Nini, Greg; Smith, David C.; Sufi, Amir - In: Review of Financial Studies 25, 6, pp. 1713-1761
We provide evidence that creditors play an active role in the governance of corporations well outside of payment default states. By examining the Securities and Exchange Commission's filings of all U.S. nonfinancial firms from 1996 through 2008, we document that, in any given year, between 10%...
