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Firm finance and bankruptcy on empir...

Park, Chanho.

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Firm finance and bankruptcy on empirical study using Korean firm-level data.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Firm finance and bankruptcy on empirical study using Korean firm-level data./
Author:	Park, Chanho.
Description:	80 p.
Notes:	Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1469.
Contained By:	Dissertation Abstracts International65-04A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3130999
ISBN:	0496782471

Firm finance and bankruptcy on empirical study using Korean firm-level data.
Park, Chanho.

Firm finance and bankruptcy on empirical study using Korean firm-level data. - 80 p.

Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1469.

Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2004.

This dissertation is a collection of two self-contained papers on firm finance and bankruptcy. The first paper examines how optimal contracts are affected by legal environment. We obtain the following results: (i) A utility maximizing entrepreneur will invest all of his/her own equity in the project. (ii) For a given initial equity level, an increase in either exemption level or bankruptcy cost causes an increase in qualified borrowers. (iii) The less efficient a country's legal system, the higher the default probability is. (iv) A country with a less efficient legal system, more corruption, or stronger debtor protection would be more likely to experience equilibrium credit rationing, given loan demand. These results help understand interactions between firms and investors at different stages of economic development and to study how imperfect enforcement can affect credit markets.

ISBN: 0496782471Subjects--Topical Terms:

1017424
Economics, General.

Firm finance and bankruptcy on empirical study using Korean firm-level data.
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100 1 $a Park, Chanho. $3 1022822
245 1 0 $a Firm finance and bankruptcy on empirical study using Korean firm-level data.
300 $a 80 p.
500 $a Source: Dissertation Abstracts International, Volume: 65-04, Section: A, page: 1469.
500 $a Adviser: Anne P. Villamil.
502 $a Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2004.
520 $a This dissertation is a collection of two self-contained papers on firm finance and bankruptcy. The first paper examines how optimal contracts are affected by legal environment. We obtain the following results: (i) A utility maximizing entrepreneur will invest all of his/her own equity in the project. (ii) For a given initial equity level, an increase in either exemption level or bankruptcy cost causes an increase in qualified borrowers. (iii) The less efficient a country's legal system, the higher the default probability is. (iv) A country with a less efficient legal system, more corruption, or stronger debtor protection would be more likely to experience equilibrium credit rationing, given loan demand. These results help understand interactions between firms and investors at different stages of economic development and to study how imperfect enforcement can affect credit markets.
520 $a The second paper estimates both bankruptcy costs and the debt recovery rate under the "Korean Bankruptcy Act". We analyze a sample of Korean business bankruptcies, which contains a total of 40 bankruptcy cases that formally closed. We obtain the following results: (i) The median bankruptcy cost standardized by assets at pre-filing under the "Korean Bankruptcy Act" is 4.6 percent. (ii) The median debt recovery rate standardized by assets at pre-filing under the "Korean Bankruptcy Act" is 57 percent while the median of shortfall is 43 percent. (iii) The median time in the "Korean Bankruptcy Act" is 924 days which is much longer than that in U.S. Chapter #7. (iv) There is a scale effect, i.e., the bankruptcy costs are inversely related to the size of firm. These results serve as legal parameters of the model and are crucial to study the optimal firm finance.
590 $a School code: 0090.
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Finance. $3 626650
690 $a 0501
690 $a 0508
710 2 0 $a University of Illinois at Urbana-Champaign. $3 626646
773 0 $t Dissertation Abstracts International $g 65-04A.
790 1 0 $a Villamil, Anne P., $e advisor
790 $a 0090
791 $a Ph.D.
792 $a 2004
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3130999