This study examines whether the state legal environment influences where IPOs elect to incorporate and their subsequent market value. To examine these questions, we develop a new measure of the state legal environment that incorporates both the presence of critical statutes and the willingness...

Legal rights of investors have been recognized as an essential component of corporate governance. We assess the efficacy of these rights by an examination of the corporate governance effects of 215 shareholder derivative lawsuits filed in U.S. courts over the period, 1982-1994. We find...

This Article examines the quality of forecasts in bankruptcy disclosure statements. Required by the Bankruptcy Code, disclosure statements seek to provide creditors with adequate information to cast an informed vote on a chapter 11 plan of reorganization. In addition, disclosure statements are...

This paper makes the first attempt at a comprehensive and general assessment of chapter 11 costs. The findings are based on a random sample of 118 case files from six federal judicial districts. The data was collected by hand through reading of individual files. We find that chapter 11 costs...

This web-based article was originally posted to the web in 2001. It explores the relationship between the U.S. nonbusiness bankruptcy filings and basic measures of debt carried by consumers, including mortgages. The conclusion is nonbusiness bankruptcy filings have a relationship to outstanding...

Although data from the Administrative Office (AO) of the U.S. Courts suggest that only a small fraction of the 1.6 million bankruptcies filed each year are business failures, new research from the Consumer Bankruptcy Project reveals that roughly 17 percent of bankruptcy filings involve the...

Just three years ago, Congress enacted controversial amendments to the Bankruptcy Code. The proponents claimed that the changes would drive the quot;can payquot; debtors (of which there were supposedly many) from the bankruptcy courts with tough new income-based eligibility requirements. And...