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H. Kent Baker and Leigh A. Riddick

Print publication date: 2012

Print ISBN-13: 9780199754656

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199754656.001.0001

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Business Bankruptcies across Countries and the Law

Business Bankruptcies across Countries and the Law

Chapter:
(p.523) 25 Business Bankruptcies across Countries and the Law
Source:
International Finance
Author(s):

BENOIT MARIO PAPILLON

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199754656.003.0025

Comparisons between countries and over time indicate large differences in business bankruptcy rates. Standard causes of bankruptcy, which leave no explicit role for institutions and the law, do not adequately account for these differences. This chapter uses the arithmetic of bankruptcy rates to sort out and classify potential sources of variations in bankruptcy rates, distinguishing stock from flow variables and business bankruptcy from other business failures. It then relates cross-country differences in business bankruptcy rates to differences in the characteristics of country laws as well as basic aspects of production including organization and financing.

Keywords:   business bankruptcy, bankruptcy law, liquidation, reorganizations, competition

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