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Court Disclosures of Firms in Chapter 11 Bankruptcy
Ilona Bastiaansen, Alina Lerman, Frank Murphy, and Dushyant Vyas
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This file accompanies the Chapter 11 Bankruptcy Index database and describes the data, the papers that should be cited when providing academic references, and the variable definitions.


DESCRIPTION
This data includes a list of Chapter 11 cases, a case identifier, the Chapter 11 Disclosure Index score, and select other variables. Please read the data and methodology sections of the study noted below for an extensive description of the data and variables.


CITATION
Please cite the following paper when referring to this data:
Bastiaansen, I.; A. Lerman; F. Murphy; and D. Vyas. “Court Disclosures of Firms in Chapter 11 Bankruptcy.” 
Journal of Accounting Research. Forthcoming.


VARIABLE DEFINITIONS

Company_Name: The name of the company filing for Chapter 11 bankruptcy.

DateFiled: The month, day, and year that the bankruptcy case was filed.

Case_Num: The number that must be entered on PACER to access the case file. 

DI: Chapter 11 Disclosure Index. The sum of the 16 individual disclosure statement variables listed in Appendix A of Bastiaansen et al. 2024.

DI_PROJECTION: Chapter 11 Disclosure Projection Subindex. The sum of the 10 individual disclosure statement variables listed in Appendix A of Bastiaansen et al. 2024.

DI_VALUATION: Chapter 11 Disclosure Valuation Subindex. The sum of the 2 individual disclosure statement variables listed in Appendix A of Bastiaansen et al. 2024.

DI_LIQUIDATION: Chapter 11 Disclosure Liquidation Subindex. 1 individual disclosure statement variable listed in Appendix A of Bastiaansen et al. 2024.

DI_OTHER:  Chapter 11 Disclosure Other Subindex. The sum of the 3 individual disclosure statement variables listed in Appendix A of Bastiaansen et al. 2024.

DI_balance_sheet: An indicator variable set to one for the inclusion of a pro forma balance sheet and zero otherwise.

DI_cash_flow_acct: An indicator variable set to one for the inclusion of a cash flow statement and zero otherwise.

DI_proj_rev: An indicator variable set to one for the presence of revenue projections and zero otherwise. 

DI_proj_exp: An indicator variable set to one for the presence of expense projections and zero otherwise.

DI_proj_liquidity: An indicator variable set to one for the disclosure of projected liquidity and zero otherwise.

DI_rev_ass: An indicator variable set to one for the presence of revenue assumptions and zero otherwise.

DI_exp_ass: An indicator variable set to one for the presence of cost (e.g., commodity price) assumptions and zero otherwise.

DI_num_tables: An indicator variable set to one when the number of tables in the projection statement is equal to or above the sample median and zero otherwise.

DI_num_years_projected: An indicator variable set to one when the number of years in the pro forma income statement projections is equal to or above the sample median and zero otherwise.

DI_sources_uses: An indicator variable set to one for the disclosure of projected sources and uses of cash and zero otherwise.

DI_valuation_stmt: An indicator variable set to one for the inclusion of a valuation analyses section and zero otherwise.

DI_valuation_methods: An indicator variable set to one when more than one valuation methodology is reported (e.g., discounted cash flow) and zero otherwise.

DI_liquidation_stmt: An indicator variable set to one for the inclusion of a liquidation analyses section and zero otherwise.

DI_governance: An indicator variable set to one for the presence of a forward-looking disclosure on post-emergence governance mechanisms and zero otherwise.

DI_plan_sum: An indicator variable set to one for the inclusion of a summary of the plan of reorganization in a tabular or bullet point format and a zero otherwise.

DI_tax: An indicator variable set to one for the inclusion of a separate disclosure covering the tax consequences of the reorganization and zero otherwise.

pre_petition_assets: Total assets reported at the bankruptcy filing date. The pre-petition asset values are obtained from Lo-Pucki when available, and from the bankruptcy petition otherwise. When the petition provides a range, the median value is selected (i.e., for a range of $100-$300 million, $200 million is used).

pre_petition_liab: Total liabilities reported at the bankruptcy filing date. The pre-petition liability values are obtained from Lo-Pucki when available, and from the bankruptcy petition otherwise. When the petition provides a range, the median value is selected (i.e., for a range of $100-$300 million, $200 million is used).