The importance of efficient bankruptcy procedures is widely recognized and the acute recent economic crisis has emphasized the noteworthiness of this topic, which international literature has analysed in several ways, focusing the attention on different variables, such as accessibility of bankruptcy procedures, their costs and duration, incentives and/or penalties for debtor and creditors related to the onset of a procedure, and so on. The aim of the paper is the analysis of the Italian bankruptcy procedures both in an ex post and in ex ante perspective. The ex post perspective is based on official statistical data annually published by the ISTAT (the Italian Office of Statistics), investigating costs of bankruptcy procedures, average ratio of claims reimbursed to the creditors and duration of bankruptcy procedures. The period investigated is 2000-2007. The ex ante perspective is based on two non-paired samples of failed and non-failed firms, investigating their financial statements of 2003-2008. The main expected result is that the Italian bankruptcy procedures are complex and not accessible enough.
The accessibility of the Italian bankruptcy procedures: an empirical analysis
BISOGNO, Marco
2012-01-01
Abstract
The importance of efficient bankruptcy procedures is widely recognized and the acute recent economic crisis has emphasized the noteworthiness of this topic, which international literature has analysed in several ways, focusing the attention on different variables, such as accessibility of bankruptcy procedures, their costs and duration, incentives and/or penalties for debtor and creditors related to the onset of a procedure, and so on. The aim of the paper is the analysis of the Italian bankruptcy procedures both in an ex post and in ex ante perspective. The ex post perspective is based on official statistical data annually published by the ISTAT (the Italian Office of Statistics), investigating costs of bankruptcy procedures, average ratio of claims reimbursed to the creditors and duration of bankruptcy procedures. The period investigated is 2000-2007. The ex ante perspective is based on two non-paired samples of failed and non-failed firms, investigating their financial statements of 2003-2008. The main expected result is that the Italian bankruptcy procedures are complex and not accessible enough.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
