The Market Reaction to Legal Shocks and their Antidotes :Lessons from the Sovereign Debt Market

This Article examines the market reaction to a series of legal events concerning thejudicial interpretation of the pari passu clause in sovereign debt instruments.1 Moregenerally, the Article provides insights into the reactions of investors (predominantlyfinancial institutions), issuers (sovereigns), and those who draft bond covenants(lawyers), to unanticipated changes in the judicial interpretation of certain...

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Year of publication:	2008-06-01
Authors:	Bradley, Michael ; Cox, James D. ; Gulati, Mitu
Institutions:	Institute for Law and Finance <Frankfurt, Main>
Subject:	Schuldentilgung \| Krise \| crisis

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Extent:	1001472 bytes 48 p. application/pdf
Series:	Johann Wolfgang Geothe Universität Frankfurt - Institute for Law and Finance - ILF Working Papers WORKING PAPER SERIES ; NO. 87 (2008)
Type of publication:	Book / Working Paper
Language:	English
Classification:	Procurement of capital. General ; Individual Working Papers, Preprints ; Global Resources
Source:	USB Cologne (business full texts)