Dissertations / Theses: 'Bankruptcy'

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Cohara, Julie A. "Material Hardships among Bankrupt Seniors: Data from the 2007 Consumer Bankruptcy Project." Ohio University / OhioLINK, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=ohiou1375874846.

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Дядечко, Алла Миколаївна, Алла Николаевна Дядечко, Alla Mykolaivna Diadechko, and L. Saban. "Bankruptcy: causes and risks." Thesis, Видавництво СумДУ, 2008. http://essuir.sumdu.edu.ua/handle/123456789/16050.

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Ferreira, Rafael de Vasconcelos Xavier. "Essays in Corporate Bankruptcy." reponame:Repositório Institucional do FGV, 2014. http://hdl.handle.net/10438/11831.

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This thesis contains three chapters, each bringing an essay on credit markets and on the institutions governing corporate bankruptcy. In chapter one, we bring some evidence to dispute the notion that increasing creditor protection always promotes credit market development. Ever since the seminal works of La Porta et al (1997,1998), the metric of creditor protection they proposed -- the creditor rights index -- has been widely used in the Law and Finance literature as explanatory variable in reduced form regression models to assess how creditor protection correlates to credit market development. We explore some problems with this approach. From a theoretical standpoint, it usually assumes a monotonic relation between creditor protection and financial development. We present a theoretical model for a credit market with adverse selection in which an intermediate level of creditor protection is capable of implementing first best equilibria. This is in line with several other theoretical papers, both in general equilibrium and in partial equilibrium setups. From an empirical standpoint, we take advantage of legal reforms in some countries during the 1990's and 2000's to implement a strategy based on the treatment effects literature in order to investigate the impact in firm equity and debt of: (i) granting financially distressed firms the right to an automatic stay on assets during court-supervised reorganization; and (ii) allowing creditors to remove managers of firms in reorganization. We find that restricting automatic stay reduces all equity-related variables, and has no significant impact on debt. We find no significant impact of managerial removal on either debt or equity. Chapter two evaluates the empirical consequences of a bankruptcy reform on a poorly developed credit market. In early 2005, the Brazilian Congress approved a new bankruptcy law. The new legislation increased creditor protection and improved the efficiency of the bankruptcy system. Using data from Brazilian and non-Brazilian firms, we estimate, using two different treatment effects models, the effects of the bankruptcy reform on contractual and non-contractual debt variables. In general, both models yield similar results. Concerning contractual debt variables, we found a significant increase in both total debt and long-term debt, and a reduction in the cost of debt. We found no effect in the loans' ownership structure. Finally, in chapter three we develop an estimable equilibrium search model of credit that can be used to conduct ex-ante evaluation of institutional changes, such as bankruptcy laws. Economic literature has established a causal relationship between institutions (such as laws and regulations) and financial market development. While this qualitative conclusion is widely accepted in the literature, there is little evidence of its quantitative importance. With our framework, it is possible to estimate how debt contracts change in response to modifications in credit-related institutions. It is also possible to estimate how investments made by firms will be affected, as well as characterize the distribution of firm size, age, and productivity before and after the institutional change. In an empirical exercise, we use data from Brazilian firms to simulate the effects of changing creditors recovery rates on the total and the mean values of both capital and debt. We find that debt increases with lower recovery rates. In most cases, the same is true for the stock of capital.
Esta tese é composta por três ensaios sobre o mercado de crédito e as instituições que regem bancarrota corporativa. No capítulo um, trazemos evidências que questionam a ideia de que maiores níveis de proteção ao credor sempre promovem desenvolvimento do mercado de crédito. Desde a publicação dos artigos seminais de La Porta et al (1997,1998), a métrica de proteção ao credor que os autores propuseram -- o índice de proteção ao credor -- tem sido amplamente utilizada na literatura de Law and Finance como variável explicativa em modelos de regressão linear em forma reduzida para determinar a correlação entre proteção ao credor e desenvolvimento do mercado de crédito. Neste artigo, exploramos alguns problemas com essa abordagem. Do ponto de vista teórico, essa abordagem geralmente supõe uma relação monotônica entre proteção ao credor e expansão do crédito. Nós apresentamos um modelo teórico para um mercado de crédito com seleção adversa em que um nível intermediário de proteção ao credor é capaz de implementar equilíbrios first best. Este resultado está de acordo com diversos outros artigos teóricos, tanto em equilíbrio geral quanto em equilíbrio parcial. Do ponto de vista empírico, tiramos proveito das reformas realizadas por alguns países durante as décadas de 1990 e 2000 para implementar uma estratégia inspirada na literatura de treatment effects e estimar o efeito sobre o valor de mercado e sobre a dívida de: i) permitir automatic stay a firmas em recuperação; e ii) conceder aos credores o direito de afastar os administradores. Os resultados que obtivemos apontam para um impacto positivo de automatic stay sobre todas as variáveis que dependem do valor de mercado da firma. Não encontramos efeito sobre dívida, e não encontramos efeitos significativos do direito de afastar administradores sobre valor de mercado ou dívida. O capítulo dois avalia as consequências empíricas de uma reforma na lei de falências sobre um mercado de crédito pouco desenvolvido. No início de 2005, o Congresso Nacional brasileiro aprovou uma nova lei de falências, a lei 11.101/05. Usando dados de firmas brasileiras e não-brasileiras, nós estimamos, usando dois modelos diferentes, o efeito da reforma falimentar sobre variáveis contratuais e não-contratuais de dívida. Ambos os modelos produzem resultados similares. Encontramos um aumento no volume total de dívida e na dívida de longo prazo, e uma redução no custo de dívida. Não encontramos efeitos significativos sobre a estrutura de propriedade da dívida. No capítulo três, desenvolvemos um modelo estimável de equilíbrio em search direcionado aplicado ao mercado de crédito, modelo este que pode ser usado para realizar avaliações ex ante de mudanças institucionais que afetem o crédito (como reformas em leis de falência). A literatura em economia há muito reconhece uma relação causal entre instituições (como leis e regulações) e desenvolvimento dos mercados financeiros. Essa conclusão qualitativa é amplamente reconhecida, mas há pouca evidência de sua importância quantitativa. Com o nosso modelo, é possível estimar como contratos de dívida mudam em resposta a mudanças nos parâmetros que descrevem as instituições da economia. Também é possível estimar o impacto sobre investimentos realizados pelas firmas, bem como caracterizar a distribuição do tamanho, idade e produtividade das firmas antes e depois da mudança institucional. Como ilustração, realizamos um exercício empírico em que usamos dados de firmas brasileiras para simular o impacto de variações na taxa de recuperação de créditos sobre os valores médios e totais de dívida e capital das firmas. Encontramos dívida crescente e capital quase sempre também crescente na taxa de recuperação.

