A New Economic Approach to Cross-Border Restructuring Law
Bibliographic record
Abstract
This thesis proposes an economic theory of cross-border restructuring law as a field that is dogmatically and functionally autonomous from cross-border insolvency. On that premise, the analysis counters the traditional perspective, which views restructurings as ancillary instances of conventional insolvency proceedings and considers cross-border insolvency instruments as sufficient to deal with the issues presented in cross-border restructurings. By relying on the tools and methods of economic analysis, the thesis argues that restructuring and insolvency law deal with different economic problems in the context of financial distress, which suggests a fundamentally different role for legal rules in the sphere of private international law. This novel view has two main implications that are advanced by this thesis. First of all, it can offer significant insights into many of the contemporary controversies surrounding the application of cross-border insolvency instruments, especially the various enactments of the UNCITRAL Model Law on Cross-Border Insolvency, on the recognition of the effects of foreign restructuring plans, as reflected in case law from the United Kingdom and the United States. Secondly, and more importantly, the basic economic insights of this thesis can assist in the development of an original and efficiency oriented normative approach for the private international law of restructurings, in the form of specialized judgment recognition rules. Such a framework has the potential of reforming the current view of English law on the matter, not only by leading to more efficient outcomes in cross-border restructuring practice but also by improving its doctrinal coherence and ensuring a greater degree of consistency with overarching principles of English private international law.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.003 | 0.004 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.001 |
| Bibliometrics | 0.002 | 0.001 |
| Science and technology studies | 0.002 | 0.012 |
| Scholarly communication | 0.007 | 0.009 |
| Open science | 0.002 | 0.003 |
| Research integrity | 0.004 | 0.005 |
| Insufficient payload (model declined to judge) | 0.007 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".