| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23515 |
| 来源ID | Working 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 |
| URL | https://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 | ||
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