"The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model … that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable … lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new …

"Under the traditional "competition-fragility" view, more bank competition erodes market power, decreases profit … margins, and results in reduced franchise value that encourages bank risk taking. Under the alternative "competition … suggest that - consistent with the traditional "competition-fragility" view - banks with a greater degree of market power also …

"The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity … practice of cash rebates, increased competition by way of annuity rates, and raised the long-run elasticity to one. "--World …

"The relationships among competition in the financial sector, access of firms to external financing, and associated … economic growth are ambiguous in theory. Moreover, measuring competition in the financial sector can be complex. In this paper … Claessens and Laeven first estimate for 16 countries a measure of banking system competition based on industrial organization …