haku: @author Phillips, G. / yhteensä: 5
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| Tekijä: | Maksimovic, V. Phillips, G. |
| Otsikko: | Asset efficiency and reallocation decisions of bankrupt firms. |
| Lehti: | Journal of Finance
1998 : OCT, VOL. 53:5, p. 1495-1532 |
| Asiasana: | Bankruptcy Liquidation Legislation USA |
| Kieli: | eng |
| Tiivistelmä: | The authors investigate whether bankruptcy provides a mechanism by which insolvent firms are efficiently reorganized and the assets of unproductive firms are effectively reorganized. They argue that incentives to reorganize depend on the level of demand and industry conditions. Using plant-level data, they find that Chapter 11 status is much less important than industry conditions in explaining the productivity, asset sales, and closure conditions of Chapter 11 bankrupt firms. This suggests that firms that elect to enter into Chaper 11 incur few real economic costs. |
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