Corporate Bankruptcy: Economic and Legal Perspectives

Hardcover (Print)
Buy New
Buy New from
Used and New from Other Sellers
Used and New from Other Sellers
from $91.17
Usually ships in 1-2 business days
(Save 49%)
Other sellers (Hardcover)
  • All (6) from $91.17   
  • New (4) from $166.56   
  • Used (2) from $91.17   


This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, directors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries other than the United States, including the United Kingdom, Europe, and Japan. The editors' introductions guide readers through each of the six parts, comprised of edited versions of papers combined with editorial notes to reduce the time required to absorb key ideas.
Read More Show Less

Product Details

  • ISBN-13: 9780521451079
  • Publisher: Cambridge University Press
  • Publication date: 3/28/2008
  • Pages: 579
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.46 (d)

Table of Contents

Pt. I The role of credit 1
1 Leverage, Nobel Memorial Prize Lecture (1990) 3
2 Agency costs of free cash flow, corporate finance, and takeovers 11
3 A theory of loan priorities 17
Pt. II Bankruptcy as a reflection of the creditors' implicit bargain 25
4 A world without bankruptcy 29
5 Bankruptcy, nonbankruptcy entitlements, and the creditors' bargain 39
6 Translating assets and liabilities to the bankruptcy forum 58
7 Bankruptcy policy 73
8 Loss distribution, forum shopping, and bankruptcy: A reply to Warren 95
Pt. III Beyond the basic creditors' bargain 109
9 Bargaining after the fall and the contours of the absolute priority rule 113
10 On the nature of bankruptcy: An essay on bankruptcy sharing and the creditors' bargain 141
11 A simple noncooperative bargaining model of corporate reorganizations 168
12 Commentary on "On the nature of bankruptcy": bankruptcy, priority, and economics 181
13 Bankruptcy and risk allocation 190
14 The corporate bankruptcy decision 207
15 Bargaining over equity's share in the bankruptcy reorganization of large, publicly held companies 232
16 Bankruptcy resolution: Direct costs and violation of priority of claims 260
17 The costs of conflict resolution and financial distress: Evidence from the Texaco-Pennzoil litigation 279
18 Survey of evidence on business bankruptcy 298
Pt. IV Workouts or bargaining in the shadow of bankruptcy 307
19 Managing default: Some evidence on how firms choose between workouts and chapter 11 308
20 The economics of pre-packaged bankruptcy 322
Pt. V Alternatives to bankruptcy and the creditors' bargain 327
21 Corporate control and the politics of finance 329
22 The uneasy case for corporate reorganizations 336
23 Bankruptcy and debt: A new model for corporate reorganization 351
24 A new approach to corporate reorganizations 370
25 Debtors choice: A menu approach to corporate bankruptcy 395
26 Is corporate bankruptcy efficient? 408
27 The voting prohibition in bond workouts 415
28 Financial and political theories of American corporate bankruptcy 434
Pt. VI Experience of other countries 449
29 Lessons from a comparison of U.S. and U.K. insolvency codes 450
30 The costs of corporate bankruptcy: A U.S.-European comparison 467
31 Should we abolish Chapter 11? The evidence from Japan 501
32 The role of banks in reducing the costs of financial distress in Japan 531
Index 550
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star


4 Star


3 Star


2 Star


1 Star


Your Rating:

Your Name: Create a Pen Name or

Barnes & Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation


  • - By submitting a review, you grant to Barnes & and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Terms of Use.
  • - Barnes & reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)