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Parry, Rebecca Anderson Hamish. "Transaction avoidance in insolvencies." Oxford [England] ; New York : Oxford University Press, 2001. http://www.loc.gov/catdir/toc/fy033/2002265042.html.

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Aktan, Sinan [Verfasser], and Svetlozar T. [Akademischer Betreuer] Račev. "Early Warning System for Bankruptcy: Bankruptcy Prediction / Sinan Aktan. Betreuer: S. T. Rachev." Karlsruhe : KIT-Bibliothek, 2012. http://d-nb.info/1019790032/34.

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6

Betton, Sandra Ann. "Bankruptcy : a proportional hazard approach." Thesis, University of British Columbia, 1987. http://hdl.handle.net/2429/26056.

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The recent dramatic increase in the corporate bankruptcy rate, coupled with a similar rate of increase in the bank failure rate, has re-awakened investor, lender and government interest in the area of bankruptcy prediction. Bankruptcy prediction models are of particular value to a firm's current and future creditors who often do not have the benefit of an actively traded market in the firm's securities from which to make inferences about the debtor's viability. The models commonly used by many experts in an endeavour to predict the possibility of disaster are outlined in this paper. The proportional hazard model, pioneered by Cox [1972], assumes that the hazard function, the risk of failure, given failure has not already occurred, is a function of various explanatory variables and estimated coefficients multiplied by an arbitrary and unknown function of time. The Cox Proportional Hazard model is usually applied in medical studies; but, has recently been applied to the bank failure question [Lane, Looney & Wansley, 1986]. The model performed well in the narrowly defined, highly regulated, banking industry. The principal advantage of this approach is that the model incorporates both the survival times observed and any censoring of data thereby using more of the available information in the analysis. Unlike many bankruptcy prediction models, such as logit and probit based regression models, the Cox model estimates the probability distribution of survival times. The proportional hazard model would, therefore, appear to offer a useful addition to the more traditional bankruptcy prediction models mentioned above. This paper evaluates the applicability of the Cox proportional hazard model in the more diverse industrial environment. In order to test this model, a sample of 109 firms was selected from the Compustat Industrial and Research Industrial data tapes. Forty one of these firms filed petitions under the various bankruptcy acts applicable between 1972 and 1985 and were matched to 67 firms which had not filed petitions for bankruptcy during the same period. In view of the dramatic changes in the bankruptcy regulatory environment caused by the Bankruptcy reform act of 1978, the legal framework of the bankruptcy process was also examined. The performance of the estimated Cox model was then evaluated by comparing its classification and descriptive capabilities to those of an estimated discriminant analysis based model. The results of this study indicate that while the classification capability of the Cox model was less than that of discriminant analysis, the model provides additional information beyond that available from the discriminant analysis.
Business, Sauder School of
Graduate

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Rodano, Giacomo. "Inequality, bankruptcy and the macroeconomy." Thesis, London School of Economics and Political Science (University of London), 2011. http://etheses.lse.ac.uk/288/.

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This thesis examines the determinants inequality and its eﬀects on macroeconomic outcomes, and in particular the economic eﬀects of bankruptcy law. The ﬁrst two chapters are joint work with Jochen Mankart. In the ﬁrst chapter, we examine the eﬀects of Chapter 7 of the US bankruptcy law on entrepreneurs. Entrepreneurs are subject to production risk. They can borrow and if they fail they can default on their debt. We examine the optimal wealth exemption level and the optimal credit market exclusion duration in this environment. In the second chapter, we introduce secured credit, in addition to unsecured credit in a model that is similar to the one in the ﬁrst chapter. Secured credit lowers the cost of a generous bankruptcy regime because agents who are rationed out of the unsecured credit market can still obtain secured credit. Therefore, the optimal exemption level is very high. In the third chapter, I estimate stochastic process for earnings of Italian individuals. I ﬁnd that individual’s earnings present statistically signiﬁcant heterogeneity both in levels and in growth rates that is determined before the beginning of economic activity. In the fourth chapter, I analyze the quantitative eﬀects of introducing immediate debt discharge (fresh start) in the procedures of personal bankruptcy law on the saving and default decisions of Italian household. I ﬁnd that introducing fresh start in the Italian bankruptcy law would worsen credit conditions, without almost any beneﬁt in terms of better insurance. The ﬁfth chapter is joint work with Emanuele Tarantino and Nicolas Serrano-Velarde. In this chapter we exploit the recent reform of bankruptcy law in Italy to analyze the eﬀects of bankruptcy regulation on the cost of credit. We ﬁnd that strengthening ﬁrms’ rights to renegotiate outstanding deals with creditors increased the costs of funding, while simplifying the procedure of liquidation decreased the costs of funding. In the sixth chapter, I show that credit market imperfections are not necessary to generate an individual poverty trap.

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Kingdom, Ioannis. "Three essays on personal bankruptcy." Thesis, University of Southampton, 2006. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.440946.

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Link, Frederick 1975. "The economics of personal bankruptcy." Thesis, Massachusetts Institute of Technology, 2004. http://hdl.handle.net/1721.1/29428.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2004.
Includes bibliographical references (p. 183).
This thesis examines the effect of bankruptcy law on consumer borrowing and welfare. The thesis consists of four theoretical chapters and two empirical chapters. Chapter 1 presents a simple model of consumer borrowing where the repayment of debt is governed by a bankruptcy law which allows a consumer to protect income below a given exemption level from creditors. Increasing bankruptcy exemption levels are found to increase borrowing and to increase consumer welfare so long as the consumer is borrowing less than the maximum amount possible. If consumers are borrowing the maximum amount possible, increasing exemption amounts increases credit constraints and decreases borrowing. Consumer welfare is maximized at the point where the marginal benefit the amount of insurance provided by the bankruptcy regime equals the marginal cost to reducing borrowing. Chapter 2 expands the model described in chapter 1 to include consumers who differ as to either their demand for credit or their ability to repay loans. The optimal exemption level is found to occur where the marginal cost due to increasing credit constraints to consumers with a higher demand for credit or a lower ability to repay is balanced against the increased insurance benefit provided to other borrowers.
(cont.) Chapter 3 considers the effect of bankruptcy law on credit markets with asymmetric information. I find that the possibility to receive a discharge of debt provided by bankruptcy law may cause consumers to distort their borrowing choices. Optimal exemption levels balance costs due to distortions in borrowing with benefits associated with increases in insurance. Chapter 4 presents a model of the effect of bankruptcy law on incentives to work. I find that increasing exemption levels may either increase or decrease incentives to work or to take risk. Chapter 5 examines the effect of exemption levels on household borrowing. I find that increasing personal property exemption levels are associated with higher levels of home mortgage debt and decreased probabilities that non-homeowners have greater than $50,000 in debt. Homestead exemptions are negatively associated with homeownership. Chapter 6 finds that personal property exemption levels are positively related to bankruptcy filing rates.
by Frederick Link.
Ph.D.

