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 …

Corporate borrowing has substantially changed over the last two decades. In this article, we
investigate changes in borrowing of US publicly listed firms along trends in five key areas:(a) …

We find that corporate loan contracts frequently concentrate control rights with a subset of
lenders. Despite the rise in term loans without financial covenants—so-called covenant-lite …

This paper examines the relation between the number and type of lenders that participate in
corporate loan facilities and the nature of troubled debt restructurings. We find that loans …

Using detailed loan holding data of Collateralized Loan Obligations (CLOs), we document
empirical evidence for the fire sale of leveraged loans due to leverage constraints on CLOs …

This study investigates how the level of board co-option might affect a borrowing firm's ex
ante covenant intensity and ex post covenant violations. As the fraction of co-opted directors …

Over the past several decades, there has been a growing interest in small to medium-sized
enterprise (SME) finance among academics. In great part, scholarly interest in SME finance …

Abstract Using the Shared National Credit supervisory data, we find Private Equity (PE)
sponsored firms violate loan covenants more often than comparable non-PE firms. However …

Forty-odd years ago, financial economists began to study the important interactions between
capital structure and corporate governance. In particular, they offered theories to explain …

We examine how the level of chief executive officer (CEO) overconfidence might affect a
borrowing firm's ex ante covenant intensity and ex post covenant violations. We find that …