Corporate Bankruptcies in Germany

Recovery Rates in Insolvency Plans

2017. 31 Tab., 11 Abb. (darunter 5 farbige); 138 S.
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ISBN 978-3-89673-734-2
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German corporate bankruptcies are rarely investigated in economic literature. One main reason is the lack of available data. Furthermore, data quality is quite often poor. Thus, despite the high economic relevance, it is very difficult to explore the division of value in corporate bankruptcies or efficiency effects of insolvency law.

This study provides a deeper insight into the economics of corporate reorganizations. Theoretical models that were mainly developed for the US legislation are discussed against the background of German bankruptcy law. By analyzing a unique data set of formal reorganization procedures in Germany between 1999 and 2012, the study identifies factors that influence the extent of recovery rates.


I Introduction

II Efficiency of Insolvency Laws

Ex-post Efficiency – Ex-ante Efficiency

III Overview of the German and the US Insolvency Law

German Procedure – US Procedure – Legal Differences between Germany and the US

IV Empirical Evidence for Corporate Bankruptcies

Extent of Recovery Rates – Influencing Factors on Recovery Rates – Evidence for Germany

V Analysis of German Reorganization Procedures

Research Design – Data Analysis

VI Conclusion


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