{"id":"https://openalex.org/W1551005649","doi":null,"title":"Shareholder Opportunism in a World of Risky Debt","display_name":"Shareholder Opportunism in a World of Risky Debt","publication_year":2009,"publication_date":"2009-04-25","ids":{"openalex":"https://openalex.org/W1551005649","mag":"1551005649"},"language":"en","primary_location":{"id":"pmh:oai:ir.lawnet.fordham.edu:faculty_scholarship-1063","doi":null,"is_oa":false,"landing_page_url":"https://ir.lawnet.fordham.edu/faculty_scholarship/64","pdf_url":null,"source":{"id":"https://openalex.org/S4377196678","display_name":"FLASH - Fordham Law Archive of Scholarship & History (Fordham University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I164389053","host_organization_name":"Fordham University","host_organization_lineage":["https://openalex.org/I164389053"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Faculty Scholarship","raw_type":"article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1553439_code255732.pdf?abstractid=1394995&mirid=5&type=2","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5035541490","display_name":"Richard C. Squire","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I164389053","display_name":"Fordham University","ror":"https://ror.org/03qnxaf80","country_code":"US","type":"education","lineage":["https://openalex.org/I164389053"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Richard Squire","raw_affiliation_strings":["Fordham University School of Law"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Fordham University School of Law","institution_ids":["https://openalex.org/I164389053"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5035541490"],"corresponding_institution_ids":["https://openalex.org/I164389053"],"apc_list":null,"apc_paid":null,"fwci":2.0131,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":{"value":0.89814263,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":97},"biblio":{"volume":"123","issue":"5","first_page":"1151","last_page":"1213"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.5727999806404114,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.5727999806404114,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.358599990606308,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14154","display_name":"finance, banking, and market dynamics","score":0.012299999594688416,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/derivatives","display_name":"derivatives","score":0.8889999985694885},{"id":"https://openalex.org/keywords/bankruptcy-risk","display_name":"bankruptcy risk","score":0.7730000019073486},{"id":"https://openalex.org/keywords/overinvestment","display_name":"overinvestment","score":0.8220000267028809},{"id":"https://openalex.org/keywords/financial-distress","display_name":"financial distress","score":0.765999972820282},{"id":"https://openalex.org/keywords/systemic-risk","display_name":"systemic risk","score":0.9919999837875366},{"id":"https://openalex.org/keywords/2008-financial-crisis","display_name":"2008 financial crisis","score":0.9729999899864197},{"id":"https://openalex.org/keywords/bailouts","display_name":"bailouts","score":0.7200000286102295},{"id":"https://openalex.org/keywords/derivatives-regulation","display_name":"derivatives regulation","score":0.6840000152587891},{"id":"https://openalex.org/keywords/risk-shifting","display_name":"risk shifting","score":0.38600000739097595}],"concepts":[{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6354391574859619},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.5796300172805786},{"id":"https://openalex.org/C4163816","wikidata":"https://www.wikidata.org/wiki/Q757382","display_name":"Insolvency","level":2,"score":0.5717297196388245},{"id":"https://openalex.org/C129631789","wikidata":"https://www.wikidata.org/wiki/Q334173","display_name":"Opportunism","level":2,"score":0.5339310169219971},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.500765323638916},{"id":"https://openalex.org/C2780202544","wikidata":"https://www.wikidata.org/wiki/Q44454","display_name":"Moral hazard","level":3,"score":0.47875872254371643},{"id":"https://openalex.org/C159091798","wikidata":"https://www.wikidata.org/wiki/Q157165","display_name":"Creditor","level":3,"score":0.453108012676239},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.428463876247406},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3961646854877472},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3620728850364685},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.35174760222435},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3447979986667633},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.2836838960647583},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.16274267435073853},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.08460739254951477},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:ir.lawnet.fordham.edu:faculty_scholarship-1063","doi":null,"is_oa":false,"landing_page_url":"https://ir.lawnet.fordham.edu/faculty_scholarship/64","pdf_url":null,"source":{"id":"https://openalex.org/S4377196678","display_name":"FLASH - Fordham Law Archive of Scholarship & History (Fordham University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I164389053","host_organization_name":"Fordham University","host_organization_lineage":["https://openalex.org/I164389053"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Faculty Scholarship","raw_type":"article"},{"id":"mag:1551005649","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1553439_code255732.pdf?abstractid=1394995&mirid=5&type=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3125665755","doi":null,"is_oa":false,"landing_page_url":"http://cdn.harvardlawreview.org/wp-content/uploads/pdfs/123_squire.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S117766065","display_name":"Harvard Law Review","issn_l":"0017-811X","issn":["0017-811X","2161-976X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1"],"host_organization":"https://openalex.org/P4322697690","host_organization_name":"Harvard Law Review Association","host_organization_lineage":["https://openalex.org/P4322697690"],"host_organization_lineage_names":["Harvard Law Review Association"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Harvard Law Review","raw_type":null}],"best_oa_location":{"id":"mag:1551005649","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1553439_code255732.pdf?abstractid=1394995&mirid=5&type=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2904495780","https://openalex.org/W2143515573","https://openalex.org/W2753904399","https://openalex.org/W1487258996","https://openalex.org/W7048709921","https://openalex.org/W7097017562","https://openalex.org/W4232487169","https://openalex.org/W1549295517","https://openalex.org/W3149384061","https://openalex.org/W3123877430"],"abstract_inverted_index":{"Modern":[0],"finance":[1],"is":[2,50,59,111,133,161],"increasingly":[3],"dominated":[4],"by":[5,34,179],"derivatives":[6,201],"and":[7,39,128,191,196,202],"similar":[8],"contracts":[9,206],"that":[10,37,63,86,92,95,117,160],"create":[11],"contingent":[12,35,48,90,115,204],"debts,":[13],"which":[14],"become":[15],"payable":[16],"only":[17],"upon":[18],"the":[19,57,61,65,70,105,170,175,180,185,212,219],"occurrence":[20],"of":[21,114,140,209,214],"an":[22,112],"uncertain":[23],"future":[24],"event.":[25],"This":[26],"Article":[27],"identifies":[28],"a":[29,46,166],"pervasive":[30],"opportunism":[31,142],"hazard":[32],"created":[33],"debt":[36,49,66,116,205],"lawmakers":[38],"scholars":[40],"have":[41],"overlooked.":[42],"If":[43],"liability":[44],"on":[45],"firm's":[47,71,106],"especially":[51,134],"likely":[52],"to":[53,73,81,88,102,151,183],"be":[54,100],"triggered":[55],"when":[56],"firm":[58,77],"insolvent,":[60],"contract":[62],"creates":[64],"transfers":[67],"wealth":[68,120],"from":[69],"creditors":[72],"its":[74],"shareholders.":[75],"A":[76],"therefore":[78],"has":[79],"incentive":[80],"engage":[82],"in":[83,169,218],"correlation-seeking":[84,164],"-":[85],"is,":[87],"incur":[89],"debts":[91],"correlate,":[93,103],"or":[94],"through":[96,121],"asset":[97,145],"purchases":[98],"can":[99,148],"made":[101],"with":[104,163],"insolvency":[107],"risk.":[108,131],"The":[109],"consequence":[110],"overuse":[113],"destroys":[118],"social":[119],"overinvestment,":[122],"higher":[123],"borrowing":[124],"costs,":[125],"financial":[126,172,216],"distress,":[127],"potential":[129],"systemic":[130],"Correlation-seeking":[132],"pernicious":[135],"because,":[136],"unlike":[137],"other":[138,203],"forms":[139],"shareholder":[141,157],"such":[143],"as":[144,154],"substitution,":[146],"it":[147,155],"reduce":[149],"risk":[150,213],"shareholders":[152],"even":[153],"increases":[156],"returns.":[158],"Conduct":[159],"consistent":[162],"played":[165],"central":[167],"role":[168],"2008":[171],"crisis,":[173],"causing":[174],"deep":[176],"losses":[177],"suffered":[178],"three":[181],"firms":[182],"receive":[184],"biggest":[186],"bailouts:":[187],"AIG,":[188],"Fannie":[189],"Mae,":[190],"Freddie":[192],"Mac.":[193],"Yet":[194],"current":[195],"proposed":[197],"legal":[198],"rules":[199],"for":[200],"ignore":[207],"matters":[208],"correlation,":[210],"increasing":[211],"another":[215],"crash":[217],"future.":[220]},"counts_by_year":[{"year":2021,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":3}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}