incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to … the bankruptcy code in Germany that effectively removes their potential impact on CDS firms. Using a unique dataset on …

entrepreneurship. -- Personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in … entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy …

, depositors, and regulators in connection with bank insolvency may corrupt banks' credit allocation and monitoring decisions … insolvency has a cathartic effect using a large firm-level dataset and proposing a new indicator to measure the strength of …

sheets. We find that a distressed bank bailout, which is subject to restructuring and deleveraging conditions, leads to a …

We offer an analytical framework for studying "pre-emptive" debt exchanges. Countries can tailor a sovereign bankruptcy … macroeconomic and legal factors influence the choice of haircut. Our model contributes to the debate on sovereign debt restructuring …

COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first … focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap … measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based …

bankruptcy as a verifiable event that occurs whenever the agent makes a per period loss. This leads to less stringent truth … contracting in private values settings but may do so with interdependent values. Moreover, we develop a novel method to study …