파산절차에 관한 경제학적 분석

In this paper, we propose a new bankruptcy algorithm. The proposed algorithm is comprised of four tasks. Task A is the procedure of soliciting bids, Task B is the procedure of allocating claims, Task C is the procedure of trading claims, and Task D is the procedure of exercising options and holding shareholders' meeting. Tasks A, B, and D are based on Bebchuk(1988) and Aghion, Hart, ad Moore(1992). This paper adds Task C, the procedure of trading claims. Claims are in the form of options which are written on the new shares of the bankrupt firm. Trading options expedites the process of finding the value of the bankrupt firm, and also it mitigates the problem of incomplete capital market by expanding the pool of new investors.