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Renégociation stratégique de la dette, risque comptable et risque juridique
[Strategic Bankruptcy with accountable and judicial risks]


  • Chopard, Bertrand
  • Langlais, Eric


This paper studies the influence of bankruptcy law (depending on whether the law is pro-lenders or pro-borrowers) on the borrowers propensity to demand the renegotiation of their debt, when there exist an asymmetrical information between lenders and borrowers. In the tradition of Law & Economics, we proceed to a study of impact for the main parameters of the model that capture the design of bankruptcy law, showing their influence on the probability of strategic bankruptcy and on the social welfare.

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  • Chopard, Bertrand & Langlais, Eric, 2007. "Renégociation stratégique de la dette, risque comptable et risque juridique
    [Strategic Bankruptcy with accountable and judicial risks]
    ," MPRA Paper 4805, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:4805

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    References listed on IDEAS

    1. 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.
    2. 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.
    3. Bolton, Patrick & Scharfstein, David S, 1996. "Optimal Debt Structure and the Number of Creditors," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 1-25, February.
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    More about this item


    bankruptcy law; strategic debt repudiation; judicial risk and debt renegotiation;

    JEL classification:

    • K0 - Law and Economics - - General
    • G0 - Financial Economics - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • K35 - Law and Economics - - Other Substantive Areas of Law - - - Personal Bankruptcy Law
    • K2 - Law and Economics - - Regulation and Business Law
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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