G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w23515
来源IDWorking Paper 23515
Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics
Dean Corbae; Pablo D'; Erasmo
发表日期2017-06-19
出版年2017
语种英语
摘要In this paper, we ask how bankruptcy law affects the financial decisions of corporations and its implications for firm dynamics. According to current U.S. law, firms have two bankruptcy options: Chapter 7 liquidation and Chapter 11 reorganization. Using Compustat data, we first document capital structure and investment decisions of non-bankrupt, Chapter 11, and Chapter 7 firms. Using those data moments, we then estimate parameters of a firm dynamics model with endogenous entry and exit to include both bankruptcy options in a general equilibrium environment. Finally, we evaluate a bankruptcy policy change recommended by the American Bankruptcy Institute that amounts to a “fresh start” for bankrupt firms. We find that changes to the law can have sizable consequences for borrowing costs and capital structure which via selection affects productivity (allocative efficiency rises by 2.58%) and welfare (rises by 0.54%).
主题Macroeconomics ; Consumption and Investment ; Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w23515
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/581188
推荐引用方式
GB/T 7714
Dean Corbae,Pablo D',Erasmo. Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics. 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
w23515.pdf(885KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Dean Corbae]的文章
[Pablo D']的文章
[Erasmo]的文章
百度学术
百度学术中相似的文章
[Dean Corbae]的文章
[Pablo D']的文章
[Erasmo]的文章
必应学术
必应学术中相似的文章
[Dean Corbae]的文章
[Pablo D']的文章
[Erasmo]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w23515.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。