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

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


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.

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