Optimal Bankruptcy Laws Across Different Economic Systems
نویسندگان
چکیده
منابع مشابه
Credit , Wages and Bankruptcy Laws ∗
We study bankruptcy in general equilibrium, taking into account the interactions between the credit and the labor markets, as well as wealth heterogeneity. Soft bankruptcy laws often preclude liquidation, to avoid ex-post inefficiencies. This worsens credit rationing, depresses investment and reduces aggregate leverage. Yet, tough laws do not necessarily maximize social welfare or emerge from t...
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Axiomatic analysis of bankruptcy problems reveals three major principles: (i) proportionality (PRO), (ii) equal awards (EA), and (iii) equal losses (EL). However, most real life bankruptcy procedures implement only the proportionality principle. We construct a noncooperative investment game to explore whether the explanation lies in the alternative implications of these principles on investment...
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My approach will be mainly normative: I will have very little to say about why bankruptcy laws have developed in the way they have.
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An understanding of factors related to trends in the incidence of personal nonbusiness bankruptcy is important to credit managers as well as to economists. This study updates and extends to 1982 an earlier study of economic factors associated with the incidence of bankruptcy from 1950 to 1970. This study shows that the incidence of personal bankruptcy follows movements in a measure of the aggre...
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Article history: Received 20 May 2009 Received in revised form 26 April 2010 Accepted 18 May 2010 Available online 26 June 2010 How do bankruptcy laws as formal institutions affect entrepreneurship development around the world? Do entrepreneur-friendly bankruptcy laws encourage more entrepreneurship development at a societal level? We posit that if bankrupt entrepreneurs are excessively punishe...
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ژورنال
عنوان ژورنال: Review of Financial Studies
سال: 1999
ISSN: 0893-9454,1465-7368
DOI: 10.1093/rfs/12.2.347