This paper investigates the effect of reforms of insolvency regulations on cross-border debt and equity investments at …-indicators on the efficiency of insolvency regulations, we find that investors prefer to invest more in countries with more efficient … insolvency frameworks. The effect, however, differs across sectors, with households and institutional investors being …

capital play an important role in the process. Insolvency regulations are a key factor for stronger equity market integration …. Uniform European insolvency regulations are desirable; more efficient regulations on the national level would be an important …

investment in countries that are transparent and have efficient insolvency procedures, investor protection, and tax systems as …