Financial and Operational Creditors in Bankruptcy Resolution: A General Equilibrium Approach Under Three Game-Theoretic Division Rules with an Application to India

References

Armour, J., A. W. H. Hsu, and A. Walters. 2012. “The Costs and Benefits of Secured Creditor Control in Bankruptcy: Evidence from the UK.” Review of Law & Economics 8 (1): 101–35. https://doi.org/10.1515/1555-5879.1507.Suche in Google Scholar

Aumann, R. J., and M. Maschler. 1985. “Game Theoretic Analysis of a Bankruptcy Problem from the Talmud.” Journal of Economic Theory 36 (2): 195–213. https://doi.org/10.1016/0022-0531(85)90102-4.Suche in Google Scholar

Bae, K., and V. K. Goyal. 2009. “Creditor Rights, Enforcement, and Bank Loans.” The Journal of Finance 64 (2): 823–60. https://doi.org/10.1111/j.1540-6261.2009.01450.x.Suche in Google Scholar

Baeck, J. R. 2019. “Bankruptcy: What Is Left for the Creditors? A Belgian Exploratory Study.” International Insolvency Review 28 (2): 140–62. https://doi.org/10.1002/iir.1342.Suche in Google Scholar

Bebchuk, L. A., and H. F. Chang. 1992. “Bargaining and the Division of Value in Corporate Reorganization.” Journal of Law, Economics, and Organization 8 (2): 253–79. https://doi.org/10.2139/ssrn.471820.Suche in Google Scholar

Blazy, R., and A. Letaief. 2017. “When Secured and Unsecured Creditors Recover the Same: The Emblematic Case of the Tunisian Corporate Bankruptcies.” Emerging Markets Review 30: 19–41. https://doi.org/10.1016/j.ememar.2016.08.021.Suche in Google Scholar

Bris, A., I. Welch, and N. Zhu. 2006. “The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization.” The Journal of Finance 61 (3): 1253–303. https://doi.org/10.1111/j.1540-6261.2006.00872.x. https://www.jstor.org/stable/3699323.Suche in Google Scholar

Capkun, V., and L. A. Weiss. 2016. Bankruptcy Resolution and the Restoration of Priority of Claims. HEC Paris Research Paper No. ACC-2016-1160.10.2139/ssrn.2795069Suche in Google Scholar

Carvalho, J., J. A. Divino, and J. Orrillo. 2013. “Default and Bankruptcy in an Entrepreneurial Economy with Incomplete Markets.” Journal of Banking & Finance 37 (7): 2162–72. https://doi.org/10.1016/j.jbankfin.2012.06.009.Suche in Google Scholar

Confederation of Indian Industries (CII) Official Website. 2023. Also available at: https://www.cii.in/Sectors.aspx?enc=prvePUj2bdMtgTmvPwvisYH+5EnGjyGXO9hLECvTuNuXK6QP3tp4gPGuPr/xpT2f#:∼:text=With%20around%2063.4%20million%20units,33.4%25%20of%20India’s%20manufacturing%20output (accessed March 9, 2023).Suche in Google Scholar

Claessens, S., S. Djankov, and L. Klapper. 2003. “Resolution of Corporate Distress in East Asia.” Journal of Empirical Finance 10 (1–2): 199–216. https://doi.org/10.1016/S0927-5398(02)00023-3.Suche in Google Scholar

Costello, A. M. 2019. “The Value of Collateral in Trade Finance.” Journal of Financial Economics 134 (1): 70–90. https://doi.org/10.1016/j.jfineco.2018.07.018.Suche in Google Scholar

Dagan, N., and O. Volij. 1993. “The Bankruptcy Problem: A Cooperative Bargaining Approach.” Mathematical Social Sciences 26 (3): 287–97. https://doi.org/10.1016/0165-4896(93)90024-d. https://www.nirdagan.com/research/199301/full.pdf.Suche in Google Scholar

Dataset Sourced from IBBI. 2022. The IBBI Official Website. https://ibbi.gov.in/uploads/whatsnew/2022-06-24-172611-67mt1-b68e259e48e1d725b08682940b2f9519.pdf (accessed June 25, 2022).Suche in Google Scholar

Davydenko, S. A., and J. R. Franks. 2008. “Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the UK.” The Journal of Finance 63 (2): 565–608. https://doi.org/10.1111/j.1540-6261.2008.01325.x.Suche in Google Scholar

Dou, W. W., L. A. Taylor, W. Wang, and W. Wang. 2021. “Dissecting Bankruptcy Frictions.” Journal of Financial Economics 142 (3): 975–1000. https://doi.org/10.1016/j.jfineco.2021.06.014.Suche in Google Scholar

Dubey, P., J. Geanakoplos, and M. Shubik. 2005. “Default and Punishment in General Equilibrium.” Econometrica 73 (1): 1–37. https://doi.org/10.1111/j.1468-0262.2005.00563.x.Suche in Google Scholar

Franks, J., and G. Loranth. 2014. “A Study of Bankruptcy Costs and the Allocation of Control.” Review of Finance 18 (3): 961–97.10.1093/rof/rft020Suche in Google Scholar

