Insolvency Timing and Managerial Decision-Making By Frederik Drescher


2014 | 208 Pages | ISBN: 3658028181 | PDF | 6 MB



​Frederik Drescher addresses the timing of non-mandatory insolvency filings based on threatening illiquidity (§ 18 InsO) with the aim of a company's restructuring as an agency problem between owners and management. The hypothesis of a tendency towards delayed insolvency filings, which was developed using a decision model, is experimentally confirmed. Moreover, the author analyzes different incentive instruments potentially leading to earlier insolvency filings.