Hedge Funds and Chapter 11
研究对冲基金在《美国破产法》第11章程序中的角色，发现它们通过策略性选择资本结构位置影响破产结果，平衡债务人与有担保债权人之间的权力。
ABSTRACT This paper studies the presence of hedge funds in the Chapter 11 process and their effects on bankruptcy outcomes. Hedge funds strategically choose positions in the capital structure where their actions could have a bigger impact on value. Their presence, especially as unsecured creditors, helps balance power between the debtor and secured creditors. Their effect on the debtor manifests in higher probabilities of the latter's loss of exclusive rights to file reorganization plans, CEO turnover, and adoptions of key employee retention plan, while their effect on secured creditors manifests in higher probabilities of emergence and payoffs to junior claims.