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Bankruptcy Codes and Innovation

Viral V. Acharya and Krishnamurthy V. Subramanian.

in The Review of Financial Studies

December 2009; p ublished online April 2009 .

Journal Article. Subjects: Corporate Governance; Law and Economics; Technological Change; Research and Development; Economic Growth and Aggregate Productivity; Economywide Country Studies. 18323 words.

We argue that when bankruptcy code is creditor friendly, excessive liquidations cause levered firms to shun innovation, whereas by promoting continuation upon failure, a debtor-friendly...

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Is the World Flat? Country- and Firm-Level Determinants of Law Compliance

Alberto Chong and Mark Gradstein.

in The Journal of Law, Economics, and Organization

August 2011; p ublished online June 2009 .

Journal Article. Subjects: Law and Economics; Economywide Country Studies; Production and Organizations; Economic Development. 8234 words.

This research revisits the effects of a country’s institutional framework on individual firms’ behavior, focusing, in particular, on firms’ propensity to comply with legal rules. We purport...

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