The market reaction to legal shocks and their antidotes : lessons from the sovereign debt market
This Article examines the market reaction to a series of legal events concerning the judicial interpretation of the pari passu clause in sovereign debt instruments. More generally, the Article provides insights into the reactions of investors (predominantly financial institutions), issuers (sovereigns), and those who draft bond covenants (lawyers), to unanticipated changes in the judicial interpretation of certain covenant terms.
| Author: | Michael Bradley, James D. Cox, Mitu Gulati |
|---|---|
| URN: | urn:nbn:de:hebis:30-57039 |
| Series (Serial Number) | Working paper series / Johann-Wolfgang-Goethe-Universität, Institute for Law and Finance (087) |
| Document Type: | Working Paper |
| Language: | English |
| Date of Publication (online): | 08.08.2008 |
| Year of first Publication: | 2008 |
| Publishing Institution: | Univ.-Bibliothek Frankfurt am Main |
| HeBIS PPN: | 203082737 |
| Institutes: | Rechtswissenschaft |
| Dewey Decimal Classification: | 340 Recht |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Veröffentlichungsvertrag für Publikationen ohne Print on Demand |
