which bankruptcy courts have to combine both social efficiency (maintaining employment) and ex post financial efficiency … as a going concern or liquidation). Addressing this dilemma, we discuss the determinants of bankruptcy courts’ selection … employment by facilitating continuation and reducing the domino effects of bankruptcy. (2) the courts’ choice between rival …

bankruptcy models and provide a connection between this bankruptcy law puzzle and the variables depicting the governance of … national bankruptcy law, and (2) the risks associated with each bankruptcy model according to the economic literature on … bankruptcy law. Our final aim is to test whether the various bankruptcy models detailed in the paper perform in separate economic …