The Costs of Bankruptcy: Chapter 7 Liquidation versus Chapter 11 Reorganization
利用1995至2001年亚利桑那和纽约的中小企业破产样本，发现第七章清算并不比第十一章重组更快或更便宜，但第十一章能更好地保全资产，使债权人获得更高回收率。
ABSTRACT Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995 to 2001. Bankruptcy costs are very heterogeneous and sensitive to the measurement method used. We find that Chapter 7 liquidations appear to be no faster or cheaper (in terms of direct expense) than Chapter 11 reorganizations. However, Chapter 11 seems to preserve assets better, thereby allowing creditors to recover relatively more. Our paper also provides a large number of further empirical regularities.