2005 Fiscal Year Final Research Report Summary
Economic Analysis of Bankruptcy Law
| Project/Area Number |
14320015
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Civil law
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| Research Institution | Tohoku University |
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Principal Investigator |
YOSHIHARA Kazushi Tohoku University, Graduate School of law, Professor, 大学院・法学研究科, 教授 (10143348)
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| Co-Investigator(Kenkyū-buntansha) |
EGUCHI Kyota University of Tsukuba, Department of Social Systems and Management, Associate Professor, システム情報工学研究科, 助教授 (50302675)
KAGAMI Kazuaki Meikai University, Faculty of Economics, Assistant Professor, 経済学部経済研究科, 助教授 (50316684)
KOBAYASHI Kayoko Nanzan University, Faculty of Economics, Associate Professor, 経済学部, 講師 (00351073)
SAKAKI Motohiro Kobe University, Faculty of Law, Associate Professor, 大学院・法学研究科, 助教授 (80313055)
TANAKA Wataru Seikei University, Department of Law, Associate Professor, 法学部, 助教授 (00282533)
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| Project Period (FY) |
2002 – 2005
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| Keywords | law and economics / mandatory or default rules / bankruptcy / civil-rehabilitation act / mortgages |
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| Research Abstract |
Our research group has analyzed the bankruptcy law in Japan from an interdisciplinary viewpoint of law and economics. Especially, we have focused on how the bankruptcy law is working now and should be functioning for the Japanese society. This point was very ambitious and different from previous studies because the collaboration and coordination between legal scholars and economists could be hardly observed except a particular field such as the corporate law. The interdisciplinary approach has not been dominant in the legal study in Japan, and thus, our challenging study was considered effective at the beginning of our research, and actually, that was true.
We started to understand each other's discipline appropriately, and then, discussed how different the whole legal rules of bankruptcy are from the rules that are applied outside bankruptcy. Bankruptcy is a kind of 'irregular' option for firm managers since firm management is more likely assumed or expected to continue. The bankruptcy law, however, should be consistent with the law that is applied when firms engage in 'regular' restructuring strategies such as sales of firms' assets. This is a main conclusion of our research. Moreover, we extended our study to various topics such as desirable collateral and takeover rules, keeping incentives of employees, management of insurance companies and banks, and so on.
The bankruptcy law and the corporate law were drastically reformed during our research period. Our results, however, are crucial as the theoretical foundation of the bankruptcy law.
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Research Products
(86 results)
