• 1. Introduction
  • 2. The law and defaulting individual borrowers
  • 2.1 The duty to repay
  • 2.2 Debt relief and personal bankruptcy
  • 3. Individual borrowing and liability regime
  • 3.1 Optimal liability choice in personal credit contracts
  • 3.2 Why individual debt release regulations and limited liability rules?
  • 3.3 Optimal design of personal bankruptcy regulations
  • 4. The impact of limited liability rules: Theory and evidence
  • 4.1 Qualitative impact
  • 4.2 Quantitative impact
  • 4.3 Impact of limited liability rules: Empirical evidence
  • 5. The law and investors in defaulting businesses
  • 6. Optimal choice of investor-liability regime
  • 6.1 Simple conflict structures
  • 6.2 Corporations
  • 6.3 Ex-post incentives
  • 7. The impact of limited liability rules
  • 7.1 Theoretical analyses
  • 7.2 Quantitative impact
  • 7.3 Empirical aspects
  • 7.4 Societal implications
  • 8. Conclusion