WorldWideScience

Sample records for bankruptcy

  1. Understanding Bankruptcy

    DEFF Research Database (Denmark)

    Gerstrøm, Anna; Isabella, Lynn A.

    2015-01-01

    Bankruptcies are becoming more and more prevalent, partly as a consequence of business conditions created by the financial crisis characterizing the beginning of the 21st century. Nonetheless, knowledge on the phenomenon of bankruptcy from the point of view of the people who undergo it is scant...... bank that went bankrupt as a consequence of the large and global crisis. Based on narrative interviews with 20 organizational members' the article offers a model that theorizes bankruptcy as a series of unfolding events that change a work world. Members narrate their immediate experience as a work...

  2. Bankruptcy of Individuals

    Directory of Open Access Journals (Sweden)

    Ionina M. B.

    2015-10-01

    Full Text Available This article discusses the bankruptcy of individuals under the Federal Law "On Insolvency (Bankruptcy", the Federal Law "On Amendments to the Federal Law "On Insolvency (Bankruptcy" and some legislative acts of the Russian Federation regarding regulation of rehabilitation procedures applicable to an individual debtor. The author analyzes the main ways to address the issue of the bankruptcy of an individual, identifies risks for both a bankrupt and credit institutions

  3. Bankruptcy Law and Entrepreneurship

    OpenAIRE

    John Armour; Douglas Cumming

    2008-01-01

    Entrepreneurs, catalysts for innovation in the economy, are increasingly the object of policymakers’ attention. Recent initiatives both in the UK and at EU level have sought to promote entrepreneurship by reducing the harshness of the consequences of personal bankruptcy law. Whilst there is an intuitive link between the two, little attention has been paid to the question empirically. We investigate the link between bankruptcy and entrepreneurship using data on self employment over 13 years (1...

  4. Predicting Bankruptcy in Pakistan

    Directory of Open Access Journals (Sweden)

    Abdul RASHID

    2011-09-01

    Full Text Available This paper aims to identify the financial ratios that are most significant in bankruptcy prediction for the non-financial sector of Pakistan based on a sample of companies which became bankrupt over the time period 1996-2006. Twenty four financial ratios covering four important financial attributes, namely profitability, liquidity, leverage, and turnover ratios, were examined for a five-year period prior bankruptcy. The discriminant analysis produced a parsimonious model of three variables viz. sales to total assets, EBIT to current liabilities, and cash flow ratio. Our estimates provide evidence that the firms having Z-value below zero fall into the “bankrupt” whereas the firms with Z-value above zero fall into the “non-bankrupt” category. The model achieved 76.9% prediction accuracy when it is applied to forecast bankruptcies on the underlying sample.

  5. Health care insolvency and bankruptcy.

    Science.gov (United States)

    Handelsman, L; Speiser, M; Maltz, A; Kirpalani, S

    1998-08-01

    Bankruptcy is an event that is often considered a business' worst nightmare. Debt, lawyers, and the U.S. government can lead to the eventual destruction of a business. This article shows how declaring bankruptcy can be a helpful instrument in continuing a successful venture in the health care marketplace.

  6. Industrial enterprises bankruptcy forecasting

    Directory of Open Access Journals (Sweden)

    Dvořáček, J.

    2008-01-01

    Full Text Available This paper addresses problems of bankruptcy prediction. It has been oriented by past and recent situations in the Czech Republic. A brief overview of authors from abroad, who have been involved in investigations of this subject, is given. The circulation of capital is described inclusive intrusive factors that disturb capital’s circulation hampering economic functioning of corporate businesses, which may lead to their final demise. A set of indicators has been specified that reflect the circulation of capital, and which provide for employing a statistical process – discriminate analysis – that links the probability of a corporate business default to these indicators.

  7. Bankruptcy and the Per Capita Nucleolus

    NARCIS (Netherlands)

    Huijink, S.; Borm, P.E.M.; Reijnierse, J.H.; Kleppe, J.

    2013-01-01

    Abstract: This article characterizes the per capita nucleolus for bankruptcy games as a bankruptcy rule. This rule, called the cligths rule, is based on the wellknown constrained equal awards principle. The essential feature of the rule however is that, for each bankruptcy problem, it takes into

  8. Bankruptcy Prediction with Rough Sets

    NARCIS (Netherlands)

    J.C. Bioch (Cor); V. Popova (Viara)

    2001-01-01

    textabstractThe bankruptcy prediction problem can be considered an or dinal classification problem. The classical theory of Rough Sets describes objects by discrete attributes, and does not take into account the order- ing of the attributes values. This paper proposes a modification of the Rough Set

  9. MOST IMPORTANT NOVELTIES IN BANKRUPTCY ACT OF 2015

    Directory of Open Access Journals (Sweden)

    Jasnica Garašić

    2017-01-01

    Full Text Available This paper gives the analysis of the most important novelties that the new Bankruptcy Act of 2015 brought into Croatian bankruptcy law. The author points at many contradictory, imprecise and defective provisions of the new Bankruptcy Act, especially provisions regarding a pre-bankruptcy reason (ground, pre-bankruptcy proceedings, advance payment for the costs of bankruptcy proceedings, appointment of bankruptcy administrators (bankruptcy trustees, action to contest legal transactions of the debtor, liquidation of objects on which the right for separate satisfaction exists, bankruptcy plan, group of companies (connected companies, bankruptcy proceedings against liquidation estate and international bankruptcy. Due to numerousness of the defective legal solutions and disturbing easiness with which some of the basic principles of bankruptcy law and civil procedure law generally have been directly broken, it is necessary to prepare new legal provisions that shall change and amend the Bankruptcy Act of 2015.

  10. Bankruptcy cascades in interbank markets.

    Directory of Open Access Journals (Sweden)

    Gabriele Tedeschi

    Full Text Available We study a credit network and, in particular, an interbank system with an agent-based model. To understand the relationship between business cycles and cascades of bankruptcies, we model a three-sector economy with goods, credit and interbank market. In the interbank market, the participating banks share the risk of bad debits, which may potentially spread a bank's liquidity problems through the network of banks. Our agent-based model sheds light on the correlation between bankruptcy cascades and the endogenous economic cycle of booms and recessions. It also demonstrates the serious trade-off between, on the one hand, reducing risks of individual banks by sharing them and, on the other hand, creating systemic risks through credit-related interlinkages of banks. As a result of our study, the dynamics underlying the meltdown of financial markets in 2008 becomes much better understandable.

  11. Systemic liquidity risk and bankruptcy exceptions

    NARCIS (Netherlands)

    Perotti, E.

    2010-01-01

    A series of amendments to US and EU bankruptcy laws created in 2002 - 2005 unique bankruptcy privileges for secured financial credit and derivatives. This major legal change, though poorly understood, created super priority rights for some investors. It fed the final and most damaging stage of the

  12. Probabilistic Modeling and Visualization for Bankruptcy Prediction

    DEFF Research Database (Denmark)

    Antunes, Francisco; Ribeiro, Bernardete; Pereira, Francisco Camara

    2017-01-01

    In accounting and finance domains, bankruptcy prediction is of great utility for all of the economic stakeholders. The challenge of accurate assessment of business failure prediction, specially under scenarios of financial crisis, is known to be complicated. Although there have been many successful...... studies on bankruptcy detection, seldom probabilistic approaches were carried out. In this paper we assume a probabilistic point-of-view by applying Gaussian Processes (GP) in the context of bankruptcy prediction, comparing it against the Support Vector Machines (SVM) and the Logistic Regression (LR......). Using real-world bankruptcy data, an in-depth analysis is conducted showing that, in addition to a probabilistic interpretation, the GP can effectively improve the bankruptcy prediction performance with high accuracy when compared to the other approaches. We additionally generate a complete graphical...

  13. The prediction of the bankruptcy risk

    Directory of Open Access Journals (Sweden)

    Gheorghe DUMITRESCU

    2010-04-01

    Full Text Available The study research results of the bankruptcy risk in the actual economic crisis are very weak. This issue is very important for the economy of every country, no matter what their actual development level.The necessity of bankruptcy risk prediction appears in every company,but also in the related institutions like financial companies, investors, suppliers, customers.The bankruptcy risk made and makes the object of many studies of research that want to identify: the moment of the appearance of the bankruptcy, the factors that compete at the reach of this state, the indicators that express the best this orientation (to the bankruptcy.The threats to the firms impose the knowledge by the managers,permanently of the economic-financial situations, of the vulnerable areas and of those with potential of development. Thus, these must identify and gesture the threats that would stop the fulfillment of the established purposes.

  14. Optimizing the Bankruptcy Rates of Corporate Enterprises

    Directory of Open Access Journals (Sweden)

    Vasyliev Oleksii V.

    2017-10-01

    Full Text Available An important issue in forecasting the probability of bankruptcy is the formation of an optimal set of financial-economic performance indicators with high forecast capacity. The article is aimed at optimizing the indicator system, which can be used to build a model for diagnosing the probability of corporate failures. The known methods and models for diagnosing bankruptcy were analyzed and it was found that they were based on the financial performance indicators, which use empirical data only. A set of financial performance indicators has been formed that can be used to forecast probability of corporate bankruptcy or to plan for anti-crisis measures. The practical significance of the study suggests developing a theoretical basis for solving issues arising in the diagnostics of probability of bankruptcy of corporate enterprises. Prospect for further research in this direction is to develop an integrated indicator using the fuzzy logic theory, taking into account the qualitative and quantitative performance indicators of enterprise.

  15. LEGAL STATUS OF INDIVIDUAL BANKRUPT DEBTORS AFTER TERMINATION OF BANKRUPTCY AND REHABILITATION UNDER INDONESIAN BANKRUPTCY LAW

    Directory of Open Access Journals (Sweden)

    Sonyendah Retnaningsih

    2017-04-01

    Full Text Available The Indonesian bankruptcy law system adheres to the debt collective principle which is general seizure (sita umum of the debtor’s property as guarantee for the payment of debt through the bankruptcy institution. The principle of debt collective stresses that the debtor’s debt shall be paid immediately from the property owned by the debtor. Based on such principle, bankruptcy serves as a means of coercion to materialize the creditors’ rights through liquidation of the debtor’s assets. Bankruptcy law in Indonesia does not recognize the principle of debt forgiveness, among others, the implementation of debt relief granted to the debtor to pay off debts that are truly incapable of being fulfilled. According to the Bankruptcy Law, after the completion of the bankruptcy process, the debtor is no longer in a state of bankruptcy, because the end of bankruptcy has revoked the status of insolvent debtors, hence debtors are considered as being competent to take care of their property. However, the termination of bankruptcy does not necessarily absolve the debtor from the remainder of the debt; creditors are entitled to collect it and debtors are obligated to pay it off. Upon the completion of the bankruptcy process, debtors or their heirs may apply for rehabilitation. However, rehabilitation is only to be granted if all creditors state that they have obtained payment in a satisfactory manner, meaning that recognized creditors will not file claims against the debtor concerned again even though they may not have received payment on all of their outstanding receivables. Request for rehabilitation can only be granted if the debtor has completed the entire scheme of bankruptcy and creditors were satisfied with the payment.

  16. (Another Bankruptcy Legislation reform - functionalization of bankruptcy legal protection or placebo effect?

    Directory of Open Access Journals (Sweden)

    Dejan Bodul

    2015-01-01

    Full Text Available The paper deals with the most current topic in the field of collective civil law protection. The reforms of the Bankruptcy Act (seven of them as well as implementation of the Financial Operations and Pre-Bankruptcy Settlements Act (three amendments, which were implemented in 2012, have significantly altered Croatian insolvency legislation. Nevertheless, the indicative methods of determining the facts show that the bankruptcy and preliminary bankruptcy procedures, in relation to other countries in the region, are consuming less time. They are more expensive and have lower satisfaction from creditors. In comparison to countries with developed bankruptcy systems, Croatian regulations still need improvement. One has to take into consideration a substantial impact of multiple external, institutional factors on legislative solutions (unfavourable social context, problems in the payment system, the precarious recordings of immovable and movable property, an insufficient number of judges who were entrusted with the liquidation proceedings, weak training of bankruptcy administrators, inadequate methods of financing, and consequently weak motivation to work. The legislators are planning to make another functionalization of the Bankruptcy Act. His intention is, after two years of experimentation in the Financial Operations and Pre-Bankruptcy Settlements Act, to accept provisions on pre-bankruptcy settlements and reinstate many pre-existing options in the preparation of the reorganization plan. Since the existing framework is not allowing for a detailed analysis of the aforementioned subjects, one must emphasize that the space here does not permit a detailed analysis of these issues. Therefore, authors of this article will deal with subjects they see as relevant and essential for understanding key issues within the domain of the Bankruptcy Act. This work has been supported by the Croatian science foundation under the project number 6558 "Business and

  17. MULTIVARIATE MODEL FOR CORPORATE BANKRUPTCY PREDICTION IN ROMANIA

    OpenAIRE

    Daniel BRÎNDESCU – OLARIU

    2016-01-01

    The current paper proposes a methodology for bankruptcy prediction applicable for Romanian companies. Low bankruptcy frequencies registered in the past have limited the importance of bankruptcy prediction in Romania. The changes in the economic environment brought by the economic crisis, as well as by the entrance in the European Union, make the availability of performing bankruptcy assessment tools more important than ever before. The proposed methodology is centred on a multivariate model, ...

