How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata at the establishment level … random assignment of bankruptcy judges as a source of exogenous variation in the probability of liquidation. We find that …

Unionized workers are entitled to special treatment in bankruptcy court. This can be detrimental to other corporate … bankruptcy states. Closely won union elections lead to significant bond value losses, especially when firms approach bankruptcy …, and costlier bankruptcy court proceedings. Unions further depress bondholders' recovery values as they are assigned seats …

In this paper, we ask how bankruptcy law affects the financial decisions of corporations and its implications for firm … dynamics. According to current U.S. law, firms have two bankruptcy options: Chapter 7 liquidation and Chapter 11 reorganization … to include both bankruptcy options in a general equilibrium environment. Finally, we evaluate a bankruptcy policy change …

This paper estimates the effect of Chapter 13 bankruptcy protection on post-filing financial outcomes using a new … dataset linking bankruptcy filings to credit bureau records. Our empirical strategy uses the leniency of randomly …

The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) is the most important reform of personal … bankruptcy in the United States in recent years. This legislation overhauled eligibility requirements and increased monetary … costs of filing for bankruptcy. Using administrative credit file data from a nationally representative panel, we quantify …

of assets in bankruptcy. Using the random assignment of judges to bankruptcy cases as a natural experiment that forces … allocation of assets in bankruptcy …