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regional level, and two haircut models to estimate the liquidation value. Compared to our findings, rating agencies such as …
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Small businesses, the majority of Spanish firms, rarely file for formal bankruptcy when dealing with financial distress …. This is why business bankruptcy rates in Spain are among the lowest in the world, even during the current economic crisis …. To explain this fact we present the following hypothesis. Filing for bankruptcy in Spain is very costly for both small …
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