  18. Survival rates in bankruptcy systems : overlooking the evidence

    NARCIS (Netherlands)

    Couwenberg, Oscar

    2001-01-01

    Extensive research on bankruptcy still has not made it possible to end the efficiency discussion concerning the need for a reorganization provision in bankruptcy laws. In this paper, I discuss the pervasiveness of asset sales in bankruptcy procedures and the effect it has on survival rates. Without

  19. 7 CFR 1962.47 - Bankruptcy and insolvency.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 14 2010-01-01 2009-01-01 true Bankruptcy and insolvency. 1962.47 Section 1962.47 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, RURAL BUSINESS... Bankruptcy and insolvency. (a) Borrower files bankruptcy. When the Agency becomes aware that a Farm Loan...

  20. Supervision as the procedure applicable in the case of bankruptcy ...

    African Journals Online (AJOL)

    The article is devoted to the monitoring procedure used in the bankruptcy case. The procedures used in the insolvency (bankruptcy) case are examined and analyzed. Bankruptcy is the debtor's inability recognized by the court of arbitration or the debtor's inability to fully satisfy the creditors' claims for monetary obligations ...

  1. Is the personal bankruptcy system bankrupt?

    OpenAIRE

    Loretta J. Mester

    2002-01-01

    Loretta Mester outlines the components of reform proposals. She then looks at the empirical research on personal bankruptcy to evaluate the rationale for reforming the system and the effectiveness of proposed changes. ; Also issued as Payment Cards Center Discussion Paper No. 02-02

  2. Modelling bankruptcy prediction models in Slovak companies

    Directory of Open Access Journals (Sweden)

    Kovacova Maria

    2017-01-01

    Full Text Available An intensive research from academics and practitioners has been provided regarding models for bankruptcy prediction and credit risk management. In spite of numerous researches focusing on forecasting bankruptcy using traditional statistics techniques (e.g. discriminant analysis and logistic regression and early artificial intelligence models (e.g. artificial neural networks, there is a trend for transition to machine learning models (support vector machines, bagging, boosting, and random forest to predict bankruptcy one year prior to the event. Comparing the performance of this with unconventional approach with results obtained by discriminant analysis, logistic regression, and neural networks application, it has been found that bagging, boosting, and random forest models outperform the others techniques, and that all prediction accuracy in the testing sample improves when the additional variables are included. On the other side the prediction accuracy of old and well known bankruptcy prediction models is quiet high. Therefore, we aim to analyse these in some way old models on the dataset of Slovak companies to validate their prediction ability in specific conditions. Furthermore, these models will be modelled according to new trends by calculating the influence of elimination of selected variables on the overall prediction ability of these models.

  3. Bankruptcy regimes and gambling on resurrection

    Czech Academy of Sciences Publication Activity Database

    Knot, Ondřej; Vychodil, Ondřej

    -, č. 290 (2006), s. 1-66 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : corporate bankruptcy * debt contracts * monitoring Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp290.pdf

  4. Bankruptcy risk model and empirical tests

    Science.gov (United States)

    Podobnik, Boris; Horvatic, Davor; Petersen, Alexander M.; Urošević, Branko; Stanley, H. Eugene

    2010-01-01

    We analyze the size dependence and temporal stability of firm bankruptcy risk in the US economy by applying Zipf scaling techniques. We focus on a single risk factor—the debt-to-asset ratio R—in order to study the stability of the Zipf distribution of R over time. We find that the Zipf exponent increases during market crashes, implying that firms go bankrupt with larger values of R. Based on the Zipf analysis, we employ Bayes’s theorem and relate the conditional probability that a bankrupt firm has a ratio R with the conditional probability of bankruptcy for a firm with a given R value. For 2,737 bankrupt firms, we demonstrate size dependence in assets change during the bankruptcy proceedings. Prepetition firm assets and petition firm assets follow Zipf distributions but with different exponents, meaning that firms with smaller assets adjust their assets more than firms with larger assets during the bankruptcy process. We compare bankrupt firms with nonbankrupt firms by analyzing the assets and liabilities of two large subsets of the US economy: 2,545 Nasdaq members and 1,680 New York Stock Exchange (NYSE) members. We find that both assets and liabilities follow a Pareto distribution. The finding is not a trivial consequence of the Zipf scaling relationship of firm size quantified by employees—although the market capitalization of Nasdaq stocks follows a Pareto distribution, the same distribution does not describe NYSE stocks. We propose a coupled Simon model that simultaneously evolves both assets and debt with the possibility of bankruptcy, and we also consider the possibility of firm mergers. PMID:20937903

  5. DEVELOPMENT OF REHABILITATION ORIENTED RUSSIAN INSTITUTION OF BANKRUPTCY

    Directory of Open Access Journals (Sweden)

    Vаleriy Nikolaevich Alferov

    2016-01-01

    Full Text Available The paper conducted a study on the mechanisms of the development of Russian rehabilitative orientation of the institution of bankruptcy. Objectivs. To analyze the existing conditions and particularly the implementation of the institution of bankruptcy of legal entities in Russia and abroad and on the basis of foreign experience to consider proposals for the development of its rehabilitation orientation.Methods. Empirical and economic and statistical research methods based on the Russian and international practice, implementation of bankruptcy legislation. Results. A generalization of the features of the implementation of domestic and foreign institution of bankruptcy and considered proposals for the development of its rehabilitation orientation. Conclusions and Relevance. In the Russian legislation on bankruptcy is necessary to develop rehabilitation procedure of bankruptcy to achieve the goal of a public law character – the restoration of the debtor's solvency. At present, primary importance should be given to the development of pre-trial financial recovery of debtors, including through the conciliation.

  6. Repos, fire sales, and bankruptcy policy

    OpenAIRE

    Antinolfi, Gaetano; Carapella, Francesca; Kahn, Charles; Martin, Antoine; Mills, David; Nosal, Ed

    2012-01-01

    The events from the 2007-2009 financial crisis have raised concerns that the failure of large financial institutions can lead to destabilizing fire sales of assets. The risk of fire sales is related to exemptions from bankruptcy's automatic stay provision enjoyed by a number of financial contracts, such as repo. An automatic stay prohibits collection actions by creditors against a bankrupt debtor or his property. It prevents a creditor from liquidating collateral of a defaulting debtor since ...

  7. Bankruptcy Prediction Based on the Autonomy Ratio

    Directory of Open Access Journals (Sweden)

    Daniel Brîndescu Olariu

    2016-11-01

    Full Text Available The theory and practice of the financial ratio analysis suggest the existence of a negative correlation between the autonomy ratio and the bankruptcy risk. Previous studies conducted on a sample of companies from Timis County (largest county in Romania confirm this hypothesis and recommend the autonomy ratio as a useful tool for measuring the bankruptcy risk two years in advance. The objective of the current research was to develop a methodology for measuring the bankruptcy risk that would be applicable for the companies from the Timis County (specific methodologies are considered necessary for each region. The target population consisted of all the companies from Timis County with annual sales of over 10,000 lei (aprox. 2,200 Euros. The research was performed over all the target population. The study has thus included 53,252 yearly financial statements from the period 2007 – 2010. The results of the study allow for the setting of benchmarks, as well as the configuration of a methodology of analysis. The proposed methodology cannot predict with perfect accuracy the state of the company, but it allows for a valuation of the risk level to which the company is subjected.

  8. PERSONAL BANKRUPTCY AND THE ROMANIAN REALITIES

    Directory of Open Access Journals (Sweden)

    Mihaela Condrache

    2015-12-01

    Full Text Available Bankruptcy is defined as the legal situation in which an individual, a company or an institution cannot meet outstanding liabilities, which are superior in value compared to available assets. Personal bankruptcy refers to the situation described above in the case of individuals. This highly important legal and economic institution was long ago settled in the United States of America, United Kingdom, France, Germany, Japan, and recently in former communist countries such as Poland, Latvia, Estonia, and Lithuania, existing throughout the EU, except for Romania, Bulgaria and Hungary. In December 2015, in Romania, the Personal Bankruptcy Law is to come into force and this article focuses on the main aspects of the three steps procedure comprised in it as well as on the advantages and disadvantages from all involved parts perspective, that is: individual debtors, Banks as creditors and state institutions as third parties highlighting the main changes that are to happen both for individuals as well as for the society as a whole.

  9. MULTIVARIATE MODEL FOR CORPORATE BANKRUPTCY PREDICTION IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU – OLARIU

    2016-06-01

    Full Text Available The current paper proposes a methodology for bankruptcy prediction applicable for Romanian companies. Low bankruptcy frequencies registered in the past have limited the importance of bankruptcy prediction in Romania. The changes in the economic environment brought by the economic crisis, as well as by the entrance in the European Union, make the availability of performing bankruptcy assessment tools more important than ever before. The proposed methodology is centred on a multivariate model, developed through discriminant analysis. Financial ratios are employed as explanatory variables within the model. The study has included 53,252 yearly financial statements from the period 2007 – 2010, with the state of the companies being monitored until the end of 2012. It thus employs the largest sample ever used in Romanian research in the field of bankruptcy prediction, not targeting high levels of accuracy over isolated samples, but reliability and ease of use over the entire population.

  10. MACROECONOMIC CONDITIONS OF BANKRUPTCY OF ENTERPRISES IN POLAND

    Directory of Open Access Journals (Sweden)

    Anna Bieniasz

    2014-12-01

    Full Text Available The main purpose of this work is to analyse the phenomenon of enterprises’ bankruptcy in Poland in 2004-2013 and attempt to build regression models defining the relationship between the number of bankrupted companies and selected macroeconomic parameters of the national economy. The analysis is based on Coface Poland reports presenting the phenomenon of bankruptcy in Poland of branches, provinces, legal forms of companies and types of bankruptcy proceedings. Studies have shown that the greatest risk of bankruptcy refers to metals production and fabricated metal products enterprises, manufacture of food products and beverages, wholesale trade, construction, micro and small enterprises, enterprises under the age of 10 years and companies from Mazovia region, Silesia and Lower Silesia. The estimated parameters of the regression models showed that the number of bankruptcies in Poland is strongly determined i.a. by the number of registered companies, GDP growth, dynamics of changes in fixed capital formation and changes in foreign exchange rates.

  11. Creditors’ claims in bankruptcy proceedings - issues and concerns

    Directory of Open Access Journals (Sweden)

    Viktor Palić

    2013-12-01

    Full Text Available A generally accepted rule in the bankruptcy law is that a bankruptcy creditor can file a claim against the debtor only in bankruptcy proceedings. This rule has a legal effect. If the creditor’s claim in the bankruptcy proceeding has not been disputed, the creditor is not able to instigate legal and execution proceedings. Obviously, this applies to financial claims. However, it is not clear whether the above can be applied when the claim is not financial but when it concerns a request for the nullification of a contract. It is of particular interest whether such a request can be made by a counterclaim against the debtor in an ordinary judicial proceeding or only in bankruptcy proceedings. Using a practical example, the authors concluded that it is possible for a creditor to make a request for the nullification of a contract by a counterclaim in a civil lawsuit.

  12. Is it Worth Comparing Different Bankruptcy Models?

    Directory of Open Access Journals (Sweden)

    Miroslava Dolejšová

    2015-01-01

    Full Text Available The aim of this paper is to compare the performance of small enterprises in the Zlín and Olomouc Regions. These enterprises were assessed using the Altman Z-Score model, the IN05 model, the Zmijewski model and the Springate model. The batch selected for this analysis included 16 enterprises from the Zlín Region and 16 enterprises from the Olomouc Region. Financial statements subjected to the analysis are from 2006 and 2010. The statistical data analysis was performed using the one-sample z-test for proportions and the paired t-test. The outcomes of the evaluation run using the Altman Z-Score model, the IN05 model and the Springate model revealed the enterprises to be financially sound, but the Zmijewski model identified them as being insolvent. The one-sample z-test for proportions confirmed that at least 80% of these enterprises show a sound financial condition. A comparison of all models has emphasized the substantial difference produced by the Zmijewski model. The paired t-test showed that the financial performance of small enterprises had remained the same during the years involved. It is recommended that small enterprises assess their financial performance using two different bankruptcy models. They may wish to combine the Zmijewski model with any bankruptcy model (the Altman Z-Score model, the IN05 model or the Springate model to ensure a proper method of analysis.

  13. Personal Bankruptcy Regulations in Central and Eastern Europe

    Directory of Open Access Journals (Sweden)

    Roxana Hetes-Gavra

    2016-01-01

    Full Text Available Countries from Central and Eastern Europe are in different stages of development andimplementation of personal bankruptcy legislation. Austria has regulations comparable to those inWestern Europe, while the Czech Republic and Poland have recently developed regulationsregarding the bankruptcy of individuals. The solutions identified in countries that have followed asimilar path, namely the abandonment of a centrally planned economy and transition to afunctioning market economy, which consequently led to the problem of individual bankruptcy, canalso be applied selectively in Romania in the next period.

