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  1. Mark Twain's Correspondence with Henry Huttleston Rogers, 1893-1909
    Author: Twain, Mark
    Published: [1969]; ©1969
    Publisher:  University of California Press, Berkeley, CA

    This collection of correspondence between Clemens and Rogers may be thought of as a continuation of Mark Twain's Letters to His Publishers, 1867-1894, edited by Hamlin Hill. It completes the story begun there of Samuel Clemens's business affairs,... more

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    This collection of correspondence between Clemens and Rogers may be thought of as a continuation of Mark Twain's Letters to His Publishers, 1867-1894, edited by Hamlin Hill. It completes the story begun there of Samuel Clemens's business affairs, especially insofar as they concern dealings with publishers; and it documents Clemens's progress from financial disaster, with the Paige typesetter and Webster & Company, to renewed prosperity under the steady, skillful hand of H. H. Rogers. But Clemens’s correspondence with Rogers reveals more than a business relationship. It illuminates a friendship which Clemens came to value above all others, and it suggests a profound change in his patterns of living. He who during the Hartford years had been a devoted family man, content with a discrete circle of intimates, now became again (as he had been during the Nevada and California years) a man among sporting men, enjoying prizefights and professional billiard matches in public, and—in private—long days of poker, gruff jest, and good Scotch whisky aboard Rogers’s magnificent yacht

     
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  2. Economic performance, wealth distribution and credit restrictions with continuous investment
    Author: Fischer, Ronald; Huerta, Diego
    Published: June 10, 2016
    Publisher:  CEA, Centro de Economía Aplicada, Ingeniería Industrial, Universidad de Chile, Santiago, Chile

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; no 326
    Subjects: Unternehmensfinanzierung; Kreditmarkt; Kreditrationierung; Insolvenz; Vermögensverteilung; Offene Volkswirtschaft; Theorie; Wealth distribution; firm size; credit market imperfections; bankruptcy
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  3. Equilibrium theory of banks' capital structure
    Author: Gale, Douglas; Gottardi, Piero
    Published: [2017]
    Publisher:  European University Institute, Badia Fiesolana, Italy

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Other identifier:
    hdl: 1814/45644
    Series: EUI working papers ; ECO 2017, 02
    Subjects: capital structure; banks; bankruptcy
    Scope: 1 Online-Ressource (circa 45 Seiten)
  4. Strategic default among private student loan debtors
    evidence from bankruptcy reform
    Author: Darolia, Rajeev; Ritter, Dubravka
    Published: November 2017
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Language: English
    Media type: Book
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    Series: Working paper / Research Department, Federal Reserve Bank of Philadelphia ; no. 17, 38
    Subjects: student loans; bankruptcy; bankruptcy reform
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  5. Post-reorganization survival
    a semi-parametric and non-parametric analysis of firm characteristics
    Author: Fattah, Lara Abdel; Barthélémy, Sylvain; Levratto, Nadine; Trempont, Benjamin
    Published: [2016]
    Publisher:  Université de Paris Ouest Nanterre La Défense, Nanterre

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    Language: English
    Media type: Book
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    Series: Working paper / EconomiX ; 2016, 22
    Subjects: reorganization; bankruptcy; survival; business groups; Cox model; Random Forests
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  6. Why do companies fail?
    Author: Kenney, Rose; La Cava, Gianni; Rodgers, David
    Published: November 2016
    Publisher:  Reserve Bank of Australia, [Sydney]

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    Language: English
    Media type: Book
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    Series: Research discussion paper / Reserve Bank of Australia ; RDP 2016, 09
    Subjects: failure; bankruptcy; business cycle; financial stability; leverage
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  7. Rational but not prescient: borrowing during the fracking boom
    Author: Berkowitz, Daniel M.; Boslett, Andrew J.; Brown, Jason P.; Weber, Jeremy G.
    Published: [2022]
    Publisher:  Federal Research Bank of Kansas City, Kansas City, Mo.

