{"id":"https://openalex.org/W1787899513","doi":"https://doi.org/10.1111/j.1468-2443.2012.01156.x","title":"How to Sell a (Bankrupt) Company","display_name":"How to Sell a (Bankrupt) Company","publication_year":2012,"publication_date":"2012-06-01","ids":{"openalex":"https://openalex.org/W1787899513","doi":"https://doi.org/10.1111/j.1468-2443.2012.01156.x","mag":"1787899513"},"language":"en","primary_location":{"id":"doi:10.1111/j.1468-2443.2012.01156.x","doi":"https://doi.org/10.1111/j.1468-2443.2012.01156.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1468-2443.2012.01156.x","pdf_url":null,"source":{"id":"https://openalex.org/S35246616","display_name":"International Review of Finance","issn_l":"1369-412X","issn":["1369-412X","1468-2443"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.219428","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5043930864","display_name":"Francesca Cornelli","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I61544103","display_name":"London Business School","ror":"https://ror.org/001c2sn75","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I61544103"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Francesca Cornelli","raw_affiliation_strings":["London Business School and CEPR  London UK","Centre for Economic Policy Research (CEPR)","London Business School"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"London Business School and CEPR  London UK","institution_ids":["https://openalex.org/I4210140326","https://openalex.org/I61544103"]},{"raw_affiliation_string":"Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326"]},{"raw_affiliation_string":"London Business School","institution_ids":["https://openalex.org/I61544103"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5059562859","display_name":"Leonardo Felli","orcid":"https://orcid.org/0000-0001-6113-6014","observed_orcids":["https://orcid.org/0000-0001-6113-6014"]},"institutions":[{"id":"https://openalex.org/I4210140326","display_name":"Centre for Economic Policy Research","ror":"https://ror.org/04jzmdh37","country_code":"GB","type":"nonprofit","lineage":["https://openalex.org/I4210140326"]},{"id":"https://openalex.org/I909854389","display_name":"London School of Economics and Political Science","ror":"https://ror.org/0090zs177","country_code":"GB","type":"education","lineage":["https://openalex.org/I124357947","https://openalex.org/I909854389"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Leonardo Felli","raw_affiliation_strings":["London School of Economics and CEPR  London UK","London School of Economics - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"London School of Economics and CEPR  London UK","institution_ids":["https://openalex.org/I4210140326","https://openalex.org/I909854389"]},{"raw_affiliation_string":"London School of Economics - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute); Centre for Economic Policy Research (CEPR)","institution_ids":["https://openalex.org/I4210140326","https://openalex.org/I909854389"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5059562859"],"corresponding_institution_ids":["https://openalex.org/I4210140326","https://openalex.org/I909854389"],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":2.4776,"has_fulltext":true,"cited_by_count":16,"citation_normalized_percentile":{"value":0.92134638,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"12","issue":"2","first_page":"197","last_page":"226"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.9678000211715698,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.9678000211715698,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0284000001847744,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11762","display_name":"Law, Economics, and Judicial Systems","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/business-sale","display_name":"business sale","score":0.6370000243186951},{"id":"https://openalex.org/keywords/bankruptcy","display_name":"bankruptcy","score":0.7879999876022339},{"id":"https://openalex.org/keywords/transfer-of-control","display_name":"transfer of control","score":0.5680000185966492},{"id":"https://openalex.org/keywords/rent-capture","display_name":"rent capture","score":0.33399999141693115},{"id":"https://openalex.org/keywords/carve-outs","display_name":"carve-outs","score":0.7300000190734863},{"id":"https://openalex.org/keywords/insolvency-proceedings","display_name":"insolvency