The Brazilian bankruptcy law experience
Carregando...
Arquivos
Data
2012-09
Orientador(res)
Métricas
Título da Revista
ISSN da Revista
Título de Volume
Resumo
In early 2005, the Brazilian Congress approved a new bankruptcy law. The new legislation increased creditor protection and improved the efficiency of the bankruptcy system. This paper evaluates the empirical consequences of a bankruptcy reform on a poorly developed credit market. Using data from Brazilian and non-Brazilian firms, we estimated, using two different models, the effect of the bankruptcy reform on contractual and non-contractual debt variables. In general, both models yielded similar results. Concerning contractual debt variables, we found a significant increase in the total amount and the long-term debt and a reduction in the cost of debt. For the non-contractual debt variable, we found no effect in the loans' ownership structure. (C) 2012 Elsevier B.V. All rights reserved.
Descrição
Conteúdo online de acesso restrito pelo editor