The paper warns about the potential efficiency losses associated with low business bankruptcy rates (number of firms … argument, analysed with an incomplete contracts model à la Bolton and Scharfstein (1996), is as follows. The low efficiency and … low creditor protection of the Spanish bankruptcy system relative to those of an alternative insolvency institution …

The survey of real outcomes of insolvency proceedings in the Czech Republic analysed by this study took place during … of certain crucial data as to the actual outcome of insolvency proceedings in the Czech Republic, i.e. especially as to … basic information on the structure of the insolvency act in the Czech Republic and possible changes in legislation that …

they started businesses with the bank loans due to lack of own capital. Most of the businesses surveyed feel the need for …

incentives, risk management models and procedures, conflicts of interest and bank strategies. Their perspectives are quite …

loan-level dataset. We find that the introduction of a reorganization procedure increased the interest rates on bank loans …

‘lemons’ problem is severe, it is optimal to establish a relationship with more than one bank in spite of higher transaction … concludes with a comparison of bank-firm relationships in Italy and the United States, characterized respectively by multiple …

Using a large sample of small-to-medium size firms that defaulted on their bank debt in France, Germany, and the UK, we … that minimize the statutory dilution of their claims in bankruptcy. Despite such adjustments, bank recovery rates in …