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Findings from Literature Review with Focus on the Law Influence on Bankruptcy Initiation

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  • Tatiana Škerlíková

Abstract

This paper gives an overview of current economic models and research dealing with insolvency law. The first part categorizes papers and research which is discussed further. In the next section one mathematical model is included. Third section consists of empirical research. Other two parts in third section describe empirical research about ex-ante and ex-post results under different jurisdictions Last section of the third part describes current research on question when exactly companies should go default. In summary, the paper provides an overview of current papers dealing with the default triggers and behaviours of participants and their preferences determining default proceedings under different jurisdictions.

Suggested Citation

  • Tatiana Škerlíková, 2012. "Findings from Literature Review with Focus on the Law Influence on Bankruptcy Initiation," Český finanční a účetní časopis, University of Economics, Prague, vol. 2012(4), pages 120-131.
  • Handle: RePEc:prg:jnlcfu:v:2012:y:2012:i:4:id:11:p:120-131
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    References listed on IDEAS

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    1. Régis Blazy & Nirjhar Nigam, 2011. "Building Legal Indexes to explain Recovery Rates: An Analysis of the French and UK Bankruptcy Codes," Working Papers of LaRGE Research Center 2011-02, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    2. Viral V. Acharya & Krishnamurthy V. Subramanian, 2009. "Bankruptcy Codes and Innovation," Review of Financial Studies, Society for Financial Studies, vol. 22(12), pages 4949-4988, December.
    3. Duffie, Darrell & Lando, David, 2001. "Term Structures of Credit Spreads with Incomplete Accounting Information," Econometrica, Econometric Society, vol. 69(3), pages 633-664, May.
    4. Schwartz, Alan., "undated". "Security Interests and Bankruptcy Priorities: A Review of Current Theories," Working Papers 334, California Institute of Technology, Division of the Humanities and Social Sciences.
    5. Povel, Paul, 1999. "Optimal "Soft" or "Tough" Bankruptcy Procedures," Journal of Law, Economics, and Organization, Oxford University Press, vol. 15(3), pages 659-684, October.
    6. Régis Blazy & Joël Petey & Laurent Weill, 2010. "Can Bankruptcy Codes Create Value? Evidence from Creditors’ Recoveries in France, Germany, and the UK," Working Papers of LaRGE Research Center 2010-11, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    7. Timothy C.G. Fisher & Jocelyn Martel, 2009. "An Empirical Analysis of the Firm's Reorganization Decision," Finance, Presses universitaires de Grenoble, vol. 30(1), pages 121-149.
    8. In Joon Kim & Krishna Ramaswamy & Suresh Sundaresan, 1993. "Does Default Risk in Coupons Affect the Valuation of Corporate Bonds?: A Contingent Claims Model," Financial Management, Financial Management Association, vol. 22(3), Fall.
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    More about this item

    Keywords

    Default; Timing; Default triggers; Legal indexes; Debtor friendly; Creditor friendly; Úpadek; Načasování; Spouštěče úpadku; Právní indexy; Upřednostňovaní dlužníky; Upřednostňovaní věřitele;

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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