conjunction with Gordon Phillips, empirically studies how financial distress and bankruptcy affects firms' choices of product … differentially affected by financial distress and bankruptcy. Product quality decreases when airlines are in financial distress … bankruptcy product quality increases relative to financial distress periods. …

Apart from an extensive survey of the literature on the economics of corporate bankruptcy law, this thesis contains … be specified, and it will be shown how investors can be induced to implement it by means of an optimal bankruptcy code in … the case where only standard financial contracts are available. The theory explains why bankruptcy law should, in some …

des Marktes hindeuten:¨ Das Kreditrisiko und dessen Portfolio-orientiertes Management wird auch in Zukunft immermehr an …

generelle R?ckstufung von Gesellschafterdarlehen nach dem MoMiG in der Insolvenz zu finden und modelltheoretisch zu analysieren … richtiger Ansatzpunkt f?r eine Rechtfertigung des Nachranges von Gesellschafterdarlehen in der Insolvenz sein kann, nicht jedoch …The economic reasons for the legal subordination (MoMiG) of shareholders' loans in the insolvency of a company are …

outline key strategies adopted by two major banks in respect of formal insolvency, the “tip” of a considerable debt recovery … “iceberg”. The paper illustrates the reactions and changing administrative practices of banks, as unsecured creditors, and … draws on empirical research that has charted the effect of the Insolvency Act 1986 as regards individual debtors …

Under UK Insolvency law creditors face a strategic choice when dealing with someinsolvent individual debtors. Since … 1986 Individual Voluntary Arrangements (IVAs) havebeen available to return better recoveries than bankruptcy but returns … risk minimisation supported by empirical evidence from studiesof IVAs.The paper shows that creditors have the potential to …