Corporate Law and Corporate Governance
Optimal Debt Structure and the Number of Creditors
Patrick Bolton and David S. Scharfstein
- Year
- 1996
- Venue
- Journal of Political Economy
- Level
- Advanced
Summary
Models debt structure as a tradeoff between deterring strategic default and limiting inefficient liquidation. The analysis shows how creditor number and claim structure can change bargaining and control in financial distress.
Citation
Patrick Bolton and David S. Scharfstein. "Optimal Debt Structure and the Number of Creditors." Journal of Political Economy, 1996.
DOI: 10.1086/262030
BibTeX
@article{Bolton1996Optimal,
title = {Optimal Debt Structure and the Number of Creditors},
author = {Patrick Bolton and David S. Scharfstein},
year = {1996},
journal = {Journal of Political Economy},
doi = {10.1086/262030},
url = {https://doi.org/10.1086/262030}
}