The Effects of Information Technologies on the Bankruptcy Decision
利用美国70个破产法院分阶段采用电子系统的数据，研究发现数字转型降低了破产申请成本，但破产申请数量反而下降，原因在于在线数据库增加了债务人获取信息的机会。
ABSTRACT Exploiting the staggered adoptions of electronic systems across 70 bankruptcy courts in the United States, I investigate the impacts of digital transformation on bankruptcy behavior. The digital transformation in bankruptcy courts significantly lowered the cost of filing by enabling debtors to file for bankruptcy online, yet empirical tests show significant drops in bankruptcy filings after the introduction of electronic filing. Heterogeneity analyses support the hypothesis that the information channel plays a key role: in addition to lowering costs, the digital transformation gave debtors access to an online database, thus increasing access to information about a broad range of bankruptcy case documents.