文章基本信息

标题：The Ex Ante Effects of Bankruptcy Reform on Investment Incentives
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作者：Rasmussen, Robert K.
期刊名称：Washington University Law Review
印刷版ISSN：2166-7993
电子版ISSN：2166-8000
出版年度：1994
卷号：72
期号：3
页码：1159-1211
出版社：Washington University School of Law
摘要：To assess the ex ante costs of bankruptcy reform, Part I of this Article begins with an examination of the literature on the agency costs in corporations. The costs arise both with the division of ownership among different claimholders and with the separation of ownership and control. Implicit in this literature is the assumption that bankruptcy law respects the contractual priority among the various claimants of the firm. It is well known, however, that bankruptcy law in practice deviates from contractual priority. Shareholders generally receive payouts even though the firm is insolvent. Part II examines the way in which this deviation affects the decisions of those charged with running the firm prior to the filing for bankruptcy. Part III compares these effects with the effects associated with the various proposed replacements for current law. Part IV sets forth the implications of these results for bankruptcy reform.
关键词：Bankruptcy law; Corporation law; United States; Investments; Corporate governance; Bankruptcy