Abstract

http://ssrn.com/abstract=76648
 
 

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Chapter 11


Lucian A. Bebchuk


Harvard Law School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR) and European Corporate Governance Institute (ECGI)


The New Palgrave Dictionary of Economics and the Law, Vol. 3, pp. 219-224, 1998
Harvard Law and Economics Discussion Paper No. 227

Abstract:     
This essay surveys the literature on Chapter 11. I start by discussing the objectives by which the performance of corporate reorganization rules is to be judged and then consider the fundamental problem of valuation that arises in corporate reorganization. I next turn to examine the performance of the prevailing bargaining-based approach to reorganization, both in terms of its effect on total reorganization value and in terms of its effect on the division of this value. Finally, I examine the two alternative approaches that have been put forward to the approach of existing rules - that of auctioning the reorganized company's asset (put forward by Baird (1986) and Jensen (1991) and that of using options to reorganize the company's ownership (put forward by Bebchuk (1988)).

Number of Pages in PDF File: 20

JEL Classification: G33

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Date posted: April 17, 1998 ; Last revised: April 29, 2009

Suggested Citation

Bebchuk, Lucian A., Chapter 11. The New Palgrave Dictionary of Economics and the Law, Vol. 3, pp. 219-224, 1998; Harvard Law and Economics Discussion Paper No. 227. Available at SSRN: http://ssrn.com/abstract=76648 or http://dx.doi.org/10.2139/ssrn.76648

Contact Information

Lucian A. Bebchuk (Contact Author)
Harvard Law School ( email )
Cambridge, MA 02138
United States
617-495-3138 (Phone)
617-812-0554 (Fax)
HOME PAGE: http://www.law.harvard.edu/faculty/bebchuk/
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Centre for Economic Policy Research (CEPR) and European Corporate Governance Institute (ECGI)
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