Concept
Odious debt
Related publications (5)
Altruism, reciprocity, and tokens to reward forwarding data: Is that fair?
Verónica del Carmen Estrada Galiñanes, Arman Babaei
Decentralized storage networks offer services with intriguing possibilities to reduce inequalities in an extremely centralized market. Fair distribution of rewards, however, is still a persistent problem in the current generation of decentralized applicati ...
2024Online appendix to: Debt dynamics with fixed issuance costs
We investigate equilibrium debt dynamics for a firm that cannot commit to a future debt policy and is subject to a fixed restructuring cost. We formally characterize equilibria when the firm is not required to repurchase outstanding debt prior to issuing a ...
2022How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP
We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing into a lower-rate mortgage on borrower balance sheet outcomes. Refinancing substantially reduces borrower default rates on mortgages and ...
2021Debt enforcement, investment, and risk taking across countries
We argue that the prospect of an imperfect enforcement of debt contracts in default reduces shareholder-debtholder conflicts and induces leveraged firms to invest more and take on less risk as they approach financial distress. To test these predictions, we ...
2017Investment timing, debt structure, and financing constraints
We introduce debt issuance limit constraints along with market debt and bank debt to consider how financial frictions affect investment, financing, and debt structure strategies. Our model provides four important results. First, a firm is more likely to is ...
Elsevier Science Bv2015