identify insolvency-specific optimal incentive mechanisms, while using the general theory on carrots and sticks in legal …The pursuit of ex-ante efficiency in bankruptcy law has been widely discussed in recent law and economics literature … insolvency proceedings as an optimal regulatory response. Moreover, the article provides comparative evidence that exclusive use …

An insolvency administrator replaces the manager of an insolvent firm to devise and organize a liquidation or … reorganization plan in the creditors’ interest. In the course of the process, the insolvency administrator presents the most … because the insolvency administrator, as the better-informed party, considers in his proposal liability risks and reputational …

defense in merger control. -- Managerial Incentives ; Horizontal Mergers ; Antitrust ; Productive Efficiency Gains ; Synergies …We analyze the effects of synergies from horizontal mergers on managerial incentives. In contrast to synergies …, efficiency gains resulting from managerial effort are not merger specific, i.e., they may be realized by all firms before and …

agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly … leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in … actually reduce consumer surplus which opposes the use of an efficiency defense in merger control. …