A Theory of Workouts and the Effects of Reorganization Law*
建立模型分析财务困境企业，指出公共债务持有人协调问题导致重组效率低下，并证明破产法第11章能提高投资效率。
ABSTRACT We present a model of a financially distressed firm with outstanding bank debt and public debt. Coordination problems among public debtholders introduce investment inefficiencies in the workout process. In most cases, these inefficiencies are not mitigated by the ability of firms to buy back their public debt with cash and other securities‐the only feasible way that firms can restructure their public debt. We show that Chapter 11 reorganization law increases investment, and we characterize the types of corporate financial structures for which this increased investment enhances efficiency.