Dissecting bankruptcy frictions

How efficient is corporate bankruptcy in the United States? Two frictions, asymmetric information and conflicts of interest among creditors, can cause several inefficiencies: excess liquidation, excess continuation, and excess delay. We find large bankruptcy inefficiencies, mainly due to excess dela...

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Veröffentlicht in:	Journal of financial economics 2021-12, Vol.142 (3), p.975-1000
Hauptverfasser:	Dou, Winston Wei, Taylor, Lucian A., Wang, Wei, Wang, Wenyu
Format:	Artikel
Sprache:	eng
Schlagworte:	Asymmetric information Bankruptcy Bankruptcy reorganization Conflicts of interest Courts Creditors Indirect costs Liquidation Structural estimation
Online-Zugang:	Volltext
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