Bankruptcy law: justification and reform

"Ex post" vs "ex ante": Le cas de l’économie du droit de la faillite

Bertrand Chopard

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Abstract: This article deals with the Law and Economics approach of bankruptcy law. The author presents this field of research in two parts. First, he studies the conditions of ex post efficiency in the sense that stakeholders select the issue which maximizes the value of the financially distressed firm. In other words, the author justifies the existence of bankruptcy rules as a way of coordinating stakeholders on the optimal issue. Second, he studies the impact of bankruptcy rules on debtors' and creditors' ex ante behaviours, that is to say before the financial distress. At this time, he considers both alternative models of bankruptcy resolution and the impact of current bankruptcy rules on stakeholders' strategies. Based on these new considerations, the author tries to explain the diversity of various national bankruptcy systems.

Date: 2005
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Published in Revue d'économie financière, 2005, 81, pp.291-303. ⟨10.3406/ecofi.2005.4026⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00279346

DOI: 10.3406/ecofi.2005.4026

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