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Economic Analysis of Corporate and Personal Bankruptcy Law

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Author Info
Michelle J. White
Abstract

This paper surveys research on the economics of corporate and personal bankruptcy law. Since the literatures on the two types of bankruptcy have developed in isolation of each other, a goal of the survey is to draw out parallels between them. Both theoretical and empirical research are discussed.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11536.

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Date of creation: Aug 2005
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Handle: RePEc:nbr:nberwo:11536

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K2 - Law and Economics - - Regulation and Business Law
G3 - Financial Economics - - Corporate Finance and Governance

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
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  6. Franks, Julian R. & Torous, Walter N., 1994. "A comparison of financial recontracting in distressed exchanges and chapter 11 reorganizations," Journal of Financial Economics, Elsevier, vol. 35(3), pages 349-370, June. [Downloadable!] (restricted)
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  11. Jeremy Berkowitz & Michelle J. White, 2004. "Bankruptcy and Small Firms' Access to Credit," RAND Journal of Economics, The RAND Corporation, vol. 35(1), pages 69-84, Spring.
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  19. Franks, Julian & Sussman, Oren, 2005. "Financial innovations and corporate bankruptcy," Journal of Financial Intermediation, Elsevier, vol. 14(3), pages 283-317, July. [Downloadable!] (restricted)
  20. Gilson, Stuart C. & John, Kose & Lang, Larry H. P., 1990. "Troubled debt restructurings*1: An empirical study of private reorganization of firms in default," Journal of Financial Economics, Elsevier, vol. 27(2), pages 315-353, October. [Downloadable!] (restricted)
  21. Michelle Alexopoulos & Ian Domowitz, . "Personal Liabilities and Bankruptcy Reform: An International Perspective," IPR working papers 98-8, Institute for Policy Resarch at Northwestern University.
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  22. Lin, Emily Y. & White, Michelle J., 2001. "Bankruptcy and the Market for Mortgage and Home Improvement Loans," Journal of Urban Economics, Elsevier, vol. 50(1), pages 138-162, July. [Downloadable!] (restricted)
  23. Hynes, Richard M & Malani, Anup & Posner, Eric A, 2004. "The Political Economy of Property Exemption Laws," Journal of Law & Economics, University of Chicago Press, vol. 47(1), pages 19-43, April.
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  25. Betker, Brian L, 1995. "Management's Incentives, Equity's Bargaining Power, and Deviations from Absolute Priority in Chapter 11 Bankruptcies," Journal of Business, University of Chicago Press, vol. 68(2), pages 161-83, April. [Downloadable!] (restricted)
  26. Longhofer, Stanley D., 1997. "Absolute Priority Rule Violations, Credit Rationing, and Efficiency," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 249-267, July. [Downloadable!] (restricted)
  27. Michelle White, 2002. "Sovereigns in Distress: Do They Need Bankruptcy?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2002-1), pages 287-320. [Downloadable!]
  28. Berkowitz, Jeremy & Hynes, Richard, 1999. "Bankruptcy Exemptions and the Market for Mortgage Loans," Journal of Law & Economics, University of Chicago Press, vol. 42(2), pages 809-30, October.
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  33. Aghion, Philippe & Hart, Oliver & Moore, John, 1992. "The Economics of Bankruptcy Reform," Journal of Law, Economics and Organization, Oxford University Press, vol. 8(3), pages 523-46, October.
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  34. Agarwal, Sumit & Liu, Chunlin & Mielnicki, Lawrence, 2003. "Exemption laws and consumer delinquency and bankruptcy behavior: an empirical analysis of credit card data," The Quarterly Review of Economics and Finance, Elsevier, vol. 43(2), pages 273-289. [Downloadable!] (restricted)
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  38. Berkovitch, Elazar & Israel, Ronen, 1999. "Optimal Bankruptcy Laws across Different Economic Systems," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 12(2), pages 347-77.
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  41. Bebchuk, Lucian Arye, 2000. "Using options to divide value in corporate bankruptcy," European Economic Review, Elsevier, vol. 44(4-6), pages 829-843, May. [Downloadable!] (restricted)
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  59. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Eva-Maria Steiger, 2006. "Ex-Ante vs. Ex-Post Efficiency in Personal Bankruptcy Proceedings," Discussion Papers on Strategic Interaction 2006-17, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
  2. Régis Blazy & Laurent Weill, 2007. "The Impact of Legal Sanctions on Moral Hazard when Debt Contracts are Renegotiable," Working Papers DULBEA 07-06.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
    Other versions:
  3. Hajime Tomura, 2007. "Firms Dynamics, Bankruptcy Laws and Total Factor Productivity," Working Papers 07-17, Bank of Canada. [Downloadable!]
  4. Kelly Edmiston, 2005. "New insights in the determinants of regional variation in personal bankruptcy filing rates," Community Affairs Research Working Paper 2005-05, Federal Reserve Bank of Kansas City. [Downloadable!]
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