Citation

Bank Responses to Corporate Reorganization: Evidence from Brazil

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Abstract:

We analyze how bank creditors vote on corporate reorganization filings. By employing a unique dataset on 125 reorganization filings in Brazil from 2006 to 2016, we find evidence that the unified creditors’ framework does not apply and that senior creditors have come to dominate the Chapter 11 process. We also provide evidence on the conflict between bank creditor classes by demonstrating that conflict exists when senior bank creditors are in the money, whereas the opposite holds for junior bank creditors. Furthermore, conflict is closely linked to banks voting in favor of liquidation regardless of creditor class.
Most Common Document Word Stems:

0 (1),

Author's Keywords:

bankruptcy, reorganization, conflict between creditors, creditors’ bargain model
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Association:
Name: BALAS
URL:
http://http://www.balas.org/


Citation:
URL: http://citation.allacademic.com/meta/p1336054_index.html
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MLA Citation:

Oreng, Mariana. and Saito, Richard. "Bank Responses to Corporate Reorganization: Evidence from Brazil" Paper presented at the annual meeting of the BALAS, University of San Diego, San Diego, USA, Mar 21, 2018 <Not Available>. 2018-10-15 <http://citation.allacademic.com/meta/p1336054_index.html>

APA Citation:

Oreng, M. C. and Saito, R. , 2018-03-21 "Bank Responses to Corporate Reorganization: Evidence from Brazil" Paper presented at the annual meeting of the BALAS, University of San Diego, San Diego, USA Online <PDF>. 2018-10-15 from http://citation.allacademic.com/meta/p1336054_index.html

Publication Type: Conference Paper/Unpublished Manuscript
Review Method: Peer Reviewed
Abstract: We analyze how bank creditors vote on corporate reorganization filings. By employing a unique dataset on 125 reorganization filings in Brazil from 2006 to 2016, we find evidence that the unified creditors’ framework does not apply and that senior creditors have come to dominate the Chapter 11 process. We also provide evidence on the conflict between bank creditor classes by demonstrating that conflict exists when senior bank creditors are in the money, whereas the opposite holds for junior bank creditors. Furthermore, conflict is closely linked to banks voting in favor of liquidation regardless of creditor class.


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Assessment of internal control systems to curb corporate fraud – Evidence from Brazil


 
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