The DOI matches its Crossref record; 22 of the 22 references it cites were found in a registry or an index.
The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization
Abstract
Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995 to 2001. Bankruptcy costs are very heterogeneous and sensitive to the measurement method used. We find that Chapter 7 liquidations appear to be no faster or cheaper (in terms of direct expense) than Chapter 11 reorganizations. However, Chapter 11 seems to preserve assets better, thereby allowing creditors to recover relatively more. Our paper also provides a large number of further empirical regularities.
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Citations
Cites
Sample Selection Bias as a Specification Error
Heckman, J. J. (1979) · Econometrica · doi:10.2307/1912352 · Cited by 28,779
Limited-dependent and qualitative variables in econometrics
Maddala, G. S. (1983) · Cambridge University Press eBooks · doi:10.1017/cbo9780511810176 · Cited by 13,240
Liquidation Values and Debt Capacity: A Market Equilibrium Approach
SHLEIFER, A., & VISHNY, R. W. (1992) · The Journal of Finance · doi:10.1111/j.1540-6261.1992.tb04661.x · Cited by 2,893
LOWESS: A Program for Smoothing Scatterplots by Robust Locally Weighted Regression
Cleveland, W. S. (1981) · The American Statistician · doi:10.2307/2683591 · Cited by 1,150
BANKRUPTCY COSTS: SOME EVIDENCE
Gruber, M. J., & Warner, J. B. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03274.x · Cited by 1,095
A Further Empirical Investigation of the Bankruptcy Cost Question
ALTMAN, E. I. (1984) · The Journal of Finance · doi:10.1111/j.1540-6261.1984.tb03893.x · Cited by 1,009
Bankruptcy Costs: Some Evidence
Warner, J. B. (1977) · The Journal of Finance · doi:10.2307/2326766 · Cited by 865
Weiss, L. A. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90058-8 · Cited by 704
Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions
Pulvino, T. C. (1998) · The Journal of Finance · doi:10.1111/0022-1082.00040 · Cited by 680
An Empirical Investigation of U.S. Firms in Reorganization
FRANKS, J. R., & Torous, W. N. (1989) · The Journal of Finance · doi:10.1111/j.1540-6261.1989.tb04389.x · Cited by 537
Cited by
Debt Enforcement around the World
Djankov, S., Hart, O., McLiesh, C., & Shleifer, A. (2008) · Journal of Political Economy · doi:10.1086/595015 · Cited by 929
Acharya, V., Davydenko, S. A., & Strebulaev, I. A. (2012) · Review of Financial Studies · doi:10.1093/rfs/hhs106 · Cited by 375
Anatomy of Corporate Borrowing Constraints*
Lian, C., & Ma, Y. (2020) · The Quarterly Journal of Economics · doi:10.1093/qje/qjaa030 · Cited by 373
The Real and Financial Implications of Corporate Hedging
CAMPELLO, M., LIN, C., MA, Y., & ZOU, H. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2011.01683.x · Cited by 353
How do bankruptcy laws affect entrepreneurship development around the world?
Lee, S.-H., Yamakawa, Y., Peng, M. W., & Barney, J. B. (2011) · Journal of Business Venturing · doi:10.1016/j.jbusvent.2010.05.001 · Cited by 326
Metadata
- Authors
- BRIS, A., WELCH, I., & ZHU, N.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2006-05-16
- Volume
- 61
- Issue
- 3
- Pages
- 1253-1303
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2161707585
- Cited by
- 698
- References
- 22
- FWCI
- 126.03
- Type
- journal article
- Language
- en
- Open access
- closed
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- BRIS, A., WELCH, I., & ZHU, N. (2006). The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2006.00872.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
