Economics of Bankruptcy Volume I

Transcription

1 Economics of Bankruptcy Volume I Edited by Edward R. Morrison Professor of Law, University of Chicago Law School, USA ECONOMIC APPROACHES TO LAW An Elgar Research Collection ^ Cheltenham, UK Northampton, MA, USA

2 Contents Acknowledgements Introduction Edward R. Morrison vu PART I PART II COMPREHENSIVE THEORIES OF BANKRUPTCY LAW 1. Thomas H. Jackson (1982), 'Bankruptcy, Non-Bankruptcy Entitlements, and the Creditors' Bargain', Yale Law Journal, 91 (5), April, Douglas G. Baird and Thomas H. Jackson (1984), 'Corporate Reorganizations and the Treatment of Diverse Ownership Interests: A Comment on Adequate Protection of Secured Creditors in Bankruptcy', University of Chicago Law Review, 51 (1), Winter, Douglas G. Baird (1986), 'The Uneasy Case for Corporate Reorganizations', Journal of Legal Studies, XV (1), January, Samiiel A. Rea, Jr. (1984), 'Arm-Breaking, Consumer Credit and Personal Bankruptcy', Economic Inquiry, XXII (2), April, Thomas H. Jackson (1986), 'The Fresh-Start Policy in Bankruptcy Law', in The Logic and Limits of Bankruptcy Law, Chapter 10, Cambridge, MA and London, UK: Harvard University Press, COLLECTIVE DECISION-MAKING BEFORE BANKRUPTCY ix A Theory 6. Randal C. Picker (1992), 'Security Interests, Misbehavior, and Common Pools', University of Chicago Law Review, 59 (2), Spring, Patrick Bolton and David S. Scharfstein (1996), 'Optimal Debt Structure and the Number of Creditors', Journal of Political Economy, 104 (1), February, Arturo Bris and Ivo Welch (2005), 'The Optimal Concentration of Creditors', Journal of Finance, LX (5), October, Barry E. Adler (1993), 'Financial and Political Theories of American Corporate Bankruptcy', Stanford Law Review, 45 (2), January, Robert K. Rasmussen (1992), 'Debtor's Choice: A Menu Approach to Corporate Bankruptcy', Texas Law Review, 71 (1),

3 vi Economics of Bankruptcy / 11. Alan Schwartz (1997), 'Contracting About Bankruptcy', Journal of Law, Economics, and Organization, 13 (1), April, Barry E. Adler (1997), 'A Theory of Corporate Insolvency', New York University Law Review, 72, B Evidence PART III 13. Edward R. Morrison (2009), 'Bargaining Around Bankruptcy: Small Business Workouts and State LawJournal of Legal Studies, 38 (2), June, Julian Franks and Oren Sussman (2005), 'Financial Distress and Bank Restructuring of Small to Medium Size UK Companies', Review of Finance, 9(1), Sergei A. Davydenko and Julian R. Franks (2008), 'Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the U.KJournal of Finance, LXIII (2), April, Stuart C. Gilson (1997), 'Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms', Journal of Finance, LII (1), March, ASSET DEPLOYMENT DECISIONS IN BANKRUPTCY 17. Andrei Shleifer and Robert W. Vishny (1992), 'Liquidation Values and Debt Capacity: A Market Equilibrium Approach', Journal of Finance, XLVII (4), September, Todd C. Pulvino (1998), 'Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions', Journal of Finance, LIII (3), June, Per Stromberg (2000), 'Conflicts of Interest and Market Illiquidity in Bankruptcy Auctions: Theory and Test s!, Journal of Finance, LV (6), December, Sugato Bhattacharyya and Rajdeep Singh (1999), 'The Resolution of Bankruptcy by Auction: Allocating the Residual Right of Design', Journal of Financial Economics, 54 (3), December, Lucian Arye Bebchuk (1988), 'A New Approach to Corporate Reorganizations', Harvard Law Review, 101, Philippe Aghion, Oliver Hart and John Moore (1992), 'The Economics of Bankruptcy Reform', Journal of Law, Economics, and Organization, 8 (3), October, Douglas G. Baird and Robert K. Rasmussen (2002), 'The End of Bankruptcy', Stanford Law Review, 55 (3), December, Douglas G. Baird and Robert K. Rasmussen (2003), 'Reply: Chapter 11 at Twilight', Stanford Law Review, 56 (3), December,

