as a going concern or liquidation). Addressing this dilemma, we discuss the determinants of bankruptcy courts’ selection … which bankruptcy courts have to combine both social efficiency (maintaining employment) and ex post financial efficiency … employment by facilitating continuation and reducing the domino effects of bankruptcy. (2) the courts’ choice between rival …

This paper analyzes the reorganization procedure introduced into the Chinese bankruptcy system in 2007. It shows that … managers devote more effort during the reorganization than before the bankruptcy when the emergence value of the bankrupt firm … is substantial. In addition, in the pre-bankruptcy period, managers were shown to input less effort under the new law …

bankruptcy procedures. Also, political connections do not result in efficiency-enhancing bankruptcies; in line with a politicians …

renegotiate their debt prefer a formal bankruptcy procedure, which is more costly, over direct negotiations with their debtholders … driving the outcome of a formal procedure, such as the cost of bankruptcy, the likelihood of deviation from the absolute … creditor coordination problems are important drivers of the decision to restructure under formal bankruptcy procedures rather …

put into the bankruptcy system for liquidation/ reorganization because the realized value from the small firms often do … contract driven bankruptcy system to the court driven system, and their implications for failed VC funded firms. This paper … not cover the cost of the bankruptcy process. Consequently, it is difficult to ascertain the impact of corporate …

as a going concern or liquidation). Addressing this dilemma, we discuss the determinants of bankruptcy courts’ selection … which bankruptcy courts have to combine both social efficiency (maintaining employment) and ex post financial efficiency … employment by facilitating continuation and reducing the domino effects of bankruptcy. (2) the courts’ choice between rival …