Bhattacharjee, Arnab; Higson, Christopher; Holly, Sean; … - In: Review of Law & Economics 5 (2009) 1, pp. 1-1
as Chapter 11 can decouple liquidation from macroeconomic conditions. We develop a model in which a firm's bankruptcy and … also estimate the model for the UK, which is an economy without an equivalent system to Chapter 11. Differences in the … responsiveness of bankruptcy to instability are largely attributable to reorganization under Chapter 11. …