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 …

In this paper, we test the characteristics of bankruptcy procedures that are likely to generate recoveries for the … creditors. Such recoveries are related to the performance of bankruptcy law as they stem from the procedures' ability to … United Kingdom (Common Law).In order to identify the characteristics of bankruptcy procedures that generate recoveries, we …

We explore in the French personal bankruptcy process the ways that judges perform with the possibility to discharge all … prime interest to better understand how French personal bankruptcy laws perform in comparison to other national bankruptcy … systems. Finally, our results can also serve to fill the gap between the bankruptcy rules and the practice of judges …

We test the characteristics of bankruptcy procedures that are likely to generate recoveries for the creditors. We build … 132 original legal indexes accounting for the main functions of bankruptcy law that were highlighted by Hart (2000 … debtor's assets, the coordination of the claimants and their decision power under bankruptcy, and the sanction of faulty …

This research investigates how legal sanctions prevailing under bankruptcy impact on debt contracting and on investing … default of the borrower, the creditor and the debtor actively trade off between private renegotiation and costly bankruptcy … (economic efficiency) and the bankruptcy costs are avoided through private renegotiation (legal efficiency): yet, the legislator …

In this paper, we test the characteristics of bankruptcy procedures that are likely to generate recoveries for the … creditors. Such recoveries are related to the performance of bankruptcy law as they stem from the procedures' ability to … United Kingdom (Common Law).In order to identify the characteristics of bankruptcy procedures that generate recoveries, we …

This paper provides evidence on the value creation of bankruptcy procedures that belong to different legal systems … (French civil law, German civil law, and British common law). Using a sample of 900 hand-collected corporate bankruptcy files … bankruptcy codes are not equivalent in the way they manage and realize the debtor's assets and protect the various claimants …