Conflict of interest and market illiquidity in bankruptcy auctions: theory and tests

Article Abstract:

Issues related to the financial dynamics of a cash auction bankruptcy for Swedish firms are examined, focusing on the distinction between cash auctions and reorganizations. Topics include the Swedish bankruptcy code, a model of a cash auction bankruptcy for a hypothetical firm, empirical analysis, conditions under which banks favor cash auctions, and the finding that procedures that look legally to be cash auctions may appear, practically, to be reorganizations.

Sweden, Statistical Data Included, Influence, Liquidity (Finance), Bankruptcy, Business failures

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A theory of dividends based on tax clienteles

Article Abstract:

Issues concerning an explanation of why the payment of dividends is more popular than the repurchasing of shares are examined, focusing on the special investment needs and advantages of tax-exempt institutions. Topics include the influence dividend payments have on attracting firms and measuring firm quality, tax payments, and the relationship between this theory of dividends and documented facts.

Research, Dividends, Corporate distributions

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The costs of bankruptcy: chapter 7 liquidation versus chapter 11 reorganization

Article Abstract:

A sample of small and large corporate bankruptcies in Arizona and New York is described taking into consideration liquidation and reorganization.

Arizona, New York, Analysis, Liquidation, Bankruptcy reorganizations, Bankruptcy reorganization, Company bankruptcy

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