Financial Distress and Bankruptcy

白色9617712本项目探讨财务困境的经济学以及债务人和债权人使用破产、扣发工资和债务重新谈判等程序的情况。尽管1996年将有100多万个人或家庭申请破产(自1983年以来增加了四倍)，但研究人员对这一现象几乎没有给予关注。这项研究将填补这一空白。这个项目包括三个部分。首先，新的收入动态专家小组研究将被用来估计债务人申请破产决定的模型，并测试是否存在“破产污名”。在第二部分中，将分析一个新的小企业财务困境数据集，重点是小企业破产情况。小公司的决策以及这些公司与债权人之间的互动将是这一部分的主要焦点。最后，该项目将探索美国消费者破产法的改革。本课程将探讨现行规律特征和最优规律特征的理论模型。。本项目探讨财务困境的经济学以及债务人和债权人使用破产、扣发工资和债务重新谈判等程序的情况。尽管1996年将有100多万个人或家庭申请破产(自1983年以来增加了四倍)，但研究人员对这一现象几乎没有给予关注。这项研究将填补这一空白。这个项目包括三个部分。首先，新的收入动态专家小组研究将被用来估计债务人申请破产决定的模型，并测试是否存在“破产污名”。在第二部分中，将分析一个新的小企业财务困境数据集，重点是小企业破产情况。小公司的决策以及这些公司与债权人之间的互动将是这一部分的主要焦点。最后，该项目将探索美国消费者破产法的改革。本课程将探讨现行规律特征和最优规律特征的理论模型。。***

White 9617712 This project explores the economics of financial distress and the use by debtors and creditors of such procedures as bankruptcy, wage garnishment and debt renegotiation. Although more than one million individuals or households will file for bankruptcy in 1996 (a fourfold increase since 1983), researchers have devoted little attention to this phenomenon. This research will fill that void. This project has three parts. In the first, the new Panel Study of Income Dynamics will be used to estimate a model of debtors' decision to file for bankruptcy and to test whether a "bankruptcy stigma" exists. In the second part, a new data set on small firm financial distress focusing on small firms bankruptcy situations will be analyzed. The decisions small firms make and the interactions between these firms and their creditors will be the primary focus of this part. Finally, the project will explore reforms of U.S. consumer bankruptcy law. Theoretical modeling of features of current law and the features of optimal law will be examined. . %%% This project explores the economics of financial distress and the use by debtors and creditors of such procedures as bankruptcy, wage garnishment and debt renegotiation. Although more than one million individuals or households will file for bankruptcy in 1996 (a fourfold increase since 1983), researchers have devoted little attention to this phenomenon. This research will fill that void. This project has three parts. In the first, the new Panel Study of Income Dynamics will be used to estimate a model of debtors' decision to file for bankruptcy and to test whether a "bankruptcy stigma" exists. In the second part, a new data set on small firm financial distress focusing on small firms bankruptcy situations will be analyzed. The decisions small firms make and the interactions between these firms and their creditors will be the primary focus of this part. Finally, the project will explore reforms of U.S. consumer bankruptcy law. Theoretical modeling of features of current law and the features of optimal law will be examined. . ***