Im Sanierungsrecht werden Unternehmen zahlreiche Instrumente zur Verfügung gestellt, die wirtschaftlich zu einer Bevorzugung gegenüber Wettbewerbern führen: Insolvenzgeld, Sonderkündigungsrechte, Vollstreckungsmoratorium, Finanzierungseffekte - Scheitern wird im Wirtschaftsrecht belohnt. Was...

This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish...

This paper studies how bank competition influences the resolution of distress and bankruptcy of firms. We compile a large and comprehensive database of US public and private bankruptcies to address this question. By exploiting positive shocks to bank competition, we find that higher competition...

We investigate the impact of banking competition on corporate credit risk. Although banking competition does not, on average, affect corporate bankruptcy rates, we find that it causes corporate bankruptcies to increase significantly for high-leverage firms. This effect lasts up to eight years...