dynamics of the company's cash surplus and, as a novel feature, also the bankruptcy level. The aim is to maximize the total … expected profits from dividends until bankruptcy. The company's optimal dividend payout is therefore influenced by four factors … simultaneously: Brownian fluctuations in the cash surplus, as well as regime changes in drift, volatility and bankruptcy levels. In …

comprehensive reform of bankruptcy law or property rights, by instructing courts to enforce existing, albeit rudimentary …

alleviated by a suitably designed bankruptcy regime that facilitates debt restructuring …

threatened by bankruptcy. These firms respond by eliminating investment and selling their capital goods-at a discount-to try to …

This study investigates the link between bankruptcy and security legislation and potential credit losses faced by banks …

Financial frictions have been documented as an important determinant of firm dynamics. In this paper I model bankruptcy … a model of firm dynamics that generate endogenous borrowing limits and I find that a) inefficient bankruptcy procedures …