We document recent international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Our abstraction of bankruptcy law covers issues of eligibility, debt...

We document international changes in bankruptcy law pertaining to personal liabilities. Implications are investigated within a theoretical model, focusing on interest rates, employment, and bankruptcy incidence. Small-firm employment rises as bankruptcy law becomes more stringent, but interest...

We investigate two interrelated questions concerning the institution of bankruptcy. First, is there a link between legislative activity and business cycle fluctuations, and if so, what is its character? Legislative activity from 1790 through 1994 is documented and matched with business cycle...

The magnitude and determinants of country and currency risk premia are of considerable importance to investors and policymakers. Unique data on peso and dollar denominated debt issued by the Mexican government is used to identify and analyze the intertemporal prices of country and currency risk,...

This paper contains an overview of personal, or consumer, bankruptcy in the United States, concentrating on empirical issues in the study of this important legal institution. Business cycle effects are reviewed, in the context of both the passage of legislation and the effect of economic...

We ask two related questions relevant to current public policy debates concerning personal bankruptcy: What are the important influences in determining bankruptcy chapter choice, and do new incentives embedded in a major legal change have their anticipated impact? Chapter choice models,...

The growth in automated trading systems has been explosive, and regulatory initiatives and analysis with respect to this new form of financial market structure quickly followed. We analyze the use of the definition of an ÒexchangeÓ for the purpose of classification and regulation of automated...

The automation of trading markets has given rise to a variety of regulatory concerns. We briefly review the regulatory approach used by the U.S. Securities and Exchange Commission in dealing with automation of equity markets and the growth of proprietary trade execution systems in these markets....

A taxonomy of existing and planned automated trade execution systems in financial markets is provided. Over 50 automated market structures in 16 countries are analyzed. The classification scheme is organized around the principle that such markets consist of an algorithm that performs a trade...