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A New Bankruptcy Procedure that Uses Multiple Auctions

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

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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Bibliographic Info

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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Publication status: published as European Economic Review, Papers and Proceedings, Vol. 41, nos. 3-5(April 1997): 461-473.
Handle: RePEc:nbr:nberwo:6278

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References

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  1. Kose John, 1993. "Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda," Financial Management, Financial Management Association, Financial Management Association, vol. 22(3), Fall.
  2. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
  3. Philippe Aghion & Oliver D. Hart & John Moore, 1994. "The Economics of Bankruptcy Reform," NBER Chapters, National Bureau of Economic Research, Inc, in: The Transition in Eastern Europe, Volume 2: Restructuring, pages 215-244 National Bureau of Economic Research, Inc.
  4. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198288817, October.
  5. 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, Elsevier, vol. 27(2), pages 315-353, October.
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Citations

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Cited by:
  1. Zakolyukina Anastasia, 2006. "Bankrtuptcy in Russia: External Management Performance," EERC Working Paper Series 06-09e, EERC Research Network, Russia and CIS.
  2. Lucian Arye Bebchuk, 2000. "Using Options to Divide Value in Corporate Bankruptcy," NBER Working Papers 7614, National Bureau of Economic Research, Inc.
  3. Cargill, Thomas F. & Parker, Elliott, 2002. "Asian finance and the role of bankruptcy: a model of the transition costs of financial liberalization," Journal of Asian Economics, Elsevier, Elsevier, vol. 13(3), pages 297-318.
  4. 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, Springer, vol. 21(1), pages 79-94, January.
  5. Hausch, Donald B. & Ramachandran, S., 2009. "Systemic financial distress and auction-based bankruptcy reorganization," International Review of Economics & Finance, Elsevier, Elsevier, vol. 18(3), pages 366-380, June.
  6. Chad Leechor, 1999. "Innovations in Bankruptcy—Pricing the Priority of Insolvency Claims," World Bank Other Operational Studies 11464, The World Bank.
  7. Florencio Lopez-de-Silanes, 2002. "The Politics of Legal Reform," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
  8. Araújo, Aloísio Pessoa de, 2003. "As Leis de Falência: Uma Abordagem Econômica," Economics Working Papers (Ensaios Economicos da EPGE) 474, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  9. Alberto Chong & Florencio Lopez-de-Silanes, 2006. "Corporate Governance and Firm Value in Mexico," Research Department Publications, Inter-American Development Bank, Research Department 4466, Inter-American Development Bank, Research Department.
  10. 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.
  11. Felipe Balmaceda & Ronald Fischer, 2006. "Performance of an economy with credit constraints, bankruptcy and labor inflexibility," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile 222, Centro de Economía Aplicada, Universidad de Chile.
  12. Hausch, Donald B. & Ramachandran, S., 1999. "Bankruptcy reorganization through markets : Auction-based Creditor Ordering by Reducing Debts (ACCORD)," Policy Research Working Paper Series, The World Bank 2230, The World Bank.
  13. R. Fischer & C. Bonilla, 2004. "Endogenous Credit Constraints and Factor Market Rigidities: the case of Bankruptcy," Econometric Society 2004 Latin American Meetings, Econometric Society 240, Econometric Society.
  14. Oliver Hart, 2000. "Different Approaches to Bankruptcy," NBER Working Papers 7921, National Bureau of Economic Research, Inc.
  15. Donald B. Hausch & S. Ramachandran, 2000. "Systemic Financial Distress and Auction-Based Bankruptcy Reorganization," Econometric Society World Congress 2000 Contributed Papers, Econometric Society 1423, Econometric Society.
  16. Michelle J. White, 2005. "Economic Analysis of Corporate and Personal Bankruptcy Law," NBER Working Papers 11536, National Bureau of Economic Research, Inc.
  17. 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), Swiss Society of Economics and Statistics (SSES), vol. 139(II), pages 125-154, June.
  18. 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, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).

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