Liquidity shocks, security design and organizational change (notice n° 546601)
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| fixed length control field | 01717cam a2200193 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121114144.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Hong, Jieying |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Liquidity shocks, security design and organizational change |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2019.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 62 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper studies how a firm can optimally resolve financial distress ex post. We model a firm hit by a liquidity shock and requiring an additional liquidity injection to continue its operations. We find that, in the case of a small shock, the firm should withstand the shock through debt renegotiation. In the case of a medium shock, the firm should withstand the shock through mergers and acquisitions. In this case, financial restructuring must be simultaneously designed to preserve the incentives of the manager and induce the investors to provide liquidity. The debt holders must forgo part of their original holdings and share with the liquidity providers through a combination of debt and equity. The manager must hold equity or options. In the case of a large shock, the firm should be liquidated. This paper provides the first study on how a firm simultaneously seeks an acquisition and restructures its financial claims to resolve financial distress, and also adds to the literature by showing that the optimal resolution policies depend on the level of adverse shocks. JEL Codes: G34, D86. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | liquidity shocks |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | security design |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | mergers and acquisitions (M&A) |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue économique | 70 | 2 | 2019-02-25 | p. 167-180 | 0035-2764 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-economique-2019-2-page-167?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-economique-2019-2-page-167?lang=en&redirect-ssocas=7080</a> |
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