proceedings","score":0.5090000033378601}],"concepts":[{"id":"https://openalex.org/C159091798","wikidata":"https://www.wikidata.org/wiki/Q157165","display_name":"Creditor","level":3,"score":0.8766071796417236},{"id":"https://openalex.org/C45237549","wikidata":"https://www.wikidata.org/wiki/Q1376796","display_name":"Restructuring","level":2,"score":0.7550650835037231},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.7481012940406799},{"id":"https://openalex.org/C106866004","wikidata":"https://www.wikidata.org/wiki/Q264259","display_name":"Economic rent","level":2,"score":0.6134665608406067},{"id":"https://openalex.org/C126071100","wikidata":"https://www.wikidata.org/wiki/Q658255","display_name":"Subsidiary","level":3,"score":0.5225976705551147},{"id":"https://openalex.org/C186673887","wikidata":"https://www.wikidata.org/wiki/Q33685","display_name":"Limited company","level":2,"score":0.4800887703895569},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.47888678312301636},{"id":"https://openalex.org/C101252448","wikidata":"https://www.wikidata.org/wiki/Q7886170","display_name":"Shares outstanding","level":4,"score":0.4208141267299652},{"id":"https://openalex.org/C54750564","wikidata":"https://www.wikidata.org/wiki/Q26643","display_name":"Commerce","level":1,"score":0.38970303535461426},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.2601882517337799},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2111552655696869},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.19541874527931213},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.16076168417930603},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.09138298034667969},{"id":"https://openalex.org/C158016649","wikidata":"https://www.wikidata.org/wiki/Q161726","display_name":"Multinational corporation","level":2,"score":0.0}],"mesh":[],"locations_count":11,"locations":[{"id":"doi:10.1111/j.1468-2443.2012.01156.x","doi":"https://doi.org/10.1111/j.1468-2443.2012.01156.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1468-2443.2012.01156.x","pdf_url":null,"source":{"id":"https://openalex.org/S35246616","display_name":"International Review of Finance","issn_l":"1369-412X","issn":["1369-412X","1468-2443"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Review of Finance","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.219428","doi":"https://doi.org/10.2139/ssrn.219428","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.219428","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:eprints.lse.ac.uk:4685","doi":null,"is_oa":false,"landing_page_url":"http://eprints.lse.ac.uk/4685/1/how_to_sell_a_bankrupt_company%28LSERO%29.pdf","pdf_url":"http://eprints.lse.ac.uk/4685/1/how_to_sell_a_bankrupt_company%28LSERO%29.pdf","source":{"id":"https://openalex.org/S4306401593","display_name":"London School of Economics and Political Science Research Online (London School of Economics and Political Science)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I909854389","host_organization_name":"London School of Economics and Political Science","host_organization_lineage":["https://openalex.org/I909854389"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Monograph"},{"id":"pmh:oai:eprints.lse.ac.uk:4688","doi":null,"is_oa":false,"landing_page_url":"http://eprints.lse.ac.uk/4688/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401593","display_name":"London School of Economics and Political Science Research Online (London School of Economics and Political Science)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I909854389","host_organization_name":"London School of Economics and Political Science","host_organization_lineage":["https://openalex.org/I909854389"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"Monograph"},{"id":"pmh:oai:RePEc:ces:ceswps:_292","doi":null,"is_oa":false,"landing_page_url":"https://www.ifo.de/DocDL/cesifo_wp292.pdf","pdf_url":"https://www.ifo.de/DocDL/cesifo_wp292.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:researchonline.lse.ac.uk:4685","doi":null,"is_oa":true,"landing_page_url":"https://researchonline.lse.ac.uk/id/eprint/4685/1/how_to_sell_a_bankrupt_company%28LSERO%29.pdf","pdf_url":"https://researchonline.lse.ac.uk/id/eprint/4685/1/how_to_sell_a_bankrupt_company%28LSERO%29.pdf","source":{"id":"https://openalex.org/S4306400050","display_name":"London School of Economics and Political Science Theses Online (London School of Economics and Political Science)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I909854389","host_organization_name":"London School of Economics and Political Science","host_organization_lineage":["https://openalex.org/I909854389"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working