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Jiang, Yong Carleton University Dissertation Management Studies. "Bankruptcy prediction - a nonparametric approach." Ottawa, 1993.

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Makipaa, Arttu. "Bankruptcy procedures for sovereign debtors." [S.l. : s.n.], 2003. http://www.bsz-bw.de/cgi-bin/xvms.cgi?SWB10518992.

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Wohlschlegel, Ansgar. "The economics of corporate bankruptcy law." [S.l. : s.n.], 2002. http://deposit.ddb.de/cgi-bin/dokserv?idn=96600664X.

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Purohit, Nisha, Helén Gustafsson, and Maria Näs. "Entrepreneurs’ Emotional Responses to a Bankruptcy." Thesis, Jönköping University, JIBS, EMM (Entrepreneurship, Marketing, Management), 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-742.

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Entrepreneurs are often perceived to be creative and risk taking (Kreuger, 2002). The purpose of this paper is to investigate entrepreneurs’ response to a failure namely a bankruptcy. People react differently to a bankruptcy and tend to blame different things as the cause. Some blame themselves while others blame things out of their control. These differences can have an impact on the learning process and how easy the entrepreneur moves on after the failure. These findings can be used for situations when dealing with failures and entrepreneurial activities.

There is no single theory already existing for this topic, therefore several theories have been looked at and used for the analysis. The theories can be divided into five main areas: entrepreneurship, failure, entrepreneurial response to failure, factors affecting responses to failure and learning. Entrepreneurship is treated as the creation of new economic activity (Davidsson, 2004) and entrepreneurial traits (Kreuger, 2002) are considered in the analysis. Locus of control is an important trait since it shows the ability of the entrepreneur to think that they are in control of the environment. (Rotter, 1966) In order to explain the cause of a bankruptcy people tend to use certain attributions. Locus of causality refers to whether a person blames internal or external causes and stability whether these causes are changeable in the future or not. (Martinko, 1995) Several factors will influence the response to a bank-ruptcy and in this thesis motivation for the start-up, culture and separation of the company are looked upon. After a failure an entrepreneur can learn false lessons (McGrath & Cardon, 1997) and stop any entrepreneurial activities. However failure can also be positive if something true has been learnt. (Wiklund, 2006)

This report is an exploratory type of study and a case study was conducted where five cases were used with entrepreneurs that have run companies that have gone bankrupt. A qualitative method was used and the empirical findings were gathered trough interviews which were then analysed with the support from the theoretical framework.

In the analysis new models were created that showed patterns we found comparing the in-terviews. It also includes discussion about how culture affects the blaming factors of fail-ure. The factors that an entrepreneur is blaming the failure on are much depending on to what degree they possess entrepreneurial traits. This paper also suggest that how personally an entrepreneur takes his/her failure depends mostly on how financially dependent they were on their company and also how experienced they were from failure. Another finding was also that all the participants agreed that it is not a supportive business culture in the Jönköping region. Another conclusion is that entrepreneurs that blame their failure on in-ternal factors learn more from it, but this learning can be less significant due to earlier ex-perience from failure.

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Thorburn, Karin S. "Cash auction bankruptcy and corporate restructuring." Doctoral thesis, Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1998. http://www.hhs.se/efi/summary/475.

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Corson, Lewis A. "Private Equity Transaction Bankruptcy Risk Prediction." Scholarship @ Claremont, 2010. http://scholarship.claremont.edu/cmc_theses/29.

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This study utilizes a sample of private equity backed acquisitions to test whether certain factors, evaluated and quantified on the date of transaction completion, serve as indicators of future transaction bankruptcy. The results of this paper suggest that the effective federal funds rate is significantly and positively correlated with the bankruptcy of private equity backed transactions. Other measured factors specific to the private equity sponsor, the target firm in the acquisition and the characteristics of the transaction are found to be insignificant. Analysis on the influence of these factors is performed using two types of binary-response models, which predict the likelihood of the occurrence of bankruptcy, and a matched sample model that tests for the difference of means between a non-bankrupt transaction group and a bankrupt transaction group. Limitations in the availability of data derived from the private nature of the industry resulted in a limited sample size of 259 transactions completed from 1989 to 2008. General insignificance in the results of this study merits further analysis on the contributing factors to private equity transaction failure.

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Van, de Velden Aster. "Strategic implications of bankruptcy for airlines." Thesis, McGill University, 2003. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=81240.

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In the wake of September 11, 2001 events, most western airlines find themselves in financial difficulties. In their struggle to stay in the sky, many airlines look for pro-active tools and fitting strategies. The primary focus of this thesis is to discuss the unique characters of the airline business, particularly, within the context of US bankruptcy reorganization law (Chapter 11). After identifying primary competing interests in this perspective, the hypothesis explored is that Chapter 11 bankruptcy reorganization provides a forum that may uniquely address any of the specific needs of the different key players, if invoked strategically. The corporate strategy of "facilitated survival" as provided for within the context of US bankruptcy law is definitely worthwhile for the airline industry to take note of.

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Lennox, Clive Steven. "Bankruptcy, audit reporting and auditor choice." Thesis, University of Oxford, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.390389.

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Aslan, Ercan. "Essays in game theory and bankruptcy." Thesis, University of Edinburgh, 2016. http://hdl.handle.net/1842/21708.

