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The Effect of Bankruptcy Reform on the Number of Corporate Reorganization Proposals

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  • Timothy C. G. Fisher
  • Jocelyn Martel

Abstract

One of the major aims of the 1992 reform to bankruptcy law in Canada was to increase the number of commercial reorganization proposals. The purpose of this paper is to analyze the number of reorganization proposals filed by companies in Toronto and Montreal before and after bankruptcy reform to see whether the reform has had its intended effect. Controlling for a variety of macroeconomic and policy factors that also influence the number of reorganization proposals, we find that bankruptcy reform has significantly increased the number of corporate reorganization proposals filed in Toronto and Montreal.

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Bibliographic Info

Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 29 (2003)
Issue (Month): 3 (September)
Pages: 339-349

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Handle: RePEc:cpp:issued:v:29:y:2003:i:3:p:339-349

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References

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  1. Timothy C. G. Fisher & Jocelyn Martel, 1994. "Will the Bankruptcy Reform Work? An Empirical Analysis of Financial Reorganization in Canada," Canadian Public Policy, University of Toronto Press, vol. 20(3), pages 265-277, September.
  2. Charles Freedman, 1995. "The role of monetary conditions and the monetary conditions index in the conduct of policy [speech]," Bank of Canada Review, Bank of Canada, vol. 1995(Autumn), pages 53-59.
  3. Martel, Jocelyn, 1996. "Impact anticipé de la réforme à la loi sur la faillite," L'Actualité Economique, Société Canadienne de Science Economique, vol. 72(4), pages 417-432, décembre.
  4. Pekka Ilmakunnas & Jukka Topi, 1999. "Microeconomic and Macroeconomic Influences on Entry and Exit of Firms," Review of Industrial Organization, Springer, vol. 15(3), pages 283-301, November.
  5. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," NBER Working Papers 5146, National Bureau of Economic Research, Inc.
  6. Baldwin, John R., 1998. "Failing Concerns: Business Bankruptcy in Canada," Failing Concerns: Business Bankruptcy in Canada, Statistics Canada, Economic Analysis, number stcb1e, December.
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Cited by:
  1. T. C. G. Fisher & J. Martel, 2001. "A Comparison of Business Bankruptcies across Industries in Canada, 1981-2000," THEMA Working Papers 2001-03, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  2. Nico Dewaelheyns & Cynthia Hulle, 2008. "Legal reform and aggregate small and micro business bankruptcy rates: evidence from the 1997 Belgian bankruptcy code," Small Business Economics, Springer, vol. 31(4), pages 409-424, December.

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