[spa] Cuando una empresa en dificultad solicita la declaración de concurso, los juzgados mercantiles han de arbitrar entre el mantenimiento de la actividad y del empleo o el procedimiento de liquidación. Este arbitraje se encuentra previsto en la ley de tratamiento judicial de empresas en...

The paper investigates the French dilemma associated with court administered resolution of corporate financial distress. In such a legal system, the courts seek a double objective: maintaining job positions through continuation, and determining the best outcome for the claimants. We discuss this...

This research investigates how legal sanctions prevailing under bankruptcy may impact on debt contracting and on investing decision. We model firms having the opportunity to engage (or not) faulty management. In case of default, the firms may escape costly bankruptcy by reaching a private...

Purpose: Financing investments in a knowledge-intensive sector may be more difficult as there is a greater degree of uncertainty and asymmetries of information. This paper aims to examine whether a company’s intellectual capital (human capital, relational capital and structural capital) can...

[eng] This paper develops a simple non- cooperative game in which the design of financial contracts matters for firms' strategy. Standard debt contract is not optimal. More complex financial arrangements are chosen by firms at equilibrium. Loan commitment and debt-equity contracts commit firms...