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Revenue efficiency and change of control: the case of bankruptcy

Cornelli, Francesca and Felli, Leonardo (1998) Revenue efficiency and change of control: the case of bankruptcy. 2030. Centre for Economic Policy Research, London, UK.

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Abstract

The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it is usually meant that the control is allocated into the hands of those who can maximize its value. In this paper we focus instead on how to allocate control with a procedure that allows the creditors to maximize their returns. The conclusion is that creditors should be allowed to retain a fraction of the shares of the company.

Item Type: Monograph (Discussion Paper)
Official URL: http://www.cepr.org
Additional Information: © 1998 Francesca Cornelli and Leonardo Felli
Library of Congress subject classification: H Social Sciences > HG Finance
Journal of Economic Literature Classification System: G - Financial Economics > G3 - Corporate Finance and Governance > G33 - Bankruptcy; Liquidation
D - Microeconomics > D4 - Market Structure and Pricing > D44 - Auctions
G - Financial Economics > G3 - Corporate Finance and Governance > G34 - Mergers; Acquisitions; Restructuring; Corporate Governance
Sets: Research centres and groups > Financial Markets Group (FMG)
Collections > Economists Online
Departments > Economics
Research centres and groups > Suntory and Toyota International Centres for Economics and Related Disciplines (STICERD)
Collections > LSE Financial Markets Group (FMG) Working Papers
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 2030
Date Deposited: 04 Jun 2008 15:15
URL: http://eprints.lse.ac.uk/5354/

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