Bebchuk and Fried
Bebchuk and Fried
２.さまざまな担保権消滅請求制度
２.１民事再生法における担保権消滅請求制度
（１）民事再生法における機能
D I P
C
（２）民事再生法における問題点：担保権価値の過 小評価
（a）仮想的な清算価値という問題点
（b）担保資産の価値を売却価値に限定することの問 題点
（c）担保権実行時期の選択権を剥奪する問題
２.２会社更生法における担保権消滅請求制度
M A
M&A
２.３破産法における担保権消滅請求制度
２.４民法の抵当権消滅請求制度
３．優先権と資金貸借市場
３.１優先権侵害にともなう追い貸しと貸し渋り
.
３.２絶対優先の原則の問題点
（１）デット・オーバーハング
（２）抵当権制度の問題点
. .
pro-rata
４.担保権消滅請求制度改正の提案 ４. １Bebchuk and Fried（2001）の議論
Bebchuk and Fried
D D
N
U
N
D
D D
D
foreclose
foreclosure
val-ue D D
N=D D
foreclosure value
solvent
Automatic Stay
solvent
Bebchuk and Fried Baird
Secured cred-itor
Baird M&A
４.２担保権消滅請求制度とBebchuk and Friedの提案 との比較
Bebchuk and Fried
４.３担保権消滅請求制度改正の提案
Bebchuk and Fried
Bebchuk and Fried
Bebchuk and Fried
Bebchuk
and Fried
Bebduck and Fried
４.４どの担保権者が決定権を持つべきか
.
threat point
threat
threat
５.おわりに
謝辞
,
注
Stiglits and Weiss
)
( )
) )p
( )
Hold out
III.
p
p
Baird
p p
p
,
Eberhart and.Senbet Bebchuk
Bebchuk and Fried
Bebchuk and Fried
Kanda and Levmore
Bebchuk
IV
[ ]
III
NO.
CIRJE Discussion Paper
NBL ,
-
J-No. ,
Baird,D. The Uneasy Case for Corporate Reorganizations , Journal of Legal Studies, :
-Bebchuk,A.L. A New Approach to Corporate Reorganizations , Harvard Law Review, : - . Bebchuck,L.A. Ex Ante Costs of Violating Absolute
in Bankruptcy , Journal of Finance, - .
Bebchuck,L.A. and J.M.Fried , A New Approach to Valuing Secured Claims in Bankruptcy Harvard Law Review .Vol. .
Eberhart.A.C,and.L.W.Senbet Absolute Priority Rule Violations and Risk Incentives for Financialally Distressed Firms . FINANCIAL MANAGEMENT Kanda, H. and S. Levmore , Explaining Creditor
Priorities , Virginia Law Review, Vol. .
Myers, S. , Determinants of Corporate Borro-wing , Journal of Financial Economics, , - . Stiglitz, J.E., and A. Weiss., , Credit Rationing in
Markets with Imperfect Information, American Economic Review, , June, - .
要約
１. はじめに
Jensen/Meckling
Brealy/Myers/Allen
Chapter
Gilson
２. 理論モデルと検証可能な仮説
Bester/Hellwig
A B
A
pA RAB
pBRB
I
pARA
I pBRB
B
RB RApA pB
B
A
F F RB
B m
A
MA
B
MBMA MB
A B
FpA pB pARA pBRB
A
A
RB RA
A B
A
B
MBMA
F F
Fˆ Fˆ
Fˆ
Fˆ Fˆ
Fˆ Fˆ
３. 実証分析
３.１ サンプルの作成
Gilson/John/Lang
. % . %
. %
３.２ 変数
MSHARE
Gilson/John/Lang
Asquith/Gertner/Scharfstein
John Gilson
Gilson
Gilson/John/Lang
PBR
Jensen
D/A
Brown
Gilson/John/Lang Asquith/Gertner/Scharfstein
Gilson/John/Lang
CREDITORS
Giammarino
BANKBOARD
Hoshi/Kashyap/Scharfstein
BANKBOARD
MV
４. 実証分析の結果
U
MSHARE%
CREDITORS
Gilson/John/Lang
MSHARE MV
MSHARE
PBR D/A
５. まとめ
注
Brealey/Myers
Bester/Hellwig
F RB
RA
Chapter
G i l s o n B r o w n / J a m e s /
Mooradian Franks/Torous James
Wall Street Journal
% Gilson/John/Lang
Chapter
DIP Finance
MSHARE
PBR
Franks/Torous Jensen
Chapter Fˆ
CREDITORS
CREDITORS CREDITORS
MV
MV CREDITORS
《参考文献》
pp.
