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Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …
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In this paper, I assess labor market returns of a substantial skill upgrade: college enrollment of the vocationally trained, non-traditional students who do not have the formal entry requirement. Using propensity-scoreadjusted regressions and the National Educational Panel Study, I find that...
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A personal bankruptcy law that allows for a "fresh start" after bankruptcy reduces the individual risk involved in entrepreneurial activity. On the other hand, as risk shifts to creditors who recover less of their credit after a debtor's bankruptcy, lenders may charge higher interest rates or...
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