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The economics of the EU’s corporate-insolvency law and the quest for harmonisation by market forces

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Author Info
Oren Sussman
Abstract

In 2002, a new legislation that harmonises insolvency laws within the EU came into effect. I find reasons – both theoretical and empirical – to doubt whether the new law has achieved the goal of decreasing the cost of cross-border insolvency and borrowing. I thus suggest an alternative approach to the problem, which is based – to a larger extent – on market forces rather than on political or bureaucratic initiative.

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Paper provided by Oxford Financial Research Centre in its series OFRC Working Papers Series with number 2005fe16.

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Date of creation: 2005
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Handle: RePEc:sbs:wpsefe:2005fe16

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Web page: http://www.finance.ox.ac.uk
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  1. Colin Mayer & Oren Sussman, 2003. "A New Test of Capital Structure," OFRC Working Papers Series 2003fe16, Oxford Financial Research Centre. [Downloadable!]
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  2. Franks, Julian & Sussman, Oren, 2005. "Financial innovations and corporate bankruptcy," Journal of Financial Intermediation, Elsevier, vol. 14(3), pages 283-317, July. [Downloadable!] (restricted)
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This page was last updated on 2008-9-25.

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