We analyze the implications of entrepreneurial spawning for a variety of firm characteristicssuch as size, focus, profitability, and innovativeness. We examine the dynamics of spawning overtime. Our model accounts for much of the empirical evidence relating to the relation betweenspawning and...

This paper examines two prominent approaches to design efficient mechanisms for debt renegotiation with dispersed bondholders: debt exchange offers that promise enhanced liquidation rights to a restricted number of tendering bondholders (favored under U.S. law), and collective action clauses...

Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm in the presence of corporate taxes. We specifically allow for debtor opportunism in form of repeated strategic renegotiation offers and default threats. Dispersed creditors will only accept coupon...