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| Author: | Berkovitch, E. Israel, R. |
| Title: | Optimal bankruptcy laws across different economic systems |
| Journal: | Review of Financial Studies
1999 : SUMMER, VOL. 12:2, p. 347-378 |
| Index terms: | BANKRUPTCY LAW ECONOMIC SYSTEMS |
| Language: | eng |
| Abstract: | The authors model fundamental differences across economic systems and propose optimal bankruptcy laws. The authors show that creditor-debtor relationships in a given economy are affected by the ability of creditors to obtain information about fundamentals and the managers' ability to strategically use their private information. An optimal bankruptcy law utilizes creditors' information while minimizing managers' use of strategic information. |
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