paper"},{"id":"pmh:hdl:10068/539165","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10068/539165","pdf_url":null,"source":{"id":"https://openalex.org/S4377196900","display_name":"OpenGrey (Institut de l'Information Scientifique et Technique)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1295345811","host_organization_name":"Institut de l'Information Scientifique et Technique","host_organization_lineage":["https://openalex.org/I1295345811"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"R - Report"},{"id":"pmh:oai:RePEc:cpr:ceprdp:2881","doi":null,"is_oa":false,"landing_page_url":"http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=2881","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:RePEc:ehl:lserod:4685","doi":null,"is_oa":false,"landing_page_url":"http://eprints.lse.ac.uk/4685/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:econstor.eu:10419/75627","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10419/75627","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"},{"id":"pmh:oai:researchonline.lse.ac.uk:4688","doi":null,"is_oa":false,"landing_page_url":"https://researchonline.lse.ac.uk/id/eprint/4688/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401593","display_name":"London School of Economics and Political Science Research Online (London School of Economics and Political Science)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I909854389","host_organization_name":"London School of Economics and Political Science","host_organization_lineage":["https://openalex.org/I909854389"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Working paper"}],"best_oa_location":{"id":"doi:10.2139/ssrn.219428","doi":"https://doi.org/10.2139/ssrn.219428","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.219428","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":37,"referenced_works":["https://openalex.org/W39941691","https://openalex.org/W1513613701","https://openalex.org/W1531758582","https://openalex.org/W1547358889","https://openalex.org/W1550412261","https://openalex.org/W1552785490","https://openalex.org/W1580205108","https://openalex.org/W1968663026","https://openalex.org/W1989170640","https://openalex.org/W1992868825","https://openalex.org/W2015038708","https://openalex.org/W2019548372","https://openalex.org/W2029050771","https://openalex.org/W2034730278","https://openalex.org/W2036742981","https://openalex.org/W2039402106","https://openalex.org/W2053074030","https://openalex.org/W2081975837","https://openalex.org/W2088526577","https://openalex.org/W2095912707","https://openalex.org/W2135241016","https://openalex.org/W2139849942","https://openalex.org/W2142245848","https://openalex.org/W2145482231","https://openalex.org/W2149726133","https://openalex.org/W2163391989","https://openalex.org/W2168012311","https://openalex.org/W2171247542","https://openalex.org/W2173246629","https://openalex.org/W3042849369","https://openalex.org/W3121886422","https://openalex.org/W3122577020","https://openalex.org/W3123161956","https://openalex.org/W3124064480","https://openalex.org/W3125518629","https://openalex.org/W4254470431","https://openalex.org/W6632907641"],"related_works":["https://openalex.org/W754831506","https://openalex.org/W6906087470","https://openalex.org/W2993228860","https://openalex.org/W4296001773","https://openalex.org/W143103866","https://openalex.org/W1608627752","https://openalex.org/W2101801370","https://openalex.org/W134298628","https://openalex.org/W2035771679","https://openalex.org/W7203674565"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"suggests":[3],"a":[4,8,31,57],"way":[5],"to":[6,19,26,29,56],"sell":[7],"company":[9,53,66],"that":[10,61],"maximizes":[11],"the":[12,15,23,27,34,37,42,45,49,52,59,62,65,69,72],"proceeds":[13],"from":[14],"sale.":[16],"The":[17],"key":[18],"this":[20,82],"proposal":[21],"is":[22],"option":[24],"left":[25],"seller":[28,46],"retain":[30],"fraction":[32],"of":[33,36,51,64,71,81],"shares":[35],"company.":[38],"Indeed,":[39],"by":[40],"retaining":[41],"minority":[43],"stake,":[44],"can":[47],"transfer":[48],"control":[50],"while":[54],"reducing":[55],"minimum":[58],"rents":[60],"sale":[63],"leaves":[67],"in":[68],"hands":[70],"buyer.":[73],"We":[74],"then":[75],"focus":[76],"on":[77],"two":[78],"main":[79],"applications":[80],"idea:":[83],"bankruptcy":[84],"procedures":[85],"and":[86],"carve\u2010outs.":[87]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-27T15:51:10.671819","created_date":"2016-06-24T00:00:00"}