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In Chapter 1 I study the iterative strategy elimination mechanisms for normal form games. The literature is mostly clustered around the order of elimination. The conventional elimination also requires more strict knowledge assumptions if the elimination is iterative. I define an elimination process which requires weaker rationality. I establish some preliminary results suggesting that my mechanism is order independent whenever iterative elimination of weakly dominated strategies (IEWDS) is so. I also specify conditions under which the \undercutting problem" occurs. Comparison of other elimination mechanisms in the literature (Iterated Weak Strategy Elimination, Iterated Strict Strategy Elimination, Generalized Strategy Eliminability Criterion, RBEU, Dekel-Fudenberg Procedure, Asheim- Dufwenberg Procedure) and mine is also studied to some extent. In Chapter 2 I study the axiomatic characterization of a well-known bankruptcy rule: Proportional Division (PROP). The rule allocates shares proportional to agents' claims and hence, is intuitive according to many authors. I give supporting evidence to this opinion by first defining a new type of consistency requirement, i.e. union-consistency and showing that PROP is the only rule that satisfies anonymity, continuity and union-consistency. Note that anonymity and continuity are very general requirements and satisfied by almost all the rules that have been studied in this literature. Thus, I prove that we can choose a unique rule among them by only requiring union-consistency. Then, I define a bankruptcy operator and give some intuition on it. A bankruptcy operator is a mapping from the set of bankruptcy operators to itself. I prove that any rule will converge to PROP under this operator as the claims increase. I show nice characteristics of the operator some of which are related to PROP. I also give a definition for continuity of an operator. In Chapter 3 investigate risk-averse investors' behaviour towards a risky firm. In order to find Pareto Optimal allocations regarding a joint venture, I employ a 2-stage game, first stage of which involves a social-planner committing to an ex-post bankruptcy rule. A bankruptcy rule is a set of suggestions for solving each possible bankruptcy problem. A bankruptcy problem occurs when there is not enough endowment to allocate to the agents each of whom has a claim on it. I devise the game-theoretic approach posed in K1br1s and K1br1s (2013) and extend it further. In fact, that paper considers a comparison among 4 renowned bankruptcy rules whereas mine do not restrict attention to any particular rule but rather aim to find a Pareto Optimal(PO) one. I start with 2 agent case in order to give some insight to the reader and then, generalise the results to an arbitrary number of investors. I find socially desirable (PO) allocations and show that the same can be achieved through financial markets by the help of some well-known results.

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Charraud, Jocelyn, and Saez Adrian Garcia. "Bankruptcy prediction models on Swedish companies." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185143.

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Bankruptcies have been a sensitive topic all around the world for over 50 years. From their research, the authors have found that only a few bankruptcy studies have been conducted in Sweden and even less on the topic of bankruptcy prediction models. This thesis investigates the performance of the Altman, Ohlson and Zmijewski bankruptcy prediction models. This research investigates all Swedish companies during the years 2017 and 2018. This study has the intention to shed light on some of the most famous bankruptcy prediction models. It is interesting to explore the predictive abilities and usability of those three models in Sweden. The second purpose of this study is to create two models from the most significant variable out of the three models studied and to test its prediction power with the aim to create two models designed for Swedish companies. We identified a research gap in terms of Sweden, where bankruptcy prediction models have been rather unexplored and especially with those three models. Furthermore, we have identified a second research gap regarding the time period of the research. Only a few studies have been conducted on the topic of bankruptcy prediction models post the financial crisis of 2007/08. We have conducted a quantitative study in order to achieve the purpose of the study. The data used was secondary data gathered from the Serrano database. This research followed an abductive approach with a positive paradigm. This research has studied all active Swedish companies between the years 2017 and 2018. Finally, this contributed to the current field of knowledge on the topic through the analysis of the results of the models on Swedish companies, using the liquidity theory, solvency and insolvency theory, the pecking order theory, the profitability theory, the cash flow theory, and the contagion effect. The results aligned with the liquidity theory, the solvency and insolvency theory and the profitability theory. Moreover, from this research we have found that the Altman model has the lowest performance out of the three models, followed by the Ohlson model that shows some mixed results depending on the statistical analysis. Lastly, the Zmijewski model has the best performance out of the three models. Regarding the performance and the prediction power of the two new models were significantly higher than the three models studied.

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Rakićová, Anna. "The Economics of Bankruptcy - International Perspective." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-136220.

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Presented work deals with the issues of bankruptcies in pre-selected countries: Czech Republic, Slovak Republic, Serbia and Croatia, both from an economic and legal viewpoint. First four chapters are devoted to more detailed analysis of insolvency (bankruptcy) laws of each country with regard to their development and current practice. At the end of each chapter is described a current "bankruptcy situation" on the markets of individual economies. The sixth chapter deals with bankruptcies in Europe (Western Europe and Central and Eastern Europe). Part of this chapter is also devoted to the development of selected economies in terms of their GDP. The seventh chapter highlights the economic aspects of bankruptcy and the eighth chapter analyzes the data obtained. The work focuses only on corporate bankruptcies and is completed with appropriate graphs and tables both in the text and in the appendices.

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Funchal, Bruno. "Essays on credit and bankruptcy law." reponame:Repositório Institucional do FGV, 2006. http://hdl.handle.net/10438/1610.

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This thesis is composed of four papers referent to the subject of Credit and Bankruptcy Law. In each essay - that corresponds to one chapter - we aim at analyzing the ináuence of default on credit market, considering di§erent legal situations.

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Baldetti, Roberta <1992&gt. "GOING CONCERN EVALUATION AND BANKRUPTCY PREDICTION." Master's Degree Thesis, Università Ca' Foscari Venezia, 2017. http://hdl.handle.net/10579/11597.

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The progress of globalisation and the beginning of the financial scandals’ season in 2001 as well as the financial crisis started at the end of 2007 increased the demand for quality both in terms of accounting and in auditing standards. As a consequence, FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) have been required to work together in order to settle the differences between the two sets of standards. The convergence between IFRS (International Financial Reporting Standards) and U.S. GAAP (U.S. Generally Accepted Accounting Principles) would be helpful for users analysing different entity’s financial statements no matter what set of standards is used. So while in the past the auditor was charged to establish the substantial doubt about an entity’s ability to continue as a going concern, nowadays the management is responsible for this evaluation. However, the burden of reporting the going concern opinion is still left to auditors. This is often a difficult task, but vast literature has developed on the going concern prediction models and on prediction bankruptcy models although until now none of them can been considered as the most valid one according to the standards. Here a sample of companies has been selected in the year before their bankruptcy. The objective is to evaluate if actually the literature could be useful to predict going concern opinion and the company’s bankruptcy.

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Othman, Ahmad Azam. "The concept of bankruptcy (al-Iflas) under Islamic law : a comparison with English and Malaysian personal bankruptcy laws." Thesis, University of Wales Trinity Saint David, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.504409.

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Ceccaldi, Alexis Pierre Philippe. "The impact of corporate bankruptcy laws on entrepreneurship: a focus on the French corporate bankruptcy reform of 2006." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/22968.

