Resolution of financial distress
Subtitle: an international perspective on the design of bankruptcy laws
By: edited by Stijn Claessens, Simeon Djankov, and Ashoka Mody.
Contributors: Claessens, Stijn.; Djankov, Simeon.; Mody, Ashoka.
Series: WBI development studies
Publisher: World Bank
Published: 2001
Place of publication: Washington, D.C
Language: eng
Number of pages: 390
Subjects: Bankruptcy.; Debtor and creditor.
Notes: Includes bibliographical references and index.
Table of contents: title: Machine generated contents note: Contents; title: Foreword vii; title: Contributors ix; title: Resolution of Financial Distress: An Overview xv; title: Stijn Claessens, Simeon Djankov, and Ashoka Mody, The World Bank; title: Insolvency Regimes: Current Interest and Principles xvii; title: Systemic Distress and Corporate Restructuring xxii; title: Conclusions xxx; title: References xxxi; title: 1. Bankruptcy Laws: Basic Economic Principles; title: Joseph E. Stiglitz, Stanford University; title: Key Principles 2; title: Efficiency and Incentive Issues 7; title: Seller Beware 13; title: Implications for Policy 13; title: The Theory of Systemic Bankruptcy 16; title: Conclusion 21; title: References 22; title: 2. Bankruptcy Procedures in Countries Undergoing; title: Financial Crises 25; title: Michelle J. White, University of Michigan; title: Economrnic Issues in Corporate Bankruptcy 25; title: Bankruptcy and Entrepreneurial Activity 39; title: Conclusion 43; title: References 43; title: iii 3. Systemic Corporate Distress: A Legal Perspective 47; title: Jay Lawrence Westbrook, The University of Texas at Austin; title: The Reform Movement 48; title: Elements of Reform 50; title: Special Rules for Systemic Distress 58; title: Cross-Disdciplinary Research 60; title: References 63; title: 4. Creditor Protection and Bankruptcy Law Reform 65; title: Rafael La Porta and Florencio Lopez-de-Silanes, Harvard University; title: Content of Bankruptcy Laws around the World 66; title: Enforcement of Laws around the World 72; title: Consequences of Creditor Protection in Finandcial Markets 76; title: Real Consequences of Creditor Protection 78; title: Reforming Bankruptcy Procedures 80; title: Conclusion 85; title: Appendix 4A. Definitions of Variables 86; title: References 88; title: 5. Corporate Debt Restructuring: Auctions Speak Louder; title: Than Words 91; title: Donald B. Hausch, University of Wisconsin, and S. Ramachandran, World Bank; title: Market-Based Bankruptcy 94; title: The Proposed ACCORD 95; title: Implementing ACCORD 97; title: Additional Considerations 102; title: Conclusion 105; title: References 105; title: 6. Alphatec Electronics PCL 107; title: Perry Fagan, C. Fritz Foley, and Stuart Gilson, Harvard Business School; title: History of Alphatec Electronics and The Alphatec Group 109; title: Alphatec in Distress 113; title: The First Restructuring Plan 128; title: The New Thai Bankruptcy Law 134; title: The Rehabilitation Plan 136; title: Postscript 145; title: 7. Corporate Debt Restructuring in a Systemic Financial Crisis:; title: Mexico's Experience, 1996-98 149; title: Alberto Mults, Fondo Bancario de Protecci6n al Ahorro; title: Corporate Debt Restructuring, 1995-97 151; title: FOBAPROA's Role as a Restructuring Agent through its; title: Corporate Asset Recovery Unit 160; title: Key Lessons from Mexico's 1996-98 Restructuring; title: Experience 164; title: 8. Reconstruction Finance Corporation Assistance to Financial; title: Intermediaries and Commercial and Industrial Enterprises; title: in the United States, 1932-37 167; title: Joseph R. Mason, Drexel University, LeBow College of Business; title: RFC Background: Politics, Funding, and Operations 168; title: RFC Assistance to Financial Institutions and Commercial and; title: Industrial Enterprises 172; title: Summary and Condclusions 201; title: References 202; title: 9. Japan Confronts Corporate Restructuring 205; title: Arthur J. Alexander, Japan Economic Institute; title: The Case for Restructuring 206; title: Managing Financial Distress 211; title: Conclusions 226; title: References 227; title: 10. Financial Restructuring in East Asia: Halfway There? 229; title: Stijn Claessens, Simeon Djankov, and Daniela Ktingebiel, World Bank; title: Was the East Asian Crisis Unique? 229; title: East Asian Crisis: Similar Origins to Previous Crises,; title: but Difference in Scale 230; title: Steep Decline and Rapid Recovery 230; title: Corporate Restructuring Is Gathering Speed 243; title: The Risk of an Unsustainable Recovery 251; title: References 258; title: 4; title: 11. The Politics of Corporate and Financial Restructuring:; title: A Comparison of Korea, Thailand, and Indonesia 261; title: Stephan Haggard, University of California, San Diego; title: Financial and Corporate Restructuring: Political Issues; title: and Empirical Patterns 263; title: Financial and Corporate Restructuring: Political; title: Deterrminants 268; title: Korea 271; title: Thailand 282; title: Indonesia 292; title: Conclusion 301; title: References 302; title: 12. The Role of Cross-Border Mergers and Acquisitions in; title: Asian Restructuring 305; title: Ashoka Mody and Shoko Negishi, World Bank; title: Cross-Border M&A: Trends, Motives, and Impacts 306; title: East Asian Financial Distress and Recovery 314; title: Cross-Border M&As in East Asian Restructuring 321; title: Policy Implications 331; title: Conclusion 335; title: References 337; title: 13. Asset Management Companies 341; title: Daniela Klingebiel, World Bank; title: The Centralized Versus the Decentralized Approach 342; title: The Different Types of Asset Management Companies 346; title: Evidence 349; title: Lessons from Cross-Country Experience 355; title: Appendix 13.A. Main Characteristics of Asset Management; title: Companies 361; title: Bibliography and Reference List 372; title: Index 381.