Bankruptcy

Working Paper

The Privatization of Bankruptcy: Evidence from Financial Distress in the Shipping Industry

A generally accepted view is that sophisticated bankruptcy procedures are required to mitigate coordination failures and fire sale discounts arising from financial distress. In this paper, we study an industry not subject to mandatory bankruptcy...Read more

Julian Franks
Gunjan Seth
Oren Sussman
Vikrant Vig
01 May 2017

Restructuring the European Business Enterprise: The EU Commission Recommendation on a New Approach to Business Failure and Insolvency

Two events are currently changing the landscape for business restructurings in the European Union: the “Restructuring Recommendation” (RR) of the European Commission, issued in 2014, and the 2015 recast of the European Insolvency Regulation (EIR...Read more

Horst Eidenmüller
Kristin van Zwieten
01 September 2015

A New Framework for Business Restructuring in Europe: The EU Commission's Proposals for a Reform of the European Insolvency Regulation and Beyond

This paper critically reviews the EU Commission?s proposals for a reform of the European Insolvency Regulation (EIR). The focus of the paper is on the Regulation?s use as a tool for business restructuring in Europe. The paper argues that the...Read more

Horst Eidenmüller
01 March 2013

Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?

Past studies document large court valuation errors in Chapter 11 bankruptcy, which are often attributed to the lack of transparent market prices of the debtor’s securities. We document that the introduction of mandated public dissemination of...Read more

Cem Demiroglu
Julian Franks
Ryan Lewis
14 February 2020

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