Abstract:Using a detailed database of meeting agendas, participation rates, and voting outcomes of bondholder meetings collected from bundesanzeiger.de, the official press releases of issuers, and the documents provided by Schutzgemeinschaft der Kapitalanleger as well as Deutsche Investoren Union, we analyze the determinants for successful bond restructurings under the German Bond Act. The law regulates bond restructuring in Germany and contains collective action clauses that intend to make the amendment of bond terms … Show more
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