liquidation, while the propensity to insolvency is not affected by the owner’s age. The basic empirical results hold in pooled … under limited liability should be characterized by higher than average insolvency and employment growth rates. We test these … approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation …

liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in … economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …

, especially, the financial cost of filing for bankruptcy. We study the effects of the reform on bankruptcy, insolvency, and …. We find that the decline in bankruptcy filings resulted in a rise in the rate and persistence of insolvency as well as an … that insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to …

driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what …

market, foreign direct investment is associated with higher liquidation costs due to the adverse selection. The exposure to …