Unpaid time off refers to taking time away from work without compensation. In contrast,paid time off (PTO)is when employees receive compensation during their time away from work. Most countries have mandatory PTO requirements for employee annual leave, holidays, illness, and other circumstances.Statu...
Second, a debt overhang problem may increase equity-holder disincentives to receive support, since the gains in the event of a recovery may accrue largely to debt holders, in particular when the protection of the debt holders is focused. Third, as pointed out by Bayazitova and Shivdasani (...