点击头像下方的“+加关注”可以第一时间了解我的资料更新，您的鼓励是我前进的动力！！！ The Bank as Grim Reaper: Debt Composition and Bankruptcy Thresholds Mark Carey and Michael B. Gordy FRB  Working  Paper Abstract: We offer a model and evidence that private debtholders play a key role in setting the endogenous asset value threshold below which corporations declare bankruptcy. The model, in the spirit of Black and Cox (1976), implies that the recovery rate at emergence from bankruptcy on all of the firm's debt taken together is increasing in the pre-bankruptcy share of private debt in all debt. Empirical evidence supports this and other implications of the model. Indeed, debt composition has a more economically material empirical influence on recovery than all other variables we try taken together. 附：原文链接 本帖隐藏的内容 2016069pap.pdf 大小:(562.49 KB)  马上下载