DISCUSSION.

Michelle White's paper on "Bankruptcy Costs and the New Code" is a relevant, provocative attempt to assess whether the changes under the new Bankruptcy Code (which went into effect in October 1979) have tended to raise or lower aggregate U.S. bankruptcy costs. She does this by first indicating why she would expect the new Code to be more "efficient" than the old Act and then by proposing a model to measure "upper bound expressions" on total bankruptcy costs. Finally, she presents some empirical results on her specifications of bankruptcy costs under the old Act and the new Code. [ABSTRACT FROM AUTHOR]