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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：斯洛文尼亚金融重组中的过滤失败

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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：我们研究破产机构在促进社会有效的资源分配方面的有效性。根据斯洛文尼亚简化重组程序，拒绝重组提案的公司不会自动清算。这种独特的机构特征有助于估计不同类型的过滤失败的程度。基于企业可行性的前后概念化，I型错误（非可行性公司的接受）比II型错误更可能（可行的公司拒绝计划），过滤失败的总体发生率为27 ％。基于企业可行性的前赌注概念化，II型错误的任何减少会导致我错误的三倍。我们根据事先结果，在文献中，替代机制，破产解决方案的替代机制，以及在法院获得比较更加突出的作用的情况下的相关破产重组计划。

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