Two New Measures of Bankruptcy Efficiency

BROGI-SANTELLA Law and Economics Working Paper No. 1

55 Pages Posted: 22 Sep 2003

See all articles by Riccardo Brogi

Riccardo Brogi

Associazione Bancaria Italiana - Ufficio Valutazioni Economiche

Paolo Santella

Single Resolution Board

Multiple version iconThere are 2 versions of this paper

Date Written: May 2003

Abstract

This study is aimed at developing new empirical models for evaluating the efficiency of bankruptcy and creditor protection legislations.

The paper is divided in three parts. In the first part, we analyze from a conceptual point of view the effects on debtor firms of the lack of creditors' powers in bankruptcy. In the second part, we develop a new rating method for bankruptcy legislations according to their degree of creditor protection and apply it to five European countries. In the third part, we introduce a new approach for empirically estimating the efficiency of bankruptcy legislation based on the cost of banking credit and we test it on the Italian case.

Keywords: Bankuptcy, insolvency, corporate governance, banking, regulation efficiency

JEL Classification: G33

Suggested Citation

Brogi, Riccardo and Santella, Paolo, Two New Measures of Bankruptcy Efficiency (May 2003). BROGI-SANTELLA Law and Economics Working Paper No. 1, Available at SSRN: https://ssrn.com/abstract=426961 or http://dx.doi.org/10.2139/ssrn.426961

Riccardo Brogi (Contact Author)

Associazione Bancaria Italiana - Ufficio Valutazioni Economiche ( email )

Piazza del Gesu, 49
Rome 00186
Italy
+39066767402 (Phone)
+390667678030 (Fax)

Paolo Santella

Single Resolution Board

Rue de la Science 27
Bruxelles, 1000
Belgium

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