Political connections, informational asymmetry, and the efficient resolution of financial distress

We show that securities issued by a distressed firm, often through exchange offers, providethe most efficient resolution of financial restructuring. Information asymmetry between thefirm-bank coalition and small bondholders gives rise to other forms of distress resolutionsuch as refinancing, public...

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Bibliographic Details
Main Authors: ANEY, Madhav S., BANERJI, Sanjay
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
Subjects:
D82
G33
G30
K49
Online Access:https://ink.library.smu.edu.sg/soe_research/2218
https://ink.library.smu.edu.sg/context/soe_research/article/3217/viewcontent/1_s2.0_S026499932200147X_main.pdf
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Institution: Singapore Management University
Language: English
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