jrdonaldson.com - JRD

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with Denis Gromb and Giorgia Piacentino , 2020 (forthcoming at the JF )

We develop a model in which the absolute priority of secured debt leads to conflicts among creditors, but can be optimal nonetheless. The option to use collateral to dilute unsecured debt, even in violation of covenants, loosens financial constraints that could be inefficiently tight. But covenants embed an acceleration option that prevents these constraints from becoming inefficiently loose.

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