environments for general distributions and probability spaces, and we show that the extended measure avoids bankruptcy in …

avoids bankruptcy in the long run. It is not time-consistent. …

show that any bankruptcy-free outputs (outputs in which no firm can drive another firm to bankruptcy without becoming … bankrupt itself) that attain individually rational profits (reflecting bankruptcy consideration) can be supported by a subgame …

individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic … Bankruptcy policy. …

This study has as its main objective to analyze the best bankruptcy procedure considering the conflict of interests … characteristics, which is also relevant to the design of the bankruptcy law. Simulating a general-equilibrium model with incomplete … marktes and bankruptcy, we show that for liquidation procedure that does not depreciates the failed assets too much …

In early 2005 a new bankruptcy law was approved by the Brazilian Congress, taking effect a few months later. The new … legislation improved creditor protection and the bankruptcy system's efficiency. This paper tries to shed some light on the … empirical consequences of a bankruptcy reform on a poorly developed credit market. Using data from Argentine, Brazilian, Chilean …

In this paper we present a model of oligopoly and financial constraints. We study allocations which are bankruptcy …-free (BF) in the sense that no firm can drive another firm to bankruptcy without becoming bankrupt. We show how such …