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The purpose of this study is to investigate the potential effect of corporate bankruptcy laws on entrepreneurship. The aim is to understand whether or not the change in corporate bankruptcy laws can stimulate entrepreneurial activity, as well as how entrepreneurs consider corporate insolvency legislation. To answer these questions, the study focuses on the case of France, which implemented a major corporate bankruptcy reform in 2006. France represents a compelling case, as it is the developed economy with the lowest creditor-friendly index score. The potential impact of the reform on French entrepreneurs is assessed on quantitative and qualitative grounds through an explanatory sequential mixed method. The results of our quantitative study suggest that the reform of the corporate insolvency procedures introduced in 2006 by the French government did not have a significant impact on entrepreneurial activity in France. Our qualitative results indicate that this may be due to low awareness of entrepreneurs regarding bankruptcy laws because failure is not the focus of entrepreneurs’ attention. However, it is crucial to note that as many variables come into play when dealing with entrepreneurship, the impact of the reform on entrepreneurship may have been affected by other events not taken into account in that model. In the qualitative part, we interviewed French entrepreneurs active at the time of the reform as well as professionals in charge of assisting entrepreneurs whose firms are in difficulties. We tried to investigate what importance entrepreneurs grant to bankruptcy laws and assess the general awareness of entrepreneurs regarding bankruptcy legislation. We also attempted to assess the impact the reform may have had on them, and how they consider the reform. Our qualitative study suggests low awareness regarding the corporate insolvency legislation among entrepreneurs. Interviewees assessed the reform as progress; the main positive feature was the prevention aspect, which allows entrepreneurs who anticipate difficulties to benefit from special procedures. This study may be of interest to policymakers wishing to develop entrepreneurship as well as to entrepreneurs looking for a better understanding of how the institutions impact on them.
O objetivo deste estudo é investigar o efeito potencial das leis de falências corporativas sobre empreendedorismo. O objetivo é entender se a evolução das leis de falências corporativas pode ou não estimular a atividade empreendedora, bem como a forma como os empresários consideram a legislação sobre insolvência corporativa. Para responder a essas perguntas, o estudo enfoca o caso da França, que implementou uma grande reforma de falências em 2006. A França representa um caso convincente, já que é a economia desenvolvida com a menor pontuação de índice favorável ao credor. Os impactos potenciais da reforma sobre empreendedores franceses são avaliados em termos quantitativos e qualitativos por meio de um método seqüencial explicativo e misto. Os resultados do nosso estudo quantitativo sugerem que a reforma dos procedimentos de insolvência corporativa introduzidos em 2006 pelo governo francês não teve um impacto significativo sobre a atividade empresarial na França. Nossos resultados qualitativos indicam que isso pode ser explicado devido à baixa conscientização dos empreendedores sobre as leis de falência, porque o fracasso não é o foco dos mesmos. No entanto, é crucial notar que, como muitas variáveis entram em jogo quando se trata de empreendedorismo, o impacto da reforma no empreendedorismo pode ter sido afetado por outros eventos não considerados nesse modelo. Na parte qualitativa, entrevistamos empresários franceses ativos na época da reforma, bem como profissionais encarregados de auxiliar empresários cujas empresas estão em dificuldades. Buscamos investigar a importância que os empreendedores concedem às leis de falência e avaliar a consciência geral do empreendedor sobre a legislação de falências. Também procuramos avaliar o impacto que a reforma pode ter sobre eles e como eles consideram a reforma. Nosso estudo qualitativo sugere baixa conscientização sobre a legislação de insolvência corporativa entre os empresários. Os entrevistados avaliaram a reforma como um progresso. A principal característica positiva foi o aspecto da prevenção, que permite aos empresários que antecipem dificuldades para se beneficiar de procedimentos especiais. Este estudo pode ser de interesse para os formuladores de políticas que desejam desenvolver o empreendedorismo, bem como para os empresários que buscam uma melhor compreensão de como as instituições impactam sobre eles.

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McCaffery, Dennis. "Evolution and effectiveness of chapter 11 bankruptcy." Staten Island, N.Y. : [s.n.], 2007. http://library.wagner.edu/theses/business/2007/thesis_bus_2007_mccaf_evolu.pdf.

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Povel, Paul. "Financial contracts, bankruptcy and product market competition." Thesis, London School of Economics and Political Science (University of London), 1998. http://etheses.lse.ac.uk/858/.

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This thesis consists of three self–contained game–theoretic analyses of the contractual relationship between borrowers and lenders. A key element of this relation concerning their strategic variables than their opponents. Optimal contracts for diﬀerent environments are derived and studied. They include ‘bankruptcy’ games, which are designed to structure the parties’ bargaining under certain circumstances. The ﬁrst chapter questions the idea that being a unique lender to a ﬁrm is better than sharing the lender’s role. Even borrowers with poor prospects will apply for loans, if their main goal is to be ﬁnanced, and re–ﬁnanced if necessary. With one lender, reﬁnancing is always provided once former loans are ‘sunk’. With two lenders, the situation may be diﬀerent: ineﬃcient negotiations have to determine how the overall loss is allocated. Some borrowers may therefore not be reﬁnanced, and this may keep borrowers with poor prospects from applying for loans. The second chapter extends this model by adding a timing dimension: a borrower ﬁnds out about poor prospects earlier than his lender. He can ask for reﬁnancing, or simply ‘wait and pray’. Either ‘soft’ contracts or ‘tough’ contracts may be optimal contracts: ‘soft’ contracts treat the borrower well if he asks for reﬁnancing, while ‘tough’ contracts don’t (and the lender will not have the option of reﬁnancing). ‘Hybrid’ contracts are strictly worse than the two ‘pure’ types. From this we draw conclusions for the design of bankruptcy laws, and for empirical work on bankruptcy. The third chapter analyses the interdependence of ﬁnancial and production decisions. Debt contracts are frequently thought to lead to excessive risk taking — in a Cournot setup this means excessive production. At the same time, debt is a costly type of ﬁnancing, which should reduce production. This conﬂict is analysed in a setting which allows to endogenise ‘debt’ contracts. The main result is that there is no excessive production, and ﬁnancial constraints reduce output. However, for large levels of ‘inherited’ debt, it may be that output increases in the level of debt.

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Corzo, de la Colina Rafael, and Renzo Agurto Isla. "Pending Agenda in Bankruptcy Issues in Peru." IUS ET VERITAS, 2016. http://repositorio.pucp.edu.pe/index/handle/123456789/123755.

