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This paper provides empirical evidence on the changing nature of agency problems between managers and creditors in firms filing for chapter 11 between the 1980s and 1990s. The author fined that over the sample period of 1991 to 2003, CEO retention by bankrupt firms is associated with better post-bankruptcy firm performance. This result complements and extends the results in Hotchkiss (1995) who finds that, in her sample period of 1979-1988, CEO retention was associated with significantly worse post-bankruptcy firm performance.
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