  14. The anti-crisis mechanism diagnose risk of bankruptcy

    Directory of Open Access Journals (Sweden)

    Zhdanov Vasiliy Yuryevich

    2011-11-01

    Full Text Available The article provides analysis and systematization of such terms as "crisis", "insolvency", "inefficiency", "bankruptcy" of an enterprise in terms of the crisis theory. It also describes the scheme of the enterprise crisis development, which includes three periods: pre-crisis, crisis and chronic crisis, where the final point is the enterprise bankruptcy. The article also develops a mechanism of the bankruptcy risk diagnostic including an analysis of the enterprise in terms of four sections.

  15. Control during corporate crisis: asbestos and the Manville bankruptcy.

    Science.gov (United States)

    Delaney, K J

    1991-01-01

    Chapter 11 bankruptcy provides an opportunity for addressing issues of power and control during corporate crisis. A broad notion of power is essential in understanding the complex events that led to the Chapter 11 filing of the Manville Corporation, formerly the nation's leading asbestos manufacturer. The theory of finance hegemony places this case in an entirely new light by taking into account the power of the financial community. The Manville bankruptcy illuminates several mechanisms by which this hegemony operates. From this perspective, Chapter 11 bankruptcy is viewed as a choice made from a set of options severely constrained by other powerful institutions, rather than a result of managerial incompetence or market failure.

  16. COMPARATIVE ANALYSIS OF ESTIMATION METHODS OF PHARMACY ORGANIZATION BANKRUPTCY PROBABILITY

    Directory of Open Access Journals (Sweden)

    V. L. Adzhienko

    2014-01-01

    Full Text Available A purpose of this study was to determine the probability of bankruptcy by various methods in order to predict the financial crisis of pharmacy organization. Estimating the probability of pharmacy organization bankruptcy was conducted using W. Beaver’s method adopted in the Russian Federation, with integrated assessment of financial stability use on the basis of scoring analysis. The results obtained by different methods are comparable and show that the risk of bankruptcy of the pharmacy organization is small.

  17. 34 CFR 674.49 - Bankruptcy of borrower.

    Science.gov (United States)

    2010-07-01

    ..., DEPARTMENT OF EDUCATION FEDERAL PERKINS LOAN PROGRAM Due Diligence § 674.49 Bankruptcy of borrower. (a... determination of dischargeability. (1) The institution must use due diligence and may assert any defense...

  18. Using machine learning, neural networks and statistics to predict bankruptcy

    NARCIS (Netherlands)

    Pompe, P.P.M.; Feelders, A.J.; Feelders, A.J.

    1997-01-01

    Recent literature strongly suggests that machine learning approaches to classification outperform "classical" statistical methods. We make a comparison between the performance of linear discriminant analysis, classification trees, and neural networks in predicting corporate bankruptcy. Linear

  19. Game Options approach in bankruptcy triggering asset value

    Directory of Open Access Journals (Sweden)

    Abdelmajid El hajaji

    2019-07-01

    Full Text Available In this paper, we develop a new numerical method, game theory and option pricing to compute a bankruptcy triggering asset value. we will draw our attention to determining a the numerical asset value, or price of a share, at which a bankruptcy is triggered. This paper develops and analyze a cubic spline collocation method for approximating solutions of the problem. This method converges quadratically. In addition, this article also provides with a real-life case study of the investment bank, and the optimal bankruptcy strategy in this particular case. As we will observe, the bankruptcy trigger computed in this example could have served as a good guide for predicting fall of this investment bank.

  20. ANALYSIS METHODS OF BANKRUPTCY RISK IN ROMANIAN ENERGY MINING INDUSTRY

    Directory of Open Access Journals (Sweden)

    CORICI MARIAN CATALIN

    2016-12-01

    Full Text Available The study is an analysis of bankruptcy risk and assessing the economic performance of the entity in charge of energy mining industry from southwest region. The scientific activity assesses the risk of bankruptcy using score’s method and some indicators witch reflecting the results obtained and elements from organization balance sheet involved in mining and energy which contributes to the stability of the national energy system. Analysis undertaken is focused on the application of the business organization models that allow a comprehensive assessment of the risk of bankruptcy and be an instrument of its forecast. In this study will be highlighted developments bankruptcy risk within the organization through the Altman model and Conan-Holder model in order to show a versatile image on the organization's ability to ensure business continuity

  1. The enterprise bankruptcy: major causes and ways to solve it

    Directory of Open Access Journals (Sweden)

    Shamsieva R. F.

    2016-12-01

    Full Text Available the article examines the causes of insolvency of enterprises, the problems associated with use of foreign and Russian models of bankruptcy diagnostics are discovered. The activities that help the enterprise to solve the crisis are described.

  2. PROFITABILITY RATIO AS A TOOL FOR BANKRUPTCY PREDICTION

    OpenAIRE

    Daniel BRÎNDESCU – OLARIU

    2016-01-01

    The current study evaluates the potential of the profitability ratio in predicting corporate bankruptcy. The research is focused on Romanian companies, with the targeted event being represented by the manifestation of bankruptcy 2 years after the date of the financial statements of reference. All tests were conducted over 2 paired samples of 1176 Romanian companies. The methodology employed in evaluating the potential of the profitability ratio was based on the Area Under the ROC Curve (0.663...

  3. The Models of Personal Bankruptcy in Western Europe

    Directory of Open Access Journals (Sweden)

    Roxana Hetes-Gavra

    2016-01-01

    Full Text Available Personal bankruptcy is regulated in all the countries from Western Europe. We selected a groupof three countries: France, Ireland and Germany, to analyze the ways in which physical personsare put under bankruptcy law protection, while considering that implementation of the personalbankruptcy law is constantly delayed in Romania. Taking into account some comparative studies,we have found out that in all three countries is applied the principle of “consumer-friendlylegislation”.

  4. Bankruptcy effect on business competitors. : Empirical study of US companies

    OpenAIRE

    Nassimbwa, Justine; Tian, Yuchi

    2013-01-01

    Bankruptcy is a negative event that not only affects the company in question but all stakeholders of society. Our research will focus on one stakeholder group, business competitors. How are competitors affected by bankruptcy announcements? Past research has tried to answer this question in different ways. Some compared two industries with different characteristics while others worked with multiple industries. Past researchers suggested and tested three independent variables that they thought ...

  5. Avoiding surety contracts in bankruptcy procedure

    Directory of Open Access Journals (Sweden)

    Hiber Dragor

    2015-01-01

    Full Text Available Serbia's courts jurisprudence has divergent attitudes with respect to the dilemma whether a surety contract represents a contract without consideration, which may be avoided once the guarantor is subject to bankruptcy procedure without any additional conditions, or an onerous contract. Whether a surety contract is an onerous one has anyhow been disputed in the legal theory. One school of thought considers this contract as non-onerous one, since vis-a-vis guarantor's obligation no benefit to be expected from the other contractual party (i. e. creditor exists. The other school of thought understands surety (almost always as an onerous contract bearing in mind that the guarantor who enters into this contract does not have intentio liberalis. There are numerous and nuanced views based on analyses of the relation between a guarantor and a debtor focused on the argument that surety is a contract without consideration if intentio liberalis existed vis-a-vis main debtor rather than vis-a-vis creditor. Our legal literature did not pay much attention to that issue until recently. In a rare text dedicated to it the author's basic standpoint is that surety represents a contract without consideration. An exception, depending on the circumstances of the case, could be surety given by a parent company for the obligation of a subsidiary, provided the former reasonably expected a benefit in terms of an increase in the value of shares. Commercial courts followed such reasoning. In this article an opposite stance has been argued. Namely, the onerousness of surety must be assessed based on the relation between the guarantor and the main debtor rather than between the guarantor and the creditor. As a rule, surety is an onerous contract because the guarantor expects to collect from the debtor through subrogation the amount he paid to the creditor; exceptionally, surety may be a non-onerous contract if intentio liberalis existed vis-a-vis main debtor. However, this

  6. Neuro-fuzzy modeling in bankruptcy prediction

    Directory of Open Access Journals (Sweden)

    Vlachos D.

    2003-01-01

    Full Text Available For the past 30 years the problem of bankruptcy prediction had been thoroughly studied. From the paper of Altman in 1968 to the recent papers in the '90s, the progress of prediction accuracy was not satisfactory. This paper investigates an alternative modeling of the system (firm, combining neural networks and fuzzy controllers, i.e. using neuro-fuzzy models. Classical modeling is based on mathematical models that describe the behavior of the firm under consideration. The main idea of fuzzy control, on the other hand, is to build a model of a human control expert who is capable of controlling the process without thinking in a mathematical model. This control expert specifies his control action in the form of linguistic rules. These control rules are translated into the framework of fuzzy set theory providing a calculus, which can stimulate the behavior of the control expert and enhance its performance. The accuracy of the model is studied using datasets from previous research papers.

  7. Comparative Analysis of Liability Cases for Bankruptcies of Financial Institutions

    Directory of Open Access Journals (Sweden)

    Julija Kiršienė

    2017-09-01

    Full Text Available The bankruptcy of the fourth largest investment bank in the world Lehman Brothers Holdings Inc. in 2008 remains the largest bankruptcy in the history of United States. This bankruptcy is viewed as a turning point in the Global Financial Crisis. Paradoxically, even though the financial system had many safeguards (auditors, audit committees, the board of directors, credit rating agencies, government supervisors whose purpose was to inform the investing public about the actual financial situation of the institution, Lehman Brothers bankruptcy came as a shock to financial markets across the globe revealing that many of the “gatekeepers” failed. Comparative analysis of liability cases after bankruptcies of Lehman Brothers and financial institutions in Lithuania shows that contrary to Lehman’s case, the demise of financial institutions in Lithuania cannot be attributed to sub-prime mortgages caused financial crisis, real estate market fluctuations or any other external variable. Problems are related to weak supervision, inefficient regulation, and common unethical behavior in the financial sector.

  8. SCORING ASSESSMENT AND FORECASTING MODELS BANKRUPTCY RISK OF COMPANIES

    Directory of Open Access Journals (Sweden)

    SUSU Stefanita

    2014-07-01

    Full Text Available Bankruptcy risk made the subject of many research studies that aim at identifying the time of the bankruptcy, the factors that compete to achieve this state, the indicators that best express this orientation (the bankruptcy. The threats to enterprises require the managers knowledge of continually economic and financial situations, and vulnerable areas with development potential. Managers need to identify and properly manage the threats that would prevent achieving the targets. In terms of methods known in the literature of assessment and evaluation of bankruptcy risk they are static, functional, strategic, and scoring nonfinancial models. This article addresses Altman and Conan-Holder-known internationally as the model developed at national level by two teachers from prestigious universities in our country-the Robu-Mironiuc model. Those models are applied to data released by the profit and loss account and balance sheet Turism Covasna company over which bankruptcy risk analysis is performed. The results of the analysis are interpreted while trying to formulate solutions to the economic and financial viability of the entity.

  9. 24 CFR 201.42 - Bankruptcy, insolvency or death of borrower.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Bankruptcy, insolvency or death of..., insolvency or death of borrower. (a) Bankruptcy or insolvency. The lender shall file a proof of claim with... bankruptcy or insolvency proceedings, except that a proof of claim need not be filed if the court notifies...

  10. PROFITABILITY RATIO AS A TOOL FOR BANKRUPTCY PREDICTION

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU – OLARIU

    2016-07-01

    Full Text Available The current study evaluates the potential of the profitability ratio in predicting corporate bankruptcy. The research is focused on Romanian companies, with the targeted event being represented by the manifestation of bankruptcy 2 years after the date of the financial statements of reference. All tests were conducted over 2 paired samples of 1176 Romanian companies. The methodology employed in evaluating the potential of the profitability ratio was based on the Area Under the ROC Curve (0.663 and the general accuracy ensured by the ratio (62.6% out-of-sample accuracy. The results confirm the practical utility of the profitability ratio in the prediction of bankruptcy and thus validate the need for further research focused on developing a methodology of analysis.

  11. LABOR PRODUCTIVITY AS A FACTOR FOR BANKRUPTCY PREDICTION

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU – OLARIU

    2014-12-01

    Full Text Available The current study evaluates the potential of the labor productivity in predicting corporate bankruptcy. The population subjected to the analysis included all companies form Timis County with yearly sales of over 2200 Euros. The interest for the labor productivity was based on the recommendations of the scientific literature, as well as on the availability of information concerning its values to all stakeholders. The event on which the research was focused was represented by the manifestation of bankruptcy 2 years after the date of the financial statements of reference. All tests were performed over a paired sample of 1424 companies. The methodology employed in evaluating the potential of the labor productivity was based on the general accuracy ensured by the ratio (63.2% and the Area Under the ROC Curve (0.665. The results confirm the practical utility of the labor productivity in the prediction of bankruptcy.

