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June 24, 2011

Top 5 Bankruptcy Articles of the Past Month

Top 5 most-downloaded bankruptcy-related articles of the past month on SSRN.

1) Directors’ Fiduciary Duties in the Zone of Insolvency and Actual Insolvency: To Whom, What, and When?, Michael R. Patrone.  Analyzes the extent of corporate directors' fiduciary duty to creditors, and the incentive structures created by the various possible frameworks for fiduciary duty to creditors.

2) Are Credit Default Swaps Associated with Higher Corporate Defaults?, Stavros Peristiani & Vanessa Savino.  Found a statistically significant link between trading in credit default swaps (CDS) and corporate default frequency in the years leading up to 2008.

3) Macroeconomic Effects of Bankruptcy & Foreclosure Policies, Kurt Mitman.  Created nationwide models of household debt loads to measure the effects of varying homestead exemption rules and mortgage procedure policies to measure the macroeconomic effects of the policies, and suggested optimal policies to balance increased household welfare while minimizing the cost of mortgages and unsecured debt.

4) Recovery and Returns of Distressed Bonds in Bankruptcy, Wei Wang.  Analyzes the rate of return on distressed bonds in Chapter 11 reorganizations, and offers explanations for the generally strong returns on senior bonds and negative returns for junior bonds.

5) Game Theoretic Analysis of Negotiations under Bankruptcy, Amira Annabi, Michele Breton & Pascal Francois.  Applied a model of negotiations in court-supervised bankruptcy reorganizations as a non-cooperative game comprised of creditors, shareholders, and a trustee, and found that the length and success of the negotiations, the level of protection for creditors, and the success or failure of the firm, are affected by which of these players is given "first mover advantage" - who files the original plan of reorganization.

-CHH

June 24, 2011 in Article Reviews | Permalink

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