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The Costs of BankruptcyArturo BrisIMD International; European Corporate Governance Institute (ECGI); Yale University - International Center for Finance Ivo WelchUniversity of California, Los Angeles (UCLA); National Bureau of Economic Research (NBER) Ning ZhuChina Academy of Financial Research (CAFR); Yale School of Management; University of California, Davis - Graduate School of Management Journal of Finance, Forthcoming Yale ICF Working Paper No. 04-13 AFA 2005 Philadelphia Meetings Paper Abstract: Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995-2001. We find that bankruptcy costs are very heterogeneous and sensitive to measurement method. Still, Chapter 7 liquidations appear no faster or cheaper (in terms of direct expense) than Chapter 11 bankruptcies. But Chapter 11 seems to preserve assets better, and thereby allows creditors to recover relatively more. Our paper also provides a large number of further empirical regularities.
Number of Pages in PDF File: 81 JEL Classification: G33, K22, G28 Accepted Paper SeriesDate posted: December 7, 2005Suggested CitationContact Information
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