Corporate bankruptcy presents a puzzle. Why does the law provide special rules that apply
only in financial distress? One can imagine 1-or advocate for-a world in which no such rules …

In 1978, Congress created a new federal bankruptcy law that has since become a key part of
the American capital markets. I examine how large companies and their investors contract to …

Several recent trends have reshaped the nature of bargaining in Chapter 11. These include
increasingly complex prebankruptcy capital structures, decreasing time in Chapter 11 due to …

Neiman Marcus and J. Crew each filed for strikingly similar Chapter 11 bankruptcies in May
of 2020.'Both firms planned to borrow hundreds of millions of dollars in debtor-in-possession …

What justifies corporate bankruptcy law in the modem economy? For forty years,
economically oriented theorists have rationalized bankruptcy as an antidote to potential …

We ordinarily assume that a central objective of every voting process is ensuring an
undistorted vote. Recent developments in corporate bankruptcy, which culminates with an …

In bankruptcy, creditors exercise governance rights over a debtor firm-they vote to accept or
reject a proposed plan of reorganization. These governance rights are apportioned based …

The average difference between the court value and postemergence market value of newly
issued stocks in Chapter 11 reorganizations exceeds 50%. We show that public …

A basic assumption in the standard paradigm of corporate fi-nance is that a company's
investors want the company to succeed. To be sure, investors of different classes …

Financially distressed and insolvent firms file for bankruptcy to either reorganize or liquidate
under court supervision. Fundamentally, bankruptcy law is designed to resolve creditor …