Corporate Bankruptcy Economic and Legal Perspectives [Paperback]

This collection is the first comprehensive selection of readings focusing on corporate bankruptcy.The main purpose of this first comprehensive selection of readings focusing on corporate bankruptcy is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance.The main purpose of this first comprehensive selection of readings focusing on corporate bankruptcy is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance.This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, creditors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries including the United States, United Kingdom, Europe, and Japan. The Honorable Richard A. Posner, Chief Judge of the U.S. Court of Appeals for the Seventh Circuit, offers a foreword to the collection.Foreword the Honorable Richard A. Posner; Part I. The Role of Credit: Editor's introduction; 1.1 Leverage, Nobel prize lecture (1990) Merton H. Miller; 1.2 Agency costs of free cash flow, corporate finance and takeovers Michael C. Jensen; 1.3 A theory of loan priorities Alan Schwartz; Part II. Bankruptcy as a Reflection of the Creditors' Implicit Bargain: Editors' introduction; 2.1 A world without bankruptcy Douglas G. Baird; 2.2 Bankruptcy, non-bankruptcy entitlements, and the creditors' bargain Thomas H. Jackson; 2.3 Translating assets and liabilities to the bankruptcy forum Thomas H. Jackson; 2.4 Bankruptcy policy Elizabeth Warren; 2.5 Loss distribution, forum shopping, and bankruptcy Douglas G. Baird; Part III.l³‚