Claimholder Incentive Conflicts in Reorganization: The Role of Bankruptcy Law
研究破产法如何通过谈判规则解决财务困境企业重组中债权人的激励冲突，并得出唯一的重组方案。
When a firm is in financial distress, in most cases a set of mutually advantageous reorganization plans exist. This article shows that the bankruptcy code, by providing rules governing the negotiation process, yields a unique solution to the reorganization process. In addition, the structure imposed by the code mitigates the holdout problem created by the individual claimant's divergent incentives.