We document extreme disruption in debt markets during the COVID-19 crisis: a severe price
crash accompanied by significant dislocations at the safer end of the credit spectrum …

Macro-finance analyses commonly link firms' borrowing constraints to the liquidation value
of physical assets. For US nonfinancial firms, we show that 20% of debt by value is based on …

This paper investigates the likelihood of corporate insolvency and the potential implications
of debt overhang of non-financial corporations induced by economic shock associated with …

We examine the impact of the COVID-19 economic crisis on business and consumer
bankruptcies in the United States using real-time data on the universe of filings. Historically …

We study how parent liability for subsidiaries' environmental cleanup costs affects industrial
pollution and production. Our empirical setting exploits a Supreme Court decision that …

How do different bankruptcy approaches affect the local economy? Using US Census
microdata, we explore the spillover effects of reorganization and liquidation on …

This paper investigates the consequences of liquidation and reorganization on the
allocation and subsequent utilization of assets in bankruptcy. Using the random assignment …

In the wake of the COVID-19 pandemic, the financial and legal system will need to deal with
a surge of financial distress in the business sector. Some firms will be able to survive, while …

Using a novel data set that covers individual debt claims against 136 bankrupt US
companies and includes information on a subset of claims transfers, we provide new …

We estimate the factors predicting firm failures in the COVID crisis based on French data in
2020. Although the number of firms filling for bankruptcy was much below its normal level …