Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial … context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 … effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re …

This paper provides theory and evidence on airline bag fees, offering insights into a real-world case of product … unbundling. The theory predicts that an airlineś fares should fall when it introduces a bag fee, but that the full trip price …

We investigate whether legacy U.S. airlines communicated via earnings calls to coordinate with other legacy airlines in … among airlines about their capacity choices. Estimates from our preferred specification show that when all legacy airlines … reduction materializes only when airlines communicate concurrently, and that it cannot be explained by other possibilities …

Airline fuel consumption is costly for the firms and for society as well due to a climate-change externality. We study … how fuel price changes affect cost-minimizing choices by airlines that have implications for the extent of this … externality. The airline industry's capital stock can be easily inventoried as a set of long-lived, durable aircraft. This …

This paper explores the effects of a European airline merger followed by a consolidation of two competing international … alliances. The exercise has been inspired by the Air France-KLM merger, which is expected to spur consolidation of the Northwest …-KLM and SkyTeam alliances into a single mega-alliance. The results of the analysis show that, although the airlines benefit …

effects of M&As on firms' post-merger R&D investments and drug development capabilities across drug development phases. This … study builds on a novel database that enables us to evaluate the post-merger effect at the research project level and across … examine the direct and indirect merger effects on R&D capabilities across development phases. We find that M&As have a strong …

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …

Using annual data on individual US airlines over the 1995-2015 period, this paper presents regression results relating … an airline's total fuel usage to seven variables: the available ton miles of capacity (passengers plus freight and mail …) provided by the airline; the average seat capacity of its aircraft, average stage length (flight distance); average load factor …