{"title":"解决时间真的很重要吗？来自第11章公司的证据","authors":"Ying Kai Yap, Jean-Pierre Fenech, Barry Williams","doi":"10.1111/fire.12448","DOIUrl":null,"url":null,"abstract":"<p>This paper investigates how resolution time affects firms under Chapter 11 protection. We find a robust negative association between a firm's resolution time and its probability of emergence, using several controls for endogeneity. The probability of emergence reduces by 0.4% for each month (or 4.8% per year) spent in bankruptcy. Firms filing during recessions have a lower likelihood of emergence. Conditional upon business cycles, the explanatory power of various determinants such as firm size, pre-packaged or pre-negotiated bankruptcy, and industry are found to be different. During economic recessions, firm size and pre-packaged or pre-negotiated filings have no significant impact on the probability of emergence.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1311-1335"},"PeriodicalIF":1.9000,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12448","citationCount":"0","resultStr":"{\"title\":\"Does Resolution Time Really Matter? Evidence From Chapter 11 Firms\",\"authors\":\"Ying Kai Yap, Jean-Pierre Fenech, Barry Williams\",\"doi\":\"10.1111/fire.12448\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>This paper investigates how resolution time affects firms under Chapter 11 protection. We find a robust negative association between a firm's resolution time and its probability of emergence, using several controls for endogeneity. The probability of emergence reduces by 0.4% for each month (or 4.8% per year) spent in bankruptcy. Firms filing during recessions have a lower likelihood of emergence. Conditional upon business cycles, the explanatory power of various determinants such as firm size, pre-packaged or pre-negotiated bankruptcy, and industry are found to be different. During economic recessions, firm size and pre-packaged or pre-negotiated filings have no significant impact on the probability of emergence.</p>\",\"PeriodicalId\":47617,\"journal\":{\"name\":\"FINANCIAL REVIEW\",\"volume\":\"60 4\",\"pages\":\"1311-1335\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2025-06-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12448\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"FINANCIAL REVIEW\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/fire.12448\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"FINANCIAL REVIEW","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/fire.12448","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Does Resolution Time Really Matter? Evidence From Chapter 11 Firms
This paper investigates how resolution time affects firms under Chapter 11 protection. We find a robust negative association between a firm's resolution time and its probability of emergence, using several controls for endogeneity. The probability of emergence reduces by 0.4% for each month (or 4.8% per year) spent in bankruptcy. Firms filing during recessions have a lower likelihood of emergence. Conditional upon business cycles, the explanatory power of various determinants such as firm size, pre-packaged or pre-negotiated bankruptcy, and industry are found to be different. During economic recessions, firm size and pre-packaged or pre-negotiated filings have no significant impact on the probability of emergence.
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