Does Resolution Time Really Matter? Evidence From Chapter 11 Firms
研究了破产保护期间解决时间对企业成功重组概率的影响，发现每多一个月破产时间，重组概率下降0.4%，且经济衰退期间企业重组概率更低。
ABSTRACT This paper investigates how resolution time affects firms under Chapter 11 protection. We find a robust negative association between a firm's resolution time and its probability of emergence, using several controls for endogeneity. The probability of emergence reduces by 0.4% for each month (or 4.8% per year) spent in bankruptcy. Firms filing during recessions have a lower likelihood of emergence. Conditional upon business cycles, the explanatory power of various determinants such as firm size, pre‐packaged or pre‐negotiated bankruptcy, and industry are found to be different. During economic recessions, firm size and pre‐packaged or pre‐negotiated filings have no significant impact on the probability of emergence.