when a debtor's iabilities exceed its assets. In the absence of a bankruptcy law, the private debt-collection remedies that …In this article we provide a rationale for bankruptcy law that is based on the conflicts among creditors that occur … creditors pursue when a debtor is insolvent result in an ad hoc disposal of the debtor's assets, thereby reducing the aggregate …

symptoms of illness. Practically speaking, this rule often bars recovery due to bankruptcy and causal uncertainty. One solution … trigger a race to file among exposure victims, thereby itself inducing bankruptcy. This paper characterizes the conditions …

We study the impact of macroeconomic instability on business exit in a world where acquisition and bankruptcy are co … instability has opposite effects on bankruptcy hazard and acquisition hazard, raising the former and lowering the latter. While it … is not surprising that bankruptcy hazard is counter-cyclical and acquisition hazard pro-cyclical, it is noteworthy that …

In this paper the authors discuss the factors that interact in the design of an optimal bankruptcy law. The authors … focus on issues that are often overlooked in both the policy debate and in the academic research on bankruptcy. After … answering the question why a bankruptcy law is needed at all, the authors discuss the criteria of ex ante vs. ex post efficiency …

neoclassical firm. The model also demonstrates that a firm’s net worth position, managerial sensitivity to bankruptcy, access to …

The paper presents facts on the ex-post efficiency of the Czech bankruptcy procedures. First, it briefly summarizes in … what aspects bankruptcy systems differ across countries and introduces the main observations made about the Czech case so …