Annabi, Amira; Breton, Michèle; François, Pascal - Centre Interuniversitaire sur le Risque, les Politiques … - 2011
We extend the contingent claims framework for the levered firm in explicitly modeling the resolution of financial distress under formal bankruptcy as a non-cooperative game between claimants under the supervision of the bankruptcy judge. The identity of the class of claimants proposing the first...