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Défaut de paiement stratégique et loi sur les défaillances d'entreprises
[Strategic default and bankruptcy law]

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Author Info
Chopard, Bertrand
Langlais, Eric

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Abstract

We compare the influence of bankruptcy law on the risk of default and the rate of liquidation by banks. We show that it depends on whether it is pro-creditors or pro-debtors oriented, and on the intensity of competition between banks. Then , we analyse the various tools at the disposal of public authority in order to accomdate the transition from a pro-creditors regime to a pro-debtors one. In a sense, our results suggest that there may exist a kind of consistency between the aims assigned to law, the orientation of bankruptcy law and the level of competition in the banking system.

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File URL: http://mpra.ub.uni-muenchen.de/14366/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14366.

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Date of creation: Mar 2009
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Handle: RePEc:pra:mprapa:14366

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Related research
Keywords: default risk; law & finance; bankruptcy law;

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Find related papers by JEL classification:
K2 - Law and Economics - - Regulation and Business Law
K3 - Law and Economics - - Other Substantive Areas of Law
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
K1 - Law and Economics - - Basic Areas of Law
G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
G0 - Financial Economics - - General
D14 - Microeconomics - - Household Behavior - - - Personal Finance

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  4. Ioana Marinescu, 2008. "Are Judges Sensitive to Economic Conditions? Evidence from UK Employment Tribunals," Working Papers 0802, Harris School of Public Policy Studies, University of Chicago. [Downloadable!]
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  6. Claessens, Stijn & Laeven, Luc, 2004. "What Drives Bank Competition? Some International Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(3), pages 563-83, June.
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  11. 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)
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  13. 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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  14. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
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  15. Maria Brouwer, 2006. "Reorganization in US and European Bankruptcy law," European Journal of Law and Economics, Springer, vol. 22(1), pages 5-20, July. [Downloadable!] (restricted)
  16. Ichino, Andrea & Polo, Michele & Rettore, Enrico, 2003. "Are judges biased by labor market conditions?," European Economic Review, Elsevier, vol. 47(5), pages 913-944, October. [Downloadable!] (restricted)
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  17. Stanley D. Longhofer, 1997. "Absolute priority rule violations, credit rationing, and efficiency," Working Paper 9710, Federal Reserve Bank of Cleveland. [Downloadable!]
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  20. Viscusi, W Kip, 2001. "Jurors, Judges, and the Mistreatment of Risk by the Courts," Journal of Legal Studies, University of Chicago Press, vol. 30(1), pages 107-42, January.
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