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Measuring the effectiveness of bankruptcy institutions: filtering failures in Slovenian financial reorganizations

机译：衡量破产机构的有效性：过滤斯洛文尼亚金融重组中的失败

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摘要

We examine the effectiveness of bankruptcy institutions at promoting socially efficient allocation of resources. Under the Slovenian simplified reorganization procedure, firms with rejected reorganization proposals are not automatically liquidated. This unique institutional feature facilitates an estimation of the extent of different types of filtering failures. Based on an ex-post conceptualization of firm viability, Type I errors (the acceptance of plans by non-viable firms) are more likely than Type II errors (the rejection of plans by viable firms) and the overall incidence of filtering failure is 27%. Based on an ex-ante conceptualization of firm viability, any given reduction in Type II errors would give rise to three times as many Type I errors. We contextualize our findings in the light of prior results in the literature, alternative mechanisms for insolvency resolution, and related bankruptcy reorganization schemes internationally where courts are awarded a comparatively more prominent role.
机译：我们研究了破产机构在促进社会上有效分配资源方面的有效性。根据斯洛文尼亚简化的重组程序，被拒绝重组建议的公司不会自动清算。这种独特的机构特征有助于估算不同类型的过滤故障的程度。根据企业生存能力的事后概念化，与II型错误（有生存力的公司拒绝计划）相比，I型错误（无生存力的公司接受计划）的可能性更大，并且过滤失败的总发生率为27 ％。基于对企业生存能力的事前概念化，任何给定的II型错误减少都会产生I型错误三倍。我们根据文献中的先前结果，解决破产的替代机制以及国际上相关的破产重组计划（在这些领域中，法院被授予相对较重要的地位），将我们的发现与背景相关。

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