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Czech Bankruptcy Procedures: Ex-post Efficiency View

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Abstract

The paper presents facts on the ex-post efficiency of the Czech bankruptcy procedures. First, it briefly summarizes in what aspects bankruptcy systems differ across countries and introduces the main observations made about the Czech case so far. Second, international data are presented to assess the Czech standings in four aspects of bankruptcies' ex-post efficiency – duration, recovery rate, administrative costs, and continuation/liquidation decision. Third, the paper provides a summary of statistical observations on ex-post efficiency based on data on 903 Czech companies whose bankruptcies were completed during 2004 by the distribution of returns to the claim-holders. In the paper, understanding the ex-post efficiency is meant as an important prerequisite for an analysis from the ex-ante efficiency prospective.

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Bibliographic Info

Paper provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its series Working Papers IES with number 2006/03.

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Length: 29 pages
Date of creation: Jan 2006
Date of revision: Jan 2006
Handle: RePEc:fau:wpaper:wp2006_03

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Keywords: bankruptcy; liquidation; ex-post efficiency;

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References

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Cited by:
  1. Janda, Karel & Rakicova, Anna, 2014. "Corporate Bankruptcies in Czech Republic, Slovakia, Croatia and Serbia," MPRA Paper 54109, University Library of Munich, Germany.
  2. Karel Janda, 2009. "Bankruptcies With Soft Budget Constraint," Manchester School, University of Manchester, vol. 77(4), pages 430-460, 07.

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