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A New Bankruptcy Procedure that Uses Multiple Auctions

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Author Info
Oliver Hart
Rafael La Porta Drago
Florencio Lopez-de-Silane
John Moore

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Abstract

We develop a new bankruptcy procedure that makes use of multiple auctions. The procedure" is designed to work even when capital markets do not function well (for example in developing" economies, or in economies in transition) -- although it can be used in all economies."

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6278.

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Date of creation: Nov 1997
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Handle: RePEc:nbr:nberwo:6278

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Find related papers by JEL classification:
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law

References listed on IDEAS
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. Kose John, 1993. "Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda," Financial Management, Financial Management Association, vol. 22(3), Fall.
  2. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. 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.
    Other versions:
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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. Pierre-Cyrille Hautcoeur & Nadine Levratto, 2006. "Does the law alone explain the rise in bankruptcies in XIXth century France?," PSE Working Papers 2006-47, PSE (Ecole normale supérieure). [Downloadable!]
  2. Lucian Arye Bebchuk, 2000. "Using Options to Divide Value in Corporate Bankruptcy," NBER Working Papers 7614, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Hausch, Donald B. & Ramachandran, S., 1999. "Bankruptcy reorganization through markets : Auction-based Creditor Ordering by Reducing Debts (ACCORD)," Policy Research Working Paper Series 2230, The World Bank. [Downloadable!]
  4. Zakolyukina Anastasia, 2006. "Bankrtuptcy in Russia: External Management Performance," EERC Working Paper Series 06-09e, EERC Research Network, Russia and CIS. [Downloadable!]
  5. Oliver Hart, 2000. "Different Approaches to Bankruptcy," Harvard Institute of Economic Research Working Papers 1903, Harvard - Institute of Economic Research. [Downloadable!]
    Other versions:
  6. R. Fischer & C. Bonilla, 2004. "Endogenous Credit Constraints and Factor Market Rigidities: the case of Bankruptcy," Econometric Society 2004 Latin American Meetings 240, Econometric Society. [Downloadable!]
  7. Michelle J. White, 2005. "Economic Analysis of Corporate and Personal Bankruptcy Law," NBER Working Papers 11536, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Pierre-Cyrille Hautcoeur & Nadine Levratto, 2007. "Legal vs economic explanations of the rise in bankruptcies in XIXth century France," EconomiX Working Papers 2007-35, University of Paris West - Nanterre la Défense, EconomiX. [Downloadable!]
  9. Donald B. Hausch & S. Ramachandran, 2000. "Systemic Financial Distress and Auction-Based Bankruptcy Reorganization," Econometric Society World Congress 2000 Contributed Papers 1423, Econometric Society. [Downloadable!]
  10. Felipe Balmaceda & Ronald Fischer, 2006. "Performance of an economy with credit constraints, bankruptcy and labor inflexibility," Documentos de Trabajo 222, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
  11. Alexander Dilger, 2006. "Forced to make mistakes: Reasons for complaining about Bebchuk's scheme and other market-oriented insolvency procedures," European Journal of Law and Economics, Springer, vol. 21(1), pages 79-94, January. [Downloadable!] (restricted)
  12. Pierre-Cyrille Hautcoeur & Nadine Levratto, 2007. "Legal versus economic explanations of the rise in bankruptcies in 19th century France," PSE Working Papers 2007-47, PSE (Ecole normale supérieure). [Downloadable!]
  13. Araújo, Aloísio Pessoa de, 2003. "As Leis de Falência: Uma Abordagem Econômica," Economics Working Papers (Ensaios Economicos da EPGE) 474, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  14. Araújo, Aloísio Pessoa de & Funchal, Bruno, 2005. "Past and Future of the Bankruptcy Law in Brazil and Latin America," Economics Working Papers (Ensaios Economicos da EPGE) 599, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  15. Urs W. Birchler & Dominik Egli, 2003. "Ein neues Bankinsolvenzrecht für die Schweiz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 139(II), pages 125-154, June. [Downloadable!]
  16. F. Lopez-De-Silanes, 2002. "The Politics Of Legal Reform," G-24 Discussion Papers 17, United Nations Conference on Trade and Development. [Downloadable!]
  17. Alberto Chong & Florencio Lopez-de-Silanes, 2006. "Corporate Governance and Firm Value in Mexico," RES Working Papers 4466, Inter-American Development Bank, Research Department. [Downloadable!]
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