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Friends with bankruptcy protection benefits

Kleiner, Kristoph ; Stoffman, Noah ; Yonker, Scott E.

Journal of financial economics, 2021-02, Vol.139 (2), p.578-605 [Periódico revisado por pares]

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Título:
Friends with bankruptcy protection benefits
Autor: Kleiner, Kristoph ; Stoffman, Noah ; Yonker, Scott E.
Assuntos: Bankruptcy ; Bankruptcy juadges ; Bankruptcy reorganization ; Debt ; Debt cancellation ; Debt relief ; Debt restructuring ; Dismissal ; Foreclosure ; Friendship ; Insolvency ; Peer effects ; Peers ; Personal bankruptcy ; Random assignment ; Social networks ; Workplaces
É parte de: Journal of financial economics, 2021-02, Vol.139 (2), p.578-605
Descrição: We show information spillovers limit the effectiveness of targeted debt relief programs. We study individuals who learn about the likelihood of debt relief from the recent experiences of workplace peers filing for bankruptcy protection. Peers granted bankruptcy can discharge debts, while peers facing dismissal lose all protections. Exploiting the random assignment of judges to bankruptcy cases, we determine that individuals with a “dismissed peer” are significantly less likely to file for bankruptcy or enter foreclosure. We highlight a novel channel relating social networks to household finances and identify additional costs of granting individual debt relief imposed on lenders.
Editor: Amsterdam: Elsevier B.V
Idioma: Inglês

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