This job can no longer provide any satisfaction. It now has very little in common with what we used to understand as welfare work. And when it's people that are involved, not property, liquidation is particularly rough. Yet just because we're dealing with human beings, you have those occasional moments when there seems to be some real meaning in still being here. Hannah Karminski (1897-1942), J...

The Brazilian Bankruptcy Law—Law No. 11,101 of 2005 (“BBL”)—has just celebrated its 10th anniversary.2 It replaced the outdated bankruptcy law that had been in force since 1945. The BBL promoted a major overhaul of the Brazilian corporate insolvency system. It ultimately shifted from a liquidation-oriented and outdated legislation to embrace modern principles of corporate restructuring designed...

We investigate the classical optimal investment problem of Merton model in a discrete time with market friction due to loss wealth trading. consider case finite number investors, for each investor represented by convex penalty function. This cover transaction costs and liquidity models studied previously literature. suppose that maximizes their utility function over all controls keep value port...

We study the problem of optimally liquidating a large portfolio position in a limit order book market. We allow for both limit and market orders and the optimal solution is a combination of both types of orders. Market orders deplete the order book, making future trades more expensive, whereas limit orders can be entered at more favorable prices but are not guaranteed to be filled. We model the...

We consider a market dealer acting as a liquidity provider by continuously setting bid and ask prices for an illiquid asset in a quote-driven market. The market dealer may benefit from the bid-ask spread but has the obligation to permanently quote both prices while satisfying some liquidity and inventory constraints. The objective is to maximize the expected utility from terminal liquidation va...

In this paper, we use several indicators of trade informativeness to search for informed traders on the final trading days Banco Popular, first and only bank resolution case date in euro area. particular, model proposed by Preve Tse (2013) estimate adjusted daily probability symmetric order-flow shock using high-frequency transaction data. Our empirical results indicate that upon anticipation a...