Using new case-level data we document a set of stylized facts on bankruptcy in China and study how the staggered introduction of specialized courts across Chinese cities affected insolvency resolution and the local economy. For identification, we compare cases handled by specialized versus...

Using new case-level data we document a set of stylized facts on bankruptcy in China and study how the staggered introduction of specialized courts across Chinese cities affected insolvency resolution and the local economy. For identification, we compare cases handled by specialized versus...

Using the staggered introduction of regional specialized debt recovery courts as a quasi-natural experiment, we estimate the impact of bankruptcy resolution on the financing cost of corporate bonds in China. We find that the introduction of specialized courts reduces the bond financing cost by...

Using a new case-level dataset we document a set of stylized facts on bankruptcy in China and study how the staggered introduction of specialized courts across Chinese cities affects insolvency resolution and the local economy. For identification, we compare bankruptcy cases handled by...

In this article we review the literature on the recent growth of corporate debt in China, and present stylized facts on the evolution of debt composition, non-performing loans, defaults, and bankruptcy filings. We then describe the legal and political institutions that characterize the system...