The bankruptcy codes of the United States, the United Kingdom and Germany differ concerning who is permitted to control the debtor in bankruptcy and as to the ability of the debtor to arrange new financing while in bankruptcy. This study compares the efficiency of these three bankruptcy codes...

This paper traces developments in the theory of corporate finance over the past 25 years. These include a shift from consideration of how the value of a given cash flow stream is affected by its division among different classes of security holders to a consideration of how structure of claims...