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When Should Bankruptcy Law Be Creditor- or Debtor-Friendly? Theory and Evidence

David Schoenherr - ; Jan Starmans - ;

We examine how creditor protection affects firms with different levels of owners' and managers' personal costs of bankruptcy (PCB). Theoretically, we show that firms with high PCB borrow and invest more under a more debtor-friendly management stay system, whereas firms with low PCB borrow and invest more under a more creditor-friendly receivership system. Intuitively, stronger creditor protection relaxes financial constraints but reduces credit demand. Which effect dominates depends on owners' and managers' PCB. Empirically, we find support for these predictions using a Korean bankruptcy reform that replaced receivership with management stay.


Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana (Koleksi Majalah)1
PenerbitUSA: The American Finance Association 2022
EdisiVolume 77, Issue 5, October 2022, Pages 2669-2717
SubjekBankruptcy
Bankruptcy law
Personal Costs of Bankruptcy
ISBN/ISSN1540-6261
KlasifikasiNONE
Deskripsi FisikFirst published: 09 August 2022
Info Detail SpesifikThe Journal of Finance
Other Version/RelatedTidak tersedia versi lain
Lampiran Berkas
  • https://remote-lib.ui.ac.id:2075/10.1111/jofi.13171

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