In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research...

Economic theory conjectures complementarities between the ranking of creditors in formal insolvency proceedings and the use of collateral in bank loan contracts as well as the exist-ence of relational compared to arm's length lending. In this paper we seek evidence for the-se hypotheses taking...

In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research...

A growing number of jurisdictions have adopted bankruptcy law reforms to aid debt restructuring. By utilizing a difference-in-differences model based on bankruptcy law reforms across six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following...

The bankruptcy courts are currently split on the appropriate choice of law rule, some contend that they must apply the forum state's choice of law rule while others contend that they are free to create a federal choice of law rule. This Article contends that the forum state's choice of law rule...

Since 1978, dismissals of involuntary bankruptcy petitions due to petitioning creditors' bad faith have proliferated. In the process, a textual oddity has not gone unnoticed: even as “bad faith” is denominated as the basis for an award of punitive damages, nowhere in the Bankruptcy Code's...

A recent bench ruling (the "Bench Ruling") by the Bankruptcy Court of the Southern District of New York in the Lehman-Metavente matter held that an “out of the money” non-debtor party to a swap agreement with an “in the money” bankrupt counterparty could not rely on section 2(A)(III) of...

Argentina's 2001 default was followed by a complex debt restructuring that included a long legal dispute with so-called “vulture funds” and other holdout creditors. The full resolution of the sovereign default took almost 15 years. This paper examines the whole restructuring process. It...