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dc.contributor.authorBrunner, Antjeen
dc.contributor.authorKrahnen, Jan Pieteren
dc.date.accessioned2009-07-24T13:34:26Z-
dc.date.available2009-07-24T13:34:26Z-
dc.date.issued2001-
dc.identifier.piurn:nbn:de:hebis:30-9811en
dc.identifier.urihttp://hdl.handle.net/10419/25375-
dc.description.abstractIn the recent theoretical literature on lending risk, the coordination problem in multicreditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particular, it includes information on creditor pools, a legal institution aiming at coordinating lender interests in borrower distress. We report three major findings. First, the existence of creditor pools increases the probability of workout success. Second, the results are consistent with coordination costs being positively related to pool size. Third, major determinants of pool formation are found to be the number of banks, the distribution of lending shares, and the severity of the distress shock.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2001/04en
dc.subject.jelD74en
dc.subject.jelG21en
dc.subject.jelG33en
dc.subject.jelG34en
dc.subject.ddc330en
dc.subject.keywordBank Lendingen
dc.subject.keywordDistressen
dc.subject.keywordWorkouten
dc.subject.keywordCoordination Risken
dc.titleCorporate debt restructuring: Evidence on lender coordination in financial distress-
dc.typeWorking Paperen
dc.identifier.ppn342633708en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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