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This article addresses the issue referred to the modernization of the regulation on Bankruptcy matters in Peru. The authors propose the adoption of the Model of the United Nations Commission on International Trade Law by Peru to help update our national legislation on cross-border insolvency and create more efficient ways of recognizing insolvency proceedings that have been started abroad. Finally, the authors propose the updating of the nomenclature, which are used in certain provisions of the Civil Code, as part of the pending agenda on Bankruptcy Law in Peru.
El presente artículo aborda la temática referida a la modernización de la regulación en materia Concursal en el Perú. Los autores plantean la adopción de la Ley Modelo de la Comisión de las Naciones Unidas para el Derecho Mercantil Internacional por el Perú para ayudar a actualizar nuestra legislación nacional en materia de insolvencias transfronterizas y crear nuevas formas más eficientes de reconocimiento de procedimientos concursales iniciados en el extranjero. Por último, los autores proponen la actualización de la nomenclatura utilizada en ciertas disposiciones del Código Civil, como parte de la agenda pendiente en materia de Derecho Concursal en el Perú.

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Lynch, Larry Allen. "Bankruptcy outcome after the point of filing." Diss., Virginia Polytechnic Institute and State University, 1987. http://hdl.handle.net/10919/49853.

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The subject of corporate bankruptcy has been of interest to financial academicians and practitioners alike. Researchers have directed most of their attention to accounting-based models for predicting bankruptcy filings. Although some research has attempted to estimate the probability and costs of bankruptcy, a very limited amount is centered around the outcome of bankruptcy proceedings. Specifically, little is known about the circumstances that determine whether the firm will liquidate, successfully reorganize, or become an acquisition of another firm after filing for court protection. Given the potentially large losses to both creditors and stockholders, the determinants of bankruptcy outcome should be of considerable interest. The focus of this research is threefold. First, the factors that should have an effect on the disposition of the firm after the bankruptcy filing are examined for their influence on the disposition. Second, since there is some dispute as to the appropriate classification of acquired firms, the correct classification of acquired (or merged) firms is determined. Third, the effect of a major change in the bankruptcy law is examined.
Ph. D.
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Muchna, Jan. "The Bankruptcy Rules in Linear Ordered Structures." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-81888.

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The bankruptcy problem involves the distribution of perfectly divisible goods. Particular attention is paid to the situations, where the amount of goods available is not enough to cover the demand. An example of real life situations that can be solved using various bankruptcy rules may be a division of a heritage or when a company goes bankrupt and its estates are sold to satisfy interested parties' claims. This paper introduces to the problem a linear structure of the participants, meaning that participants are now satisfied one after another in a preset order. It applies the equal awards (CEA) and the equal losses (CEL) solutions on the revised problem. Since their axiomatization is no longer valid, both solutions are extended and new characterizations are given in the thesis. The thesis contains a series of original proofs for both extended solutions and whole problem is examined in the setting of the well-known river sharing problem.

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Jha, Anand. "Three essays on bankruptcy in emerging markets." [Bloomington, Ind.] : Indiana University, 2009. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3358924.

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Thesis (Ph.D.)--Indiana University, Kelley School of Business, 2009.
Title from PDF t.p. (viewed on Feb. 8, 2010). Source: Dissertation Abstracts International, Volume: 70-05, Section: A, page: 1738. Adviser: Gregory F. Udell.

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Burns, Katherine Lindsay. "The effect of personal bankruptcy exemptions on divorce." Thesis, Montana State University, 2011. http://etd.lib.montana.edu/etd/2011/burns/BurnsK0511.pdf.

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This paper estimates the effects of Chapter 7 bankruptcy exemptions on the divorce decision. Using an individual level panel data set, three empirical models are estimated. The results suggest that a rise in the total exemption has a small positive effect on the probability of divorce. The most significant contribution of this paper comes from a difference-in-difference-in-difference estimator that separates the total exemption into the personal property and the homestead exemption. The model estimates the differential effects of the homestead exemption on homeowners and non-homeowners. Results do not suggest that homeowners and non-homeowners react differently to an increase in the homestead exemption. This paper extends on previous research by providing additional theoretical and empirical implications, and through its use of an individual panel data set.

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Seidu, Mohammed Nazib. "Predicting Bankruptcy Risk: A Gaussian Process Classifciation Model." Thesis, Linköpings universitet, Institutionen för datavetenskap, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-119120.

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This thesis develops a Gaussian processes model for bankruptcy risk classification and prediction in a Bayesian framework. Gaussian processes and linear logistic models are discriminative methods used for classification and prediction purposes. The Gaussian processes model is a much more flexible model than the linear logistic model with smoothness encoded in the kernel with the potential to improve the modeling of the highly nonlinear relationships between accounting ratios and bankruptcy risk. We compare the linear logistic regression with the Gaussian process classification model in the context of bankruptcy prediction. The posterior distributions of the GPs are non-Gaussian, and we investigate the effectiveness of the Laplace approximation and the expectation propagation approximation across several different kernels for the Gaussian process. The approximate methods are compared to the gold standard of Markov Chain Monte Carlo (MCMC) sampling from the posterior. The dataset is an unbalanced panel consisting of 21846 yearly observations for about 2000 corporate firms in Sweden recorded between 1991−2008. We used 5000 observations to train the models and the rest for evaluating the predictions. We find that the choice of covariance kernel affects the GP model’s performance and we find support for the squared exponential covariance function (SEXP) as an optimal kernel. The empirical evidence suggests that a multivariate Gaussian processes classifier with squared exponential kernel can effectively improve bankruptcy risk prediction with high accuracy (90.19 percent) compared to the linear logistic model (83.25 percent).

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Curnock, Carol Ann Revett. "Bankruptcy as lived experience compared to attributive models." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1998. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape10/PQDD_0017/NQ53888.pdf.

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Yu, Yueting. "Realization of mortgage rights amid PRC bankruptcy proceedings." Click to view the E-thesis via HKUTO, 2007. http://sunzi.lib.hku.hk/hkuto/record/B39793849.

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Perkins, Alexander H. "Accounting Conservatism and the Prediction of Corporate Bankruptcy." Scholarship @ Claremont, 2013. http://scholarship.claremont.edu/cmc_theses/711.

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This paper examines the relationship between the accounting conservatism construct and the prediction of corporate bankruptcy. Prior research has explored the link between accounting quality and bankruptcy prediction, but it has not examined the relationship between accounting conservatism and bankruptcy prediction. This study hypothesizes that the inclusion of conservatism metrics in the bankruptcy hazard model estimation process should have an incremental effect on the predictive ability of bankruptcy hazard models. This paper finds that the inclusion of conservatism metrics does enhance the predictive power of bankruptcy hazard models for certain subgroups of a population partitioned on the basis of accounting conservatism metrics.

