2012
DOI: 10.1016/j.jcorpfin.2012.03.001
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The Brazilian bankruptcy law experience

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Cited by 103 publications
(88 citation statements)
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References 40 publications
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“…All the reforms were introduced with the intention of improving recovery rates, speeding up the resolution process and enabling the survival of viable businesses. A recent study by Araujo et al (2012) on Brazilian Bankruptcy procedure empirically demonstrated how increased creditor protection increased the recovery rate and reduced time to resolve distress. Brazilian bankruptcy procedures were enacted in 1945 and were found to be ineffective yielding a recovery rate of 0.2% while the averages for Latin American and OECD countries were 26% and 72%, respectively.…”
Section: Survey Of Reforms: Lessons To Be Learned From Worldwide Succmentioning
confidence: 99%
“…All the reforms were introduced with the intention of improving recovery rates, speeding up the resolution process and enabling the survival of viable businesses. A recent study by Araujo et al (2012) on Brazilian Bankruptcy procedure empirically demonstrated how increased creditor protection increased the recovery rate and reduced time to resolve distress. Brazilian bankruptcy procedures were enacted in 1945 and were found to be ineffective yielding a recovery rate of 0.2% while the averages for Latin American and OECD countries were 26% and 72%, respectively.…”
Section: Survey Of Reforms: Lessons To Be Learned From Worldwide Succmentioning
confidence: 99%
“…Essas mudanças geram efeitos positivos sobre o custo do crédito para as firmas, expandindo o volume de crédito concedido (Funchal, 2008;Araújo e Funchal, 2009;Araújo et al, 2012).…”
Section: Mercados De Créditounclassified
“…Portanto, criar ambientes legais e jurídicos que protejam os direitos dos credores, que agilizem a execução de contratos inadimplentes, que favoreçam a redução do risco de default e, por conseguinte, que reduzam o custo do capital para o tomador do empréstimo promove maior desenvolvimento da intermediação financeira e acelera o crescimento econômico (La Porta et al, 1998;Zamprogno et al, 2009;Araújo et al, 2012;Araújo e Funchal, 2015).…”
Section: Mercados De Créditounclassified
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“…Although a complete review of all risks associated with entering a market is beyond the scope of this paper, the assessment of national-and regional-level risks is a necessary part of the strategic management process (Rangan & Drummond, 2004). Within the context of national-and regional-level risks, the legal infrastructure, and thereby market stability, should be assessed ( For an economy to achieve efficiencies, it must have effective institutions (Araujo et al, 2012;Tanzi, 2004). The presence of a modern bankruptcy process is instrumental to the way a nation distributes its available resources (Stone, 2010) and responds to financial issues (Beraho & Elisu, 2010).…”
Section: Introductionmentioning
confidence: 99%