This study investigates the relationship between debtors? punishment and the credit market development. As the main goal we analyze empirically which is the optimal level of the debtors? punishment, providing the highest credit market development. Aligned with earlier theoretical findings from...

This study has as its main objective to analyze the best bankruptcy procedure considering the conflict of interests between managers, secured creditors and trade creditors. Such trade-off is strictly connected with industry and countries characteristics, which is also relevant to the design of...

This study investigates the relationship between debtor punishment and the development of the credit market. We empirically analyze how the level of debtor punishment relates to the credit market expansion. We find evidence that an increase in debtor punishment tends to produce a positive effect...