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Serrano-Velarde, Nicolas (2012) The Causal Effect of Bankruptcy Law on the Cost of Finance. In: World Bank Group seminar, 19/06/2012, Washington DC.
Full text not available from this repository.Abstract
We exploit the staggered nature of the Italian bankruptcy law reform of 2005-2006 to disentangle the distinct causal impact of both reorganization and liquidation procedures in bankruptcy on firms' cost of loan financing. Using a unique loan-level dataset covering the universe of firm funding contracts we present two major findings: first, that the introduction of a reorganization procedure increased the interest rates on loan financing; second, that the reform that accelerated the liquidation procedure not only decreased firms' cost of finance but also relaxed credit constraints.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Keywords: | default; renegotiation; bankruptcy code |
| Subject(s): | Taxation |
| Centre: | Oxford University Centre for Business Taxation |
| Date Deposited: | 29 Aug 2012 15:52 |
| Last Modified: | 23 Oct 2015 14:07 |
| URI: | http://eureka.sbs.ox.ac.uk/id/eprint/4145 |
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