We use new firm-level data to examine the effects of spinoffs and privatization on corporate performance in a rapidly … emerging market economy. Unlike the existing literature, which analyzes spinoffs almost exclusively in advanced economies, we … control for accompanying ownership changes and the fact that spinoffs and ownership are endogenous variables. We find that …

circumstances, especially for firms with fewer positive NPV projects and higher liquidation values. When renegotiation is costless …

processes that have nearly always (95%) resulted in the liquidation of the insolvent firm. These dysfunctions became apparent … achieving a successful reorganisation, hence avoiding the firm’s liquidation. Our findings show that two of the four reforms …

moral hazard and decreases with the effi ciency of fi rm liquidation following bankruptcy. …

U.S.and Germany. The benchmark for assessing the empirical analyses theoretically is the general equilibrium framework … reality of labour market rationing and itsdistributional implications both in the U.S. and Germany. … U.S.and Germany. The benchmark for assessing the empirical analyses theoretically is the general equilibrium framework …