This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of quot;territorialityquot; - in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy - with a regime of quot;universality,quot; in...

This paper analyzes the effects of the legal rules governing transnational bankruptcies. We compare a regime of territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy -- with a regime of universality are adjudicated in a...