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Using options to divide value in corporate bankruptcy

Author: Lucian A Bebchuk; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2000.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7614.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of appropriately designed options. The paper starts by discussing the goals that should guide the design of bankruptcy procedures. The paper then explains how the options  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lucian A Bebchuk; National Bureau of Economic Research.
OCLC Number: 70123405
Notes: "March 2000."
Description: 1 online resource (19, R2 pages).
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7614.
Other Titles: Corporate bankruptcy
Responsibility: Lucian Arye Bebchuk.

Abstract:

Abstract: This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of appropriately designed options. The paper starts by discussing the goals that should guide the design of bankruptcy procedures. The paper then explains how the options procedure can improve both ex post efficiency and ex ante efficiency. The paper offers a refined version of the procedure, and it also responds to questions that have been raised regarding the execution and desirability of the procedure. The paper concludes by explaining the relationship between the options approach to corporate bankruptcy and the Black-Scholes characterization of all corporate securities as options.

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