Fiche du document
22 septembre 2023
- handle: 10670/1.6gyj4q
- hal: hal-04214904
info:eu-repo/semantics/OpenAccess
Mots-clés
Corporate Bankruptcy Commercial Courts G - Financial Economics/G.G3 - Corporate Finance and Governance/G.G3.G33 - Bankruptcy • Liquidation K - Law and EconomicsSujets proches
Insolvency Privileged debts Cessio bonorum Bankruptcy--Law and legislationCiter ce document
Anne Épaulard et al., « Corporate Bankruptcy and the (In-)Efficiency of Small Commercial Courts », HAL-SHS : économie et finance, ID : 10670/1.6gyj4q
Métriques
Partage / Export
Résumé
This paper assesses the efficiency of small commercial courts. We take advantage of a reform that regroups small commercial courts and estimate its impact on firms' bankruptcy outcomes on the quality of rulings in bankruptcy cases. A conceptual framework allows us to derive the impact of the reform on Type 1 error (restructuring a non-viable firm) and Type 2 error (liquidating a viable firm) from estimated coefficients of a set of difference-in-difference equations. We apply this strategy to an (almost) exhaustive sample of 600~000 bankruptcy cases in France that started between 2000 and 2019. We show that the reform unambiguously reduced Type 1 errors for small firms in absorbed court and left unchanged Type 2 errors. We show that the behavior of the absorbing commercial court now applies to firms that belong to the catching areas of absorbed commercial courts.