( This post draws from my prior work with Joseph Blocher and the many conversations we have had about this topic over the years; he bears no responsibility for errors and sarcasm ) ... Read full article
The way many of us teach interpretation in Contract Law, there is little role for history (admittedly, this is just based on casual observation). ... Read full article
Have you heard of Ramming Bows? Or did you know that they describe a category of boilerplate contract provisions? Until a couple of weeks ago, I had not either. That was when I came across Glenn West’s two delightful blog posts at the Weil Gotshal & ... Read full article
Sovereign debt guru and Allen & Overy partner, Yannis Manuelides has a new paper ( here ) out on the “local law advantage” in Euro area sovereign bonds. This paper, along with Mark Weidemaier’s paper from the beginning of the summer ( here – and a ... Read full article
It has been almost twenty-five years since I got hooked on the puzzle of why boilerplate financial contracts, even among the most sophisticated parties, have inefficient terms. Steve Choi and I were taking Marcel Kahan’s Corporate Bond class and we ... Read full article
Jamey Mavis Lowdermilk has just posted an article of interest to Credit Slips readers -- lawyers, judges, journalists, policymakers, and more. The article uses a case study of a chapter 12 family farm bankruptcy in North Carolina to ask bigger questions ... Read full article
An unsustainable run-up in consumer housing debt and other debt was a fundamental structural cause of the 2008 global financial c ... Read full article
This working paper is a longitudinal empirical study of lower-income homeowners, including a subset of bankruptcy filers, produced with an interdisciplinary team of cross-campus colleagues, including Professor Roberto Quercia , director of UNC's ... Read full article
As anyone familiar with bankruptcy would have predicted, the dire predictions of disaster for municipalities seeking bankruptcy protection have proven to be ... let's just say exaggerated. ... Read full article
Covera ... Read full article
Donald Trump came into office promising, among other things, to “drain the swamp” and get rid of all that corruption. One year in, how are things looking in terms of swamp draining? The following is based on work with my super co author, Stephen Choi , ... Read full article
A few days ago, I put up a post about a very interesting recent article by Richard Kilpatrick on highly sticky (and inefficiently so) shipping contracts. ... Read full article
Netflix has long interested me as a company, not only because of shows like " Master of None " (Aziz Ansari and Alan Yang have delivered brilliantly), its darwinian management philosophy (very cool podcast on Planet Money), but because of its ... Read full article
From Joseph Blocher & Mitu Gulati ... Read full article
There's a great new paper available on out-of-court restructuring and the Trust Indenture Act. The New Bond Workouts is up on SSRN. From the abstract it sounds pretty darn amazing—a new, empirically based analysis of bond restructurings that ... Read full article
The New Republic (yes it still exists) has a piece about whether behavioral economics will have as much influence in a Clinton administration as it did in the Obama administration . The unspoken assumption of the piece is that behavioral economics ... Read full article
