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Corporate Bankruptcy Reorganizations: Estimates From A Bargaining Model

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Author Info
Hülya K. K. Eraslan

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Abstract

This article uses a novel approach to measure the unobserved liquidation value of a firm that relies on the information contained in the allocations that are agreed upon in Chapter 11 negotiations. I estimate a game theoretic model that captures the influence of liquidation value on the equilibrium allocations using a newly collected data set. I find that the liquidation values are higher when the industry conditions are more favorable, and the real interest rates are higher. I use the estimated model to conduct a counterfactual experiment to quantitatively assess the impact of a mandatory liquidation on the equilibrium allocations. Copyright ©2008 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2354.2008.00493.x
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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 49 (2008)
Issue (Month): 2 (05)
Pages: 659-681
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Handle: RePEc:ier:iecrev:v:49:y:2008:i:2:p:659-681

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  1. Sangeeta Pratap & Silvio Rendon, 2003. "Firm Investment in Imperfect Capital Markets: A Structural Estimation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(3), pages 513-545, July. [Downloadable!] (restricted)
    Other versions:
  2. Benjamin, David, . "Fast Bargaining in Bankruptcy," Discussion Paper Series In Economics And Econometrics 0601, Economics Division, School of Social Sciences, University of Southampton. [Downloadable!]
    Other versions:
  3. Hind Sami, 2005. "Financial Distress and Reputational Concerns," Working Papers 0509, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure. [Downloadable!]
  4. Banks, Jeffrey S. & Duggan, John, 2003. "A bargaining model of legislative policy-making," Working Papers 1162, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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