Bankruptcy is the legal process whereby financially distressed firms, individuals, and occasionally governments resolve … their debts. The bankruptcy process for firms plays a central role in economics, because competition drives inefficient … corporate bankruptcy is to reduce the cost of default by having a government-sponsored procedure that resolves all debts …

economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …This paper looks at simple decision rules in bankruptcy procedures. It describes special issues of enterprise … liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in …

We develop a dynamic model of banking to assess the effects of liquidity and leverage requirements on banks' insolvency … risk. In this model, banks face taxation, flotation costs of securities, and default costs and maximize shareholder value …

-owned banks. The levels of non-performing loans and capital adequacy ratios compare poorly in international perspective and may … for the two main stateowned banks in mid-2012. To foster the credibility of the new tests, the main results and underlying … by ring-fencing impaired assets, which would create conditions for an orderly resolution of non-viable banks and a rapid …

We develop a dynamic model to assess the effects of liquidity and leverage requirements on banks' insolvency risk. The … model features endogenous capital structure, liquid asset holdings, payout, and default decisions. In the model, banks face …

systemically important major dealer banks. Under current U.S. bankruptcy law, these contracts are exempted from the automatic stay … bankruptcy for qualified financial contracts (QFCs) such as derivatives and repurchase agreements, particularly those held by …

When borrowers are delinquent, senior debtholders prefer liquidation whereas junior debtholders prefer to maintain …