The substantial costs of foreclosures to individuals and society motivated nearly $40 billion in government subsidies to homeowners during the Great Recession. Most of these subsidies were in the form of permanent loan modifications with mixed evidence of effectiveness. This paper estimates the...

The Blackjewel Coal bankruptcy of summer 2019 exposed critical weaknesses in our state-based system of employee creditor protection. Notwithstanding employees' priority over other unsecured creditors in bankruptcy, and notwithstanding a bonding requirement imposed by the State of Kentucky,...

The financial crisis of 2007/8 has had a significant impact on the place of social policy objectives in a highly liberalised Common Market. As laws have been reformed over the years since the failure of Lehman Brothers set in motion a domino effect among high risk investment banks and financial...

Following the economic shocks of 2007/08 a spotlight has been thrown on how best to support effective business rescue and employment protection. However, business rescue and employment protection often tend to conflict in law and policy. Employees attached to the sale of a business often...

In this paper we analyze the relationship between strictness of employment protection and efficiency of bankruptcy law. We argue that country's legal tradition provides the appropriate institutional proxy to explain the nature of such relationship. We find that for civil law countries where...