Max Bruche

Leveraged term loans are typically arranged by banks but distributed to institutional investors. Using novel data, we find that to elicit investors’...

We develop an equilibrium model of debt maturity choice of firms, in the presence of fixed issuance costs in primary debt markets, and an over-the...

Because of limited liability, insolvent banks have an incentive to roll over bad loans, in order to hide losses and gamble for resurrection, even...

Recovery rates are negatively related to default probabilities (Altman et al., 2005). This paper proposes and estimates a model in which this...

This paper describes how structural bond pricing models can be estimated using a Simulated Maximum Likelihood procedure developed by Durbin and...

It has been suggested (Morris, Shin 2001) that co-ordination failure be- tween bondholders could produce an effect that would explain the systematic...