Creditors and Corporate Governance: 2014

Date: 
Thursday, September 11, 2014 - 8:30am - Friday, September 12, 2014 - 12:30pm
Location: 
Becker-Friedman Institute, Saieh Hall for Economics, Room 021
Contact info (email or phone): 

Marjorie Holme, mholme@uchicago.edu, 773-702-0220
Grace Hammond, gohammond@uchicago.edu

Researchers from law and finance will come together to discuss new perspectives on control that creditors exert on corporate governance, from both theoretical and empirical perspectives.

Conference Organizers
Douglas G. Baird, Harry A. Bigelow Distinguished Service Professor, University of Chicago Law School
Antony J. Casey, Assistant Professor of Law, University of Chicago Law School
Amir Sufi, Chicago Board of Trade Professor of Finance, University of Chicago Booth School of Business

Participants
Ken Ayotte, Professor of Law, University of California, Berkeley
Adam Badawi, Washington University, St. Louis
Efraim Benmelech, Associate Professor of Finance, Kellogg School of Management*
Antonio Bernardo, Professor of Finance, UCLA Anderson School of Management
Edith Hotchkiss, Associate Professor, Carroll School of Management, Boston College
Victoria Ivashina, Associate Professor of Business Administration, Harvard Business School
Benjamin Iverson, Assistant Professor of Finance, Kellogg School of Management*
Jacopo Ponticelli, Assistant Professor of Finance, University of Chicago Booth School of Business*
David Arthur Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School
David C. Smith, Professor of Commerce, McIntire School of Commerce, University of Virginia
Frederick Tung, Professor of Law, Boston University School of Law

The conference is sponsored by the Coase-Sandor Institute for Law and Economics at the University of Chicago Law School and the Becker Friedman Institute for Research in Economics, University of Chicago

This event is free and open to the public, but seating may be limited.  Please click here to Register.

Tentative Schedule

Thursday, September 11

9:00–9:15

Introduction

9:15–10:00

David Smith, Adjusting Distress Costs Through Credit Agreements: Evidence from Covenant Lite Loans

10:00–10:45

Adam Badawi, Covenant Thresholds and the Agency Costs of Debt

Break

 

11:00–11:45

Victoria Ivashina & Ben Iverson, Trade Creditors in Bankruptcy

11:45–12:30

Antonio Bernardo, Contracting Externalities and Unrepudiable Menus in the U.S. Corporate Bankruptcy Code

Lunch

 

1:45–2:30

 David Skeel, Municipal Bankruptcy as a Governance Lever

2:30–3:15

Gregor Matvos & Amit Seru, Selling Failed Banks

Break

 

3:30–4:15

Jacopo Ponticelli, Court Enforcement and Firm Productivity: Evidence from a Bankruptcy Reform in Brazil

4:15–5:00

Effie Benmelech, Leasing and Capital Reallocation

 

Friday, September 12

9:00 – 9:45

Edie Hotchkiss, Cashing out: M&A and Creditor Control in Chapter 11

9:45 – 10:30

Fred Tung, Roll-ups, Debtor-in-Possession Financing, and Cre