  12. SOLVENCY RATIO AS A TOOL FOR BANKRUPTCY PREDICTION

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU–OLARIU

    2016-08-01

    Full Text Available The current study evaluates the potential of the solvency ratio in predicting corporate bankruptcy. The research is focused on Romania and, in particular, on Timis County. The interest for the solvency ratio was based on the recommendations of the scientific literature, as well as on the availability of information concerning its values to all stakeholders. The event on which the research was focused was represented by the manifestation of bankruptcy 2 years after the date of the financial statements of reference. All tests were performed over 2 paired samples of 1176 companies in total. The methodology employed in evaluating the potential of the solvency ratio was based on the Area Under the ROC Curve (0.646 and the general accuracy ensured by the ratio (64.5% out-of-sample accuracy. The results confirm the practical utility of the solvency ratio in the prediction of bankruptcy.

  13. Multicriteria Early Warning System of Enterprises against the Bankruptcy Risk

    Directory of Open Access Journals (Sweden)

    Tomasz Korol

    2010-12-01

    Full Text Available This article is devoted to the issue of forecasting the bankruptcy risk of the enterprises. In the article author compares the effectiveness of multicriteria early warning system with the traditional discriminant analysis model of forecasting the risks of bankruptcy of companies. In the conducted research author has used data on 185 companies listed on the Warsaw Stock Exchange Market. This population of firms was divided into learning and testing setdata. Each company has been analyzed using the absolute values of 14 financial ratios and the dynamics of change of these ratios. Additionally, author has used the macroeconomic variables in developed multicriteria system. The author’s developed models are characterized by high efficiency. These studies are the first attempt to use fuzzy logic to predict the bankruptcy of companies in Poland and one of the first in the world. Obtained results demonstrate the great potential of this method.  

  14. Non-Statistical Methods of Analysing of Bankruptcy Risk

    Directory of Open Access Journals (Sweden)

    Pisula Tomasz

    2015-06-01

    Full Text Available The article focuses on assessing the effectiveness of a non-statistical approach to bankruptcy modelling in enterprises operating in the logistics sector. In order to describe the issue more comprehensively, the aforementioned prediction of the possible negative results of business operations was carried out for companies functioning in the Polish region of Podkarpacie, and in Slovakia. The bankruptcy predictors selected for the assessment of companies operating in the logistics sector included 28 financial indicators characterizing these enterprises in terms of their financial standing and management effectiveness. The purpose of the study was to identify factors (models describing the bankruptcy risk in enterprises in the context of their forecasting effectiveness in a one-year and two-year time horizon. In order to assess their practical applicability the models were carefully analysed and validated. The usefulness of the models was assessed in terms of their classification properties, and the capacity to accurately identify enterprises at risk of bankruptcy and healthy companies as well as proper calibration of the models to the data from training sample sets.

  15. Essays on banking, corporate bankruptcy, and corporate finance

    NARCIS (Netherlands)

    von Schedvin, E.L.

    2012-01-01

    This thesis consists of four chapters that empirical explore issues related to bank credit supply, corporate bankruptcy risk, and firms’ leverage decisions. The first chapter explores the role of contractual externalities in loan contracts. The second chapter evaluates the extent trade credit chains

  16. Supply chain downsizing under bankruptcy : A robust optimization approach

    NARCIS (Netherlands)

    Ashayeri, J.; Ma, N.; Sotirov, R.

    Research on supply chain network design has mainly pursued efficiency oriented objectives for boosting service level and profit. However, the priority of an enterprise facing bankruptcy pressure shifts to fulfill debt obligation with limited financial resources and survive downsizing. In this paper,

  17. 17 CFR Appendix A to Part 190 - Bankruptcy Forms

    Science.gov (United States)

    2010-04-01

    ... has constructed an approximate schedule of important duties which the trustee should perform during... an FCM. Moreover, it is important to note that the operating facts in a particular bankruptcy.... Attempt to estimate short-fall in customer segregated funds. a. If there is a substantial short-fall of...

  18. BANKRUPTCY - A POSSIBLE NEW START FOR THE SMALL BUSINESS?

    Directory of Open Access Journals (Sweden)

    LAURA GIURCA VASILESCU

    2010-01-01

    Full Text Available Many factors (internal and external can make a business vulnerable. In the context of the international financial crisis, the firms, and especially the small and mediume enterprises (SMEs have to face new challenges. Smaller businesses are particularly prone to financial difficulties as they often lack resources to adapt to the changing market conditions. Very often the business distress or even business failure is not yet sufficiently understood as a normal economic development and an opportunity for a new start. In order to take the full potential of business in Europe, should be created the background that genuinely talented entrepreneurs have every opportunity to get another second chance. The European Commission lays out proposals to actively help businesses at financial risk and prevent bankruptcy. In the same time, the national insolvency systems should provide more options for restructuring and rescue. Thus, EU supports simpler and faster procedures for bankruptcy and encourages giving a second chance to honest entrepreneurs who have failed.

  19. Do analysts anticipate and react to bankruptcy? Evidence

    OpenAIRE

    Coelho, Luís; Peixinho, Rúben

    2005-01-01

    Finance literature suggests that financial analysts are sophisticated agents that act as facilitators of market efficiency by releasing relevant information to the market. This paper uses a sample of four major US bankruptcies to explore if analysts are able to disclose information to the market that provides investors with material information for their investment decisions. In particular, we use a qualitative approach to analyse analysts’ reports in order to verify if these agents are ab...

  20. LABOR PRODUCTIVITY AS A FACTOR FOR BANKRUPTCY PREDICTION

    OpenAIRE

    Daniel BRÎNDESCU – OLARIU

    2014-01-01

    The current study evaluates the potential of the labor productivity in predicting corporate bankruptcy. The population subjected to the analysis included all companies form Timis County with yearly sales of over 2200 Euros. The interest for the labor productivity was based on the recommendations of the scientific literature, as well as on the availability of information concerning its values to all stakeholders. The event on which the research was focused was represented by the manif...

  1. PREDICTION OF CORPORATE BANKRUPTCY IN ROMANIA THROUGH THE USE OF LOGISTIC REGRESSION

    Directory of Open Access Journals (Sweden)

    Brindescu-Olariu Daniel

    2013-07-01

    As theoretical contributions, the research proves that the companies that filed for bankruptcy during the crisis period showed signs of weaknesses before the beginning of the crisis. Financial ratios that show relevance in the prediction of corporate bankruptcy at local level have been identified and their correlation with the bankruptcy probability has been evaluated. The model is expected to maintain its accuracy with minimal or no additional calibration for companies from the entire Romanian economy that fit the profile of the target population.

  2. When secured and unsecured creditors recover the same: The emblematic case of the Tunisian corporate bankruptcies

    OpenAIRE

    Régis BLAZY; Aziza LETAIEF

    2015-01-01

    Bankruptcy is an essential screening mechanism for developing economies. This paper focuses on the way bankruptcy is managed in Tunisia, a country characterized by the importance of its banking sector. We hand collected data on a set of Tunisian firms that went bankrupt between 1995-2009. We gathered original and unique information on the firms’ characteristics, the causes of default, the values of assets, the structure of claims, the recovery rates, and the bankruptcy costs. We use this info...

  3. THEORETICAL AND PRACTICAL ASPECTS OF THE OFFENSE OF BANKRUPTCY FRAUD

    Directory of Open Access Journals (Sweden)

    Mihaela Narcisa Stoicu

    2012-12-01

    Full Text Available Bankruptcy is a legal concept that emerged and developed in the business environment, along with other concepts such as: insolvency, debtor, creditor, etc. Simple bankruptcy or bankruptcy fraud do not have a legal definition, but their analysis cannot be made without considering the legal norms governing the procedure of insolvency. The legal regime applicable to insolvent debtors is of general interest, due to the economic and financial effects manifested upon the business environment, with direct influences on the national economy. The insolvency procedure is regulated by Law 85/2006 and aims to establish a collective procedure for covering the liabilities of insolvent debtors. Insolvency is the state of the debtor's assets that is characterized by lack of available funds for the payment of certain, liquid and exigible debt. Therefore, non-payment of debt on maturity must be the effect of the debtor’s incapacity to pay the debt with the available sums of money, incapacity which must be caused by an external and objective situation, namely the cessation of payments.

  4. Classical and Impulse Stochastic Control on the Optimization of Dividends with Residual Capital at Bankruptcy

    Directory of Open Access Journals (Sweden)

    Peimin Chen

    2017-01-01

    Full Text Available In this paper, we consider the optimization problem of dividends for the terminal bankruptcy model, in which some money would be returned to shareholders at the state of terminal bankruptcy, while accounting for the tax rate and transaction cost for dividend payout. Maximization of both expected total discounted dividends before bankruptcy and expected discounted returned money at the state of terminal bankruptcy becomes a mixed classical-impulse stochastic control problem. In order to solve this problem, we reduce it to quasi-variational inequalities with a nonzero boundary condition. We explicitly construct and verify solutions of these inequalities and present the value function together with the optimal policy.

  5. ANALYSIS OF ROMANIAN SMALL AND MEDIUM ENTERPRISES BANKRUPTCY RISK

    Directory of Open Access Journals (Sweden)

    Kulcsar Edina

    2014-07-01

    Full Text Available Considering the fundamental role of small and medium enterprises in Romanian economy, this paper aims to quantify the level of their bankruptcy risk for 2009 and 2012 period, after debuting of financial crisis. The main reason of selecting this type of companies is that they represent the backbone of national economy. They have an indispensable role, because they offer jobs for great part of population and their contribution for GDP stimulation is considerable. In this paper it was applied two default risk models, namely the well known Altman’s Z-score model, based on five financial ratios and a bankruptcy predictor model developed by Teti et. al (2012 used firstly exclusively for Italian small and medium-sized enterprise for 2006-2009 period. The model proposed by Teti et. is based on the investigation of financially distressed and financially non-distressed Italian small and medium-sized enterprises during the financial crisis by using a discriminant analysis model. They conclude that there are four financial ratios, which characterized well the small and medium-sized enterprises bankruptcy risk. These variables are financial ratios, like: Debt/Total Assets, Return on Sales (ROS, EBIT/Interest Expenses and Working capital/EBIDTA. They consider that small and medium-sized enterprises require a particular approach in terms of bankruptcy risk analysis. In present study I try to compare the efficiency of traditional bankruptcy risk model with a small and medium-sized specific model. The necessary database for present analysis is ensured by simplified financial reports of 120 small and medium-sized enterprises registered in Bihor County. The selected enterprises are operating in manufacturing industry (21,67% and trading (78,33%. Present investigation has an important value in actual economic background, where the healthiness and sustainability of small and medium-sized enterprises is a great issue. The results of study shows contradictory

  6. The effect of personal bankruptcy exemptions on investment in home equity

    NARCIS (Netherlands)

    Corradin, Stefano; Gropp, Reint; Huizinga, Harry; Laeven, L.A.H.

    Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios toward home equity. Using US household data for the period 1996–2006, we

  7. The intersection of health and wealth: association between personal bankruptcy and myocardial infarction rates in Canada.

    Science.gov (United States)

    Savu, Anamaria; Schopflocher, Donald; Scholnick, Barry; Kaul, Padma

    2016-01-13

    We examined the association between personal bankruptcy filing and acute myocardial infarction (AMI) rates in Canada. Between 2002 and 2009, aggregate and yearly bankruptcy and AMI rates were estimated for 1,155 forward sortation areas of Canada. Scatter plot and correlations were used to assess the association of the aggregate rates. Cross-lagged structural equation models were used to explore the longitudinal relationship between bankruptcy and AMI after adjustment for socio-economic factors. A cross-lagged structural equation model estimated that on average, an increase of 100 in bankruptcy filing count is associated with an increase of 1.5 (p = 0.02) in AMI count in the following year, and an increase of 100 in AMI count is associated with an increase of 7 (p stress, as indicated by personal bankruptcy rate, and vice-versa.

  8. Bankruptcy Risk in IFRS Era. Case Study on BSE Companies

    Directory of Open Access Journals (Sweden)

    Valentin BURCA

    2013-12-01

    Full Text Available The path of international accounting convergence is, unanimously accepted by all decision makers of the international financial reporting environment, as being the best solution towards reducing differences in international accounting. The idea of core standards is embraced by our country, too, the proof being the last legislative changes in Romanian accounting framework. This study aims to highlight a small part of the economic consequences of the decision to extend the mandatory use of IFRS standards to the statutory financial statements, also. More exactly we will underline the changes registered at the level of bankruptcy risk measureson a samples of companies listed on BSE.

  9. The problems of cross-border personal bankruptcy in russian and chinese legislation and practice

    Directory of Open Access Journals (Sweden)

    Tatiana Kareva

    2017-01-01

    Full Text Available The subject of the article is the legal and practical problems of cross-border personal bankruptcyin Russia and China.The main goal of this work is to analyze the major issues and obstacles in recognition andenforcement of Russian individual bankruptcy decisions in China and introduce it to Russianscholars and legal professionals.The methodological basis is analysis of the Russian and Chinese legislation, judicial practiceand special literatureThe results, scope of application. This article discusses the possibility of applying the provisionsof the Federal Law On Insolvency (Bankruptcy to the Chinese nationals registered asindividual entrepreneurs in Russia. The article also reviews the Chinese legal regulation andoffers recommendations on execution of the court judgments on bankruptcy and collectionof debts from the PRC nationals. Existing Russian legislation allows to recognize the foreignnationals as bankrupts. The provisions on the cross-border insolvency also apply to them.The bankruptcy in China is not applied currently to the individuals, although theoretically itmay affect their property sphere during the bankruptcy of an individual private enterprise.Conclusions. The cross-border insolvency of the Chinese nationals encounters obstacles on threelevels. Firstly, the awards of the Russian arbitration courts have not been practically enforced inPRC due to inadequate notification of the Chinese party in the case. Secondly, Chinese courts inprinciple are extremely reluctant in recognizing foreign judgments on bankruptcy, such cases areexceptional. Thirdly, there is no personal bankruptcy institution in the PRC, while similar procedureslike bankruptcy of individual private enterprises are not applied in reality, and there are nolegislative prospects for the personal bankruptcy in the nearest future. Therefore, when conductingthe bankruptcy procedure for the Chinese nationals on the Russian territory, one can onlycount on their property located

  10. The effects of bankruptcy and insolvency on exploration agreements

    International Nuclear Information System (INIS)

    Gillespie, E.M.

    1999-01-01

    Insolvencies in the oil and gas industries affect many parties who are indirectly involved in the search for and extraction of hydrocarbons, and claims among the joint participants are evident, but the claims of secured lenders, royalty holders, shareholders, and numerous unsecured third parties also deserve consideration. With bankruptcy and insolvency as the backdrop, consideration is given to the following issues: 1) implications of the CAPL Operating Procedure on various, often competing, interests, including the claims of the operator, non-operators, and third parties; 2) ramifications for parties to a farmout agreement where the farmee becomes insolvent; 3) the effect of insolvency of the grantor on the holder of a gross overriding royalty; and 4) remedies available to flow-through shareholders where there are insufficient expenditures because of the financial distress of the issuer. Answers are not provided herein to all the issues that may arise upon the insolvency of a party to an exploratio n agreement, but awareness of the potential hazards will assist in working toward creative, often proactive, solutions as the petroleum industry experiences an increasing number of bankruptcies and insolvencies.0

  11. ABOUT POSSIBILITY OF USAGE METHODOLOGICAL APPROACHES TO BANKRUPTCY PREDICTION

    Directory of Open Access Journals (Sweden)

    Ruslan Valentinovich Druzin

    2013-12-01

    Full Text Available Analysis of the most common foreign methods showed that they were designed to analyze enterprises in the sustainable economic development with low-shadowing of the economy. The most appropriate retrospective analysis results were obtained using Springate model, Lis ratio and Beaver ratio. Domestic methods analysis allows us to conclude that they make it difficult to account criterion of insolvency using a number of factors. Ukrainian researchers, as well as foreigners, use indexes for bankruptcy prediction that are based on convolution values of different insolvency signs. However, we believe that usage of a single indicator as a result doesn’t allow us to make an insolvency diagnosis. The reason is high probability of an erroneous calculation because of the unreliability of the data used. Also, one of domestic methods problems is their orientation to the official statistics that increases the error due to significant domestic shadowing economy.

  12. Section 525(a) of the bankruptcy code plainly does not apply to Medicare provider agreements.

    Science.gov (United States)

    Sperow, E H

    2001-01-01

    Section 525(a) of the Bankruptcy Code prevents government entities from discriminating against debtors based on the debtor's bankruptcy filing. This Article analyzes how this provision is applied to healthcare providers who file for bankruptcy. Some commentators have expressed concerns that because of Section 525, the federal government is unable to deny a bankrupt provider a new Medicare provider agreement due to the debtor's failure to pay debts discharged during bankruptcy. This Article, however, argues that Section 525 does not apply to a provider agreements because it is not a "license, permit, charter, franchise, or other similar grant" as defined by the statute. Therefore, the author concludes that debtor healthcare providers should not be allowed back into the Medicare program without first paying their statutorily required debts.

  13. THE USEFULNESS OF THE AUTONOMY RATIO IN THE PREDICTION OF BANKRUPTCY

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU-OLARIU

    2015-11-01

    Full Text Available The purpose of the current study was to test the potential of the autonomy ratio in the prediction of bankruptcy. The target population included all the active companies from the Timis County with annual sales of over 10,000 lei. The event the research was focused on is represented by the occurence of bankruptcy 2 years after the date of the financial statements of reference. The bankruptcy was defined in accordance with the Romanian law applicable over the period targeted by the study. The tests were performed over a paired-sample that included all the companies from the target population that went bankrupt during the period 2011-2012. The discrimination power of the autonomy ratio was evaluated for different cut-off values recommended by the existing literature. The research proves the utility of the autonomy ratio in the prediction of bankruptcy two years before its occurence.

  14. Public Company Bankruptcy Cases Opened and Monitored for Fiscal Year 2009

    Data.gov (United States)

    Securities and Exchange Commission — This file contains all of the bankruptcy cases for public companies opened and monitored in the fiscal year 2009. The data includes the District Court, the state,...

  15. Impact of bankruptcy and insolvency on third parties in the petroleum industry: conference papers

    International Nuclear Information System (INIS)

    1999-01-01

    The Insight Conference has seven articles on the following aspects of the conference theme: I - overview of the Bankruptcy and Insolvency Act and Companies' Creditor's Arrangement Act; II- the effects of bankruptcy and insolvency on exploration agreements; III - the effects of bankruptcy on CO and O, unit and pooling agreements; IV - impact of bankruptcy and insolvency on marketing and transportation agreements; V - claims of operators, non-operators and third parties arising from oil and gas operations; V I - buying and selling assets from a bankrupt or insolvent party; and VII - environmental liability for receivers, trustees and others in the petroleum industry. Abstracts/descriptors are included for articles II, V, and VII. separately

  16. Using Cash Flows to Predict Bankruptcy of Chemical Companies: Case Study Approach

    OpenAIRE

    Siow, Hui Wen

    2009-01-01

    The intent of this study is to present an argument for the usefulness of cash flow information in bankruptcy prediction, and whether cash flow information provide a superior prediction of business failure over the conventional accrual accounting information. In addition, this dissertation also aim to analyze other important factors leading to bankruptcy, particularly contingent liabilities in which the obligations are not accrued and accounted for, nor are they considered in conventional bank...

  17. How Does Bankruptcy Law Impact the Elderly's Business and Housing Decisions?

    OpenAIRE

    Nadia Greenhalgh-Stanley; Shawn Rohlin

    2013-01-01

    The elderly are the population most likely to file for bankruptcy, with filings increasing by 150 percent from 1991 to 2007. This is likely because they live with relatively flat incomes and high medical expenses, and their retirement and housing assets are typically exempt from bankruptcy filings. In addition, nine states adopted higher asset exemptions specifically for the elderly. Using the Health and Retirement Study and recent state-by-time variation in homestead exemptions, we are the f...

  18. Bankruptcy and Product-Market Competition: Evidence from the Airline Industry

    OpenAIRE

    Ciliberto, Federico; Schenone, Carola

    2010-01-01

    We investigate the effects of Chapter 11 bankruptcy filings on product market competition using data from the US airline industry. We find that bankrupt airlines permanently downsize their national route structure, their airport-specific networks, and their route-specific flight frequency and capacity. We also find that bankrupt airlines lower their route-specific prices while under bankruptcy protection, and increase them after emerging. We do not find robust evidence of significant changes ...

  19. Organizational resilience as a human capital strategy for companies in bankruptcy.

    Science.gov (United States)

    Wilson, Robert L

    2016-05-27

    Bankruptcy is a crisis that generates severe stress and anxiety, resulting in maladaptive behavior and inappropriate decision-making at both individual and organizational levels. There is limited research or guidance for management to address the consequences of bankruptcy on an organization's human capital. This study examined the human capital management principle of organizational resilience that was employed by a company that successfully reorganized and emerged from bankruptcy. This study translated seven principles of organizational resilience proposed by Mallak to operationalize a conceptual model of organizational resilience for companies operating in bankruptcy. The model is evaluated using a qualitative research approach comprised of an original case study of Integrated Electrical Services, Inc. The results of the research points to the importance of de-centralized operational decision making, expanding communication channels, ensuring adequate external resources, and engaging external stakeholders in the management of an organization seeking to successfully operate and ultimately emerge from bankruptcy. The research identified the central importance of expanding decision making boundaries in the resilience of organizations and their ability to adapt when under adverse conditions such as bankruptcy. The implications support an organization developing a human resource strategy to develop organizational resilience.

  20. INSOLVENCY VERSUS BANKRUPTCY: ADVANTAGES AND DISADVANTAGES OF THE PROCEDURE

    Directory of Open Access Journals (Sweden)

    PAULINA DINA

    2013-05-01

    Full Text Available The analysis of the development of the phenomenon in Romania has the role to highlight the trend that has been followed by the number of organisational entities that have been affected by the insolvency phenomenon in Romania, the distribution by counties and regions of the number of insolvency cases as well as the activity sectors that have been most affected by this phenomenon. At the same time, in order to provide an overall picture regarding the size of the insolvency phenomenon in Romania, organisational entities with extremely high turnovers have been given as examples, (legal entities entities which, since 2008 up to the present moment, have been crossing one of the stages of the insolvency procedure. Some of them have been applied the simplified insolvency procedure, since they didn’t have the possibility to reorganise, and others, fewer in number, have used insolvency as a „rescue boat”, following the general insolvency procedure and entering a reorganisation process, in the attempt to avoid bankruptcy.

  1. Bankruptcy Prevention: New Effort to Reflect on Legal and Social Changes.

    Science.gov (United States)

    Kliestik, Tomas; Misankova, Maria; Valaskova, Katarina; Svabova, Lucia

    2018-04-01

    Every corporation has an economic and moral responsibility to its stockholders to perform well financially. However, the number of bankruptcies in Slovakia has been growing for several years without an apparent macroeconomic cause. To prevent a rapid denigration and to prevent the outflow of foreign capital, various efforts are being zealously implemented. Robust analysis using conventional bankruptcy prediction tools revealed that the existing models are adaptable to local conditions, particularly local legislation. Furthermore, it was confirmed that most of these outdated tools have sufficient capability to warn of impending financial problems several years in advance. A novel bankruptcy prediction tool that outperforms the conventional models was developed. However, it is increasingly challenging to predict bankruptcy risk as corporations have become more global and more complex and as they have developed sophisticated schemes to hide their actual situations under the guise of "optimization" for tax authorities. Nevertheless, scepticism remains because economic engineers have established bankruptcy as a strategy to limit the liability resulting from court-imposed penalties.

  2. FINANCIAL FUTURE PROSPECT INVESTIGATION USING BANKRUPTCY FORECASTING MODELS IN HUNGARIAN MEAT PROCESSING INDUSTRY

    Directory of Open Access Journals (Sweden)

    Dalma Peto

    2015-07-01

    Full Text Available Our main research topic is the analysis of leading companies in the Hungarian meat processing industry in terms of liquidity criteria. We examine this scientific subject by application of financial indicators and several important bankruptcy forecasting models. In our thesis the emphasis is placed on the presentation and evaluation of business failure models. The topicality of the research subject is rooted in the economic crisis and recession, which made solvency a key issue. Maintaining the competitive position in the market and the ability to stay in competition depend on the capability to generate an appropriate level of net operative cash flow. The most important research questions are the following. Which financial methods can be used to predict and estimate the situation when a company is facing bankruptcy? Do bankruptcy forecasting models provide accurate forecasts and what conclusions can be drawn based on these results? In our study we present the actual economic situation and the main problems of the sector, select the sample companies, calculate and compare the applied financial ratios and the most relevant bankruptcy forecasting models. On the basis of annual reports concerning 2010-2013 interval we investigate the financial position of leading pork processing companies. We make a comprehensive and comparative analysis concerning capital structure, liquidity, and profitability; consequently identify risky processes and companies having high probability of insolvency. Finally, we demonstrate and evaluate the results of three traditional bankruptcy forecasting models (Altman, Springate, and Fulmer and four modern models (DA, LR, industrial DA and industrial LR.

  3. ANALYSIS MODELS OF THE BANKRUPTCY RISK IN ROMANIA’S ENERGY SECTOR

    Directory of Open Access Journals (Sweden)

    MIRON VASILE CRISTIAN IOACHIM

    2015-12-01

    Full Text Available The risk, as a concept found in the economic sphere of business represents an analysis area often approached by researchers from the finance and accounting field. Although it is often seen, along with cost-effectiveness and value, as a fundamental element of finance (Stancu, I., 2007, the risk has often facets that make it useful also in analyzing other sides of the economic sphere of business, such as financial position and economic performance of it. From these meanings, we believe that the most suitable for this purpose is the one through which it is analyzed the ability of an entity to avoid bankruptcy. The present study has as main objectives the presentation of bankruptcy risk of an entity from a theoretical point of view and the analysis (from an empirical and comparative point of view through the scoring method of the implementation of various models for analyzing the risk of bankruptcy (Altman, Conan-holder, Taffler, Robertson in Romania’s energy sector, in order to issue an opinion regarding the optimal method for analyzing the bankruptcy risk in the energy sector. The results show that there are significant differences regarding the analysis of the bankruptcy risk through the appliction of different models, proposing the Conan-Holder model as the most appropriate for this sector.

