Repeated dilution of diffusely held debt

Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm in the presence of corporate taxes. We specifically allow for debtor opportunism in form of repeated strategic renegotiation offers and default threats. Dispersed creditors will only accept coupon concessions in exchange for guaranteed liquidation rights, e.g. collateral. The ex ante optimal debt contract is secured with assets which gradually become worthless as the firm approaches the preferred liquidation conditions, in order to allow for sufficient, but delayed renegotiability. Compared with single creditor debt, dispersed debt offers a larger debt capacity, and it is preferable ex-ante if the value of collateralizable assets is then reduced. Our model can explain credit risk premia in excess of those supported by a single creditor model with opportunistic renegotiation.debt reorganization; multiple creditors; priority of claims; debt pricing

Default risk in asset pricing

This paper provides an analytical solution for the impact of default risk on the valuation of realistically intricate claims on time dependent uncertain income streams. Its modular structure allows us to adjust the set of assumptions concerning the event of default to the specificity of the environment which surrounds the asset. The importance of such a flexibility is illustrated in the context of corporate debt, examining the simplest case of finite lived coupon paying corporate bonds with principal repayment at maturity. The magnitude of risk premia, as well as the term structure of credit spreads, are not surprisingly largely determined by the assumed default scenario

Corporate walkout decisions and the value of default

We present a continuous-time asset pricing model of the levered firm where shareholders select not only the timing but also the form of control transfers. Owners are allowed to walk out of the firm either by (i) defaulting on their debt obligations or (ii) selling the firm with its debt obligations, as in a corporation sale. The structural model relates shareholders' ex-post choice to both technological and financial factors. We obtain that the likelihood of default being chosen instead of a corporation sale increases with (i) the degree of leverage displayed by the firm and (ii) its technological supremacy in the industry. Moreover, whereas default necessarily involves inefficient timing of ownership transfers, corporation sales eliminate agency costs and achieve the correct allocation of resources. By ignoring such direct sales of ownership rights, existing defaultable bond pricing models thus often exaggerate risk premia and underestimate the borrowing ability (debt capacity) of firms

Jules Ferry et l'école rurale

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Varoujean Poghosyan, Армяне – сподвижники Наполеона : история и мифы [Les Arméniens, compagnons d’armes de Napoléon : histoire et mythes]

Depuis 1990, Varoujean Poghosyan informe régulièrement les lecteurs des AHRF des travaux parus en langue russe sur l’histoire de la Révolution française ; ce précieux éclairage extérieur enrichit nos connaissances et nos interprétations. Dans le livre présent, dédié à la mémoire de Victor Daline (1902‑1985), avec qui il a travaillé de 1978 à sa mort, il entreprend de faire le point sur la participation de compatriotes arméniens à l’épopée napoléonienne. Si ces personnages insolites ont déjà r..

Depuis quand les paysans se sentent-ils français ?

L'ouvrage d'Eugen Weber, Peasants into Frenchmen, traduit en français il y a quinze ans, a particulièrement interpellé les historiens de la période contemporaine. Spécialiste de la France rurale, l'auteur de cet article revient sur la thèse provocante qui affirmait l'existence de deux France et percevait « le fameux hexagone comme un empire colonial, [...] un ensemble de territoires conquis, annexés et intégrés dans une unique structure administrative et politique ». Sont ainsi réexaminées les questions des désenclavements provinciaux, des cultures et langages locaux, des procès de politisation dans lesquels l'école et l'armée ont joué un rôle important.Since how long do peasants feel French? Fifteen years ago, modern and contemporary historians were particularly concerned with the main work of Eugen Weber, Peasants into Frenchmen, when this book has been translated into French. As a rural France specialist, the author of the following paper is now wondering at this provocative thesis which was asserting the distinct existences of two different France and presented “the well-known hexagon as a colonial empire [...] a collection of conquested, territories, annexed and integrated inside an unique administrative and political structure”. So are reexaminated topics about provincial disenclavings, local cultures and languages as well as politization processes, all of which were heavily concerned with the roles played by school and army

Expériences d’histoire régionale

Un vieux chercheur évoque les entreprises d’histoire régionale auxquelles il a participé depuis un demi-siècle : le programme de monographies départementales lancé par Ernest Labrousse, qui associait étude sociale et étude politique pour tenter de cerner leur relation et qui suscita la question Faut-il départementaliser l’Histoire de France ? ; la collection toulousaine Univers de la France, élaborée par une cohorte serrée d’universitaires, que conduisait Philippe Wolff d’une main ferme ; enfin à Strasbourg en 1974 le riche colloque Régions et régionalismes en France, tenu à l’initiative du doyen Georges Livet et de Christian Gras, au domaine étendu sur deux siècles, qui distingua mouvements traditionalistes de culture conservatrice et revendications « nationalitaires », de sensibilité soixante-huitarde.An experienced researcher looks back on his participation in regional history over the last fifty years: a series of regional monographies initiated by Ernest Labrousse who would combine social and political studies so as to try and define their relationships, asking the question “Should French history be regionalised?”; the collection “The world of France” published by a team of academics of Toulouse under the firm leadership of Philippe Wolff; last, the fruitful colloquy on “Regions and Regionalism in France” organised by Professor Georges Livet and Christian Gras, dealing with a period of two centuries, differentiating conservative, traditional enterprises from “national” claims in the wake of the May 68 protest movement.Ein alter Historiker errinnert an die Arbeiten auf dem Gebiet der Regionalgeschichte, woran er seit einem halben Jahrhundert teilgenommen hat. - das von Ernest Labrousse gegründete Programme der Département-Monographien, die sozialen und politische Untersuchungen miteinander verbinden - die in Toulouse erscheinende Reihe « Univers de la France » erarbeitet von einer zahlreichen Gruppe von Akademikern, die Philippe Wolff mit fester Hand leitete - das reichaltige, 1974 in Strasbourg abgehaltene Kolloquium über Regionen und Regionalismus in Frankreich, eine Initiative von Dekan Georges Livet und Christian Gras wobei das Thema zeitlich und raümlich bedeutend erweitert wurde

Entrepreneurial Spawning and Firm Characteristics

We analyze the implications of entrepreneurial spawning for a variety of firm characteristics such as size, focus, profitability, and innovativeness. We examine the dynamics of spawning over time. Our model accounts for much of the empirical evidence relating to the relation between spawning and firm characteristics. Firms that have higher patent quality spawn more, as do firms that have higher knowhow. Older firms spawn less, they are more diversified and less profitable. Spawning frequency, focus, and profitability are positively related where spawning is driven by the value of organizational fit; they are negatively related with firm size