By introducing a structure of the balance sheets of the banks, which takes into account their bilateral exposures in terms of stocks or lendings, we get a structural model for default analysis. This model allows us to distinguish the exogenous and endogenous default dependence. We prove the...

In this paper, we develop a dynamic model that captures the interaction between a firm’s cash reserves, the risk management policy and the profitability of a non-predictable irreversible investment opportunity. We consider a firm that has assets in place generating a stochastic cash-flow...

Since the early 1997 paper by La Porta et al., a growing body of research has argued that ‘legal origins’ have a country-specific, time-invariant effect on property rights and economic development. Following the methodology of La Porta et al., an original database of 51 bankruptcy laws has...

Actes du colloque organisé en juin 2010 sur les problématiques particulières liées à la gouvernance des entreprises familiales. Les intervenants, spécialistes de ces questions, proposent des solutions juridiques.

The goal of this article is to understand the practices of the three main actors(bankrupt, trustee in bankruptcy,creditors) of the French failure after the law of 1838. We worked on 500 files of the Commercial Court of the department of Seine and more precisely on the accounting valuation. First...

Bankruptcy implies the involvement of legal procedure and a comprehensive examination of accounting. Yet the legislation, the function and the meaning of accounting have changed over the last centuries. To understand these changes, which have resulted in the judicialisation of procedures and the...