Bankruptcy in a Model of Unsecured Claims

Detalhes bibliográficos
Autor(a) principal: Araújo, Aloísio
Data de Publicação: 1999
Outros Autores: Páscoa, Mário Rui
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/89136
Resumo: We study a two periods model of incomplete markets with nominal assets unsecured by collateral, where agents can go bankrupt but there are no bankruptcy penalties entering directly in the utility function. We address two cases: first, a proportional reimbursement rule under bounded short sales and limited liability and, secondly, a nonproportional reimbursement rule, favoring smaller claims, without bounds on short-sales, but assuming that liability approaches total garnishment as debt goes to infinity.
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spelling Bankruptcy in a Model of Unsecured ClaimsWe study a two periods model of incomplete markets with nominal assets unsecured by collateral, where agents can go bankrupt but there are no bankruptcy penalties entering directly in the utility function. We address two cases: first, a proportional reimbursement rule under bounded short sales and limited liability and, secondly, a nonproportional reimbursement rule, favoring smaller claims, without bounds on short-sales, but assuming that liability approaches total garnishment as debt goes to infinity.Nova SBERUNAraújo, AloísioPáscoa, Mário Rui2019-12-03T09:24:53Z19991999-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/89136engAraujo, Aloisio and Páscoa, Mário Rui, Bankruptcy in a Model of Unsecured Claims (1999). FEUNL Working Paper Series No. 342info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:39:34Zoai:run.unl.pt:10362/89136Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:55.549370Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Bankruptcy in a Model of Unsecured Claims
title Bankruptcy in a Model of Unsecured Claims
spellingShingle Bankruptcy in a Model of Unsecured Claims
Araújo, Aloísio
title_short Bankruptcy in a Model of Unsecured Claims
title_full Bankruptcy in a Model of Unsecured Claims
title_fullStr Bankruptcy in a Model of Unsecured Claims
title_full_unstemmed Bankruptcy in a Model of Unsecured Claims
title_sort Bankruptcy in a Model of Unsecured Claims
author Araújo, Aloísio
author_facet Araújo, Aloísio
Páscoa, Mário Rui
author_role author
author2 Páscoa, Mário Rui
author2_role author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Araújo, Aloísio
Páscoa, Mário Rui
description We study a two periods model of incomplete markets with nominal assets unsecured by collateral, where agents can go bankrupt but there are no bankruptcy penalties entering directly in the utility function. We address two cases: first, a proportional reimbursement rule under bounded short sales and limited liability and, secondly, a nonproportional reimbursement rule, favoring smaller claims, without bounds on short-sales, but assuming that liability approaches total garnishment as debt goes to infinity.
publishDate 1999
dc.date.none.fl_str_mv 1999
1999-01-01T00:00:00Z
2019-12-03T09:24:53Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/89136
url http://hdl.handle.net/10362/89136
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Araujo, Aloisio and Páscoa, Mário Rui, Bankruptcy in a Model of Unsecured Claims (1999). FEUNL Working Paper Series No. 342
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Nova SBE
publisher.none.fl_str_mv Nova SBE
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instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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