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. The bankruptcy code is a "primitive creditor system" and financial distress leads to an arbitration between private … agreement and costly formal bankruptcy. We consider a standard debt contract between a bank and a small firm, both risk … show that costly formal bankruptcies may occur at equilibrium and the internalization of bankruptcy costs is impossible …
Persistent link: https://www.econbiz.de/10005811658
The aim of this paper is to provide new evidence on the value-creation process taking place in bankruptcy procedures … extent the debtor’s value can be preserved under bankruptcy by analyzing the recovery rates in France, Germany, and the … United Kingdom. We use a unique European sample of 900 corporate bankruptcy files that were manually collected in commercial …
Persistent link: https://www.econbiz.de/10008492683
bankruptcy procedure is triggered off. This arbitration depends on the legal context and, more specifically, on the national … bankruptcy code. No study has been done on the French Civil Law. Yet, this legal system has inspired other important legislations … inclination for liquidation, collaterals may increase the occurrence of bankruptcy, provided the law facilitates such liquidation …
Persistent link: https://www.econbiz.de/10008684728
Under the assumption that asset markets are incomplete, this paper introduces bankruptcy in an intertemporal … argues that intervention in the form of a level of bankruptcy exemption can enhance not only social welfare but also … distributive equity. The bankruptcy law is carefully specified in the model. The model generates distributional changes in …
Persistent link: https://www.econbiz.de/10005401865
general equilibrium model. Binding ceilings on loan rates reduce the probability of bankruptcy. Lower bankruptcy rates result … in lower bankruptcy and liquidation costs. The authors state conditions under which the resources freed by this cost …
Persistent link: https://www.econbiz.de/10005402001
Persistent link: https://www.econbiz.de/10003317035
Persistent link: https://www.econbiz.de/10011966203
The quality of corporate governance regulations matters. If they are well designed, they can help governments achieve important policy objectives, such as higher levels of investment, increased productivity and better business sector dynamics. But for this to happen, the rules and regulations...
Persistent link: https://www.econbiz.de/10012451086
In demystifying the concept of market-like instruments, this study explains how to make better use of market-like instruments in fisheries management by identifying practical steps that can be taken to further their use. The findings of the study are based on a survey of the use of market-like...
Persistent link: https://www.econbiz.de/10012442752