BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Date iCal//NONSGML kigkonsult.se iCalcreator 2.20.2//
METHOD:PUBLISH
X-WR-CALNAME;VALUE=TEXT:TSE
BEGIN:VTIMEZONE
TZID:Europe/Paris
BEGIN:STANDARD
DTSTART:20251026T030000
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
TZNAME:CET
END:STANDARD
BEGIN:DAYLIGHT
DTSTART:20260329T020000
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
TZNAME:CEST
END:DAYLIGHT
END:VTIMEZONE
BEGIN:VEVENT
UID:calendar.141531.field_date.0@www.tse-fr.eu
DTSTAMP:20260510T165807Z
CREATED:20260119T141001Z
DESCRIPTION:Dmitry Orlov (University of Wisconsin\, Madison)\, “Joint Finan
 ce - Theory Seminar 'Distressed Investment\, Corporate Debt Liquidity\, an
 d Capital Structure'””\, Finance Seminar\, Toulouse: TSE\, March 17\, 2026
 \, 11:00–12:30\, room Auditorium 3.\n\nWe examine liquidity of corporate d
 ebt and capital structure of the firm run by inefficient management in the
  presence of a distressed investor in the secondary debt market. In additi
 on to having superior information about the firm’s future cash flows\, the
  distressed investor can install a more efficient management and restructu
 re the firm in bankruptcy. An unexpected arrival of the investor negativel
 y impacts liquidity of existing debt claims. However\, liquidity is more n
 uanced when firms choose their capital structure in expectation of the dis
 tressed investor. In many cases\, optimally issued senior claims are liqui
 d\, and their impairment leads to efficient restructuring outcomes. Howeve
 r\, if value-added in restructuring is sufficiently high in deep default s
 tates\, liquidity of senior claims can be low\, and their impairment may n
 ot lead to a restructuring. We derive testable implications and examine th
 e impact of various Bankruptcy Code provisions on liquidity and capital st
 ructure of the firm.
DTSTART;TZID=Europe/Paris:20260317T110000
DTEND;TZID=Europe/Paris:20260317T123000
LAST-MODIFIED:20260305T011001Z
LOCATION:Toulouse: TSE\, March 17\, 2026\, 11:00–12:30\, room Auditorium 3
SUMMARY:Finance Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-joint-finance-theory-semin
 ar-distressed-investment-corporate-debt-liquidity-and-capital-structure
END:VEVENT
END:VCALENDAR