We exploit the staggered nature of the Italian bankruptcy law reform of 2005-2006 to disentangle the distinct causal impact of both reorganization and liquidation procedures in bankruptcy on firms' cost of loan financing. Using a unique loan-level data-set covering the universe of firm funding...

Many theories study how firms'cost of funding depends on reorganization and liquidation in bankruptcy. However empirical evidence on this subject is scarce due to the difficulty in interpreting reforms that change different legal instruments at the same time. We take advantage of the timing of...

El sistema bancario español sufrió un importante proceso de reestructuración entre 2009 y 2011 basado en la consolidación de las cajas de ahorros. El diseño de este programa permite estudiar el efecto de dos mecanismos de consolidación (fusiones o adquisiciones convencionales y sistemas...