Reputation and the market for distressed-firm debt

Our analysis explains how vulture investors (vultures) can maintain and exploit their rep- utations for toughness. Vultures leverage their reputations to extract concessions from stockholders in debt restructurings. To profit from these concessions, vultures must first acquire debt from incumbent bo...

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Bibliographic Details
Main Authors: Noe, T, Rebello, M
Format: Journal article
Published: 2003