Job Market Paper

Do rights offerings reduce bargaining complexity in Chapter 11?  

This paper investigates the role of rights offerings in U.S. Chapter 11 reorganizations as a new market-based mechanism for mitigating bargaining frictions. Using novel hand-collected data, I document three facts: (i) over the past two decades, rights offerings financed 35% of large bankruptcies, (ii) they are predominantly proposed and underwritten by hedge funds, and (iii) their occurrence is highly correlated with stock market performance. In an instrumental variable setting, I find that compared with other sources of financing, rights offerings lead to higher creditor recoveries, shorter reorganization durations, and lower refiling rates. They also allow firms to access new capital without resorting to asset liquidations, which are value-reducing. My findings suggest that by alleviating key bargaining frictions in large and complex bankruptcy cases, rights offerings may improve the efficiency of resource allocation in the economy.


Winner, Midwest Finance Association, Paul Van Arsdell Outstanding Paper Award in Corporate Finance, 2023 

Winner, German Finance Association Doctoral Student Best Paper Award, 2022  

Finalist, AQR Fellowship Award for Research Excellence, 2022  

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Conferences and Seminars: American Law & Economics Association* (ALEA) 2025, Western Finance Association (WFA) 2024, NBER Law and Economics Meeting 2024, CLS-LawFin Workshop 2024, American Finance Association (AFA) 2024, Copenhagen Business School, HEC Paris, HKU Business School, HKUST, INSEAD, Kelley School of Business, LSE, Michigan Ross, NUS, Rutgers Business School, UBC Sauder School of Business, University of Wisconsin-Madison, USC Marshall, UVA Darden, UW Foster School of Business, Warwick Business School, Wharton, European Finance Association (EFA) 2023, Northern Finance Association (NFA) 2022, Financial Management Association (FMA Europe) 2022, German Finance Association (DGF) 2022, Corporate Restructuring and Insolvency Seminar, Midwest Finance Association (MFA) 2023, Transatlantic Doctoral Conference 2022, London Business School Alumni Workshop 2022, Nova Finance Final Countdown 2022, HEC Paris Finance Workshop 2022