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    Source: Union catalogues
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    Series: KcFED research working papers ; RWP 22, 05 (May 2022)
    Subjects: income shocks; consumer debt; bankruptcy; resource booms
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  8. Identifying empty creditors with a shock and micro-data
    Author: Degryse, Hans; Gündüz, Yalın; O'Flynn, Kuchulain; Ongena, Steven
    Published: 04 December 2021
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP16773
    Subjects: Empty creditors; default; bankruptcy; credit default swaps; Micro-data
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  9. Life after default
    credit hardship and its effects
    Author: De Giorgi, Giacomo; Naguib, Costanza
    Published: [2022]
    Publisher:  Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics, Bern, Switzerland

    We analyze the impact of credit default on individual trajectories. Using a proprietary dataset for the years 2004-2020, we find that after default individuals relocate to cheaper areas. Importantly, default has long-lasting negative effects on... more

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    We analyze the impact of credit default on individual trajectories. Using a proprietary dataset for the years 2004-2020, we find that after default individuals relocate to cheaper areas. Importantly, default has long-lasting negative effects on income, credit score, total credit limit, and home-ownership status.AWe analyze the impact of credit default on individual trajectories. Using a proprietary dataset for the years 2004-2020, we find that after default individuals relocate to cheaper areas. Importantly, default has long-lasting negative effects on income, credit score, total credit limit, and home-ownership status.

     
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    hdl: 10419/266511
    Series: Discussion papers / Universität Bern, Faculty of Business, Economics and Social Sciences, Department of Economics ; 22, 06 (August, 2022)
    Subjects: mobility; bankruptcy; default; credit; income
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  10. Behavioural credit cycles
    Author: Delli Gatti, Domenico; Iannotta, Gabriele
    Published: September 2022
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and... more

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    We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and Hommes. This behavioural approach allows to better understand and replicate the effects of shocks. In the absence of actual defaults, following a positive productivity shock, our behavioural model (BCC Mark I) generates hump-shaped impulse-response functions that are more realistic than those generated by the same shock in a corresponding model with rational expectations (RCC). When the behavioural model allows also for defaults (BCC Mark II), a productivity shock triggers ample and persistent fluctuations (if the intensity of choice of the lender is sufficiently high), a feature that is absent in BCC Mark I (and of course in RCC).

     
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    hdl: 10419/265989
    Series: CESifo working paper ; no. 9954 (2022)
    Subjects: credit market; collateral constraints; heterogeneous expectations; bankruptcy; boom bust cycles
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  11. Creditor rights, implicit covenants, and the quality of accounting information
    Author: Ḥamdani, Asaf; Mugerman, Yevgeny; Rooz, Ruth; Steinberg, Nadav; Yāfe, Yišay
    Published: 27 December 2021
    Publisher:  Centre for Economic Policy Research, London

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    Media type: Book
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    Series: Array ; DP16844
    Subjects: Creditor rights; Covenants; financial distress; bankruptcy; Accounting conservatism; Accruals; Informativeness
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  12. Consumer bankruptcy, mortgage default and labor supply
    Author: Li, Wenli; Meghir, Costas; Oswald, Florian
    Published: 18 March 2022
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: Array ; DP17117
    Subjects: Lifecycle; bankruptcy; Mortgage Default; housing; Labor Supply; Consumption,Education; Insurance; moral hazard
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  13. The unloved stepchild
    why some firms are allowed to die in a business group
    Author: Ferris, Stephen P.; Hanousek, Jan; Hanousek, Jan; Kapounek, Svatopluk
    Published: 29 December 2022
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP17775
    Subjects: bankruptcy; financial distress; business groups; ownership; legal origin
    Scope: 1 Online-Ressource (circa Seiten)
  14. Bankruptcy and the COVID-19 crisis
    Author: Wang, Jialan; Yang, Jeyul; Iverson, Benjamin; Kluender, Raymond
    Published: [2020]
    Publisher:  Harvard Business School, [Boston, MA]

