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The Law and Economics of Corporate Insolvency: A Review

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  • John Armour
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    Abstract

    Law and economics scholarship has contributed greatly to our understanding of corporate insolvency law. This paper provides an overview of this literature. It begins by defining some relevant terminology, and then reviews theories about the goals of insolvency law. It then considers Jackson's well-known claim that insolvency law exists as a response to a common pool problem, and continues by looking at suggestions for reducing the costs of financial distress both ex post and ex ante. Finally, it asks whether a solution to the common pool problem might not be sought through contract, or indeed through reliance on social norms.

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    Bibliographic Info

    Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp197.

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    Date of creation: Mar 2001
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    Handle: RePEc:cbr:cbrwps:wp197

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    Web page: http://www.cbr.cam.ac.uk/

    Related research

    Keywords: law and economics; corporate insolvency; financial distress; social norms;

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    Cited by:
    1. Robert R. Bliss, 2003. "Bankruptcy law and large complex financial organizations: a primer," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 48-58.
    2. John Armour, 2002. "Law, Innovation and Finance: A Review," ESRC Centre for Business Research - Working Papers wp243, ESRC Centre for Business Research.
    3. Miguel García-Posada & Juan S. Mora-Sanguinetti, 2013. "Are there alternatives to bankruptcy? a study of small business distress in Spain," Banco de Espa�a Working Papers 1315, Banco de Espa�a.
    4. Robert Bliss, 2003. "Resolution of large complex financial organizations," Working Paper Series WP-03-07, Federal Reserve Bank of Chicago.

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