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Title
Judicial Discretion in Corporate Bankruptcy
Creator
Creator Name
Gennaioli, Nicola Gennaioli, Nicola
Affiliation
Affiliation Name
Universitat Pompeu Fabra
Creator Name
Rossi, Stefano Rossi, Stefano
Affiliation
Affiliation Name
Stockholm School of Economics
Editor
Contributor Name
Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University
Affiliation
Affiliation Name
Institute of Economic Research, Hitotsubashi University
Key Word
Judicial Discretion
Corporate Bankruptcy
JEL
G33
K22
Abstract
We study a demand and supply model of judicial discretion in corporate bankruptcy. On the supply side, we assume that bankruptcy courts may be biased for debtors or creditors, and subject to career concerns. On the demand side, we assume that debtors (and creditors) can engage in forum shopping at some cost. A key finding is that stronger creditor protection in reorganization improves judicial incentives to resolve financial distress efficiently, preventing a "race to the bottom" towards inefficient uses of judicial discretion. The comparative statics of our model shed light on a wealth of evidence on U.S. bankruptcy and yield novel predictions on how bankruptcy codes should affect firm-level outcomes.
Description
This version: December 2007
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2008-04
Language
英語(eng)
Resource Type
technical report（テクニカルレポート）
Version Type
VoR
Relation - Is Part Of
Related Title
CEI Working Paper Series ; No. 2008-5
Relation
Related Identifier
URI
  http://cei.ier.hit-u.ac.jp/index.html
NCID
AA11590659
Number of Pages
40
Appears in Collections
CEI Working Paper Series
URL
https://hdl.handle.net/10086/29280