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Two New Measures of Bankruptcy Efficiency

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Editor Info

  • Morten Balling
    ()

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Author Info

  • Ricardo Brogi
  • Paolo Santella

Abstract

This study is aimed at developing new empirical models for evaluating the efficiency of bankruptcy legislations. The paper is divided in three parts. In the first part, we analyze from a conceptual point of view the effects on debtor firms of the lack of creditors' powers in bankruptcy. In the second part, we develop a new rating method for bankruptcy legislations according to their degree of creditors protection and apply it to five European countries. In the third part, we introduce a new approach for empirically estimating the efficiency of bankruptcy legislation based on the cost of banking credit and we test it on the Italian case. In particular, the unprecedented tool being used in the third section consists of the New Basel Capital Accord, i.e. the capital adequacy regulatory framework that is about to be put into effect as of the end of 2006.

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Bibliographic Info

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This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 2004/6 and published in 2004.

ISBN: 978-3-902109-25-5
Handle: RePEc:erf:erfstu:33

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Related research

Keywords: Bankruptcy; insolvency; corporate governance; banking; regulation efficiency;

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References

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  1. Clas Wihlborg & Shubhashis Gangopadhyay, 2001. "Infrastructure Requirements in the Area of Bankruptcy Law," Center for Financial Institutions Working Papers 01-09, Wharton School Center for Financial Institutions, University of Pennsylvania.
  2. Franco Bruni & Christian de Boissieu, 2000. "Lending of Last Resort and Systemic Stability in the Eurozone," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  3. Per Stromberg, . "Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Tests," CRSP working papers 459, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  4. Miguel Sebasti‡n & Carmen Hernansanz, 2000. "The Spanish Banks' Strategy in Latin America," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  5. Warner, Jerold B, 1977. "Bankruptcy Costs: Some Evidence," Journal of Finance, American Finance Association, vol. 32(2), pages 337-47, May.
  6. Peter R Haiss & Gerhard Fink, 1998. "Seven Years of Financial Market Reform in Central Europe," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  7. John Calverley & Sarah Hewin & Kevin Grice, 2000. "Emerging Stock Markets After the Crisis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  8. Alexandre Lamfalussy, 2004. "Financial Globalisation and Financial Market Integration in Europe: Challenges Ahead for the European System of Central Banks," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  9. Cem Karacadag & Michael W. Taylor, 2000. "The New Capital Adequacy Framework: Institutional Constraints and Incentive Structures," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  10. Weiss, Lawrence A., 1990. "Bankruptcy resolution: Direct costs and violation of priority of claims," Journal of Financial Economics, Elsevier, vol. 27(2), pages 285-314, October.
  11. Rolf Skog, 1997. "Does Sweden Need a Mandatory Bid Rule? A critical analysis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  12. David T. Llewellyn, 2002. "The Future for Small & Regional Banks in Europe," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  13. Schwartz, Alan., . "Security Interests and Bankruptcy Priorities: A Review of Current Theories," Working Papers 334, California Institute of Technology, Division of the Humanities and Social Sciences.
  14. Rolf Skog, 1997. "Does Sweden Need a Mandatory Bid Rule? - A Critical Analysis," SUERF Studies, SUERF - The European Money and Finance Forum, number 2 edited by Morten Balling, April.
  15. White, Michelle J, 1983. " Bankruptcy Costs and the New Bankruptcy Code," Journal of Finance, American Finance Association, vol. 38(2), pages 477-88, May.
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Citations

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Cited by:
  1. Thorarinn G. Petursson, 2005. "Inflation Targeting and its Effects on Macroeconomic Performance," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  2. Jacob Bikker & Jaap Bos, 2004. "Trends in Competition and Profitability in the Banking Industry: A Basic Framework," DNB Working Papers 018, Netherlands Central Bank, Research Department.
  3. Alfred Slager, 2005. "Internationalization of Banks: Strategic Patterns and Performance," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  4. Timothy H. Hannan & Steven J. Pilloff, 2005. "Will the Adoption of Basel II Encourage Increased Bank Merger Activity? Evidence from the United States," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  5. Thorarinn G. Petursson, 2005. "Inflation Targeting and its Effects on Macroeconomic Performance," SUERF Studies, SUERF - The European Money and Finance Forum, number 2005/5 edited by Morten Balling.
  6. Alfred Slager, 2005. "Internationalization of Banks: Strategic Patterns and Performance," SUERF Studies, SUERF - The European Money and Finance Forum, number 2005/4 edited by Morten Balling.
  7. Chisari, Omar O. & Ferro, Gustavo, 2009. "Gobierno Corporativo: los problemas, estado actual de la discusión y un ejercicio de medición para Argentina
    [Corporate Governance: the problems, the current stage of the discussion and a measure
    ," MPRA Paper 15630, University Library of Munich, Germany.

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