Dejan Kovač, Ph.D.

Dejan Kovač, Ph.D.
Aktuelle Position

seit 9/21

Wissenschaftlicher Mitarbeiter der Abteilung Strukturwandel und Produktivität

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • internationale Wirtschaftswissenschaften
  • Verhaltensökonomik
  • politische Ökonomie

Dejan Kovač ist seit September 2021 wissenschaftlicher Mitarbeiter in der Abteilung Strukturwandel und Produktivität. Seine Forschungsschwerpunkte umfassen internationale Wirtschaftswissenschaften, politische Ökonomie und Verhaltensökonomik.

Dejan Kovač studierte an der University of Zagreb und am Center for Economic Research and Graduate Education – Economics Institute in Prag, wo er auch promovierte. Bevor er zum IWH kam, war er wissenschaftlicher Mitarbeiter an der Princeton University.

Ihr Kontakt

Dejan Kovač, Ph.D.
Dejan Kovač, Ph.D.
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Publikationen

Arbeitspapiere

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The Impact of Delay: Evidence from Formal Out-of-Court Restructuring

Randall K. Filer Dejan Kovač Jacob N. Shapiro Stjepan Srhoj

in: IWH Discussion Papers, Nr. 10, 2021

Abstract

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a „pre-bankruptcy settlement“ (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor-creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as reduced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms‘ future prospects.

Publikation lesen
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