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1 GCOESOFTLAW

2 1 2 2 * keiko.yamamoto@boj.or.jp COE COE

3

4 a ADR Alternative Dispute Resolution Q&A

5 a a DES DDS

6 b Gertner and Sharfstein [1991] Berkovitch and Israel [1998]

7 2 A B A B 2 1A B A B A B 4.5 A B

8 22 A B 4 A B 1 A B A B A B

9 a See, Jackson [2001] p Jackson [2001] p

10 A B 2 1 A B 32 A B

11 A B A B Aoki [1988] Aoki & Patrick [1994] A B

12 A B 3 3 A B 5 4 A B 4 5 A B A B 35 9

13

14

15 A B 5 A B 3 2 B A A 2 A B B 100 % 0 <1/ (1- ) d 42 d = n >1 n 2 41 A B <1/7 42 threat point 12

16 B A A 4-7, 3+7 B d (3, 3) 4-7, 3 B A 43 2 A 1 A % B A =4-7 A B 43 B 13

17 B A A 2 A B A 2 7 B B A B A 3 A B B 3 3 A B

18

19 B A A B B 2 A B A B B A A B A

20

21

22 Jackson [2001] p

23 Q&A

24 ADR RCC RCC ADR ADR ADR

25 ADR DCF Debt Equity Swap 100%

26 DES 75 DES DES DES DES

27

28 DES

29 85 DES DES

30

31 R CDAMS 05/6J Secondary Rule HP WG

32 NBL ADR ADR ADR NBL a ADR b

33 Aoki, Masahiko, Information, Incentives, and Bargaining in the Japanese Economy, Cambridge University Press, 1988., & Hugh Patrick, THE JAPANESE MAIN BANK SYSTEM ITS RELEVANCE FOR DEVELOPING AND TRANSFORMING ECONOMIES, Oxford University Press, Berkovitch, Elazar, and Ronen Israel, The Bankruptcy Decision and Debt Contract Reorganizations, European Finance Review, 2(1), 1998, pp Gertner, Robert, and David Scharfstein, A Theory of Workouts and the Effects of Reorganization Law, Journal of Finance, 46, 1991, pp Jackson, Thomas H., THE LOGIC AND LIMITS OF BANKRUPTCY LAW, Beardbooks, 2001 (originally published: Harvard University Press, 1986). 30

DES DES DES DES DES DES DES DES

DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES Debt Equity Swap DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES DES

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