Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/wiley/firms-performance-under-different-bankruptcy-systems-a-europe-usa-smF1PLT52K
References (66)
-
M. White (1989)
The Corporate Bankruptcy DecisionJournal of Economic Perspectives, 3
-
Cornelli Cornelli, Felli Felli (1997)
Ex‐ante efficiency of bankruptcy proceduresEuropean Economic Review, 41
-
Robert Gertner, D. Scharfstein (1991)
A Theory of Workouts and the Effects of Reorganization LawNBER Working Paper Series
-
(2007)
Private credit in 129 countries -
Michelle White (1993)
The Costs of Corporate Bankruptcy: A U.S.-European Comparison -
Gertner Gertner, Scharfstein Scharfstein (1991)
A theory of workouts and the effects of reorganization lawJournal of Finance, 46
-
Michael Frierman, P. Viswanath (1994)
Agency Problems of Debt, Convertible Securities, and Deviations from Absolute Priority in BankruptcyThe Journal of Law and Economics, 37
-
Sris Chatterjee, Upinder Dhillon, G. Ramírez (2004)
Debtor-in-Possession FinancingFinancial Accounting
-
Kee‐Hong Bae, V. Goyal (2003)
Property Rights Protection and Bank Loan Pricing -
Berkovitch Berkovitch, Israel Israel (1999)
Optimal bankruptcy laws across different economic systemsReview of Financial Studies, 12
-
A. Miguel, Julio Pindado (2001)
Determinants of capital structure: new evidence from Spanish panel dataJournal of Corporate Finance, 7
-
J. Franks, Kjell Nyborg, W. Torous (1996)
A Comparison of US, UK, and German Insolvency CodesFinancial Management, 25
-
Narayanan Jayaraman, Sanjiv Sabherwal, Milind Shrikhande (2001)
Do Country Specific Bankruptcy Codes Determine Long‐term Financial Performance? The Case of Metallgesellschaft AG and Columbia Gas SystemJournal of International Financial Management and Accounting, 12
-
Morgado Morgado, Pindado Pindado (2003)
The underinvestment and overinvestment hypotheses: an analysis using panel dataEuropean Financial Management, 9
-
Arthur Morgado, Julio Pindado (2001)
The Underinvestment and Overinvestment Hypotheses: An Analysis Using Panel DataCorporate Finance and Organizations eJournal
-
Daniel Indro, Robert Leach, Wayne Lee (1999)
Sources of gains to shareholders from bankruptcy resolutionJournal of Banking and Finance, 23
-
M. Arellano, O. Bover (1995)
Another look at the instrumental variable estimation of error-components modelsJournal of Econometrics, 68
-
Katharina Pistor, M. Raiser, S. Gelfer (2000)
Law and Finance in Transition EconomiesInstitutional & Transition Economics eJournal
-
E. Altman (1968)
FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND THE PREDICTION OF CORPORATE BANKRUPTCYJournal of Finance, 23
-
Paul Povel (1999)
Optimal "Soft" or "Tough" Bankruptcy ProceduresJournal of Law Economics & Organization, 15
-
Lucian Arye (2002)
Ex Ante Costs of Violating Absolute Priority in Bankruptcy -
Fayez Elayan, T. Meyer (2001)
The Impact of Receiving Debtor-in- Possession Financing on the Probability of Successful Emergence and Time Spent Under Chapter 11 BankruptcyJournal of Business Finance & Accounting, 28
-
J. Aharony, Charles Jones, Itzhak Swary (1980)
An Analysis of Risk and Return Characteristics of Corporate Bankruptcy Using Capital Market DataJournal of Finance, 35
-
Frino Frino, Jones Jones, Wong Wong (2007)
Market behaviour around bankruptcy announcements: evidence from the Australian Stock ExchangeAccounting and Finance, 47
-
Levine Levine (2002)
Bank‐based or market‐based financial systems: which is better?Journal of Financial Intermediation, 11
-
K. Kaiser (1996)
European Bankruptcy Laws: Implications for Corporations Facing Financial DistressFinancial Management, 25
-
Jensen Jensen, Meckling Meckling (1976)
Theory of the firm: managerial behavior, agency costs and ownership structureJournal of Financial Economics, 3
-
Ena Rose-Green, Mark Dawkins (2002)
Strategic Bankruptcies and Price Reactions to Bankruptcy FilingsJournal of Business Finance & Accounting, 29
-
Sankar De (1992)
Diversification patterns and long‐term corporate performanceManagerial and Decision Economics, 13
-
R. Blundell, Stephen Bond (1998)
Initial Conditions and Moment Restrictions in Dynamic Panel Data Models -
Aghion (1992)
The economics of bankruptcy reformJournal of Law, Economics and Organization, 8
-
A. Frino, Stewart Jones, Jin Wong (2007)
Market Behaviour around Bankruptcy Announcements: Evidence from the Australian Stock ExchangeCorporate Finance: Governance
-
S. Franken (2004)
Creditor- and Debtor-Oriented Corporate Bankruptcy Regimes RevisitedEuropean Business Organization Law Review, 5
-
Julio Pindado, Luís Rodrigues, C. Torre (2008)
How do insolvency codes affect a firm's investment?International Review of Law and Economics, 28
-
William Lloyd, J. Jahera (1994)
Firm-diversification effects on performance as measured by tobin's qManagerial and Decision Economics, 15
-
S. Davydenko, J. Franks (2006)
Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany and the UKEuropean Finance