    We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous... more

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    We examine the impact of the COVID-19 economic crisis on business and consumer bankruptcies in the United States using real-time data on the universe of filings. Historically, bankruptcies have closely tracked the business cycle and contemporaneous unemployment rates. However, this relationship has reversed during the COVID-19 crisis thus far. While aggregate filing rates were very similar to 2019 levels prior to the severe onset of the pandemic, filings by consumers and small businesses dropped dramatically starting in mid-March, contrary to media reports and many experts' expectations. The total number of bankruptcy filings is down by 27 percent year-over-year between January and August. Consumer and business Chapter 7 filings rebounded moderately starting in mid-April and stabilized around 20 percent below 2019 levels, but Chapter 13 filings remained at 55-65 percent below 2019 levels through the end of August. In contrast to the 2007-9 recession, states with a larger increase in unemployment between April and July experienced greater drops in bankruptcies. Although they make up a small share of overall bankruptcies, Chapter 11 filings by large corporations have increased since 2019, and are up nearly 200 percent year-over-year from January through August. These patterns suggest that the financial experiences of consumers, small businesses, and large corporations have diverged during the COVID-19 crisis. Large businesses have continued to seek and receive relief from the bankruptcy system as they would during a normal recession, and relatively wealthy homeowners have on average benefited from the fiscal stimulus and housing moratoria mandated by the CARES Act and other policies. However, non-homeowners and small businesses may face financial, physical, and technological barriers to accessing the bankruptcy system, especially in the areas hardest-hit by unemployment

     
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    Series: Working paper / Harvard Business School ; 21, 041
    Subjects: bankruptcy; financial distress; COVID-19
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  15. Identifying empty creditors with a shock and micro-data
    Author: Degryse, Hans; Gündüz, Yalın; O'Flynn, Kuchulain; Ongena, Steven
    Published: [2021]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to the... more

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    Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to the bankruptcy code in Germany that effectively removes their potential impact on CDS firms. Using a unique dataset on bank-firm CDS net notional and credit exposures we find that the probability of default for CDS firms drops when the effect of empty creditors is removed. This effect increases in the average CDS hedge position of a firm's creditors and in the concentration of the firm's debt. Firms with longer credit relationships, with higher average collateral ratios of their debt, and financially safer firms are less affected by empty creditors. Banks that are not capital constrained and that are liquidity constrained embed the empty creditor effect into their probability of default estimates of affected firms to a larger extent. So do banks that monitor their creditors less and that earn a smaller portion of their income from interest activities.

     
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    Language: English
    Media type: Ebook
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    ISBN: 9783957298539
    Other identifier:
    hdl: 10419/247683
    Series: Discussion paper / Deutsche Bundesbank ; no 2021, 45
    Subjects: Empty creditors; default; bankruptcy; credit default swaps; micro-data
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  16. Corporate investment, financing, and exit model with an earnings-based borrowing constraint
    Author: Nishihara, Michi; Shibata, Takashi; Zhang, Chuanqian
    Published: September 2021
    Publisher:  Graduate School of Economics, Osaka University, Toyonaka, Osaka, Japan

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    Source: Union catalogues
    Language: English
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    Other identifier:
    hdl: 11094/84815
    Series: Discussion papers in economics and business ; 21, 13
    Subjects: real options; borrowing constraints; capital structure; bankruptcy
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  17. European insolvency law and firm leverage
    Author: Solinge, Fien van; Soederhuizen, Beau
    Published: July 2023
    Publisher:  CPB Netherlands Bureau for Economic Policy Analysis, [Den Haag]

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    Series: CPB discussion paper
    Subjects: bankruptcy; investor protection; microdata; capital structure; creditor rights
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  18. A tale of two bankruptcies
    geographic differences in bankruptcy chapter choice
    Author: Pattison, Nathaniel; Millimet, Daniel L.
    Published: May 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    The importance of place of birth or residence on a host of economic outcomes cannot be overstated. The treatment of households in consumer bankruptcy appears to be no different. Despite the U.S. Bankruptcy Code being federal law, there is extreme... more

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    The importance of place of birth or residence on a host of economic outcomes cannot be overstated. The treatment of households in consumer bankruptcy appears to be no different. Despite the U.S. Bankruptcy Code being federal law, there is extreme geographic variation in the relative use of the two types of consumer bankruptcy - Chapter 7 and Chapter 13 - and these differences lead to disparities in bankruptcy's balance between debt relief and creditor repayment. Guided by the legal literature, we develop a framework to decompose the geographic variation into three potential sources: (i) differences in filer characteristics, (ii) differences in how courts steer filers based on those characteristics, and (iii) differences in how frequently filers deviate from court steering. The results reveal that heterogeneity surrounding a single characteristic, disposable income, explains most of the geographic variation in chapter choice. Moreover, we show that disposable income plays an important and overlooked role in screening within the bankruptcy system, and we discuss the legal mechanisms behind this screening. Finally, we explore the consequences of improving uniformity in the bankruptcy system.

