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J. Crew, Nine West, and the Complexities of Financial Distress
The Yale Law Journal  (IF5.32),  Pub Date : 2021-11-10, DOI:
Kenneth Ayotte, Christina Scully

The law-and-economics literature assumes that omnisciently rational “sophisticated parties” write optimal contracts, making bankruptcy law unnecessary. Two case studies, J. Crew and Nine West, illustrate the limitations of this idealized model. We argue for a theory of debt contracting based in bounded rationality that recognizes bankruptcy’s inherent complexity.