کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5083773 | 1477820 | 2012 | 20 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Debt reorganization strategies with complete verification under information asymmetry
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper examines optimal debt reorganization strategies in the presence of agency problems arising from information asymmetry between a firm and a bank during financial distress. In particular, in the structural model, we incorporate complete verification strategies for private information that the firm holds under information asymmetry. We show that under complete verification strategies, the agency conflict because of information asymmetry delays the debt reorganization, leading to a decrease in equity and debt values. These results fit well with the findings of previous empirical works in this area.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Review of Economics & Finance - Volume 22, Issue 1, April 2012, Pages 141-160
Journal: International Review of Economics & Finance - Volume 22, Issue 1, April 2012, Pages 141-160
نویسندگان
Takashi Shibata, Yuan Tian,