Chapter 11: Duration, Outcome, and Post-Reorganization Performance
研究美国第11章破产企业的特征与行动，发现规模小、行业利润率高的公司破产时间更短，资产和负债大幅削减的公司更可能成功重组并实现盈利。
Abstract We find that among firms that file Chapter 11 those that are smaller have better operating performance, and are in higher operating margin industries spend less time in Chapter 11. Firms are more likely to emerge as going concerns and to achieve positive post reorganization profitability if they significantly reduce assets and liabilities while in Chapter 11. Higher pre-bankruptcy industry-adjusted operating margins and improvements in margin are associated with post-reorganization profitability but do not impact the decision to reorganize. These results reveal characteristics and actions associated with successful reorganizations and, furthermore, suggest that Chapter 11 allows promising firms to successfully reorganize.