liability rules and bankruptcy laws decreases as exogenous sources of uncertainty become relatively more important, and … increases with the opportunity for moral hazard (related to diligence, risk taking, or deception). Second, bankruptcy laws …

outside bankruptcy. The approach to bankruptcy is contract-based, with lenders and borrowers relying on procedures written … concentrated debt structures and liquidation rights. As a result, the rescue process is largely free of coordination failures and … the decision to place the distressed firm in bankruptcy. …

This paper examines the role of geography and culture in explaining bankruptcy. We adopt survival analyses to model the … bankruptcy risk of a firm, allowing for time-varying covariates. Based on a large sample from all major sectors of the Swiss …-periphery approach, has a significant impact on its bankruptcy risk; (ii) Variables proxying for the cultural environment of a firm have …

bankruptcy policy, practive is more varied and there is less consensus ion what needs to be done. The next three setions provide …

Typical models of bankruptcy and collateral rely on incomplete asset markets. In fact, bankruptcy and collateral add … and Levine (2001) can be implemented in a model with bankruptcy and collateral. The equilibrium allocation is constrained … efficient. Bankruptcy occurs when consumers receive low income shocks. The implementation of the debt constrained allocation in …

By compiling a novel dataset from bankruptcy court dockets recorded in Delaware between 2001 and 2002, we build and … estimate a structural model of Chapter 13 bankruptcy. This allows us to quantify how key debtor characteristics, including … whether they are experiencing bankruptcy for the first time, their past due secured debt at the time of filing, and income in …

The 1990's witnessed a historically unprecedented number of personal bankruptcy filings. In response, congressional … debate over bankruptcy law has recently led to several proposals aimed at making it more difficult to exempt wealth in … bankruptcy. In this paper, I evaluate uniform exemption policy primarily within the context of the recent congressional proposal …

In U.S. data, income interruptions, the receipt of public insurance, and the incidence of personal bankruptcy are all … closely related. The central contribution of this paper is to evaluate both bankruptcy protection and public insurance in a … delivers two striking conclusions. First, we find that U.S. personal bankruptcy law is an important barrier to allowing the …