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 …

-administered bankruptcy procedures. Although we find that the large majority of bankrupt firms in our sample of Hungarian firms are kept as … going concerns, the evidence suggests that the going concern bias sharply reduces aggregate proceeds to pre-bankruptcy … bankrupt company. Comparisons with other bankruptcy codes suggest that the application of the code and court procedures have an …

without losses to creditors, and bankruptcy as forced liquidation. We demonstrate that firms under limited liability are … approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation … of insolvencies is a non-monotonic function of firm size while the likelihood of voluntary liquidation decreases …

payments of principal and interest to creditors, who in turn have strong incentives not to declare bankruptcy. In such …

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 … bankruptcy; while the opposite was true in regions with high-quality judges. The effect of judicial quality on restructuring is …

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 …