The ``automatic stay'' and ``avoidable preference'' (the clawback of some pre-bankruptcy repayments), two key provisions in many countries’ bankruptcy codes, seek to avoid creditor runs on insolvent firms. However, by making it harder for creditors to exit around bankruptcy, these provisions could motivate runs ex-ante. We develop a theoretical framework based on the “clock game” and derive the optimal design of these regulations. We show that splitting control among creditors by introducing covenant-lite lending can improve welfare. Furthermore, policies aiming at higher recovery in bankruptcy may backfire. Finally, firms can survive longer by committing to filing for bankruptcy earlier." @default.
- W2979508724 created "2019-10-18" @default.
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- W2979508724 date "2019-01-01" @default.
- W2979508724 modified "2023-09-26" @default.
- W2979508724 title "Dynamic Runs and Optimal Termination" @default.
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- W2979508724 doi "https://doi.org/10.2139/ssrn.3355429" @default.
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