An edition of Resolution of financial distress
(2001)
Resolution of financial distress
an international perspective on the design of bankruptcy laws
by Stijn Claessens, Simeon Djankov, and Ashoka Mody
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Debtor and creditor, BankruptcyShowing 1 featured edition. View all 1 editions?
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Resolution of financial distress: an international perspective on the design of bankruptcy laws
2001, World Bank
in English
0821349066 9780821349069
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Book Details
Table of Contents
Machine generated contents note: Contents
Foreword vii
Contributors ix
Resolution of Financial Distress: An Overview xv
Stijn Claessens, Simeon Djankov, and Ashoka Mody, The World Bank
Insolvency Regimes: Current Interest and Principles xvii
Systemic Distress and Corporate Restructuring xxii
Conclusions xxx
References xxxi
1. Bankruptcy Laws: Basic Economic Principles
Joseph E. Stiglitz, Stanford University
Key Principles 2
Efficiency and Incentive Issues 7
Seller Beware 13
Implications for Policy 13
The Theory of Systemic Bankruptcy 16
Conclusion 21
References 22
2. Bankruptcy Procedures in Countries Undergoing
Financial Crises 25
Michelle J. White, University of Michigan
Economrnic Issues in Corporate Bankruptcy 25
Bankruptcy and Entrepreneurial Activity 39
Conclusion 43
References 43
iii 3. Systemic Corporate Distress: A Legal Perspective 47
Jay Lawrence Westbrook, The University of Texas at Austin
The Reform Movement 48
Elements of Reform 50
Special Rules for Systemic Distress 58
Cross-Disdciplinary Research 60
References 63
4. Creditor Protection and Bankruptcy Law Reform 65
Rafael La Porta and Florencio Lopez-de-Silanes, Harvard University
Content of Bankruptcy Laws around the World 66
Enforcement of Laws around the World 72
Consequences of Creditor Protection in Finandcial Markets 76
Real Consequences of Creditor Protection 78
Reforming Bankruptcy Procedures 80
Conclusion 85
Appendix 4A. Definitions of Variables 86
References 88
5. Corporate Debt Restructuring: Auctions Speak Louder
Than Words 91
Donald B. Hausch, University of Wisconsin, and S. Ramachandran, World Bank
Market-Based Bankruptcy 94
The Proposed ACCORD 95
Implementing ACCORD 97
Additional Considerations 102
Conclusion 105
References 105
6. Alphatec Electronics PCL 107
Perry Fagan, C. Fritz Foley, and Stuart Gilson, Harvard Business School
History of Alphatec Electronics and The Alphatec Group 109
Alphatec in Distress 113
The First Restructuring Plan 128
The New Thai Bankruptcy Law 134
The Rehabilitation Plan 136
Postscript 145
7. Corporate Debt Restructuring in a Systemic Financial Crisis:
Mexico's Experience, 1996-98 149
Alberto Mults, Fondo Bancario de Protecci6n al Ahorro
Corporate Debt Restructuring, 1995-97 151
FOBAPROA's Role as a Restructuring Agent through its
Corporate Asset Recovery Unit 160
Key Lessons from Mexico's 1996-98 Restructuring
Experience 164
8. Reconstruction Finance Corporation Assistance to Financial
Intermediaries and Commercial and Industrial Enterprises
in the United States, 1932-37 167
Joseph R. Mason, Drexel University, LeBow College of Business
RFC Background: Politics, Funding, and Operations 168
RFC Assistance to Financial Institutions and Commercial and
Industrial Enterprises 172
Summary and Condclusions 201
References 202
9. Japan Confronts Corporate Restructuring 205
Arthur J. Alexander, Japan Economic Institute
The Case for Restructuring 206
Managing Financial Distress 211
Conclusions 226
References 227
10. Financial Restructuring in East Asia: Halfway There? 229
Stijn Claessens, Simeon Djankov, and Daniela Ktingebiel, World Bank
Was the East Asian Crisis Unique? 229
East Asian Crisis: Similar Origins to Previous Crises,
but Difference in Scale 230
Steep Decline and Rapid Recovery 230
Corporate Restructuring Is Gathering Speed 243
The Risk of an Unsustainable Recovery 251
References 258
4
11. The Politics of Corporate and Financial Restructuring:
A Comparison of Korea, Thailand, and Indonesia 261
Stephan Haggard, University of California, San Diego
Financial and Corporate Restructuring: Political Issues
and Empirical Patterns 263
Financial and Corporate Restructuring: Political
Deterrminants 268
Korea 271
Thailand 282
Indonesia 292
Conclusion 301
References 302
12. The Role of Cross-Border Mergers and Acquisitions in
Asian Restructuring 305
Ashoka Mody and Shoko Negishi, World Bank
Cross-Border M&A: Trends, Motives, and Impacts 306
East Asian Financial Distress and Recovery 314
Cross-Border M&As in East Asian Restructuring 321
Policy Implications 331
Conclusion 335
References 337
13. Asset Management Companies 341
Daniela Klingebiel, World Bank
The Centralized Versus the Decentralized Approach 342
The Different Types of Asset Management Companies 346
Evidence 349
Lessons from Cross-Country Experience 355
Appendix 13.A. Main Characteristics of Asset Management
Companies 361
Bibliography and Reference List 372
Index 381.
Edition Notes
Includes bibliographical references and index.
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- Created April 1, 2008
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