Publications

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09 Feb 2015
Working Paper Summaries

Cashing Out: The Rise of M&A in Bankruptcy

Keywords: by Stuart Gilson, Edith Hotchkiss & Matthew Osborn

March 2009 (Revised January 2025)
Background Note

A Strait of Uncertainty: Taiwan's Development in the Shadow of China

By: William C. Kirby, J. Megan Greene, Tracy Yuen Manty, Daniel Fu, Yuanzhuo Wang, Noah B. Truwit and Aqib Zakaria

Relations between the People’s Republic of China (PRC), on the Chinese Mainland, and the Republic of China (ROC), on Taiwan, had improved significantly since 2008. Taiwan investment in China had played a major role in China’s economic boom in recent decades. ... View Details

Keywords: History; Development Economics; Investment; Economic Growth; Cross-Cultural and Cross-Border Issues; Financial Crisis; China; Taiwan

03 Oct 2011
News

Kodak's Patent Portfolio, Bankruptcy

December 2020 (Revised September 2023)
Case

PG&E and the First Climate Change Bankruptcy

By: Stuart C. Gilson and Sarah L. Abbott

In early 2020, the California-based utility PG&E filed a second amended plan of reorganization. PG&E had filed for Chapter 11 bankruptcy in the face of more than $30 billion of legal claims brought against it for its alleged role in causing California wildfires. The... View Details

Keywords: Chapter 11; Utilities; Liabilities; Restructuring; Insolvency and Bankruptcy; Debt Securities; Legal Liability; Climate Change; Utilities Industry; United States

February 2022 (Revised May 2022)
Case

Jaypee Infratech and the Indian Bankruptcy Code

By: Kristin Mugford, William Vrattos and Radhika Kak

In 2016, India passed a new bankruptcy law (IBC) to counter a brewing bank crisis and increased corporate distress. Homebuilder Jaypee Infratech, one of India largest distressed companies (the “dirty dozen”) began restructuring under the IBC in 2017. Two years later,... View Details

13 Oct 2006
Working Paper Summaries

Coerced Confessions: Self-Policing in the Shadow of the Regulator

Keywords: by Jodi L. Short & Michael W. Toffel

2015
Book

Shadow Cold War: The Sino-Soviet Competition for the Third World

By: Jeremy Friedman

The conflict between the United States and the Soviet Union during the Cold War has long been understood in a global context, but Jeremy Friedman's Shadow Cold War delves deeper into the era to examine the competition between the Soviet Union and the People's... View Details

Keywords: Competition; War; International Relations; China; United States; Soviet Union

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2024
Working Paper

Trade Policy in the Shadow of Conflict: The Case of Dual-use Goods

By: Maxim Alekseev and Xinyue Lin

Policymakers increasingly use trade instruments to address national security concerns. This paper studies optimal policy for dual-use goods, items with both military and civilian applications. We begin by documenting that regulation and trade flows of dual-use goods... View Details

Keywords: Policy; National Security; Trade; Taxation; Financial Instruments; Macroeconomics

20 Jul 2021
Research & Ideas

Bankruptcy Spells Death for Too Many Businesses

Chapter 11 bankruptcy protection is supposed to allow companies to shed debt and get a fresh start. Ideally, creditors recover most of what they’re owed as the restructured firm begins turning a profit. Yet, more companies are liquidated than rebuilt, giving up the... View Details

Keywords: by Rachel Layne

November 2013 (Revised January 2015)
Case

Restructuring JAL

By: Malcolm Baker, Adi Sunderam, Nobuo Sato and Akiko Kanno

Hideo Seto, the recently appointed chairman of the investment committee of the Enterprise Turnaround Initiative Corporation, must decide whether to push JAL group, Japan's largest airline, into bankruptcy or to act as a sponsor in an out-of-court restructuring. The... View Details

Keywords: Bankruptcy; Costs Of Financial Distress; Cost vs Benefits; Air Transportation; Restructuring; Capital Structure; Insolvency and Bankruptcy; Air Transportation Industry; Japan; United States

08 Dec 2008
News

DEALTALK-Tribune may be tip of bankruptcy iceberg among LBOs

Shadow Cold War: The Sino-Soviet Competition for the Third World

The conflict between the United States and the Soviet Union during the Cold War has long been understood in a global context, but Jeremy Friedman's Shadow Cold War delves deeper into the era to examine the competition between the Soviet... View Details

June 2015
Case

Beacon Group of Hong Kong: Finding Light in the Shadow Education Industry

By: Christopher Marquis, Qi Li and Guy Leung

After more than 25 years of operation, Beacon Group had grown from having 3 small classrooms on the fourth floor of a commercial building, to a network of 21 centers across Hong Kong with over 60,000 students enrolled per year. The key long-term challenge for the... View Details

Keywords: Online Education; Education; Tutoring; Incentives; Hong Kong; Motivation and Incentives; Internet and the Web; Family Business; Education Industry; Hong Kong

Article

Shadow of the Contract: How Contract Structure Shapes Inter-Firm Dispute Resolution

By: Fabrice Lumineau and Deepak Malhotra

This paper investigates how contract structure influences inter-firm dispute resolution processes and outcomes by examining a unique dataset consisting of over 150,000 pages of documents relating to 102 business disputes. We find that the level of contractual detail... View Details

Keywords: Governance Controls; Contracts; Rights; Negotiation; Conflict and Resolution; Power and Influence

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August 2020 (Revised December 2020)
Case

Latam Airlines and COVID-19: Seeking Bankruptcy Protection in the United States

By: Laura Alfaro, Mauricio Larrain, Carlos Vilches and Sarah Jeong

On May 26, 2020, Latam Airlines became the largest airline in the world to be driven to bankruptcy by COVID-19. With a complex debt structure and international investor composition, the company decided to file for bankruptcy protection in the United States, which... View Details

Keywords: Airlines; Pandemic; Coronavirus Pandemic; Health Pandemics; Air Transportation; Insolvency and Bankruptcy; Capital Markets; Strategy; Latin America; Chile; United States

January 1995 (Revised March 1997)
Case

A Bankruptcy Problem from the Talmud

Describes a problem of bankruptcy, following the treatment in the 2,000-year-old Babylonian Talmud. A person dies, leaving a number of debts that total more than the size of the estate. The question is: How should the estate be divided among the creditors? The case... View Details

Keywords: Analysis; Insolvency and Bankruptcy; Economics