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Coalitions, the Me-First Rule, and the Liquidation Decision

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Author
Chua, Jess
Ang, James S
Accessioned
2011-01-27T23:00:07Z
Available
2011-01-27T23:00:07Z
Issued
1980
Type
journal article
Metadata
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Abstract
Conventional wisdom in economics recommends that a bankrupt firm with liquidation value greater than going-concern value be liquidated by the creditors and that a firm with going-concern value greater than liquidation value continue to operate. Recently, counterexamples to the traditional rule have been presented. This note argues that violation of the me-first rule is responsible for these counterexamples. Since violation of the me-first rule involves the absence of value-maximization on the part of some economic agents, economic theories concerned with rational behavior may justifiably still assume that the liquidation decision follows the traditional rule.
Refereed
Yes
Article deposited after permission was granted by publisher, 01/14/2011.
 
Citation
Ang, J.S. and Chua, J. H. (1980), Coalitions, the Me-First Rule, and the Liquidation Decision, The Bell Journal of Economics, vol. 11, no. 1, pp.355-359.
Corporate
University of Calgary
Faculty
Haskayne School of Business
Url
www.rje.org
Publisher
Wiley-Blackwell
Doi
http://dx.doi.org/10.11575/PRISM/34043
Uri
http://hdl.handle.net/1880/48395
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  • Haskayne School of Business Research & Publications

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