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The Economics of Bankruptcy and the Transition to a Market Economy

Abel, István; Gatsios, Konstantine - C.E.P.R. Discussion Papers - 1993

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. …This paper looks at simple decision rules in bankruptcy procedures. It describes special issues of enterprise …

Persistent link: https://www.econbiz.de/10005791908

Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2004

In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been analysed extensively. In this Paper we address this topic empirically, relying on a unique panel dataset that includes detailed credit-fie information on distressed lending...

Persistent link: https://www.econbiz.de/10005504452

Courts and Banks: Effects of Judicial Enforcement on Credit Markets

Bianco, Magda; Jappelli, Tullio; Pagano, Marco - C.E.P.R. Discussion Papers - 2002

The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market in a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency should reduce credit rationing and...

Persistent link: https://www.econbiz.de/10005123567

Courts: The Lex Mundi project

Djankov, Simeon; La Porta, Rafael; López-de-Silanes, … - C.E.P.R. Discussion Papers - 2002

In cooperation with Lex Mundi member law firms in 109 countries, we measure and describe the exact procedures used by litigants and courts to evict a tenant for non-payment of rent and to collect a bounced check. We use these data to construct an index of procedural formalism of dispute...

Persistent link: https://www.econbiz.de/10005666757

Legal Form, Growth and Exit of West German Firms - Empirical Results for Manufacturing, Construction, Trade and Service Industries

Harhoff, Dietmar; Stahl, Konrad; Woywode, Michael - C.E.P.R. Discussion Papers - 1996

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 …

Persistent link: https://www.econbiz.de/10005136761

Costly Contracts and Consumer Credit

Livshits, Igor; MacGee, James; Tertilt, Michèle - C.E.P.R. Discussion Papers - 2011

Financial innovations are a common explanation of the rise in consumer credit and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers’ risk of default and a fixed cost to create each contract offered by...

Persistent link: https://www.econbiz.de/10009322977

Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe

Begg, David; Portes, Richard - C.E.P.R. Discussion Papers - 1992

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

Persistent link: https://www.econbiz.de/10005123729

Are Russian Commercial Courts Biased? Evidence from a Natural Bankruptcy Experiment

Lambert-Mogiliansky, Ariane; Sonin, Konstantin; … - C.E.P.R. Discussion Papers - 2006

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 … the regional judiciary, reorganization procedures were significantly more frequent in regions with politically popular …

Persistent link: https://www.econbiz.de/10005123934

Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002

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 …

Persistent link: https://www.econbiz.de/10005123993

Back to Keynes?

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10005504355