کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1000344 | 936983 | 2007 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Debtor-in-possession financing and the resolution of uncertainty in Chapter 11 reorganizations
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد، اقتصادسنجی و مالیه (عمومی)
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چکیده انگلیسی
This paper investigates the use of debtor-in-possession (DIP) financing by firms reorganizing under Chapter 11. A model is developed in which there is asymmetric information between the creditors of a distressed firm and its management. In this context, it is demonstrated that reliance on DIP financing resolves informational asymmetries regarding the true economic value of distressed firms. The model's conclusions are empirically supported in the paper and by results of extant research. The signaling role of DIP financing is evidenced both by the positive stock price reaction to DIP announcements and the fact that firms employing DIP financing have more successful reorganizations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Stability - Volume 3, Issue 3, October 2007, Pages 238–260
Journal: Journal of Financial Stability - Volume 3, Issue 3, October 2007, Pages 238–260
نویسندگان
Upinder S. Dhillon, Thomas Noe, Gabriel G. Ramírez,