bankruptcy procedure is triggered off. This arbitration depends on the legal context and, more specifically, on the national … bankruptcy code. No study has been done on the French Civil Law. Yet, this legal system has inspired other important legislations … inclination for liquidation, collaterals may increase the occurrence of bankruptcy, provided the law facilitates such liquidation …

The aim of this paper is to provide new evidence on the value-creation process taking place in bankruptcy procedures … extent the debtor’s value can be preserved under bankruptcy by analyzing the recovery rates in France, Germany, and the … United Kingdom. We use a unique European sample of 900 corporate bankruptcy files that were manually collected in commercial …

This research investigates how bankruptcy law influences the design of debt contracts and the investment choice through … sanctions are implemented in case of costly bankruptcy only. This way of resolving financial distress can be avoided yet, if a … private agreement is achieved. First, – when sanctions are high – we show that costly bankruptcy may be preferred by honest …

Literature on ex-ante efficiency of bankruptcy procedures investigates how these procedures influence the behavior of … managers and creditors. We extend this literature by explaining how bankruptcy law can influence the design of debt contracts …

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 …

This research investigates how bankruptcy law influences the design of debt contracts and the investments choices. We … bankruptcy only. This way of resolving financial distress can be avoided yet, if a private agreement is achieved. First, – when … sanctions are high – we show costly bankruptcy may be preferred by honest firms over private negotiation: thus, costly …

This research investigates how bankruptcy law influences the design of debt contracts and the investment choice through … sanctions are implemented in case of costly bankruptcy only. This way of resolving financial distress can be avoided yet, if a … private agreement is achieved. First, – when sanctions are high – we show that costly bankruptcy may be preferred by honest …

This research investigates how the legal sanctions prevailing under bankruptcy code impact on the design of debt … actively trades off between private renegotiation and costly bankruptcy procedure. Besides, the debtor’s investment policy … investment project (economic efficiency) and bankruptcy costs are avoided through private renegotiation (legal efficiency): this …