A Theory of Workouts and the Effects of Reorganization Law
建立模型分析财务困境企业面临银行债务与公共债务时的协调问题，发现公共债权人协调困难导致重组效率低下，并证明美国破产法第11章能提升投资效率。
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.