less persistent problems in the pre-bankruptcy Total-Factor-Productivity (TFP) performances than those before the reform …, accepted in the court-administered rehabilitation procedures after the post-crisis bankruptcy reform in Korea, had experienced …. The most crucial element of the post-crisis reform in the post-crisis court-administered bankruptcy system is the …

shares in skill intensive sectors, because as subsidized firms experience improvement in productivity, they capture more … zombie firms causes the problem of resources misallocation, which as a result, adversely affects the average productivity at …

fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that rising capital …This paper explores cross-country differences in the design of insolvency regimes and their potential links with two … inter-related sources of labour productivity weakness: the survival of “zombie” firms (firms that would typically exit in a …

, age, or productivity. We identify conditions under which standard models of firms subject to financial frictions can be …