This paper studies optimal financial flexibility in debt issuance. A borrower raises funds for an initial investment and may need financing after observing a private liquidity shock. Under non exclusive lending, new lenders price only their claims, so additional borrowing dilutes existing debt and leads to excessive leverage. The optimal simple debt contract is an endogenous debt limit. It captures the intertemporal commitment–flexibility tradeoff: more borrowing today fi nances investment but increases dilution incentives, requiring tighter limits on future borrowing. Richer clauses, including performance-sensitive debt and contingent prepayment provisions, re store the exclusive-lending benchmark by compensating existing lenders when new financing is raised.
","image_description":"","creation_date":"2026-06-03T15:01:15","last_modification_date":"2026-09-30T13:50:47","link_label":"Paper","link_url":"https://yunzhihu.web.unc.edu/wp-content/uploads/sites/14825/2026/08/draft-v4.pdf","canceled":"False","cancel_reason":"","place_and_room":"UNIL, Extranef, room 126","url_place_and_room":"","url_online_room":"","spoken_languages":["https://memento.epfl.ch/api/v1/spoken_languages/2/?format=json"],"speaker":"Yunzhi Hu - The University of North Carolina","organizer":"","contact":"sophie.cadenakauz@epfl.ch","is_internal":"False","theme":"","vulgarization":{"id":2,"fr_label":"Public averti","en_label":"Informed public"},"registration":{"id":3,"fr_label":"Entrée libre","en_label":"Free"},"keywords":"","file":null,"icalendar_url":"https://memento.epfl.ch/event/export/120962/","category":{"id":1,"code":"CONF","fr_label":"Conférences - Séminaires","en_label":"Conferences - Seminars","activated":true},"academic_calendar_category":null,"domains":[],"mementos":["https://memento.epfl.ch/api/v1/mementos/112/?format=json","https://memento.epfl.ch/api/v1/mementos/3/?format=json","https://memento.epfl.ch/api/v1/mementos/116/?format=json","https://memento.epfl.ch/api/v1/mementos/105/?format=json"]},{"id":72014,"title":"PhD Candidates: Welcome to EPFL!","slug":"phd-candidates-welcome-to-epfl-3","event_url":"https://memento.epfl.ch/event/phd-candidates-welcome-to-epfl-3","visual_url":"https://memento.epfl.ch/image/33308/200x112.jpg","visual_large_url":"https://memento.epfl.ch/image/33308/720x405.jpg","visual_maxsize_url":"https://memento.epfl.ch/image/33308/max-size.jpg","lang":"en","start_date":"2026-11-05","end_date":"2026-11-05","start_time":"16:00:00","end_time":"19:00:00","description":"The Doctoral School is glad to invite all first-year PhD candidates to join the annual PhD Welcome Event!
\r\n
\r\nWhat to expect:
\r\n- Meet the EPFL doctoral community, the administrators of the doctoral school and programs, the PhD associations
\r\n- Discover the many EPFL services dedicated to supporting and counseling students and researchers
\r\n- Get useful insights about your doctoral journey at EPFL, and the resources available to help you
\r\n- Enjoy free food & drinks, and connect with PhD candidates from all our programs and campuses!
\r\n
\r\nWho is it for?
\r\n- The event is open to EPFL PhD candidates who enrolled after November 2025. Registration is required.
\r\n
\r\nPhD candidates working outside Lausanne are especially encouraged to join. This event is a golden opportunity to discover the Lausanne campus and meet your peers! You may request travel support: please contact us via the registration form.
\r\n
\r\nDirect link to the registration form
\r\n
\r\nWe look forward to meeting you on November 5th!
\r\n
\r\nThe Doctoral School Administration Team (EDOC)
\r\n
Eine App programmieren? Ein Computerspiel erfinden? Eine Animation gestalten?
\r\nWenn dich eines dieser Dinge interessiert, bist du hier am richtigen Ort! Tausche und teile deine Ideen, lerne zu programmieren und entdecke Informatikberufe.
\r\n
\r\nDie Coding Club for Girls Workshops sind für Mädchen im Alter von 11 bis 15 Jahren und die Teilnahme ist kostenlos. Ab der Teilnahme an vier Workshops pro Jahr wird eine Teilnahmebestätigung ausgehändigt.
\r\n
\r\nOrt: Kantonsschule, Zug
\r\n
\r\nDatum und Zeit:
\r\n14. November 2026 : 09:30 bis 12:00 oder 13:30 bis 16:00 Uhr // Schildkröte in Python
\r\n28. November 2026 : 09:30 bis 12:00 oder 13:30 bis 16:00 Uhr // Mit Computern chatten
\r\n
\r\nDie Inhalte der Workshops sind untenstehend beschrieben.
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\r\nBedingungen\r\n