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Fabiana Penas publicó recientemente su trabajo en The Review of Financial Studies

El paper se titula "How Does Personal Bankruptcy Law Affect Startups?"

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Fabiana Penas, profesora asociada de la Escuela de Negocios, publicó su paper ¨How Does Personal Bankruptcy Law Affect Startups?¨ en The Review of Financial Studies.

Abstract: We exploit state-level changes in the amount of personal wealth individuals can protect under Chapter 7 to analyze the effect of debtor protection on the financing structure and performance of a representative panel of U.S. startups. The effect of increasing debtor protection depends on the entrepreneur’s level of wealth. Firms owned by mid-wealth entrepreneurs whose assets become fully protected suffer a reduction in credit availability, employment, operating efficiency, and survival rates. We find no such negative effects for low-wealth and high-wealth owners. Our results are consistent with theories that predict that asset protection in bankruptcy leads to a redistribution of credit.

Se puede ver la publicación completa en el siguiente link: https://academic.oup.com/rfs/article-abstract/30/7/2523/2439513/How-Does-Personal-Bankruptcy-Law-Affect-Startups