국제무역
Non-Financial Liabilities and Effective Corporate Restructuring
Non-financial obligations created by long-term contracts such as leases are often large, exceeding financial debts in around a third of US firms. Their treatment in insolvency varies: Chapter 11 allows firms to freely reject or assume contracts, but many other restructuring regimes do not allow rejection. We model regimes with and without the rejection option. This option prevents excessive liquidation of insolvent firms and increases firms’ debt capacity. Using novel measures of executory contracts by industry, and two difference-in-difference settings, we confirm that leverage and loan flow increase when the rejection option is available.
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