-pp.
-pp.
-Asquith, P., R. Gertner, and D. Scharfstein , Anatomy of Financial Distress: An Examination of Junk-Bond Issues, Quarterly Journal of Economics, August, pp. - .
Bradley, M., and M. Rosenzweig , The Untenable Case for Chapter , Yale Law Journal
, pp. - .
Brown, D. T. , Claimholder Incentive Conflicts in Reorganization: The Role of Bankruptcy Law, Review of Financial Studies , pp - .
Brown, D. T., C. M. James, and R. M. Mooradian , The Information Content of Distressed Restructurings involving Public and Private Debt Claims, Journal of Financial Economics , pp.
-.
Bulow, J. I., and J. B. Shoven , The Bankruptcy Decision, Bell Journal of Economics, Autumn, pp. - .
Dewatripont, M., and J. Tirole , The Prudential Regulation of Banks, MIT Press.
Franks, J., and W. Torous , A Comparison of Financial Recontracting in Distressed Exchanges and Chapter Reorganizations, Journal of Financial Economics , pp. - .
Gertner, R., and D. Scharfstein , A Theory of Workouts and Effects of Reorganization Law, Journal of Finance , pp. - .
Giammarino, R. M. , The Resolution of Financial Distress, Review of Financial Studies , pp. - .
Gilson, S. C. , Management Turnover and Financial Distress, Journal of Financial Economics
, pp. - .
Gilson, S. C. , Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default, Journal of Financial Economics , pp. - .
Gilson, S. C. , Managing Default: Some Evidence on How Firms Choose between Workouts and Chapter , in Bhandari, J. S., and L. A. Weis eds., Corporate Bankruptcy, Cambridge University Press.
Gilson, S. C., K. John, and L. H. P. Lang , Troubled Debt Restructurings, Journal of Financial Economics , pp. - .
Grinblatt, M., and S. Titman , Financial Markets and Corporate Strategy, McGraw-Hill.
Hoshi, T., A. Kashyap, and D. Scharfstein , The Role of Banks in Reducing the Costs of Financial Distress in Japan, Journal of Financial Economics
, pp. - .
James, C. , Bank Debt Restruct urings and the Composition of Exchange Offers in
Financial Distress, Journal of Finance , pp. - . Jensen, M. C. , Active Investors, LBO's and the Privatization of Bankruptcy, Journal of Applied Corporate Finance , pp. - .
Jensen, M. C., and W. H. Meckling , Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics , pp. - .
John, K. , Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda, Financial Management, Autumn, pp. - .
John, T. A., and K. John , Top-Management Compensation and Capital Structure, Journal of Finance , pp. - .
Myers, S.C. , Determinants of Corporate Borrowing, Journal of Financial Economics , pp. - .
Senbet, L. W., and J. K. Seward , Financial Distress, Bankruptcy and Reorganization, in R. A.
Jarrow, V. Maksimovic, and W. T. Ziemba eds., Handbooks in Operations Research and Management Science Vol. : Finance, North-Holland.
White, M. J. , The Corporate Bankruptcy Decision, Journal of Economic Perspectives , pp. - .
Government Control and the Higher Costs
of Going Public: Evidence from a New Stock Market
in China
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