  4. Discrepancy between the default and financial distress measured by bankruptcy models

    Directory of Open Access Journals (Sweden)

    Tatiana Skerlikova

    2014-03-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE This paper analyzes the discrepancy between the year when a company’s financial problems begin to be measured by bankruptcy models and the year of its default, regardless of the solution (bankruptcy or reorganization. The sample of 50 companies (not traded on financial markets, chosen by turnover, with data available has been chosen from the list of companies which underwent bankruptcy proceedings in the period 1st January 2008 – 31st August 2013. The timing of the default has been compared to the beginning of financial distress according to the chosen models and the ability of the models to predict the default has been examined. The main objective of this study is to determine how long these not traded companies postpone filling. Our objective is to find out if the companies commence insolvency proceedings in accordance with their impaired financial situation measured by the standard formulas for predicting bankruptcy or if there is any delay. We have found out that companies defer commencement of insolvency proceedings measured by bankruptcy models at least for 2 years. Moreover we conclude that even debtors are not successful with their insolvency petition at their first attempt.  Normal 0 false false false EN-US X-NONE X-NONE

  5. The Benefits of Financial Ratios' as the Indocators of Future Bankruptcy on the Economic Crisis

    Directory of Open Access Journals (Sweden)

    Setia Mulyawan

    2015-08-01

    Full Text Available It is proved that financial ratios can predict future bankruptcy even on high uncertainty conditions such as an economic crisis. The research indicates that the accuracy of prediction is more increasing in line with a coming bankruptcy.The result of the research shows that four years before a corporate becomes bankrupt there have been significant differences of financial ratios between bankrupt company and sustained one. The ratios of liquidity, profitability, activity, and return on investment of sustained company are higher; while the leverage ratio is lower.The dominant influencing financial ratios toward a bankruptcy are liquidity and leverage ratios. The research finds that from ten tested ratios, Current Asset to current liabilities and total liabilities to total asset are the dominant financial ratios. 

  6. Bankruptcy prediction for credit risk using neural networks: a survey and new results.

    Science.gov (United States)

    Atiya, A F

    2001-01-01

    The prediction of corporate bankruptcies is an important and widely studied topic since it can have significant impact on bank lending decisions and profitability. This work presents two contributions. First we review the topic of bankruptcy prediction, with emphasis on neural-network (NN) models. Second, we develop an NN bankruptcy prediction model. Inspired by one of the traditional credit risk models developed by Merton (1974), we propose novel indicators for the NN system. We show that the use of these indicators in addition to traditional financial ratio indicators provides a significant improvement in the (out-of-sample) prediction accuracy (from 81.46% to 85.5% for a three-year-ahead forecast).

  7. How Do Corporate Governance Mechanisms Affect A Firm’s Potential For Bankruptcy?

    Directory of Open Access Journals (Sweden)

    Rhesa Theodorus Hanani

    2015-03-01

    Full Text Available The purpose of this thesis is to understand the effects of corporate governance mechanisms on the potential for bankruptcy. This study is done by utilizing the linear regression fixed effect vector decomposition model on 30 listed firms from the consumer goods sector of Indonesia Stock Exchange during the 2010-2012 periods. The results of the study indicate that: the board of commissioners’ independence and size of the commissioners’ board pose a significant positive effect on the potential for bankruptcy; the presence of an audit committee and the presence of a nomination and remuneration committee pose a significant negative effect and institutional ownership and managerial ownership do not significantly affect the potential for bankruptcy.

  8. FINANCIAL PERFORMANCE ANALYSIS AND BANKRUPTCY PREDICTION IN HUNGARIAN DAIRY SECTOR

    Directory of Open Access Journals (Sweden)

    Rozsa Andrea

    2014-07-01

    The preliminary sample for the analysis is framed on the basis of three criteria: amount of the subscribed capital, sales revenues and product structure. Those companies are regarded as competitors that have subscribed capitals in excess of HUF 250 million, consistently high levels of sales revenues and diversified product structures. The preliminary sample consists of 7 companies. In 2012, their total sales revenues were as high as about 50% of the overall amount of sales revenues in the sector. Three of the 7 companies are possessed by foreign owners in full or part, whereas 4 of them belong to Hungarian owners. In 2012, Hungarian-owned companies covered more than one-third of the combined sales revenues of the 7 leading companies. Hence, the competitive positions of these 4 companies based on their financial positions are examined. These calculations have relied on the annual reports for the period of 2008–2012 (balance sheets, income statements, cash flow statements. The research has implemented a comprehensive and comparative financial analysis. The main question is what the key financial characteristics of the Hungarian-owned companies are. Financial indicators are calculated and their time-series analysis is accomplished to describe the sample companies’ capital structures, liquidity and profitability. Using comparative analysis of the applied financial ratios the study determines (1 which company has the most advantageous financial conditions for the successful operation; (2 which companies have disadvantageous financial situation; and (3 which companies are in potential financial distress situation. Potential bankruptcy positions are examined by the applications of Altman and Springate models.

  9. The Incompetence of Labour Court to Proceed With the Executions of the Labour Processes After Declared Bankruptcy of the Company

    Directory of Open Access Journals (Sweden)

    Érika Santiago Silva

    2015-12-01

    Full Text Available The 11.101/05 Law, when dealing with the bankruptcy of commercial companies, as basic postulates invokes the principles of universality and indivisibility of the bankruptcy court, beyond the principle of par conditio creditorum. However, the Labour Court, disregarding the purpose of the Bankruptcy Law, and in flagrant violation of the mentioned principles, insists on proceeding with the executions of the labor processes proposed against the bankrupt company, surpassing the limits of their competence, thus so completely arbitrary, piercing the corporate veil in order to reach the personal patrimony of the shareholders of the company. This practice may prejudice the bankruptcy, since, if ascertained the liability of bankrupt partners, they will no longer have patrimony to be raised by the bankruptcy, because all of its property have been realized in favor only of labor creditors, thus offending the equality that all the creditors must be treated.

  10. BANKRUPTCY PREDICTION MODEL WITH ZETAc OPTIMAL CUT-OFF SCORE TO CORRECT TYPE I ERRORS

    Directory of Open Access Journals (Sweden)

    Mohamad Iwan

    2005-06-01

    This research has successfully attained the following results: (1 type I error is in fact 59,83 times more costly compared to type II error, (2 22 ratios distinguish between bankrupt and non-bankrupt groups, (3 2 financial ratios proved to be effective in predicting bankruptcy, (4 prediction using ZETAc optimal cut-off score predicts more companies filing for bankruptcy within one year compared to prediction using Hair et al. optimum cutting score, (5 Although prediction using Hair et al. optimum cutting score is more accurate, prediction using ZETAc optimal cut-off score proved to be able to minimize cost incurred from classification errors.

  11. Using Quantitative Data Analysis Techniques for Bankruptcy Risk Estimation for Corporations

    Directory of Open Access Journals (Sweden)

    Ştefan Daniel ARMEANU

    2012-01-01

    Full Text Available Diversification of methods and techniques for quantification and management of risk has led to the development of many mathematical models, a large part of which focused on measuring bankruptcy risk for businesses. In financial analysis there are many indicators which can be used to assess the risk of bankruptcy of enterprises but to make an assessment it is needed to reduce the number of indicators and this can be achieved through principal component, cluster and discriminant analyses techniques. In this context, the article aims to build a scoring function used to identify bankrupt companies, using a sample of companies listed on Bucharest Stock Exchange.

  12. Possible ramifications of introducing the institute of personal bankruptcy: The USA experience

    Directory of Open Access Journals (Sweden)

    Mizdraković Vule

    2016-01-01

    Full Text Available In the past decade, the increase of household debt in Serbia as well as in the entire region has brought the issue of personal bankruptcy into the spotlight. The adoption of this procedure would enable individuals who are over-indebted and unable to settle out the credit and current payables to file for personal bankruptcy. The main objective of this procedure would be to ensure the maximum reimbursement of creditors' claims from the debtor's available assets and annual revenues. Such a procedure would also provide for the protection of the debtor's basic human rights and dignity. In order to provide a fresh start for the debtor and his financial standing, bankruptcy proceedings commonly include debt write-offs, to some extent. Obviously, personal bankruptcy has two sets of goals, which are mutually inconsistent, contradictory and often incompatible. In order to prevent possible abuses, bankruptcy reasons must be clearly defined and set out in more rigorous terms. This paper analyzes the impact of personal bankruptcy in generating the global economic crisis and the repercussion that personal bankruptcy has had on the global economy. The increase in the number of bankruptcy proceedings filed in the USA in 2005 was a warning about the forthcoming events. Mortgage loans were the major reason for filing a large number of personal bankruptcy claims. In fact, until 2006 the US real estate market had been booming but no one could have guessed then that the real estate values would fall sharply in the years to come. Credit deregulation caused higher demand for mortgage backed loans and the nation's household debt increased significantly. However, the negative selection of debtors, their insolvency and irregular payment of annuities caused turmoil, which generated major problems for financial institutions. At the end of2007, nearly 16 percent of all mortgage loans were uncollectible in full. The analysis of events that led to the onset of the global

  13. Impact of Owner-Occupied Property Valuation by Historical Cost on Fixed Assets Value at Bankruptcy Risk

    Directory of Open Access Journals (Sweden)

    Kinga Bauer

    2015-06-01

    Full Text Available Purpose: The purpose of this article is to present the findings of the author’s own studies on the influence of owner-occupied property valuation by historical cost on fixed assets value of entities at risk of bankruptcy. Methodology: As part of the implementation of the study, objective desk research was carried out. Empirical research was carried out on a group of 100 companies on which the courts had declared bankruptcy. The study sample constituted 14% of all bankruptcy cases in 2011 and was a significant representation of the national phenomenon. Findings: The findings indicated that historical cost values of owner-occupied properties in most cases are significantly lower that estimated fair value when business activities continuation is threatened. The historical cost valuation also does not provide useful information about the market value of property, plant and equipment of entities at risk of bankruptcy that do not possess real estate. Research limitations/implications: Information about market value of fixed assets of entities at risk of bankruptcy is essential in making the decision to begin bankruptcy roceedings and estimating the ability to repay debts to creditors. Originality/value: The results are a part of the author’s own study concerning assets valuation when business activities continuation is threatened. The results emphasize the role of fair value estimation of property, plant and equipment when an entity is at risk of bankruptcy.

  14. Proposed recommendations for the reform of chapter 11 U.S. Bankruptcy Code

    NARCIS (Netherlands)

    Wessels, B.; de Weijs, R.

    2015-01-01

    The US Bankruptcy Code’s chapter 11 procedure is both in practice and conceptually the most important insolvency procedure worldwide. Many countries, including the Netherlands, look at Chapter 11 for inspiration in revising their own insolvency laws. Chapter 11 is, however, itself up for revision.

  15. INCLUDING INTANGIBLE ASSETS IN RATES TO ESTIMATE THE RISK OF BANKRUPTCY

    Directory of Open Access Journals (Sweden)

    Eugenia IANCU

    2017-12-01

    Full Text Available The purpose of this paper is to show that an economic entity’s intangible assets play an important role in predicting the risk of bankruptcy of the company and at the same time in its evolution. Based on benchmarking and on appeal to the experience and intuition of available human expert it can be shaped a credible model and, based on this model can be projected the future course of a business organization. Among other issues, we note that the intangible assets of a company can and should be entered into the equation for estimating the risk of bankruptcy whether it avails or not to artificial intelligence (AI techniques to solve this problem (values lead to bankruptcy and the graphics functions differ majorly when the analysis includes the Rhine rate which takes into account intangibles of firms. From the structure of the paper we can see that whatever the type of model used in predicting the risk of bankruptcy at either classic or using artificial intelligence techniques (AI a leading role in the evolution and the value of the company represents intangible.

  16. Enduring effects or business as usual? Entrepreneurship after bankruptcy. International Journal of Business Environment

    NARCIS (Netherlands)

    Wakkee, I.A.M.; Moser, C.

    2016-01-01

    Previous bankruptcy is often seen as sign of poor entrepreneurial skills but few have examined whether renascent entrepreneurs actually perform worse or better upon reentering and how performance differences might be explained. Using a sample of 1,745 Dutch SMEs firms of which 67 were managed by

  17. 7 CFR 1436.16 - Foreclosure, liquidation, assumptions, sales or conveyance, or bankruptcy.

    Science.gov (United States)

    2010-01-01

    ... used to foreclose on the property. (3) For loans with movable collateral and no real estate lien, CCC... convey the collateral or property securing the loan to another eligible borrower, or the borrower is dead... or conveyance, or bankruptcy. (a) The collateral or land securing a loan may be sold by CCC whenever...

  18. 39 CFR 501.4 - Changes in ownership or control, bankruptcy, or insolvency.

    Science.gov (United States)

    2010-07-01

    ... insolvency. 501.4 Section 501.4 Postal Service UNITED STATES POSTAL SERVICE POSTAGE PROGRAMS AUTHORIZATION TO... insolvency. (a) Any person or entity authorized under § 501.2 must promptly notify the Postal Service when it... condition either through bankruptcy, insolvency, assignment for the benefit of creditors, or other similar...

