Essec\Faculty\Model\Contribution {#2190
  #_index: "academ_contributions"
  #_id: "11090"
  #_source: array:26 [
    "id" => "11090"
    "slug" => "too-much-of-a-good-thing-the-impact-of-the-a-new-bankruptcy-law-in-canada"
    "yearMonth" => "2015-06"
    "year" => "2015"
    "title" => "Too Much of A Good Thing? The Impact of the a New Bankruptcy Law in Canada"
    "description" => "FISHER, T.C.G. et MARTEL, J. (2015). Too Much of A Good Thing? The Impact of the a New Bankruptcy Law in Canada. <i>Finance</i>, 36(2), pp. 37-66."
    "authors" => array:2 [
      0 => array:3 [
        "name" => "MARTEL Jocelyn"
        "bid" => "B00000350"
        "slug" => "martel-jocelyn"
      ]
      1 => array:1 [
        "name" => "FISHER T.C.G."
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2022-03-04 16:07:02"
    "publicationUrl" => "https://doi.org/10.3917/fina.362.0037"
    "publicationInfo" => array:3 [
      "pages" => "37-66"
      "volume" => "36"
      "number" => "2"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "L’adoption par le Canada d’une nouvelle loi sur la faillite plus favorable aux débiteurs a multiplié par dix la proportion des entreprises insolvables optant pour la réorganisation par rapport à la liquidation. Sur la base d’un échantillon aléatoire d’entreprises ayant soumis un plan de réorganisation avant et après la nouvelle loi, nous concluons que, comparativement aux entreprises en réorganisation avant la loi de réforme sur la faillite, les entreprises en réorganisation sous la nouvelle loi sont de plus petite taille, affichent une santé financière plus fragile et déclarent des créances gouvernementales significativement plus élevées. En accordant un pouvoir de négociation accru aux débiteurs, la nouvelle loi sur la faillite a eu deux effects importants sur les créanciers : une réduction de 25 % du taux de remboursement des créances non-garanties et un allongement de la période de réorganisation. L’analyse montre également que la réforme de la loi a eu deux effets non-anticipés. Elle a accru le rôle indirect de l’état dans le financement des petites entreprises insolvables et donné une plus grande incitation aux créanciers garantis à préférer d’autres alternatives à la réorganisation financière en cas d’insolvabilité."
      "en" => "A new, more debtor-friendly bankruptcy law in Canada is associated with a tenfold increase in the proportion of insolvent firms choosing reorganization over liquidation. Comparing before-and-after samples of randomly-selected firms, we find that firms reorganizing under the new law are smaller and weaker with a capital structure exhibiting significantly higher tax claims. Reflecting the bargaining power shift towards debtors, we find the new law is also associated with 25% lower creditor recovery rates and a longer time in reorganization. Unintended effects of the new law include a possible increased government role in financing small businesses and an incentive for secured creditors to favour bankruptcy over other forms of distress resolution."
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-04-18T08:21:59.000Z"
    "docTitle" => "Too Much of A Good Thing? The Impact of the a New Bankruptcy Law in Canada"
    "docSurtitle" => "Journal articles"
    "authorNames" => "<a href="/cv/martel-jocelyn">MARTEL Jocelyn</a>, FISHER T.C.G."
    "docDescription" => "<span class="document-property-authors">MARTEL Jocelyn, FISHER T.C.G.</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2015</span>"
    "keywordList" => ""
    "docPreview" => "<b>Too Much of A Good Thing? The Impact of the a New Bankruptcy Law in Canada</b><br><span>2015-06 | Journal articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="https://doi.org/10.3917/fina.362.0037" target="_blank">Too Much of A Good Thing? The Impact of the a New Bankruptcy Law in Canada</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 8.734174
  +"parent": null
}