What are the costs of congested court systems? This paper studies the 2005 consumer bankruptcy reform, which caused the …

Employees bear significant costs in bankruptcy. Theoretical models predict they will accept lower wages in the face of … financial distress to avoid such costs. Using a natural experiment, I test this theory and find an exogenous increase in default …

these costs diminish corporate asset values, aggravating bondholders' losses. The value effect of unionization is weaker in …

We estimate the economic costs of financial distress by exploiting cross-supplier variation in real estate assets and … costs of switching suppliers are low. Our results suggest that the indirect costs of financial distress are driven mostly by …

an implicit criticism of bankruptcy courts, who are urged to more aggressively police the costs of bankruptcy. Indeed, at … least one recent critic has unkindly suggested that the failure of the courts to control bankruptcy costs is the result of a … costs at all. In most areas of American law, a professional is accountable solely to its client. Complaints about excessive …

We investigate the importance of the housing-based collateral lending channel on firm borrowing, investment and … opacity, and therefore the degree of their reliance on collateral to overcome borrowing constraints. We find that changing … collateral more important …

different types of collateral. We find that securing a loan reduces borrowing costs for firms by 17 basis points. The price …Researchers' attempts to identify the valuation of collateral has been hampered by data limitations. We overcome this … effect varies across different types of collateral, with marketable securities and real estate being the most valuable types …