| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8276 |
| 来源ID | Working Paper 8276 |
| A New Approach to Valuing Secured Claims in Bankruptcy | |
| Lucian Arye Bebchuk; Jesse M. Fried | |
| 发表日期 | 2001-05-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In many business bankruptcies in which the firm is to be preserved as a going concern, one of the most difficult and important problems is that of valuing the assets that serve as collateral for secured creditors. Valuing a secured creditor's collateral is needed to determine the amount of the creditor's secured claim, which in turn affects the payout that must be made to the creditor. Such valuation has generally been believed to require either litigation or bargaining among the parties, which in turn give rise to uncertainty, delay, and deviations from parties' entitlements. This paper puts forward a new approach to valuing collateral that involves neither bargaining nor litigation. Under this approach, a market-based mechanism would determine the value of collateral in such a way that no participant in the bankruptcy would have a basis for complaining that secured creditors are either over- or under-compensated. Our approach would considerably improve the performance of business bankruptcy and could constitute an important element of any proposal for bankruptcy reform. |
| 主题 | Financial Economics ; Corporate Finance ; Other ; Law and Economics |
| URL | https://www.nber.org/papers/w8276 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565874 |
| 推荐引用方式 GB/T 7714 | Lucian Arye Bebchuk,Jesse M. Fried. A New Approach to Valuing Secured Claims in Bankruptcy. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8276.pdf（211KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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