  19. Analysis of the Risk of Company's Bankruptcy in Polish Food and Beverage Production Sector Using the Cox Regression

    Directory of Open Access Journals (Sweden)

    Przemysław Dominiak

    2011-01-01

    Full Text Available Analysis of the risk of a company’s bankruptcy in Polish food and beverages production sector (NACE, No. 15 has been carried out using econometric modelling in the form of the Cox regression. The purpose of this paper was to find factors (models describing the risk of a company’s bankruptcy. The described approach to modelling of the risk of bankruptcy is – in the case of quantitative variables – the use of “raw” positions from financial accounts. (original abstract

  20. 78 FR 12089 - Revision of Certain Dollar Amounts in the Bankruptcy Code Prescribed Under Section 104(a) of the...

    Science.gov (United States)

    2013-02-21

    ... United States Courts, Washington, DC 20544, telephone (202) 502-1900, or by email at Bankruptcy_Judges... business debtor. time it appears). time it appears). Section 109(e)--allowable debt $360,475 (each $383,175...

  1. Recognizing the Ruling of a Court in Bosnia and Herzegovina on Initiating Bankruptcy Proceedings in the Republic of Croatia

    Directory of Open Access Journals (Sweden)

    Viktor Palić

    2010-12-01

    Full Text Available In the area of international bankruptcies, the proposal to recognize a foreign ruling on the opening of bankruptcy proceedings has a special place. It is doubtless that there has to be a ruling by a foreign court or another competent authority on the opening of bankruptcy proceedings over a bankruptcy debtor. The concrete case under consideration involves the proposal by the official receiver of a debtor in Bosnia and Herzegovina to the Croatian bankruptcy court, which includes claims that the debtor has known property in the Republic of Croatia. The proposer submitted some other documents, in the belief that all the requirements have been met. Furthermore, the receiver invoked the Annex to the Dayton peace Agreement. The competent court in Croatia first considered the formal legal requirements. The reasons for dismissal were explained as the established omissions were not remedied during the procedure. Since this is an effective ruling of a Croatian bankruptcy court, the argument can be used as a basis for court practice

  2. Bankruptcy and loans in Puerto Rico:an exploratory overview of their relationship

    Directory of Open Access Journals (Sweden)

    Marta Álvarez

    2013-06-01

    Full Text Available Puerto Rico has been going through a period of economic downturn since 2006, beginning a little before the global economic recession. This paper examines the behavior of loans granted by the commercial banking sector and their relationship with the number of business bankruptcies filed in Puerto Rico between 1999 and 2011. Findings draw attention to the fact that from 2006, there has been a steady decline in the number of personal, commercial and mortgage loans approved by the commercial banking sector, as well as in their value. An increase in the filing of bankruptcy is also observed. The number of loans approved by banks in Puerto Rico show a strong correlation with the economic activity index (EAI and other economic indicators that help to explain the island’s employment situation (total employment, labor force participation rate and unemployment rate.

  3. Bankruptcy of the company as a consequence of manipulative financial reporting

    Directory of Open Access Journals (Sweden)

    Bešlić Dragana

    2013-01-01

    Full Text Available Business of companies in terms of financial instability and market uncertainty can lead to a significant increase in bankruptcy risk and the risk of financial statements manipulation. A creative accounting practice has led many companies in the world to bankruptcy. Creative accounting means all accounting practices that deliberately deviate from the standardized ones, in order for the external users to be presented with the desired, not the actual yield and the financial strength of the company. Numerous corporate accounting scandals were the cause for initiatives to strengthen the protection of shareholders and all other interested users of financial statements (investors, creditors, tax authorities, etc. from manipulative financial reporting in countries around the world. In such circumstances, responsibility for the detection and prevention of possible manipulation with the data presented in the financial statements have: external and forensic audit, internal control and management of the company, accountants - forensics and state.

  4. THE AUTHORITY TO FILE BANKRUPTCY PETITIONS AFTER THE ESTABLISHMENT OF INDONESIA’S FINANCIAL SERVICES AUTHORITY

    Directory of Open Access Journals (Sweden)

    Erma Defiana Putriyanti

    2015-10-01

    Full Text Available The transfer in the functions, duties, and authority for regulation and supervision as stipulated in Article 55 of the Act concerning the Financial Services Authority (OJK does not include the transfer of authority in filing a petition for bankruptcy. The authority to file a bankrupty petition against a debtor in the financial services sector still refers to Article 2 paragraph (3 to (5 Act No. 37 of 2004 concerning Bankruptcy and Suspension of Payment. Peralihan fungsi, tugas dan kewenangan pengaturan dan pengawasan sebagaimana dimaksud dalam Pasal 55 Undang-undang tentang Otoritas Jasa Keuangan (OJK tidak termasuk peralihan kewenangan pengajuan pailit. Kewenangan untuk mengajukan permohonan pailit terhadap debitor yang bergerak dibidang jasa keuangan tetap mengacu pada Pasal 2 ayat (3 sampai (5 Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan PKPU.

  5. THE AUTHORITY TO FILE BANKRUPTCY PETITIONS AFTER THE ESTABLISHMENT OF INDONESIA’S FINANCIAL SERVICES AUTHORITY

    Directory of Open Access Journals (Sweden)

    Erma Defiana Putriyanti

    2015-10-01

    Full Text Available The transfer in the functions, duties, and authority for regulation and supervision as stipulated in Article 55 of the Act concerning the Financial Services Authority (OJK does not include the transfer of authority in filing a petition for bankruptcy. The authority to file a bankrupty petition against a debtor in the financial services sector still refers to Article 2 paragraph (3 to (5 Act No. 37 of 2004 concerning Bankruptcy and Suspension of Payment.   Peralihan fungsi, tugas dan kewenangan pengaturan dan pengawasan sebagaimana dimaksud dalam Pasal 55 Undang-undang tentang Otoritas Jasa Keuangan (OJK tidak termasuk peralihan kewenangan pengajuan pailit. Kewenangan untuk mengajukan permohonan pailit terhadap debitor yang bergerak dibidang jasa keuangan tetap mengacu pada Pasal 2 ayat (3 sampai (5 Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan PKPU.

  6. Interactions between Corporate Governance, Bankruptcy Law and Firms Debt Financing: the Brazilian Case

    Directory of Open Access Journals (Sweden)

    Bruno Funchal

    2008-07-01

    Full Text Available This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms’ cost of debt and amount (and variation of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests.

  7. THE POTENTIAL OF THE EQUITY WORKING CAPITAL IN THE PREDICTION OF BANKRUPTCY

    OpenAIRE

    Daniel BRÎNDESCU – OLARIU

    2014-01-01

    The current study evaluates the potential of the equity working capital in predicting corporate bankruptcy. The population subjected to the analysis included all companies form Timis County (largest Romanian County) with yearly sales of over 10000 lei. The interest for the equity working capital was based on the recommendations of the literature, as well as on the availability of information concerning its values to all stakeholders. The event on which the research was focused was repr...

  8. A Business Intelligence Model to Predict Bankruptcy using Financial Domain Ontology with Association Rule Mining Algorithm

    OpenAIRE

    Martin, A.; Manjula, M.; Venkatesan, Dr. V. Prasanna

    2011-01-01

    Today in every organization financial analysis provides the basis for understanding and evaluating the results of business operations and delivering how well a business is doing. This means that the organizations can control the operational activities primarily related to corporate finance. One way that doing this is by analysis of bankruptcy prediction. This paper develops an ontological model from financial information of an organization by analyzing the Semantics of the financial statement...

  9. A Real Options Approach to Bankruptcy Costs: Evidence from Failed Commercial Banks During the 1990s

    OpenAIRE

    Joseph R. Mason

    2005-01-01

    Literature to date has identified three main aspects of liquidation time: firm size, asset specificity, and industry concentration. The present paper unifies the theory behind these three aspects of bankruptcy costs by treating them as components of a broader option valuation problem faced by the liquidating trustee. In the options valuation framework, at time t the trustee may choose to 1) liquidate at current asset values and incur a known loss, or 2) hold until the next period t+1 at a pos...

  10. Proposed amendments to the Bankruptcy and Insolvency Act and Companies' Creditors Arrangement Act

    International Nuclear Information System (INIS)

    Robinson, L.B.

    1996-01-01

    The proposed amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA), which would have a significant impact on creditors' rights and remedies when dealing with a petroleum industry insolvency, were explained. An explanation was presented for the structured procedures that should be followed for: (1) Directors' liability, (2) Protection given to trustees and receivers against pre-appointment corporate obligations, and (3) International insolvencies

  11. A Bankruptcy Problem Approach to Load-shedding in Multiagent-based Microgrid Operation

    Directory of Open Access Journals (Sweden)

    Yujin Lim

    2010-09-01

    Full Text Available A microgrid is composed of distributed power generation systems (DGs, distributed energy storage devices (DSs, and loads. To maintain a specific frequency in the islanded mode as an important requirement,  the control of DGs’ output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, which is intentional reduction of electricity use, is a critical problem in islanded microgrid operation based on the multiagent system. Therefore, effective schemes for load-shedding are required. Meanwhile, the bankruptcy problem deals with dividing short resources among multiple agents. In order to solve the bankruptcy problem, division rules, such as the constrained equal awards rule (CEA, the constrained equal losses rule (CEL, and the random arrival rule (RA, have been used. In this paper, we approach load-shedding as a bankruptcy problem. We compare load-shedding results by above-mentioned rules in islanded microgrid operation based on wireless sensor network (WSN as the communication link for an agent’s interactions.

  12. DIAGNOSIS OF BANKRUPTCY RISK IN THE FURNITURE INDUSTRY USING THE CANON-HOLDER AND ALTMAN MODELS

    Directory of Open Access Journals (Sweden)

    Radu MĂRGINEAN

    2015-06-01

    Full Text Available The financial and economic crisis that started in 2008 caused negative effects felt by the entire European economy, affecting more or less all of the world's economies. This paper aims to study the diagnosis of bankruptcy risk using the Canon-Holder and Altman methods, from a theoretical point of view and with practical examples on a company in the furniture industry in Romania. In a context of economic uncertainty, the relevance of such an analysis designed to quantify the risk of bankruptcy for companies is the default. The financial data used is real and descriptively analyzed, we analyzed a period of eight years, between 2006-2013. As a method of analysis complementary to the financial analysis of the background of companies, the diagnosis of bankruptcy risk using the score method, using the specific models known in the specialty literature, brings relevant information concerning the problem of risk assessment. We concluded in the case study the opportunity of such an analysis for the furniture industry through the results obtained in the case studies, the method is a useful tool, especially for the practitioners in the sector.

  13. Ethics on the TEPCO bankruptcy, nuclear power plants and regulatory reform in the electric power industry

    International Nuclear Information System (INIS)

    Koga, Shigeaki

    2013-01-01

    Although regulatory reform in the electric power industry had been considered as part of social system reform like in the finance and communications to liberalize the market, there still continued to exist regional monopoly, integrated system for power generation, transmission and distribution, and lack of competition. The Fukushima accident showed such electric power system was unethical as social system compared to ordinary industries, because electric power company getting profit could not be prepared for nuclear damage liability and would burden third unrelated parties with risk. Electric power company should be forced to insure nuclear power plants for nuclear accidents. Otherwise restart of nuclear power plant operation should not be allowed. Nuclear power had been justified to be entitled grant or subsidy from the government for public good, which would be unfair to people. This article presented speeding-up scheme of Fukushima accident treatment leading to TEPCO bankruptcy and discussed measures against concerns or comments about bankruptcy procedures, major part of which might be mitigation of fund-raising fear by government support. At the proceeding of bankruptcy procedure including spinning off of separate companies, regulatory reform in the electric power industry could be taken in advanced. (T. Tanaka)

  14. THE APPLICATION OF RISK BASED BANK RATING ON BANKRUPTCY PREDICTION OF BANKS IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Evi Sistiyarini

    2017-04-01

    Full Text Available The increase of banking products and services which is more complex will increase the risk to the banks. Therefore, to anticipate the rise of financial difficulties in a bank, the early warning system. This study aimed to find the influence RBBR (Risk Based Bank Rating ratio’s to predict bankruptcy of conventional Banks in Indonesia. Ratio of RBBR consisted of risk profile, Good Corporate Governance, profitability and capital. Independent variables used were NPL, PDN, LDR, GCG, ROA and NIM, and CAR. Dependent variable was bank bankruptcy using dummy variable. The population of this study was all of the conventional banks in Indonesia. The data was a secondary data taken form financial report of conventional bank 2011-2015. Technical sampling used was a purposive sampling method with some criteria. The analysis of this study used logistic regression.The result of the study showed that NPL, PDN, LDR, GCG, ROA and NIM, and CARhad no significant influence to bankruptcy of the bank.