Garcia-Appendini, E., and J. Montoriol-Garriga. 2020. “Trade Credit Use as Firms Approach Default.” Journal of Money, Credit, and Banking 52 (5): 1199–229. https://doi.org/10.1111/jmcb.12618.Suche in Google Scholar

Glyn, A. 2006. “The Corn Model, Gluts and Surplus Value.” Cambridge Journal of Economics 30 (2): 307–12. https://doi.org/10.1093/cje/bei053.Suche in Google Scholar

Herrero, C., and A. Villar. 2001. “The Three Musketeers: Four Classical Solutions to Bankruptcy Problems.” Mathematical Social Sciences 42 (3): 307–28. https://doi.org/10.1016/S0165-4896(01)00075-0.Suche in Google Scholar

Jacobson, T., and E. Von Schedvin. 2015. “Trade Credit and the Propagation of Corporate Failure: An Empirical Analysis.” Econometrica 83 (4): 1315–71. https://doi.org/10.3982/ecta12148.Suche in Google Scholar

Jappelli, T., M. Pagano, and M. Bianco. 2005. “Courts and Banks: Effects of Judicial Enforcement on Credit Markets.” Journal of Money, Credit and Banking 37 (2): 223–44.10.1353/mcb.2005.0021Suche in Google Scholar

Kiyotaki, N., and J. Moore. 1997. “Credit Cycles.” Journal of Political Economy 105 (2): 211–48. https://doi.org/10.1086/262072.Suche in Google Scholar

Kutty, M. 2022. Impact of Commodity Price Inflation on MSMEs. White Paper on Impact of Inflation on Trade and Industry (MVIRDC Research). Also available at: https://www.wtcmumbai.org/pdf/report-presentiton/2022/White%20Paper%20on%20Impact%20of%20Inflation%20on%20Trade%20&%20Industry.pdf.Suche in Google Scholar

Lipschütz, I., and M. E. Schwarz. 2020. “Fairness vs. Economic Efficiency: Lessons from an Interdisciplinary Analysis of Talmudic Bankruptcy Law.” Review of Law & Economics 16 (3): 20160070. https://doi.org/10.1515/rle-2016-0070.Suche in Google Scholar

Mahapatra, S., P. Singhania, and M. Chandna. 2020. “Operational Creditors in Insolvency: A Tale of Disenfranchisement.” NALSAR Student Law Review 14: 78.Suche in Google Scholar

Min, H., M. S. LaTour, and M. A. Jones. 1995. “Negotiation Outcomes: The Impact of the Initial Offer, Time, Gender, and Team Size.” International Journal of Purchasing and Materials Management 31 (3): 19–24. https://doi.org/10.1111/j.1745-493X.1995.tb00211.x.Suche in Google Scholar

Moulin, H. 2002. “Axiomatic Cost and Surplus Sharing.” Handbook of Social Choice and Welfare 1: 289–357. https://doi.org/10.1016/S1574-0110(02)80010-8.Suche in Google Scholar

Prasad, R. 2009. “Tax Evasion and Administrative Costs.” In New and Enduring Themes in Development Economics, pp. 401–28.10.1142/9789812839428_0017Suche in Google Scholar

Prasad, R., G. Gupta, and Y. B. Mathur. 2020. “A Game Theoretic Analysis of the Relative Payouts to Operational Creditors and Financial Creditors from Bankruptcy Resolution in India.” Asian Journal of Law and Economics 11 (2): 20200017. https://doi.org/10.1515/ajle-2020-0017.Suche in Google Scholar

Pryor, C. S., and R. Garg. 2020. “Differential Treatment Among Creditors under India’s Insolvency and Bankruptcy Code, 2016: Issues and Solutions.” The American Bankruptcy Law Journal 94: 123.10.2139/ssrn.3374867Suche in Google Scholar

Qian, J., and P. E. Strahan. 2007. “How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans.” The Journal of Finance 62 (6): 2803–34. https://doi.org/10.1111/j.1540-6261.2007.01293.x.Suche in Google Scholar

Ricardo, D. 1955. “The Works and Correspondence of David Ricardo.” In Biographical Miscellany, Vol. 10. Cambridge University Press.Suche in Google Scholar

Safavian, M., and S. Sharma. 2007. “When Do Creditor Rights Work?” Journal of Comparative Economics 35 (3): 484–508. https://doi.org/10.1016/j.jce.2007.05.004.Suche in Google Scholar

Schiantarelli, F., M. Stacchini, and P. E. Strahan. 2020. “Bank Quality, Judicial Efficiency, and Loan Repayment Delays in Italy.” The Journal of Finance 75 (4): 2139–78. https://doi.org/10.1111/jofi.12896.Suche in Google Scholar

Sontchi, C. S., and B. Grohsgal. 2019. “Should the Appointment of an Unsecured Creditors’ Committee Be Made Optional in Chapter 11?” American Bankruptcy Institute Journal 38 (11): 12–75.Suche in Google Scholar

Thomson, W. 1995. Axiomatic analyses of Bankruptcy and Taxation Problems: A Survey. Rochester Center for Economic Research. Working Paper.Suche in Google Scholar