Effects of bankruptcy court protection on asset sales

• 成果类型: Article
• 署名作者: Pulvino, TC
• 署名单位: Northwestern University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(99)00007-0
• 发表日期: 1999
• 页码: 151-186
• 关键词: bankruptcy; ASSET SALES

摘要

This paper uses commercial aircraft transactions to determine whether prices obtained from asset sales are greater under Chapter 11 reorganization than under Chapter 7 liquidation. Results indicate that prices obtained under both bankruptcy regimes are substantially lower than prices obtained by non-distressed airlines. Furthermore, there is no evidence that prices obtained by firms reorganizing under Chapter 11 are greater than those obtained by firms liquidating under Chapter 7. An analysis of aircraft sales indicates that Chapter 11 is also ineffective in limiting the number of aircraft sold at discounted prices. (C) 1999 Elsevier Science S.A. All rights reserved.