This is a greatly revised version of “The Effects of Reorganization Law on Investment Efficiency.” Gertner is with the Graduate School of Business and the Law School, University of Chicago; Scharfstein is with the Sloan School of Management, Massachusetts Institute of Technology, and with the National Bureau of Economic Research. We thank Ian Ayres, Doug Baird, Walter Blum, Keith Cohon, Doug Diamond, Ken Froot, Bob Gibbons, Steve Kaplan, Ron Masulis, Kevin Murphy, Randy Picker, Mark Roe, Jeremy Stein, René Stulz, Robert Sydow, Rob Vishny, an anonymous referee, and seminar participants at the NBER, University of Chicago, the Federal Reserve Bank of Richmond, Ohio State, University of Michigan, Boston University, and Princeton for helpful comments. We especially thank Paul Asquith for comments and providing the data for some of the summary statistics. Gertner is grateful to the John M. Olin Foundation Fellowship in Law and Economics at The University of Chicago Law School, the NSF, Grant SES-8911334, and the IBM Faculty Research Fund at the Graduate School of Business, University of Chicago for financial support. Scharfstein is grateful for fellowships from the Olin Foundation and Batterymarch Financial Management and for financial support from the International Financial Services Research Center at MIT.
A Theory of Workouts and the Effects of Reorganization Law*
Version of Record online: 30 APR 2012
© 1991 the American Finance Association
The Journal of Finance
Volume 46, Issue 4, pages 1189–1222, September 1991
How to Cite
GERTNER, R. and SCHARFSTEIN, D. (1991), A Theory of Workouts and the Effects of Reorganization Law. The Journal of Finance, 46: 1189–1222. doi: 10.1111/j.1540-6261.1991.tb04615.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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