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 |
| URL: | http://www.ilf-frankfurt.de/uploads/media/ILF_WP_087.pdf |
| Parent Title (German): | Working paper series / Johann-Wolfgang-Goethe-Universität, Institute for Law and Finance ; 87 |
| Series (Serial Number): | Working paper / Johann-Wolfgang-Goethe-Universität, Institut for Law and Finance (87) |
| Publisher: | Inst. for Law and Finance |
| Place of publication: | Frankfurt am Main |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 2008 |
| Year of first Publication: | 2008 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2008/08/08 |
| HeBIS-PPN: | 203082737 |
| Institutes: | Rechtswissenschaft / Rechtswissenschaft |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 34 Recht / 340 Recht |
| Licence (German): |  Deutsches Urheberrecht |