-
Bengt Holmstrom, R. Myerson (1983)
Efficient and Durable Decision Rules with Incomplete InformationEconometrica, 51
-
Pistor Pistor, Raiser Raiser, Gelfer Gelfer (2000)
Law and finance in transition economiesEconomics of Transition, 8
-
Jun Qian, Philip Strahan (2005)
How Law and Institutions Shape Financial Contracts: The Case of Bank LoansLSN: Law & Economics: Private Law (Topic)
-
B. Wernerfelt, Cynthia Montgomery (1988)
Tobin's q and the Importance of Focus in Firm PerformanceThe American Economic Review, 78
-
Sandeep Dahiya, Kose John, M. Puri, G. Ramírez (2003)
Debtor-in-Possession Financing and Bankruptcy Resolution: Empirical EvidenceJournal of Financial Economics, 69
-
Ronen Israel, E. Berkovitch (1998)
Optimal Bankruptcy Laws Across Different Economic SystemsCorporate Finance: Governance
-
M. Lasfer, P. Sudarsanam, R. Taffler (1996)
Financial distress, asset sales, and lender monitoringFinancial Management, 25
-
René Stulz (1993)
Tobin's q, Corporate Diversification, and Firm PerformanceJournal of Political Economy, 102
-
Carlos Gutiérrez, Myriam Olalla, Begoña Olmo (2009)
The Influence of Bankruptcy Law on Equity Value of Financially Distressed Firms: A European Comparative AnalysisInternational Review of Law and Economics, 29
-
Stephen Ferris, Narayanan Jayaraman, A. Makhija (1996)
The Impact of Chapter 11 Filings on the Risk and Return of Securityholders, 1979-1989 -
Sris Chatterjee, Upinder Dhillon, G. Ramírez (1996)
Resolution of Financial Distress: Debt Restructurings via Chapter 11, Prepackaged Bankruptcies, and WorkoutsFinancial Management, 25
-
T. Clark, Mark Weinstein (1983)
The Behavior of the Common Stock of Bankrupt FirmsJournal of Finance, 38
-
Arturo Bris, I. Welch, Ning Zhu (2006)
The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 ReorganizationJournal of Finance, 61
-
R. Levine (2002)
Bank-Based or Market-Based Financial Systems: Which is Better?Banking & Financial Institutions
-
James Rimbey, S. Anderson, Jeffery Born (1995)
Shareholder Wealth Responses to Bankruptcy Filing Announcements under the Chandler and Reform ActsThe Financial Review, 30
-
B. Díaz, C. Gutiérrez, B. Olmo (2005)
Características determinantes y contenido informativo de los mecanismos de reestructuración financieraRevista Europea de Dirección y Economía de la Empresa, 14
-
K. Daigle, M. Maloney (1994)
Residual Claims in Bankruptcy: An Agency Theory ExplanationThe Journal of Law and Economics, 37
-
Michael Jensen, W. Meckling (1976)
Theory of the Firm -
M. Deloof (2003)
Does Working Capital Management Affect Profitability of Belgian FirmsJournal of Business Finance & Accounting, 30
-
Rafael Porta, Florencio López‐de‐Silanes, Andrei Shleifer, Robert Vishny (1996)
Law and FinanceJournal of Political Economy, 106
-
Chatterjee Chatterjee, Dhillon Dhillon, Ramirez Ramirez (2004)
Debtor in possession financingJournal of Banking and Finance, 28
-
O. Hart (2000)
Different Approaches to BankruptcyLaw & Economics
-
V. González-Méndez, F. González-Rodríguez (2000)
Procedimientos de resolución de insolvencia financiera en España: costes de insolvencia y transferencia de riquezaInvestigacion Economica, 24
-
D. Baird (1991)
The initiation problem in bankruptcyInternational Review of Law and Economics, 11
-
Stuart Gilson, Kose John, Larry Lang (1990)
Troubled debt restructurings*1: An empirical study of private reorganization of firms in defaultJournal of Financial Economics, 27
-
M. Arellano, Stephen Bond (1991)
Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment EquationsThe Review of Economic Studies, 58
-
L. Bebchuk (2001)
Ex Ante Costs of Violating Absolute Priority in BankruptcyJournal of Financial Abstracts eJournal
-
K. Delaney (1992)
Strategic Bankruptcy: How Corporations and Creditors Use Chapter 11 to Their Advantage -
O. Couwenberg (2001)
Survival Rates in Bankruptcy Systems: Overlooking the EvidenceEuropean Journal of Law and Economics, 12
-
Francesca Cornelli, L. Felli (1997)
Ex-Ante Efficiency of Bankruptcy ProceduresCorporate Finance and Organizations eJournal
- Publisher
- Wiley
- Copyright
- © 2011 The Authors. Accounting and Finance © 2011 AFAANZ
- ISSN
- 0810-5391
- eISSN
- 1467-629X
- DOI
- 10.1111/j.1467-629X.2011.00407.x
- Publisher site
- See Article on Publisher Site
Abstract
This study empirically analyses the effect that the bankruptcy law has on firms’ performance based on its financial situation. To do this, we considered the different types of efficiency and their influence on firms’ value. The study was carried out for Germany, Spain, the United States, France and the United Kingdom. We applied System‐GMM estimation to dynamic panel data. The main results show that under creditor‐oriented systems, there is a decrease in the value of both financially distressed firms and those filing for bankruptcy.
Journal
Accounting & Finance – Wiley
Published: Sep 1, 2012