The Brazilian bankruptcy law experience
Araújo, Aloísio Pessoa de; Ferreira, Rafael V. X.; Funchal, Bruno
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Resumo
In early 2005, the Brazilian Congress approved a new bankruptcy law. The new legislation increased creditor protection and improved the efficiency of the bankruptcy system. This paper evaluates the empirical consequences of a bankruptcy reform on a poorly developed credit market. Using data from Brazilian and non-Brazilian firms, we estimated, using two different models, the effect of the bankruptcy reform on contractual and non-contractual debt variables. In general, both models yielded similar results. Concerning contractual debt variables, we found a significant increase in the total amount and the long-term debt and a reduction in the cost of debt. For the non-contractual debt variable, we found no effect in the loans' ownership structure. (C) 2012 Elsevier B.V. All rights reserved.
Ficha do documento
- Tipo
- Artigo científico
- Ano
- 2012
- Instituição
- Elsevier Science Bv
- Fonte
- Repositório da FGV
- Idioma
- Inglês
- Acesso
- Acesso restrito
- Identificador
- oai:repositorio.fgv.br:10438/23278
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