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 …

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) …

This paper reviews literature on the empirical relationship between vulnerabilities in the
financial system and the macroeconomy, and how monetary policy affects that connection …

We show that credit default swap (CDS) trading on a firm's debt positively influences its
technological innovation output measured by patents and patent citations. This positive …

This paper investigates the pricing of bank loans relative to capital market debt. The analysis
uses a novel sample of loans matched with bond spreads from the same firm on the same …

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 …

Analyzing hand-collected credit agreements for a sample of middle-market firms over 2010–
2015, we find that one-third of all loans are directly extended by nonbank financial …

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 …

We find that the number of independent directors on corporate boards increases by
approximately 24% following financial covenant violations in credit agreements. Most of …