The Economics of Bankruptcy: An Introduction to the Literature
Edward R. Morrison
Columbia Law School
December 30, 2009
Columbia Law and Economics Working Paper No. 366
This essay surveys important contributions to the economics of bankruptcy. It is an introductory chapter for a forthcoming volume (from Edward Elgar Press) that compiles the work of legal scholars as well as economists working in the field of corporate finance. The essay begins with the foundational theories of Baird, Jackson, and Rea and then collects scholarly work extending, testing, or revising those theories. At various points I identify questions that merit further study, particularly empirical testing.
Keywords: Bankruptcy, corporate reorganization, corporate finance, literature review
JEL Classification: D14, D18, D86, D91, G30, G32, G33, G34, K00, K22, K29, K35, L11, L93
Date posted: February 2, 2010 ; Last revised: June 1, 2010
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