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Query: faculty: "FEB" and publication year: "1993"

AuthorsE.C. Perotti, K.E. Spier
TitleCapital structure as a bargaining tool : the role of leverage in contract renegotiation
JournalAmerican Economic Review
Volume83
Year1993
Issue5
Pages1131-1141
FacultyFaculty of Economics and Business
Institute/dept.FEB: Amsterdam Business School Research Institute (ABS-RI)
Keywordsleverage; capital structure
AbstractThis paper presents a strategic model of temporarily high leverage. When the repayment of senior claims depends in part upon further investment, shareholders may be able to alter credibly their incentives to invest through an exchange of junior debt for equity and thereby force concessions from senior creditors. We focus on the conflict between shareholders and risk-averse workers and show that this strategic use of debt leads to an inefficient allocation of risk. We characterize conditions under which firms will undergo leveraged recapitalizations, their choice of debt instruments, and the dynamics of their capital structure.
Document typeArticle
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