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Spaičienė, Jurgita. "Bankruptcy Law development in the Republic of Lithuania." Doctoral thesis, Lithuanian Academic Libraries Network (LABT), 2008. http://vddb.library.lt/obj/LT-eLABa-0001:E.02~2008~D_20080515_104127-60668.

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Introduction Recently, companies’ bankruptcy law in Lithuania is being changed most frequently. The experience in using formal laws is ignored by legislative power while paying no attention toward it as a new source of the law. Nowadays, the legal acts involve only procedure of bankruptcy of companies, there is few theoretical and conceptual basics of the bankruptcy law. Therefore Lithuania has had no research of bankruptcy and insolvency law. Because of the predictable basic changes there are no scientists being able to make precise forecast of some changes. Therefore the need for new law ideas and issues is evidently present. Today it is common to adopt the law of other states, but it is still required to conform it to the European Union’s law standards as well as it is possible to create legal acts that are specifically accommodated to Lithuania. Nevertheless it is confirmed that many problems, which exist today, were also faced and solved in the past. That is why these solutions can be improved and used today. Research problem: Acceptation of legal acts, which have had different experience of the bankruptcy law application and adjustment of the relations between insolvent debtors and their creditors, were influenced by the diversity of law that existed in 1918 – 1940 in the Republic of Lithuania and analysis of the most significant elements that influenced the development of bankruptcy law from 1918 to 2007. During all the research period the problem of bankruptcy... [to full text]
Tiriamoji problema. Bankroto teisės suvienodinimo galimybės ir vystymasis 1918-1940 m. Lietuvos Respublikoje bei galima to laikotarpio bankroto teisės ir kitų veiksnių įtaka šiuolaikinės bankroto teisės raidai. 1918-1940 metais Lietuvos Respublikoje reguliuojant nemokių skolininkų ir jų kreditorių teisinius santykius įvairiose Respublikos dalyse buvo recepuota kelių valstybių bankroto teisė. Tiriamuoju laikotarpiu egzistavo bankroto, konkurso (kaip vienos iš bankroto rūšių), prekybos proceso įstatymų suvienodinimo problema, kuri iki 1940 m. Lietuvoje taip ir nebuvo iki galo išspręsta. Tačiau nepaisant to, kad paveldėtas visuomeninių santykių modelis nebuvo pakeistas kokybiškai nauju, visgi susistemintuose recepuotuose teisės dokumentuose buvo daromos pataisos, užtikrinusios tolimesnį kokybinį bankroto teisės vystimąsi, atitikusį tuometinius socialinius – ekonominius poreikius Lietuvos Respublikoje. Nagrinėjamu laikotarpiu jau buvo aiškūs skolininkų nemokumo, bankroto bei konkurso institutų teisinio sureguliavimo trūkumai, apibrėžtos problemos, moksliniame lygmenyje (lyginamuoju aspektu pasinaudojant kitų valstybių mokslininkų darbais) pasiūlyti jų sprendimo būdai, suformuluotos naujos idėjos bei domimasi kaimyninių valstybių, išgyvenusių analogišką bankroto teisės raidos etapą (pvz., Lenkijos), patirtimi. Darbe, analizuojant bankroto teisės taikymo problemas 1918-1940 m., nagrinėjami trys pagrindiniai to laikotarpio teisės institutai, susiję su skolininko nemokumo paskelbimu... [toliau žr. visą tekstą]

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Riering, Wolfgang W. "Environmental obligations and bankruptcy in US-American law." Thesis, McGill University, 1992. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=67532.

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This work has tried to illustrate the clash between environmental obligations and bankruptcy law, between a strict liability and the possibility for a fresh start. The U.S. law has had a great opportunity to deal with this conflict but all the problems which have arised have not yet been solved. It will take decades a clear conceptualistic structure in this area of law to emerge.
This thesis has suggested some ideas about how to treat these problems and may provide European lawyer with a view of the problems which will arise after the reception of CERCLA as a environmental protection law. Finally, it may help the legislator to avoid some of the American problems. My intention and the purpose of this work was not to solve a political conflict and to look at the lege ferenda. These questions should be determined by the legislator and it will be of great juridical assistance if this question is solved before enacting CERCLA.

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Yu, Yueting, and 俞躍汀. "Realization of mortgage rights amid PRC bankruptcy proceedings." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2007. http://hub.hku.hk/bib/B39793849.

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Servian, M. S. "Eighteenth century bankruptcy law : From crime to process." Thesis, University of Kent, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.354577.

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Baker, Matthew. "The Impact of Bankruptcy Exemptions for Retirement Assets." Thesis, Virginia Tech, 2013. http://hdl.handle.net/10919/22080.

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When filing for personal bankruptcy, an individual can, in almost all cases, claim an exemption for retirement assets. Using the Survey of Consumer Finances from 2007 and 2010, we test the theory that highly educated or financially sophisticated households allocate more resources to retirement assets under conditions of higher probability of filing for personal bankruptcy. This hypothesis stems from the concept of asset sheltering, in which an individual will demonstrate a preference for assets that are exempt from a particular risk. To address our hypothesis, we run a Heckman model on the Survey of Consumer Finances data. Our results provide evidence to match our theory for only highly educated or financially sophisticated individuals, conditional on owning retirement assets. That is, we observe highly educated and financially sophisticated households allocate more resources to retirement accounts when they are at higher risk for bankruptcy. Other characteristic groups do not demonstrate a similarly strong relationship between the probability of filing for bankruptcy and the level of retirement assets.
Master of Science

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Manaweera, Wickramage Heshani Anjalie Manaweera. "Bankruptcy Model Application to Missouri River Water Allocation." Thesis, North Dakota State University, 2019. https://hdl.handle.net/10365/31733.

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Growing demand for water and improper resource management over the years have led conflicts among states and countries. This research applies cooperative game theory. The bankruptcy model, where claims for resources exceed their total availability, was applied to Missouri River water allocation during dry years. In this study, five allocation rules were applied. These include Proportional, Constrained Equal Award, Sequential Sharing Rules based Proportional, Mianabadi’s methodology, and a proposed Modified Constrained Equal Award rule in allocating Missouri River water among two agents where their primary purposes were managing the reservoir water level and navigation channel. Selection of the best allocation rule depends on the beneficiaries, and there is no exact method to choose the best. However, this study reveals that the best approaches are proposed Modified Constrained Equal Award and Proportional rules to allocate water among the agents in the Missouri River for dry years.

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McKibben, Michael. "Predicting bankruptcy and catastrophic loss| A portfolio approach." Thesis, Duquesne University, 2017. http://pqdtopen.proquest.com/#viewpdf?dispub=10268695.

