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Bankruptcy system
Introduction:
The bankruptcy system is here defined by the
legal
procedures
that govern the bankruptcy
of firms. For instance, those specifying the transfer of corporate control from stockholders to
creditors when a firm goes bankrupt.
These systems
are of importance in corporate governance because their design determines the
incentives of managers and thereby
the economic efficiency of the firm.
For a
reference on bankruptcy systems see, for instance, Smith and Warner [1979].
Contents
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Table -
Hypotheses: Effects
of the bankruptcy system on corporate performance and other other kinds of
institutions of relevance for corporate governance.
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Table - International corporate governance: Tentative
characterizations of legal and empirical state of large firm bankruptcy system
in various countries as of 1980-95: 1) Developing countries. 2) Germany. 3) Japan.
4) Anglo-American countries. 5) Denmark.
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