Harhoff, Dietmar; Stahl, Konrad; Woywode, Michael - C.E.P.R. Discussion Papers - 1996
approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation … without losses to creditors, and bankruptcy as forced liquidation. We demonstrate that firms under limited liability are … of insolvencies is a non-monotonic function of firm size while the likelihood of voluntary liquidation decreases …