Covenants and Third-Party Creditors Empirical and Law & Economics In

This book adds to the debate on the effects of covenants on third-party creditors (externalities), which have recently become a focus of discussion in the contexts of bankruptcy law, corporate law and corporate governance. The general thrust of the debate

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Covenants and Third-Party Creditors Empirical and Law & Economics Insights Into a Common Pool Problem

Covenants and Third-Party Creditors

Daniela Matri

Covenants and Third-Party Creditors Empirical and Law & Economics Insights Into a Common Pool Problem

Daniela Matri Law Department University of Bremen Bremen, Germany

ISBN 978-3-319-62035-0 ISBN 978-3-319-62036-7 DOI 10.1007/978-3-319-62036-7

(eBook)

Library of Congress Control Number: 2017948242 © Springer International Publishing AG 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Acknowledgements

It is my genuine pleasure to express my deep sense of thanks and gratitude to my doctorate supervisor Prof. Dr. Moritz Renner, Lichtenberg Professorship for Transnational Economic Law and Theory of Economic Law, University of Bremen. I also owe a deep sense of gratitude to Prof. Dr. Thilo Kuntz and Prof. Dr. GralfPeter Calliess as well as to all my colleagues, who participated in the privatissimum, for their honest and challenging feedback and advice. I thank profusely the College of Law of the University of Iowa for the opportunity to conduct my research at their facilities as well as for their support. In this regard, I would also like to thank the DAAD for the financial support concerning my research stay at the University of Iowa. I also owe a deep sense of gratitude to all my interview partners, who made the empirical study possible in the first place. It is my privilege to thank my family and my husband, who always supported me with love.

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Contents

Part I

Theoretical Framework and Development of Research Question

1

Introduction: Covenants and Third-Party Creditors . .