Reputation and the Market for Distressed Firm Debt
分析秃鹫投资者如何维持并利用其强硬声誉，在债务重组中从股东处获取让步，并通过购买最可能使其成为边际债权人的债务档来最大化谈判杠杆。
Our analysis explains how vulture investors (vultures) can maintain and exploit their rep- utations for toughness. Vultures leverage their reputations to extract concessions from stockholders in debt restructurings. To profit from these concessions, vultures must first acquire debt from incumbent bondholders. Buying only the tranches most likely to render them marginal creditors maximizes vulture leverage in debt-purchase negotiations. Vulture profits are proportional to the degree of uncertainty regarding the identity of the marginal debt class