- 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
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