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« Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite

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  • Bertrand Chopard

Abstract

[eng] Bankruptcy law : justification and reform . This article deals with the Law and Economics approach of bankruptcy law. The author presents this field of research in two parts. First, he studies the conditions of ex post efficiency in the sense that stakeholders select the issue which maximizes the value of the financially distressed firm. In other words, the author justifies the existence of bankruptcy rules as a way of coordinating stakeholders on the optimal issue. Second, he studies the impact of bankruptcy rules on debtors’ and creditors’ ex ante behaviours, that is to say before the financial distress. At this time, he considers both alternative models of bankruptcy resolution and the impact of current bankruptcy rules on stakeholders’ strategies. Based on these new considerations, the author tries to explain the diversity of various national bankruptcy systems. . JEL Classification : G33, K29 [fre] Cet article offre une revue de la littérature en économie du droit de la faillite. L’auteur montre comment l’économiste appréhende ce droit particulier et traite la question de son efficacité ex post et de son efficacité ex ante. Dans le premier cas, il juge le droit de la faillite au vu du critère de la maximisation de la valeur de l’entreprise en difficulté. Dans le second cas, l’auteur étudie comment l’économiste analyse les règles de droit par le prisme des effets qu’elles devraient normalement produire, notamment des incitations sur le comportement du débiteur et des créanciers. Il aborde, en particulier, les problèmes liés à la dissimulation des difficultés financières, à l’effort des dirigeants déterminant le résultat de l’entreprise, à la prise de risque ou aux stratégies d’enracinement des dirigeants. Enfin, l’auteur discute également l’hypothèse selon laquelle la diversité des codes de la faillite nationaux serait liée aux différences entre les systèmes financiers des pays. . Classification JEL : G33, K29

Suggested Citation

  • Bertrand Chopard, 2005. "« Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite," Revue d'Économie Financière, Programme National Persée, vol. 81(4), pages 291-303.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2005_num_81_4_4026
    DOI: 10.3406/ecofi.2005.4026
    Note: DOI:10.3406/ecofi.2005.4026
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • K29 - Law and Economics - - Regulation and Business Law - - - Other
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • K29 - Law and Economics - - Regulation and Business Law - - - Other

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