Merging-splitting-proofness in financial systems: A characterization result
研究了金融系统中合并与拆分两种弱抗操纵性，发现拆分抗操纵性与债务优先于股权、股权有限责任等基本要求冲突，并完整刻画了满足合并抗操纵性的破产规则类。
In this paper, we explore the issue of manipulability in the setting of financial systems by considering two weak forms of immunity: merging-proofness and splitting-proofness. Not surprisingly, splitting-proofness conflicts with basic requirements such as the priority of debt over equity and the limited liability of equity. Remarkably, we provide a comprehensive characterization of the class of bankruptcy rules that gives rise to financial rules that satisfy merging-proofness.