empirically using bankruptcy filings in Sweden, where a filing automatically terminates CEO employment and requires the firm to be … sold in an open auction. The median CEO income loss is a dramatic 40%, suggesting that bankruptcy filing damages CEO … CEO being rehired by the buyer in the auction, as predicted. Moreover, we find that the rehired CEOs generate a post-bankruptcy …

A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …

driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what … Richard Koo calls a ‘balance sheet recession’. Besides interest rates cuts, asset purchases and capital restructuring are key … to crisis resolution. The usual bankruptcy procedures for doing this fail to internalise the price effects of asset ‘fire …

companies needing to sell assets while restructuring. …

, the bankruptcy law does not create pressure on managers to restructure; instead, it may even prevent restructuring. … consequences of this for the efficiency of Russian bankruptcy law. Using a theoretical model and a systematic analysis of available … bankruptcy institution as a mechanism for effective expropriation of the federal government and the outside investors. And second …

We study the impact of different bankruptcy laws in general equilibrium, taking into account the interactions between … the credit and labour markets, as well as wealth heterogeneity. Soft bankruptcy laws often preclude liquidation, to avoid …

payments of principal and interest to creditors, who in turn have strong incentives not to declare bankruptcy. In such … entry. We argue that this may be the single most important obstacle to economic restructuring in CEE. We discuss the scope … package in order to break through the obstacles to successful restructuring. …

bankruptcy; while the opposite was true in regions with high-quality judges. The effect of judicial quality on restructuring is …We study the nature of judicial bias in bankruptcy proceedings following the enactment of bankruptcy law in Russia in … 1998. We find that regional political characteristics affected judicial decisions about the numbers and types of bankruptcy …

We analyse bidding incentives and present evidence on takeover premiums in Sweden’s mandatory bankruptcy auctions. The …