In a political structure with several power levels, how should regulatory authority in the area of corporate law be efficiently allocated between the different levels ? This question arises amidst a larger debate over the issue of the organization of governmental action when it takes place in a...

Significant changes in corporate governance may occur when firms face bankruptcy. First, as the worsening of performance becomes more and more obvious, stakeholders will modify their behavior towards the firm. Furthermore, once a bankruptcy procedure is filed (and especially in the case of...