The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the U.K.
Abstract
Using a sample of small firms that defaulted on their bank debt in France, Germany, and the United Kingdom, we find that large differences in creditors' rights across countries lead banks to adjust their lending and reorganization practices to mitigate costly aspects of bankruptcy law. In particular, French banks respond to a creditor‐unfriendly code by requiring more collateral than lenders elsewhere, and by relying on collateral forms that minimize the statutory dilution of their claims in bankruptcy. Despite such adjustments, bank recovery rates in default remain sharply different across the three countries, reflecting very different levels of creditor protection.
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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
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
What Do We Know about Capital Structure? Some Evidence from International Data
RAJAN, R. G., & ZINGALES, L. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05184.x · Cited by 6,538
Cited by
An International Comparison of Capital Structure and Debt Maturity Choices
Fan, J. P. H., Titman, S., & Twite, G. (2012) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109011000597 · Cited by 1,081
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
Haselmann, R., Pistor, K., & Vig, V. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhp073 · Cited by 428
Housing Collateral and Entrepreneurship
SCHMALZ, M. C., SRAER, D. A., & THESMAR, D. (2017) · The Journal of Finance · doi:10.1111/jofi.12468 · Cited by 371
Metadata
- Authors
- DAVYDENKO, S. A., & FRANKS, J. R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-04
- Volume
- 63
- Issue
- 2
- Pages
- 565-608
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3122641096
- Cited by
- 500
- References
- 3
- FWCI
- 102.01
- Type
- journal article
- Language
- en
- Open access
- closed
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- DAVYDENKO, S. A., & FRANKS, J. R. (2008). Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the U.K. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01325.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.
