This paper contributes to the debate on optimal bankruptcy reform by providing a set of results that challenge the … wisdom that "soft" bankruptcy codes have necessarily positive effects. The model hinges on the key idea that "soft …" bankruptcy allows a poor performing entrepreneur to renegotiate the terms of the initial contract with a lender. In the presence …

frequently not the case according to bankruptcy regulation and as observed in practice.We theoretically show that including risky …

representative sample of start-ups. An increase in the amount of borrower’s personal wealth protected in bankruptcy reduces the …

Abstract: This article characterizes the per capita nucleolus for bankruptcy games as a bankruptcy rule. This rule … however is that, for each bankruptcy problem, it takes into account a vector of clights. These clights only depend on the …

Abstract: This paper introduces liability problems, as a generalization of bankruptcy problems, where every agent not … cash should be allocated among the agents. In particular we focus on bankruptcy rule based bilateral transfer schemes … transfer scheme is unique. Although in general a bankruptcy rule based bilateral transfer scheme need not be unique, we show …