indexes are high. When aggregated at the country level, these firm-level results suggest that bankruptcy law can influence the … creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage …

indexes are high. When aggregated at the country level, these firm-level results suggest that bankruptcy law can influence the … creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage …

We investigate the impact of bankruptcy codes on firms' capital-structure choices. We develop a theoretical model to … identify how firm characteristics may interact with the bankruptcy code in determining optimal capital structures. A novel and …-friendly bankruptcy code (such as the US's) and one that is relatively more debt-friendly (such as the UK's) should be a decreasing …