This study has as its main objective to analyze the best bankruptcy procedure considering the conflict of interests … characteristics, which is also relevant to the design of the bankruptcy law. Simulating a general-equilibrium model with incomplete … marktes and bankruptcy, we show that for liquidation procedure that does not depreciates the failed assets too much …

In early 2005 a new bankruptcy law was approved by the Brazilian Congress, taking effect a few months later. The new … legislation improved creditor protection and the bankruptcy system's efficiency. This paper tries to shed some light on the … empirical consequences of a bankruptcy reform on a poorly developed credit market. Using data from Argentine, Brazilian, Chilean …

This paper examines the relationship between corporate governance level and the bankruptcy law to such debt variables … corporate governance and the harsher bankruptcy law, the lower the cost of debt. Second, we find that better governance and a … harsher bankruptcy laws have a positive effect on debt. As consequence, firms increase their set of investment projects …

This paper studies the effect of changes in creditors? priority order defined by the bankruptcy law on firms? capital … structure. Taking advantage of the Brazilian bankruptcy law Reform and using firms? balance sheet data, we obtain results in …