The Comparative Efficiency of Small-Firm Bankruptcies: A Study of the US and Finnish Bankruptcy Codes
比较了偏向债权人的芬兰旧破产法与偏向债务人的美国破产法在小企业破产中的效率，发现芬兰企业更可能被清算，且债权人回收率较低。
We use a sample of small firms to compare efficiency aspects of the creditor-oriented old Finnish bankruptcy code and the debtor-oriented US code. We find that although the same economic factors affect liquidations in both the US and Finland, Finnish firms are somewhat more likely to be liquidated. We also find that in Finland, the costs of going- concern sales and liquidations tend to go towards the higher end of the range found in US studies, and that payments to creditors in US reorganizations are higher than those under the Finnish code.