common knowledge that some banks have incurred losses but not which ones. We develop a model that features contagion, meaning … of contagion is large, it is possible for no information to be disclosed in equilibrium but for mandatory disclosure to … increase welfare by allowing investment that would not have occurred otherwise. Absent contagion, mandatory disclosure cannot …

the LCFO's assets and liabilities are exempted from normal bankruptcy procedures, creating the potential for a disorderly … dismemberment of an insolvent LCFO. Nonetheless, however inconvenient they may be for bankruptcy administrators, the closeout …

Focusing on home owners, the paper discusses the reduction in a household’s credit access due to bankruptcy filing and … its two effects that may deter a household from filing for bankruptcy. Empirical evidence presented in the paper suggests … that a household with a bankruptcy record is about 30% more likely to lose home ownership and consequently the mortgage …