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Residual Claims in Bankruptcy: An Agency Theory Explanation

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  • Daigle, Katherine H
  • Maloney, Michael T

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  • Daigle, Katherine H & Maloney, Michael T, 1994. "Residual Claims in Bankruptcy: An Agency Theory Explanation," Journal of Law and Economics, University of Chicago Press, vol. 37(1), pages 157-192, April.
    • Handle: RePEc:ucp:jlawec:v:37:y:1994:i:1:p:157-92
    DOI: 10.1086/467310
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    References listed on IDEAS

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    1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    2. Haugen, Robert A. & Senbet, Lemma W., 1988. "Bankruptcy and Agency Costs: Their Significance to the Theory of Optimal Capital Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(1), pages 27-38, March.
    3. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    4. Scott, James H, Jr, 1977. "Bankruptcy, Secured Debt, and Optimal Capital Structure," Journal of Finance, American Finance Association, vol. 32(1), pages 1-19, March.
    5. Warner, Jerold B., 1977. "Bankruptcy, absolute priority, and the pricing of risky debt claims," Journal of Financial Economics, Elsevier, vol. 4(3), pages 239-276, May.
    6. James S. Ang & Jess H. Chua, 1980. "Coalitions, the Me-First Rule, and the Liquidation Decision," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 355-359, Spring.
    7. Gilson, Stuart C. & John, Kose & Lang, Larry H. P., 1990. "Troubled debt restructurings*1: An empirical study of private reorganization of firms in default," Journal of Financial Economics, Elsevier, vol. 27(2), pages 315-353, October.
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    Cited by:

    1. Kalay, Avner & Zender, Jaime F., 1997. "Bankruptcy, Warrants, and State-Contingent Changes in the Ownership of Control," Journal of Financial Intermediation, Elsevier, vol. 6(4), pages 347-379, October.
    2. Blazy, Régis & Letaief, Aziza, 2017. "When secured and unsecured creditors recover the same: The emblematic case of the Tunisian corporate bankruptcies," Emerging Markets Review, Elsevier, vol. 30(C), pages 19-41.
    3. John F. Crean, 2009. "Credit Risk, Default Loss, and the Economics of Bankruptcy," Working Papers tecipa-354, University of Toronto, Department of Economics.
    4. Jochen Bigus & Thomas Eger, 2004. "Insolvenzrecht zwischen privatautonomer Gestaltung und öffentlicher Regulierung," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(2), pages 193-209, May.
    5. Bergman, Yaacov & Callen, Jeffrey L., 1995. "Rational deviations from absolute priority rules," International Review of Financial Analysis, Elsevier, vol. 4(1), pages 1-18.
    6. Fisher, Timothy C G & Martel, Jocelyn, 1999. "Should We Abolish Chapter 11? Evidence from Canada," The Journal of Legal Studies, University of Chicago Press, vol. 28(1), pages 233-257, January.
    7. Pryshchepa, Oksana & Aretz, Kevin & Banerjee, Shantanu, 2013. "Can investors restrict managerial behavior in distressed firms?," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 222-239.
    8. Detragiache, Enrica, 1995. "Adverse selection and the costs of financial distress," Journal of Corporate Finance, Elsevier, vol. 1(3-4), pages 347-365, April.
    9. Maloney, Michael T., 2017. "Alchian remembrances," Journal of Corporate Finance, Elsevier, vol. 44(C), pages 561-582.
    10. Régis BLAZY & Nicolae STEF, 2015. "How do bankruptcy systems perform in Eastern Europe?," Working Papers of LaRGE Research Center 2015-07, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    11. Thomas Eger, 2001. "Bankruptcy Regulations and the New German Insolvency Law from an Economic Point of View," European Journal of Law and Economics, Springer, vol. 11(1), pages 29-46, January.
    12. Kurt Rotthoff, 2012. "Bankruptcy behavior in the NFL: does the overtime structure change the strategy of the game?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(3), pages 662-674, July.
    13. Timothy C.G. Fisher & Jocelyn Martel, 2012. "The Impact of Debtor-Friendly Reforms on the Performance of a Reorganization Procedure," Working Papers hal-00707359, HAL.
    14. Maria Carapeto, 2006. "Explaining Deviations from Absolute Priority Rules in Bankruptcy," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 3(3), pages 543-560, November.
    15. Couwenberg, Oscar & Lubben, Stephen J., 2013. "Solving creditor problems in the twilight zone: Superfluous law and inadequate private solutions," International Review of Law and Economics, Elsevier, vol. 34(C), pages 61-76.
    16. Régis Blazy & Nicolae Stef, 2020. "Bankruptcy procedures in the post-transition economies," European Journal of Law and Economics, Springer, vol. 50(1), pages 7-64, August.
    17. Dina Naples Layish, 2003. "A Monitoring Role for Deviations from Absolute Priority in Bankruptcy Resolution," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 12(5), pages 377-410, December.

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