Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- United States (16)
- Supreme Court (11)
- Constitutional law (8)
- Debt relief (8)
- Federal government (8)
-
- Public debts (8)
- Judicial process (6)
- Law--Interpretation and construction (6)
- Risk management (6)
- Bonds (5)
- Constitution. 1st Amendment (5)
- Courts (5)
- Debtor and creditor (5)
- Decision making (5)
- Dodd-Frank Wall Street Reform and Consumer Protection Act (5)
- Freedom of speech (5)
- Public finance (5)
- Bailouts (Government policy) (4)
- Banks and banking (4)
- Eurozone (4)
- Financial crises (4)
- Government bonds (4)
- Human rights (4)
- Risk assessment (4)
- Administrative law (3)
- Associations institutions etc. (3)
- Class actions (Civil procedure) (3)
- Copyright (3)
- Cost effectiveness (3)
- District of Columbia v. Heller (3)
Articles 121 - 121 of 121
Full-Text Articles in Entire DC Network
Collective Action Clauses For The Eurozone, Michael Bradley, Mitu Gulati
Collective Action Clauses For The Eurozone, Michael Bradley, Mitu Gulati
Faculty Scholarship
One of the primary policy initiatives instituted in response to the Eurozone sovereign debt crisis is a requirement that all Eurozone sovereign bonds issued after January 1 2013 include provisions referred to as Collective Action Clauses or CACs. These CACs allow for a super-majority of creditors to impose restructuring terms on minority holdouts. This article assesses the likely effect of this proposal on the borrowing costs of sovereign debtors. Contrary to much of the literature, we find that the presence of CACs leads to a lower cost of capital, especially for below-investment grade bonds