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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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  • 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.

Suggested Citation

  • Oren Sussman, 2005. "The economics of the EU’s corporate-insolvency law and the quest for harmonisation by market forces," OFRC Working Papers Series 2005fe16, Oxford Financial Research Centre.
    • Handle: RePEc:sbs:wpsefe:2005fe16
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    File URL: http://www.finance.ox.ac.uk/file_links/finecon_papers/2005fe16.pdf
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    Cited by:

    1. Renneboog, L.D.R. & Szilagyi, P.G., 2006. "How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards," Other publications TiSEM 25af7145-7a86-4604-a6fd-4, Tilburg University, School of Economics and Management.
    2. Szilagyi, P.G., 2007. "Corporate governance and the agency costs of debt and outside equity," Other publications TiSEM 9520d40a-224f-43a8-9bf9-b, Tilburg University, School of Economics and Management.

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