Bankruptcy auctions: costs, debt recovery, and firm survival

• 成果类型: Article
• 署名作者: Thorburn, KS
• 署名单位: Dartmouth College
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(00)00075-1
• 发表日期: 2000
• 页码: 337-368
• 关键词: Auctions; Bankruptcy costs; debt recovery; prepacks; Chapter 11

摘要

This paper provides some first, large-sample evidence on the Swedish auction bankruptcy system. Compared to U.S. Chapter 11 cases, the small-firm bankruptcy auctions examined here are substantially quicker, have lower costs, and avoid deviations from absolute priority. Three-quarters of the firms are auctioned as going concerns, which is similar to Chapter 11 survival rates. Moreover, based on market values, creditors in going-concern auctions recover a similar fraction of face value as creditors of much larger firms in Chapter 11 reorganizations. The evidence presented here suggests that the auction bankruptcy system is a surprisingly efficient restructuring mechanism for small firms. (C) 2000 Elsevier Science S.A. All rights reserved. JEL classification. G33; G34; K22.