A comprehensive look at the enormous growth and evolution of distressed debt markets,
corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative …

Macro-finance analyses commonly link firms' borrowing constraints to the liquidation value
of physical assets. For US nonfinancial firms, we show that 20% of debt by value is based on …

How do different bankruptcy approaches affect the local economy? Using US Census
microdata, we explore the spillover effects of reorganization and liquidation on …

Despite its large and increasing size in the United States and Europe, the private debt (PD)
market, compared to the bank and syndicated loan markets, has been researched little. In …

We develop a new data set to study asset specificity among nonfinancial firms. Our data
cover the liquidation values of each category of assets on firms' balance sheets and …

In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with
a surge of financial distress in the business sector. Some firms will be able to survive, while …

We model a firm's optimal capital structure decision in a framework in which it may later
choose to enter either Chapter 11 reorganization or Chapter 7 liquidation. Creditors …

An employee's annual earnings fall by 13% in the first full calendar year after her firm's
bankruptcy, and the present value of lost earnings from bankruptcy to six years following …

We study the nature of debt among US non-financial firms and its determinants. One
approach of debt enforcement lends against the liquidation value of discrete assets (such as …

How efficient is corporate bankruptcy in the United States? Two frictions, asymmetric
information and conflicts of interest among creditors, can cause several inefficiencies …