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Bankruptcy Procedures and the Efficiency of Corporate Debt Restructurings in Korea and Japan
financial policy
Author Kenya Fujiwara Series 06-03 Language English Date 2006.11.06
Both Korea and Japan experienced massive corporate debt restructuring after the late 1990s. Although the apparent factors that gave rise to corporate sector distress seem differ between the two countries, i.e., Korea faced the financial crisis of 1997 and Japan suffered from a bad loan problem after the burst of the bubble economy in the 1990s, there are several similarities. (The rest is omitted.)
Executive Summary
Ⅰ. Introduction
Ⅱ. Issues of Corporate Debt Restructuring: Related Literature
1. Theoretical Impediments to Optimal Bankruptcy Resolution
2. Empirical Studies on the Efficiency of Bankruptcy Resolutions
Ⅲ. Corporate Debt Restructurings in Korea and Japan
1. Out-of-Court Procedures
2. Legal Bankruptcy Procedures
Ⅳ. Estimation Model
1. (VC, VL) Model
2. (VC, VL, VB) Model
3. (VM, VB) Model
Ⅴ. Sample Data and Results of Estimation
1. Sample Data
2. Results of Estimation
Ⅵ. Conclusion
References
Appendix
Ⅰ. Introduction
Ⅱ. Issues of Corporate Debt Restructuring: Related Literature
1. Theoretical Impediments to Optimal Bankruptcy Resolution
2. Empirical Studies on the Efficiency of Bankruptcy Resolutions
Ⅲ. Corporate Debt Restructurings in Korea and Japan
1. Out-of-Court Procedures
2. Legal Bankruptcy Procedures
Ⅳ. Estimation Model
1. (VC, VL) Model
2. (VC, VL, VB) Model
3. (VM, VB) Model
Ⅴ. Sample Data and Results of Estimation
1. Sample Data
2. Results of Estimation
Ⅵ. Conclusion
References
Appendix
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