Download or read book Bond Defaults and the Dilemma of the Indenture Trustee written by Steven L. Schwarcz and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Long-term debt securities, or bonds, issued to public investors can suffer a collective-action problem. Bondholders cannot act as a cohesive group where individual bondholder investments are relatively small, minimizing economic incentive to take action or cooperate. This is exacerbated by the fact that the identity of bondholders constantly changes, public bonds being actively traded. Although the rise in institutional bondholding - especially the advent of large, activist, hedge- and private-equity funds and the movement of some of these funds into bond investing - has helped to mitigate the collective-action problem, these funds often have conflicts of interest with other bondholders. Furthermore, the recent collapse of several major funds suggests that the collective-action problem could become more significant in future years. Custom and law have provided a partial solution to the collective-action problem: for each public bond issue, an indenture trustee is appointed to act as a type of agent on behalf of the bondholders collectively. This solution is imperfect, however, because the standard of care for indenture trustees remains somewhat ambiguous, generating cost and inefficiency in the public bond markets. An inquiry into the standard of care for indenture trustees is now timely, given the number of bond defaults and predictions of an imminent rise in the rate of defaults. Furthermore, public bondholder governance is increasingly recognized as a critical component of the larger realm of corporate governance. In the past, Congress and the legal literature have focused predominantly on the aspects of corporate governance related to equity investors. Given more than eighty percent of capital market financing raised by U.S. corporations now occurs through public bond offerings, greater attention should be devoted to public bondholder governance.
Download or read book Fiduciary Obligations in Business written by Arthur B. Laby and published by Cambridge University Press. This book was released on 2021-09-09 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: The scholarship on fiduciary duties in business organizations is often pulled in two directions. While most observers would agree that business organizations are one of the key contexts for the application of the fiduciary obligation, corporate law theorists have often expressed disdain for the role of fiduciary duties, with the result that fiduciary law and theory have been out of step with the business world. This volume aims to rectify this situation by bringing together a range of scholars to analyze fiduciary relationships and the fiduciary obligation in the business context. Contributing authors examine fiduciary obligations in fields ranging from entity structure to bankruptcy to investment regulation. The volume demonstrates that fiduciary law can inform pressing corporate governance debates, including discussions over stakeholder models of the corporation that move beyond shareholder interests.
Download or read book The Oxford Handbook of State Capitalism and the Firm written by Mike Wright and published by Oxford University Press. This book was released on 2022-06-30 with total page 808 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been a major revival of interest in State Capitalism: What it is, where it is found, and why it is seemingly becoming more ubiquitous. As a concept, it has evolved from radical critiques of the Soviet Union, to being deployed by neo-liberals to describe market reforms deemed imperfect, to settle into a middle ground, as a pragmatic way to describe the state assuming a role as an active economic agent, in addition to its regulatory, social, and security functions. The latter is the central focus of this book, although due attention is accorded to the origins of state capitalism and how it has changed over the years, as well as contemporary ways in which state capitalism may be theorized. This economic agency may assume direct forms, for example, via state owned enterprises. However, it may also be indirect, for example, actively serving private interests through promoting insider firms, who may occupy monopolistic market positions and perform outsourced state functions. In turn, this leads to raise salient governance questions. The latter may encompass agency tensions between public ownership, and political or even private interest control; it may also include issues of transparency and monitoring. Although state capitalism has often been depicted as the preserve of states in the global south, be they developmental or predatory, many forms of state capitalism are visible in mature economies, be they liberal or coordinated, and this is not always associated with superior governance arrangements; indeed, this is an area where clear and easy divisions between the "developing" or "emerging" world and the "developed" or "mature" world may increasingly be breaking down. This volume brings together the accounts of leading experts from around the world; it is explicitly multi-disciplinary, and both consolidates the exiting knowledge base, and provides new, novel, and counter-intuitive insights.
Download or read book Securitization Past Present and Future written by Solomon Y Deku and published by Springer. This book was released on 2017-08-04 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to explore if and how securitization changed financial intermediation and lending behaviour by reviewing the pre- and post-financial crisis theoretical and empirical literature. The book’s distinctive feature is bringing the growing post-crisis empirical evidence to the attention of a wider audience by critically appraising it against pre-crisis arguments. With its thought-provoking insights, this book is of particular interest for students, practitioners and academics.
Download or read book Minnesota Law Review written by and published by . This book was released on 2010-04 with total page 1320 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Problems of Indenture Trustees and Bondholders written by and published by . This book was released on 1993 with total page 914 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Michigan Law Review written by and published by . This book was released on 2018 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Environmental Lender Liability Issues written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 1991 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The State of Securitization Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and published by . This book was released on 2011 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Lender Liability Issues Under Superfund written by United States. Congress. Senate. Committee on Environment and Public Works. Subcommittee on Superfund, Ocean, and Water Protection and published by . This book was released on 1992 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Lender Liability Under Superfund written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Transportation and Hazardous Materials and published by . This book was released on 1990 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Administration of the Federal Superfund Program written by United States. Congress. House. Committee on Public Works and Transportation. Subcommittee on Investigations and Oversight and published by . This book was released on 1992 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Current Municipal Defaults and Bankruptcy 1983 written by and published by . This book was released on 1983 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Lender Liability Under Superfund written by United States. Congress. House. Committee on Small Business and published by . This book was released on 1990 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Legal Aspects of Corporate Finance written by Richard T. McDermott and published by Probus Publishing Company. This book was released on 1995 with total page 852 pages. Available in PDF, EPUB and Kindle. Book excerpt: This casebook covers the basic elements of corporate finance, including capital formation transactions, distributions to security holders, mergers & acquisitions. This new edition contains sample documents, such as debentures, trust indentures, preferred stock provisions, convertible securities provisions, acquisitions agreements, as well as model provisions similar to those used by attorneys in corporate legal departments. Explanations accompany the sample documents & model provisions, describing the effect of their inclusion or exclusion. Documents appear in the text, not in appendices. Numerous challenging & integrated problems help students apply concepts & information to real-life settings. can be used by students who have not taken a Securities course & are otherwise unfamiliar with the basics. Corporate finance concepts, securities terminology & evaluation techniques are explained early in the book.
Download or read book Lender Liability Under Hazardous Waste Laws written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Policy Research and Insurance and published by . This book was released on 1991 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hearing on Lender Liability for Environmental Cleanup Costs written by United States. Congress. Senate. Committee on Small Business and published by . This book was released on 1992 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
