| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23162 |
| 来源ID | Working Paper 23162 |
| Bankruptcy Spillovers | |
| Shai Bernstein; Emanuele Colonnelli; Xavier Giroud; Benjamin Iverson | |
| 发表日期 | 2017-02-13 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata at the establishment level, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of exogenous variation in the probability of liquidation. We find that within a five-year period, employment declines substantially in the immediate neighborhood of the liquidated establishments, relative to reorganized establishments. Most of the decline is due to lower growth of existing establishments and, to a lesser extent, reduced entry into the area. The spillover effects are highly localized and concentrate in the non-tradable and service sectors, particularly when the bankrupt firm operates in the same sector. These results suggest that liquidation leads to a reduction in consumer traffic to the local area and to a decline in knowledge spillovers between firms. The evidence is inconsistent with the notion that liquidation leads to creative destruction, as the removal of bankrupt businesses does not lead to increased entry nor the revitalization of the area. |
| 主题 | Financial Economics ; Corporate Finance ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w23162 |
| 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/580836 |
| 推荐引用方式 GB/T 7714 | Shai Bernstein,Emanuele Colonnelli,Xavier Giroud,et al. Bankruptcy Spillovers. 2017. |
| 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 | ||
| w23162.pdf（842KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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