{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/85545"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/85545","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"Firm Finance and Bankruptcy on Empirical Study Using Korean Firm-Level Data","abstract":"\"The second paper estimates both bankruptcy costs and the debt recovery rate under the \"\"Korean Bankruptcy Act\"\". We analyze a sample of Korean business bankruptcies, which contains a total of 40 bankruptcy cases that formally closed. We obtain the following results: (i) The median bankruptcy cost standardized by assets at pre-filing under the \"\"Korean Bankruptcy Act\"\" is 4.6 percent. (ii) The median debt recovery rate standardized by assets at pre-filing under the \"\"Korean Bankruptcy Act\"\" is 57 percent while the median of shortfall is 43 percent. (iii) The median time in the \"\"Korean Bankruptcy Act\"\" is 924 days which is much longer than that in U.S. Chapter #7. (iv) There is a scale effect, i.e., the bankruptcy costs are inversely related to the size of firm. These results serve as legal parameters of the model and are crucial to study the optimal firm finance.\"","abstract_html":""The second paper estimates both bankruptcy costs and the debt recovery rate under the ""Korean Bankruptcy Act"". We analyze a sample of Korean business bankruptcies, which contains a total of 40 bankruptcy cases that formally closed. We obtain the following results: (i) The median bankruptcy cost standardized by assets at pre-filing under the ""Korean Bankruptcy Act"" is 4.6 percent. (ii) The median debt recovery rate standardized by assets at pre-filing under the ""Korean Bankruptcy Act"" is 57 percent while the median of shortfall is 43 percent. (iii) The median time in the ""Korean Bankruptcy Act"" is 924 days which is much longer than that in U.S. Chapter #7. (iv) There is a scale effect, i.e., the bankruptcy costs are inversely related to the size of firm. These results serve as legal parameters of the model and are crucial to study the optimal firm finance."","abstract_has_math":false,"creators":["Park, Chanho"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":["Villamil, Anne P."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2015,"date_issued":"2015-09-25T22:47:20Z","date_published":"2015-09-25T22:47:20Z","updated_at":"2026-07-22T22:26:25Z","subjects":["Economics, Finance"],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(MiAaPQ)AAI3130999"],"render_values":[{"text":"(MiAaPQ)AAI3130999","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/85545","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Villamil, Anne P."]},{"key":"dc:creator","label":"Author","values":["Park, Chanho"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2015-09-25T22:47:20Z","10000-01-01","2004"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, Finance"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/85545","(MiAaPQ)AAI3130999"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["\"The second paper estimates both bankruptcy costs and the debt recovery rate under the \"\"Korean Bankruptcy Act\"\". We analyze a sample of Korean business bankruptcies, which contains a total of 40 bankruptcy cases that formally closed. We obtain the following results: (i) The median bankruptcy cost standardized by assets at pre-filing under the \"\"Korean Bankruptcy Act\"\" is 4.6 percent. (ii) The median debt recovery rate standardized by assets at pre-filing under the \"\"Korean Bankruptcy Act\"\" is 57 percent while the median of shortfall is 43 percent. (iii) The median time in the \"\"Korean Bankruptcy Act\"\" is 924 days which is much longer than that in U.S. Chapter #7. (iv) There is a scale effect, i.e., the bankruptcy costs are inversely related to the size of firm. These results serve as legal parameters of the model and are crucial to study the optimal firm finance.\"","Made available in DSpace on 2015-09-25T22:47:20Z (GMT). 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We analyze a sample of Korean business bankruptcies, which contains a total of 40 bankruptcy cases that formally closed. We obtain the following results: (i) The median bankruptcy cost standardized by assets at pre-filing under the \"\"Korean Bankruptcy Act\"\" is 4.6 percent. (ii) The median debt recovery rate standardized by assets at pre-filing under the \"\"Korean Bankruptcy Act\"\" is 57 percent while the median of shortfall is 43 percent. (iii) The median time in the \"\"Korean Bankruptcy Act\"\" is 924 days which is much longer than that in U.S. Chapter #7. (iv) There is a scale effect, i.e., the bankruptcy costs are inversely related to the size of firm. These results serve as legal parameters of the model and are crucial to study the optimal firm finance.\"","Made available in DSpace on 2015-09-25T22:47:20Z (GMT). No. of bitstreams: 2 license.txt: 4848 bytes, checksum: 96035ab3f5e1c23cc7138a224ce498bd (MD5) 3130999.pdf: 4214463 bytes, checksum: 16439dcc76b922e4b0100c8ef2f73ee8 (MD5) Previous issue date: 2004","Embargo set by: Seth Robbins for item 86826 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs","U of I Only","80 p.","Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2004."],"dc:identifier":["http://hdl.handle.net/2142/85545","(MiAaPQ)AAI3130999"],"dc:language":["eng"],"dc:subject":["Economics, Finance"],"dc:title":["Firm Finance and Bankruptcy on Empirical Study Using Korean Firm-Level Data"],"dc:type":["text"],"thesis:degree_discipline":["Economics"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:26:25Z"}