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Bankruptcy Spillovers

Author

Listed:
  • Bernstein, Shai

    (Stanford University)

  • Colonnelli, Emanuele

    (Stanford University)

  • Giroud, Xavier

    (MIT)

  • Iverson, Benjamin

    (Northwestern University)

Abstract
How do different bankruptcy approaches affect the local economy? Using U.S. Census microdata, we explore the spillover effects of reorganization and liquidation on geographically proximate firms. We exploit the random assignment of bankruptcy judges as a source of exogenous variation in the probability of liquidation. We find that employment declines substantially in the immediate neighborhood of the liquidated establishments, relative to reorganized establishments. The spillover effects are highly localized and concentrate in non-tradable and service sectors, consistent with a reduction in local consumer traffic and a decline in knowledge spillovers between firms. The evidence highlights the externalities that bankruptcy design can impose on non-bankrupt firms.

Suggested Citation

  • Bernstein, Shai & Colonnelli, Emanuele & Giroud, Xavier & Iverson, Benjamin, 2017. "Bankruptcy Spillovers," Research Papers 3564, Stanford University, Graduate School of Business.
    • Handle: RePEc:ecl:stabus:3564
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    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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