4 Economics of Bankruptcy Volume II Edited by Edward R. Morrison Professor of Law, University of Chicago La w School, USA ECONOMIC APPROACHES TO LAW An Elgar Research Collection & Cheltenham, UK Northampton, MA, USA

5 Contents Acknowledgements An introduction to both volumes by the editor appears in Volume I ix PART I BUSINESS BANKRUPTCY IN PRACTICE A Bankruptcy Costs 1. Arturo Bris, Ivo Welch and Ning Zhu (2006), The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization', Journal of Finance, LXI (3), June, Gregor Andrade and Steven N. Kaplan (1998), 'How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed', Journal of Finance, LIII (5), October, B Filtering Viable from Non-viable Firms 3. Lawrence A. Weiss and Karen H. Wruck (1998), 'Information Problems, Conflicts of Interest, and Asset Stripping: Chapter 11 's Failure in the Case of Eastern Airlines', Journal of Financial Economics, 48 (1), April, Michelle J. White (1994), 'Corporate Bankruptcy as a Filtering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructurings', Journal of Law, Economics, and Organization, 10 (2), October, Matthias Kahl (2002), 'Economic Distress, Financial Distress, and Dynamic Liquidation', Journal of Finance, LVII (1), February, Vojislav Maksimovic and Gordon Phillips (1998), 'Asset Efficiency and Reallocation Decisions of Bankrupt Firms', Journal of Finance, LIII (5), October, Edward R. Morrison (2007), 'Bankruptcy Decision Making: An Empirical Study of Continuation Bias in Small-Business Bankruptcies', Journal of Law and Economics, 50 (2), May,

6 vi Economics of Bankruptcy II C Ex Ante Investment Incentives Generally: Theory and Evidence 8. Robert Gertner and David Scharfstein (1991), 'A Theory of Workouts and the Effects of Reorganization Law', Journal of Finance, XLVI (4), September, Wei Fan and Michelle J. White (2003), 'Personal Bankruptcy and the Level of Entrepreneurial Activity', Journal of Law and Economics, XLVI (2), October, Jeremy Berkowitz and Michelle J. White (2004), 'Bankruptcy and. Small Firms' Access to Credit', RAND Journal of Economics, 35 (1), Spring, Douglas G. Baird and Edward R. Morrison (2005), 'Serial Entrepreneurs and Small Business Bankruptcies', Columbia Law Review, 105 (8), December, D Ex Ante Effects of Particular Bankruptcy Rules 12. Lucian Arye Bebchuk (2002), 'Ex Ante Costs of Violating Absolute Priority in Bankruptcy', Journal of Finance, LVII (1), February, Kenneth Ayotte (2007), 'Bankruptcy and Entrepreneurship: The Value of a Fresh Start', Journal of Law, Economics, and Organization, 23 (1), April, Douglas G. Baird and Donald S. Bernstein (2006), 'Absolute Priority, Valuation Uncertainty, and the Reorganization Bargain', Yale Law Journal, 115 (8), June, Yeon-Koo Che and Alan Schwartz (1999),' Section 365, Mandatory Bankruptcy Rules and Inefficient Continuance', Journal of Law, Economics, and Organization, 15 (2), July, Barry E. Adler (1995), 'A Re-Examination of Near-Bankruptcy Investment Incentives', University of Chicago Law Review, 62 (2), Spring, George G. Triantis (1993), 'ATheory of the Regulation of Debtorin-Possession Financing', Vanderbilt Law Review, 46, E Other Topics: Industry Conditions and Forum Shopping 18. Severin Borenstein and Nancy L. Rose (1995), 'Bankruptcy and Pricing Behavior in U.S. Airline Markets', American Economic Review: Papers and Proceedings, 85 (2), May,

7 Economics of Bankruptcy II vii PART II CONSUMER BANKRUPTCY IN THEORY AND PRACTICE A Effects on Consumer Behavior 19. Barry Adler, Ben Polak and Alan Schwartz (2000), 'Regulating Consumer Bankruptcy: A Theoretical Inquiry', Journal of Legal Studies, XXIX (2), June, B Effects on Credit Markets 20. Scott Fay, Erik Hurst and Michelle J. White (2002), 'The Household Bankruptcy Decision', American Economic Review, 92 (3), June, Reint Gropp, John Karl Scholz and Michelle J. White (1997), 'Personal Bankruptcy and Credit Supply and Demand', Quarterly Journal of Economics, CXII (1), February,