     
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    hdl: 10419/272732
    Series: Discussion paper series / IZA ; no. 16105
    Subjects: bankruptcy; chapter choice; regional disparities
    Scope: 1 Online-Ressource (circa 84 Seiten), Illustrationen
  19. The bankruptcy process of a Genoan commerce desk in the early modern Spain
    Author: Gómez Oreña, Mercedes
    Published: January 2023
    Publisher:  AEHE, Asociación Española de Historia Económica, [Murcia]

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    Language: Spanish
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    Series: Documentos de trabajo / Asociación Española de Historia Económica ; no 2301
    Subjects: 17th century; bankruptcy; creditors; maravedíes; company; debtors; ambassador
    Scope: 1 Online-Ressource (circa 41 Seiten)
  20. Price competition and endogenous product choice in networks
    evidence from the US airline industry
    Author: Bontemps, Christian; Gualdani, Cristina; Remmy, Kevin
    Published: [2023]
    Publisher:  School of Economics and Finance, Queen Mary University of London, London

    We develop a two-stage game in which competing airlines first choose the networks of markets to serve in the first stage before competing in price in the second stage. Spillovers in entry decisions across markets are allowed, which accrue on the... more

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    We develop a two-stage game in which competing airlines first choose the networks of markets to serve in the first stage before competing in price in the second stage. Spillovers in entry decisions across markets are allowed, which accrue on the demand, marginal cost, and fixed cost sides. We show that the second-stage parameters are point identified, and we design a tractable procedure to set identify the first-stage parameters and to conduct inference. Further, we estimate the model using data from the domestic US airline market and find significant spillovers in entry. In a counterfactual exercise, we evaluate the 2013 merger between Amer- ican Airlines and US Airways. Our results highlight that spillovers in entry and post-merger network readjustments play an important role in shaping post-merger outcomes.

     
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    Series: Working paper / School of Economics and Finance, Queen Mary University of London ; no. 950 (June 2023)
    Subjects: endogenous market structure; multiple equilibria; oligopoly; product repositioning; mergers; remedies; bankruptcy
    Scope: 1 Online-Ressource (circa 46 Seiten)
  21. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Filer, Randall Keith; Kovač, Dejan; Shapiro, Jacob N.; Srhoj, Stjepan
    Published: [14. September 2021]
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a „pre-bankruptcy settlement“ (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor-creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as reduced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms‘ future prospects.

     
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    Series: IWH discussion papers ; 2021, no. 10 (September 2021)
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (III, 60 Seiten, 2,95 MB), Diagramme
  22. The impact of delay: evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: August 2021
    Publisher:  Charles University, Center for Economic Research and Graduate Education, Prague

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 823
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788073435073; 9788073446024
    Series: Working paper series / CERGE-EI ; 700
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  23. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: [2021]
    Publisher:  Research platform Empirical and Experimental Economics, University of Innsbruck, Innsbruck, Austria

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 395
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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtorcreditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as reduced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms' future prospects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/240451
    Edition: This draft August 11, 2021
    Series: Working papers in economics and statistics ; 2021, 23
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  24. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: August 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 63
    Inter-library loan:
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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor-creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re-duced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms’ future prospects.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/245429
    Series: CESifo working paper ; no. 9248 (2021)
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  25. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: 2021
    Publisher:  Global Labor Organization (GLO), Essen

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 565
    Inter-library loan:
    No inter-library loan

     

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor- creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re- duced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small credi- tors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms' future prospects.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/237088
    Edition: This draft August 14, 2021
    Series: GLO discussion paper ; no. 912
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen