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2026-01-01

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cc-by (c) Calleja Cortés, Pedro; Llerena Garrés, Francesc, 2026
Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/227923

Merging-splitting-proofness in financial systems: A characterization result

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https://doi.org/10.1016/j.geb.2025.10.011

Abstract

In this paper, we explore the issue of manipulability in the setting of financial systems by considering two weak forms of immunity: merging-proofness and splitting-proofness. Not surprisingly, splitting-proofness conflicts with basic requirements such as the priority of debt over equity and the limited liability of equity. Remarkably, we provide a comprehensive characterization of the class of bankruptcy rules that gives rise to financial rules that satisfy merging-proofness.

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Dret financer, Axiomes, Fusió

Subject (English)

Finance law, Axioms, Fusion

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Articles publicats en revistes (Matemàtica Econòmica, Financera i Actuarial)

Citation

CALLEJA CORTÉS, Pedro and LLERENA GARRÉS, Francesc. Merging-splitting-proofness in financial systems: A characterization result. Games and Economic Behavior. 2026. Vol. 155, num. 212-227. ISSN 0899-8256. [consulted: 8 of June of 2026]. Available at: https://hdl.handle.net/2445/227923

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