the bankruptcy code in Germany that effectively removes their potential impact on CDS firms. Using a unique dataset on … constrained embed the empty creditor effect into their probability of default estimates of affected firms to a larger extent. So …

We offer an analytical framework for studying "pre-emptive" debt exchanges. Countries can tailor a sovereign bankruptcy …

bankruptcy as a verifiable event that occurs whenever the agent makes a per period loss. This leads to less stringent truth …

entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy … 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 …

Every year 400,000 entrepreneurs fail and 60,000 file for personal bankruptcy. The option to declare bankruptcy … insurance and credit conditions. A lenient bankruptcy law always worsens credit conditions, in particular for poor entrepreneurs …, we show that the optimal bankruptcy law is very harsh because the benefits from better credit conditions dominate the …