An estimate of the direct costs of bankruptcy in New Zealand |
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| Authors: | Bradbury Michael E Lloyd Suzanne |
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| Institution: | (1) Department of Accounting and Finance, University of Auckland, Tamaki Campus, Private Bag 92019, Auckland, New Zealand;(2) Westpac Banking Corporation, Sydney, Australia |
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| Abstract: | This paper provides estimates of the direct costs of bankruptcy in New Zealand by analysing 27 corporate receiverships. The analysis indicates that the direct costs of receivership have a median value of 8% of firm value. The evidence also indicates that direct bankruptcy costs are a decreasing function of size. |
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