The aim of this work is to analyze the factors that help companies avoid liquidation following the spirit of the Spanish insolvency law. This work focuses on the phase starting when companies file for bankruptcy and ending with the completion of the common phase. We apply the agency theory to...

Der Bericht analysiert Unternehmensdynamiken in Deutschland und im Speziellen hinsichtlich der deutschen Wissenswirtschaft. Dabei werden Informationen zum Gründungs- und Schließungsgeschehen in Deutschland von 2005 bis 2023 bezüglich unterschiedlicher Branchen und Bundesländer untersucht und...

Background Medicare Advantage (MA) penetration rates have shown an increase in rural areas in the past decade, increasing the bargaining power of MA plans relative to rural hospitals. We study the effect that this increase has had in the revenue of rural hospitals through reductions in the...

We analyze how corporate reorganization and liquidation change labor reallocation during bankruptcy using randomized judge assignments and linked Portuguese employer-employee and firm data. Reorganization reduces the negative effect of bankruptcy on employee earnings, even with most workers...

Der Bericht analysiert Unternehmensdynamiken in Deutschland und im Speziellen hinsichtlich der deutschen Wissenswirtschaft. Dabei werden Informationen zum Gründungs- und Schließungsgeschehen in Deutschland von 2005 bis 2022 bezüglich unterschiedlicher Branchen und Bundesländer untersucht und...

The paper investigates the influence of the speed of liquidation of insolvent firms on leverage. The theoretical model presented formalizes the intuitive view that an increase in liquidation speed is expected to decrease average leverage as highly leveraged firms exit. Analysis of Indian data,...

Using generalized random forests and rich Swedish administrative data, we show that the earnings effects of job displacement due to establishment closures are highly heterogeneous. We find as much heterogeneity within as across closing establishments, and within as across worker types defined by...

This study examines the response among young adults to the closure of a large local employer. By using military base closures in Sweden, I find that men experience lower earnings and enroll in tertiary education. This is driven by low-ability men who choose shortterm enrollment at nearby...

This paper studies the role of credit constraints in accounting for the dynamics of firm exit during the Great Recession. We present novel firm-level evidence on the role of credit constraints on exit behavior during the Great Recession. Firms in financial distress, with tighter access to...

We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in...

Private firms establish relationships with banks in local markets to obtain adequate financing for their operations through credit and loans. As major banks reduced their branch networks in recent years, many firms have lost access to their local bank. We evaluate the impact of a large number of...

The decline in cash use and growing use of digital distribution for retail banking leads to a reduced need for bank branches. Lending to small and medium sized firms (SMEs) has not benefited as much from a digital transformation, and widespread branch closures may reduce their supply of credit....

This paper studies the labor supply responses of parents to anticipated school closures due to school holidays and unanticipated school closures due to the COVID-19 pandemic in Switzerland. Using the variation in the timing of school holidays by region, we find that while both fathers and...

The article looks at exit taxation within the European Union, including how it affects cross-border mergers. It starts with an explanation of the concept of exit tax, followed by an analysis of the current legislation and an analysis of the case law of the European Court of Justice. The article...

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a...

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy...

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy...

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy...

In dieser Studie zum deutschen Innovationssystem berichtet das ZEW über die Unternehmensdynamik in der deutschen Wirtschaft, mit einem deutlichen Fokus auf die deutsche Wissenswirtschaft. Die Studie beinhaltet Informationen zum Gründungs- und Schließungsgeschehen in Deutschland bis zum Jahr...

The purpose of this discussion is to find out how to make cost savings, unnecessary expenses, postponed or canceled selling assets that are not needed. Unprofitable divisions (business units) are eliminated or merged. Delay expansion plans until the situation is considered favorable

Using an occupational probability of computerization, we measure a firm’s ability to replace labor with automated capital. Our evidence suggests that the potential to automate a workforce enhances operating flexibility, allowing firms to hold less precautionary cash. To provide evidence for...

In this paper we describe the U.S. Census Bureau's redesign and production implementation of the Longitudinal Business Database (LBD) first introduced by Jarmin and Miranda (2002). The LBD is used to create the Business Dynamics Statistics (BDS), tabulations describing the entry, exit,...

This study presents new evidence on the potential detrimental effects of hospital closures. We examine how hospital closures affect the likelihood of incurring medical debt. Hospital closures can increase market concentration by removing a competitor from the market. Closures can also have...

Numerous technology start-ups end up shutting down their operations. The present study aims to answer the following research questions: can entrepreneurs who closed their previous ventures bring their new venture to a successful exit through M&A and to what extent does this positive outcome...