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This paper uses logistic regression to assign risk of catastrophic loss (defined as a loss of 80% or more of market cap value) to companies, and analyzes the subsequent returns of high risk and low risk portfolios. In the final model, the low risk portfolio had a three-year mean return of approximately 47%, with a catastrophic loss rate of 1.1%. The high-risk portfolio had a three-year mean return of approximately .5%, with a catastrophic loss rate of 29%. The paper expands upon a model developed by Dr. Abhay Gaur and Dr. Leo Rebholz in Rebholz?s 2002 thesis, Bankruptcy as Cusp Catastrophe. This paper first validates the model, introduces a new variable, which examines financial momentum, and transforms the bankruptcy variable to catastrophic loss. The success of the model was viewed through a comparative approach of high and low risk portfolios.

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Honcharuk, Dana C. "Do corporations use bankruptcy as a stratgeic advantage?/." Staten Island, N.Y. : [s.n.], 2004. http://library.wagner.edu/theses/business/2004/thesis_bus_2004_honch_do.pdf.

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44

Jiang, Min. "Essays on bankruptcy, credit risk and asset pricing." Diss., University of Iowa, 2012. https://ir.uiowa.edu/etd/3320.

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In this dissertation, I consider a range of topics in bankruptcy, credit risk and asset pricing. The first chapter proposes a structural-equilibrium model to examine some economic implications arising from voluntary filing of Chapter 11. The results suggest that conflict of interests (between debtors and creditors) arising from the voluntary filing option causes countercyclical losses in firm value. The base calibration shows that these losses amount to approximately 5% of the ex-ante firm value and are twice those produced by a model without incorporating the business cycles. Furthermore, besides countercyclical liquidation costs as in Chen (2010) and Bhamra, Kuehn and Strebulaev (2010), countercyclical pre-liquidation distress costs and the conflict of interests help to generate reasonable credit spreads, levered equity premium and leverage ratios. The framework nests several important models and prices the firm's contingent claims in closed-form. The second chapter proposes a structural credit risk model with stochastic asset volatility for explaining the credit spread puzzle. The base calibration indicates that the model helps explain the credit spread puzzle with a reasonable volatility risk premium. The model fits well to the dynamics of CDS spreads and equity volatility in the data. The third chapter develops a consumption-based learning model to study the interactions among aggregate liquidity, asset prices and macroeconomic variables in the economy. The model generates reasonable risk-free rates, equity premium, real yield curve, and asset prices in equity and bond markets. The base calibration implies a long-term yield spread of around 185 basis points and a liquidity premium of around 55 basis points for an average firm in the economy. The calibrated yield spread and liquidity premium are consistent with the empirical estimates.

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Neelen, Ubbo. "Bankruptcy and intellectual property in the People's Republic of China /." Access via Murdoch University Digital Theses Project, 2007. http://wwwlib.murdoch.edu.au/adt/browse/view/adt-MU20070820.144651.

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Mulligan, John Vincent. "The Impact of State Exemptions on Personal Bankruptcy Filings." Thesis, Virginia Tech, 2000. http://hdl.handle.net/10919/35275.

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Although the Federal Government is granted authority over bankruptcy law through the U.S. Constitution (Article 1, section 8), the Federal Government has historically left bankruptcy law for state governments to enact. In 1978, the U.S Congress tried to create a national bankruptcy law, but a last minute compromise allowed states to override federal law in key areas such as Chapter 7 exemption types and amounts. Since the 1978 law was enacted, all states have overridden the law to some extent. Although the original 1978 law has undergone several revisions, the basic structure of the law with state control over certain provisions remains the same. Because the Chapter 7 exemptions affect the cost of bankruptcy for the debtor, this paper develops a state level probability model to determine whether the different state exemption amounts affect the probability of filing for bankruptcy. The paper shows that states with more lenient exemption laws will incur a higher bankruptcy rate after controlling for socioeconomic and economic conditions that may create higher bankruptcy frequencies.
Master of Arts

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47

Evans, R. G. "A critical analysis of problem areas in respect of assets of insolvent estates of individuals." Pretoria : [s.n.], 2009. http://upetd.up.ac.za/thesis/available/etd-05242009-143134/.

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Kolecek, Ludek. "On the Role of Bankruptcy Laws in Credit Markets." Diss., lmu, 2007. http://nbn-resolving.de/urn:nbn:de:bvb:19-67171.

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Punsalan, Romeleo N. "Bankruptcy prediction in the construction industry: financial ratio analysis." Thesis, Monterey, California. Naval Postgraduate School, 1989. http://hdl.handle.net/10945/25711.

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Lester, Vernon Markham. "Insolvency and reform of English bankruptcy law, 1831-1914." Thesis, University of Oxford, 1991. http://ora.ox.ac.uk/objects/uuid:28c0519a-eef4-44c4-bb8a-90be75e0c7da.

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This thesis is a history of the reform of English bankruptcy law 1831-1914 and a statistical analysis of the insolvency the reforms sought to limit. The first two chapters describe the historiography of government growth in nineteenth-century Britain and outline the history of English bankruptcy legislation until 1831. Using statistics from bankruptcy reports published by the Board of Trade after 1883 and returns issued by other government entities prior to that date, chapters three and four define the extent and the characteristics of insolvency. These chapters analyze the aggregate level of bankruptcy in particular occupations and geographic areas; they also examine the effect of trade cycles on bankruptcy levels, both in terms of numbers of bankruptcies and losses occasioned. The remaining chapters trace the history of bankruptcy legislation and examine why Parliament embraced the concept of government supervision of bankrupt estates in 1831, then dismantled the system in the 1860s, only to reimpose it once again a short time later. The roles of three groups in this story -- the business community, the legal profession, and the government -- are examined in detail using the records of the local chambers of commerce, law societies, and other organizations. The thesis concludes that, while the aggregate level of losses declined after the Bankruptcy Act of 1883, the loss rates for some occupations did not reflect this decline. Also, trade cycles did not uniformly affect the rate of bankruptcy for all occupations and geographic areas. Random factors rather than trade cycles had the greatest effect on annual bankruptcy rates. The thesis also argues that the extension of government brought about by bankruptcy reforms was largely a pragmatic attempt to manage bankrupt estates efficiently and had little philosophical basis. Further, the close resemblances between bankruptcy reforms and other Victorian extensions of government add to the evidence that, while there may not be a strict pattern to government growth, such growth may be considered as a distinct and identifiable process.

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Dissertations / Theses on the topic 'Bankruptcy'

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