Insolvenzrecht zwischen privatautonomer Gestaltung und öffentlicher Regulierung
The paper discusses the ex-ante- and ex-post-incentives that result from different insolvency regimes. It concentrates on the problem of how to evaluate and utilise the debtor's seizable assets after bankruptcy proceedings are commenced. This is closely related to the problem of creditor co-ordination. We compare the proceedings following the direction of the new German insolvency law with some reform proposals suggested in the literature, such as the auctions approach by Roe and the options approaches by Bebchuk and by Aghion/Hart/Moore. The options approach in particular seems to solve the evaluation and co-ordination problem at low cost. Copyright Verein für Socialpolitik und Blackwell Publishers Ltd, 2004
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Volume (Year): 5 (2004)
Issue (Month): 2 (05)
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References listed on IDEAS
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- Aghion, P. & Hart, O. & Moore, J., 1992.
"The Economics of Bankruptcy Reform,"
92-11, Massachusetts Institute of Technology (MIT), Department of Economics.
- Philippe Aghion & Oliver D. Hart & John Moore, 1994. "The Economics of Bankruptcy Reform," NBER Chapters, in: The Transition in Eastern Europe, Volume 2: Restructuring, pages 215-244 National Bureau of Economic Research, Inc.
- 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.
- Philippe Aghion & Oliver Hart & John Moore, 1992. "The Economics of Bankruptcy Reform," NBER Working Papers 4097, National Bureau of Economic Research, Inc.
- Philippe Aghion & Oliver Hart & John Moore, 1992. "The Economics of Bankruptcy Reform," CEP Discussion Papers dp0093, Centre for Economic Performance, LSE.
- Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
- Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
- Bigus, Jochen, 2002. "Bankruptcy law, asset substitution problem, and creditor conflicts," International Review of Law and Economics, Elsevier, vol. 22(2), pages 109-132, August.
- Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September.
- Daigle, Katherine H & Maloney, Michael T, 1994. "Residual Claims in Bankruptcy: An Agency Theory Explanation," Journal of Law and Economics, University of Chicago Press, vol. 37(1), pages 157-92, April.
- Thomas Eger, 2001. "Bankruptcy Regulations and the New German Insolvency Law from an Economic Point of View," European Journal of Law and Economics, Springer, vol. 11(1), pages 29-46, January.
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