  15. A bankruptcy problem approach to load-shedding in multiagent-based microgrid operation.

    Science.gov (United States)

    Kim, Hak-Man; Kinoshita, Tetsuo; Lim, Yujin; Kim, Tai-Hoon

    2010-01-01

    A microgrid is composed of distributed power generation systems (DGs), distributed energy storage devices (DSs), and loads. To maintain a specific frequency in the islanded mode as an important requirement, the control of DGs' output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, which is intentional reduction of electricity use, is a critical problem in islanded microgrid operation based on the multiagent system. Therefore, effective schemes for load-shedding are required. Meanwhile, the bankruptcy problem deals with dividing short resources among multiple agents. In order to solve the bankruptcy problem, division rules, such as the constrained equal awards rule (CEA), the constrained equal losses rule (CEL), and the random arrival rule (RA), have been used. In this paper, we approach load-shedding as a bankruptcy problem. We compare load-shedding results by above-mentioned rules in islanded microgrid operation based on wireless sensor network (WSN) as the communication link for an agent's interactions.

  16. Review of Research into Enterprise Bankruptcy Prediction in Selected Central and Eastern European Countries

    Directory of Open Access Journals (Sweden)

    Błażej Prusak

    2018-06-01

    Full Text Available In developed countries, the first studies on forecasting bankruptcy date to the early 20th century. In Central and Eastern Europe, due to, among other factors, the geopolitical situation and the introduced economic system, this issue became the subject of researcher interest only in the 1990s. Therefore, it is worthwhile to analyze whether these countries conduct bankruptcy risk assessments and what their level of advancement is. The main objective of the article is the review and assessment of the level of advancement of bankruptcy prediction research in countries of the former Eastern Bloc, in comparison to the latest global research trends in this area. For this purpose, the method of analyzing scientific literature was applied. The publications chosen as the basis for the research were mainly based on information from the Google Scholar and ResearchGate databases during the period Q4 2016–Q3 2017. According to the author’s knowledge, this is the first such large-scale study involving the countries of the former Eastern Bloc—which includes the following states: Poland, Lithuania, Latvia, Estonia, Ukraine, Hungary, Russia, Slovakia, Czech Republic, Romania, Bulgaria, and Belarus. The results show that the most advanced research in this area is conducted in the Czech Republic, Poland, Slovakia, Estonia, Russia, and Hungary. Belarus Bulgaria and Latvia are on the other end. In the remaining countries, traditional approaches to predicting business insolvency are generally used.

  17. USE OF CHOSEN DISCRIMINATION MODELS IN THE ASSESSMENT OF BANKRUPTCY RISK IN MEAT PROCESSING ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Anna Zielińska-Chmielewska

    2015-06-01

    Full Text Available The aim of the study is to assess the fi nancial situation from the point of view of the bankruptcy risk of selected meat processing enterprises in Poland, such as: PKM Duda S.A., Indykpol S.A., Pamapol S.A. and Tarczyński S.A. For the analysis, 750 fi nancial data were collected, by means of which fi ve fi nancial variables in the fi rst model, four variables – in the second, the fourth and the fi fth model and six variables in the second model, were generated. The main criteria for the selection of the companies for testing were: carrying out the main business in the area of meat processing (companies belonging to group 15.11 according to the PKD classifi cation, legal status: limited liability company or joint stock company, which employs more than 50 people, and the availability of fi nancial data. The analysis shows that all surveyed meat industry companies were in a very good fi nancial situation. In 2008–2009 and 2012–2013 the most diffi cult fi nancial situation and, consequently, the greatest threat of bankruptcy, was faced by Pamapol S.A. Extremely sensitive to the deteriorating situation of surveyed companies, and thus to the most common threat of bankruptcy, proved to be: D. Wierzby model (for all companies, in 2009 and Pamapol S.A. (in 2008 and D. Hadasik model (Pamapol S.A. in the years 2008–2009

  18. Self-Adaptive MOEA Feature Selection for Classification of Bankruptcy Prediction Data

    Science.gov (United States)

    Gaspar-Cunha, A.; Recio, G.; Costa, L.; Estébanez, C.

    2014-01-01

    Bankruptcy prediction is a vast area of finance and accounting whose importance lies in the relevance for creditors and investors in evaluating the likelihood of getting into bankrupt. As companies become complex, they develop sophisticated schemes to hide their real situation. In turn, making an estimation of the credit risks associated with counterparts or predicting bankruptcy becomes harder. Evolutionary algorithms have shown to be an excellent tool to deal with complex problems in finances and economics where a large number of irrelevant features are involved. This paper provides a methodology for feature selection in classification of bankruptcy data sets using an evolutionary multiobjective approach that simultaneously minimise the number of features and maximise the classifier quality measure (e.g., accuracy). The proposed methodology makes use of self-adaptation by applying the feature selection algorithm while simultaneously optimising the parameters of the classifier used. The methodology was applied to four different sets of data. The obtained results showed the utility of using the self-adaptation of the classifier. PMID:24707201

  19. Polish Early Warning Systems In Predicting Risk Of Bankruptcy Ff Wawel S.A In The Years 2013-2015

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    Andrzej Tokarski

    2017-03-01

    Full Text Available The always relevant issues of the assessment of bankruptcy risk for enterprises require that bankruptcy processes occurring in Poland are analysed on a continuous basis. This leads to verification of the existing theory on economics of bankruptcies and business failures on the one hand, and its further evolution on the other hand. For business practice, of significant importance in this area are methods for effective (pre-emptive diagnosis of the signs of the deteriorating economic and financial situation of an enterprise, which can precede an enterprise’s loss of the ability to pay and consequently permanent insolvency (bankruptcy. The traditional ex post indicator analysis has become by far insufficient. Thus, as it evolved, various science and research centres around the around, including in Poland, were undertaking efforts to create new early warning systems to ensure pre-emptive assessment of the bankruptcy risk level for economic entities. An early warning system is one of the elements designed to assess the economic and financial situation of a company. It allows us to identify the risk at an early stage and implement appropriate corrective processes. Early identification of the signs of a pending crisis should thus be one of the basic tasks in the management of a company. The aim of the paper is to assess the identification of bankruptcy risk for the company Wawel S.A, with the analysis covering the period from 2013 to 2015 in the company's operation. Moreover, the authors of the paper show the possibility of the application of Polish models for bankruptcy risk assessment by both internal and external stakeholders, who can use the information contained in financial statements and calculated financial indicators to assess whether a given economic entity is a healthy or sick entity. The research methods used in the paper are: literature analysis, calculations by Polish early warning systems and analysis of the case study of the company

  20. Use of discriminant analysis in estimating the risk of bankruptcy of meat industry enterprises Wykorzystanie analizy dyskryminacyjnej w ocenie ryzyka upadłości przedsiębiorstw przemysłu mięsnego

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    Feliks Wysocki

    2012-12-01

    Full Text Available The article presents the financial situation and risk of bankruptcy enterprises in the meat in-dustry. To assess the risk of bankruptcy meat industry companies discriminatory models analysis was applied. Studies have shown that not all of the selected Polish discriminatory models effectively indicate companies bankruptcy in meat industry. Therefore a model was built to assess the risk of bankruptcy for those companies.

  1. Taxes, bankruptcy costs, and capital structure in for-profit and not-for-profit hospitals.

    Science.gov (United States)

    Huang, Sean S; Yang, Jie; Carroll, Nathan

    2018-02-01

    About 60% of the US hospitals are not-for-profit and it is not clear how traditional theories of capital structure should be adapted to understand the borrowing behavior of not-for-profit hospitals. This paper identifies important determinants of capital structure taken from theories describing for-profit firms as well as prior literature on not-for-profit hospitals. We examine the differential effects these factors have on the capital structure of for-profit and not-for-profit hospitals. Specifically, we use a difference-in-differences regression framework to study how differences in leverage between for-profit and not-for-profit hospitals change in response to key explanatory variables (i.e. tax rates and bankruptcy costs). The sample in this study includes most US short-term general acute hospitals from 2000 to 2012. We find that personal and corporate income taxes and bankruptcy costs have significant and distinct effects on the capital structure of for-profit and not-for-profit hospitals. Specifically, relative to not-for-profit hospitals: (1) higher corporate income tax encourages for-profit hospitals to increase their debt usage; (2) higher personal income tax discourages for-profit hospitals to use debt; and (3) higher expected bankruptcy costs lead for-profit hospitals to use less debt. Over the past decade, the capital structure of for-profit hospitals has been more flexible as compared to that of not-for-profit hospitals. This may suggest that not-for-profit hospitals are more constrained by external financing resources. Particularly, our analysis suggests that not-for-profit hospitals operating in states with high corporate taxes but low personal income taxes may face particular challenges of borrowing funds relative to their for-profit competitors.

  2. Legal Problems of Realization of the Principle of “Good Faith” in the Course of Bankruptcy

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    Yuliya V. Sakharova

    2017-05-01

    Full Text Available This article is about research problems of realization of the principle of conscientiousness in relation to procedures of insolvency (bankruptcy. The Author considers problems of determination of category “conscientiousness”, the questions of criteria to determine the good faith of the trustee, the criteria of “sufficiency” in his actions, good faith in complying with the statute of limitations in the procedures of bankruptcy, as well as violation of the principle of good faith with the liquidator failure to take appropriate action to challenge the debtor's contracts.​

  3. ESTIMATION OF BANKRUPTCY PROBABILITIES BY USING FUZZY LOGIC AND MERTON MODEL: AN APPLICATION ON USA COMPANIES

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    Çiğdem ÖZARİ

    2018-01-01

    Full Text Available In this study, we have worked on developing a brand-new index called Fuzzy-bankruptcy index. The aim of this index is to find out the default probability of any company X, independent from the sector it belongs. Fuzzy logic is used to state the financial ratiointerruption change related with time and inside different sectors, the new index is created to eliminate the number of the relativity of financial ratios. The four input variables inside the five main input variables used for the fuzzy process, are chosen from both factor analysis and clustering and the last input variable calculated from Merton Model. As we analyze in the past cases of the default history of companies, one could explore different reasons such as managerial arrogance, fraud and managerial mistakes, that are responsible for the very poor endings of prestigious companies like Enron, K-Mart. Because of these kind of situations, we try to design a model which one could be able to get a better view of a company’s financial position, and it couldbe prevent credit loan companies from investing in the wrong company and possibly from losing all investments using our Fuzzy-bankruptcy index.

  4. TACD: a transportable ant colony discrimination model for corporate bankruptcy prediction

    Science.gov (United States)

    Lalbakhsh, Pooia; Chen, Yi-Ping Phoebe

    2017-05-01

    This paper presents a transportable ant colony discrimination strategy (TACD) to predict corporate bankruptcy, a topic of vital importance that is attracting increasing interest in the field of economics. The proposed algorithm uses financial ratios to build a binary prediction model for companies with the two statuses of bankrupt and non-bankrupt. The algorithm takes advantage of an improved version of continuous ant colony optimisation (CACO) at the core, which is used to create an accurate, simple and understandable linear model for discrimination. This also enables the algorithm to work with continuous values, leading to more efficient learning and adaption by avoiding data discretisation. We conduct a comprehensive performance evaluation on three real-world data sets under a stratified cross-validation strategy. In three different scenarios, TACD is compared with 11 other bankruptcy prediction strategies. We also discuss the efficiency of the attribute selection methods used in the experiments. In addition to its simplicity and understandability, statistical significance tests prove the efficiency of TACD against the other prediction algorithms in both measures of AUC and accuracy.

  5. The Effect of Bankruptcy and Insolvency on the Wife’s Claims

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    محمد روشن

    2014-01-01

    Full Text Available After the marriage, the spouses have some rights against each other, which are divided to financial or personal rights. Although personal rights belong to both the man and the woman, the financial rights, except the heritage, belong only to the wife which is imposed on the man. The dowry, the maintenance, donation, half the property of the man, remuneration belong only to the wife. After the marriage, different factors may affect the merit of the wife for these claims such as incapacity, bankruptcy or the insolvency of one of the man. Regarding the impact of these factors on the merit of the wife for these rights it should be said that in principle they do not affect this title, but in some cases it is possible. Depending on the kind of claim the effect differs. These factors may also affect the way to recover these claims, which, in any case, has got its own procedure. Therefore, the main purpose of this article is to consider the effect of the bankruptcy and insolvency of the man on the merit of the wife and the way to recover these claims.

  6. 17 CFR 140.76 - Delegation of authority to disclose information in a receivership or bankruptcy proceeding.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Delegation of authority to... COMMISSION Functions § 140.76 Delegation of authority to disclose information in a receivership or bankruptcy... employee under their direction as they may designate, the authority to disclose data and information that...

  7. Diagnostics of enterprise bankruptcy occurrence probability in an anti-crisis management: modern approaches and classification of models

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    I.V. Zhalinska

    2015-09-01

    Full Text Available Diagnostics of enterprise bankruptcy occurrence probability is defined as an important tool ensuring the viability of an organization under conditions of unpredictable dynamic environment. The paper aims to define the basic features of diagnostics of bankruptcy occurrence probability models and their classification. The article grounds the objective increasing of crisis probability in modern enterprises where such increasing leads to the need to improve the efficiency of anti-crisis enterprise activities. The system of anti-crisis management is based on the subsystem of diagnostics of bankruptcy occurrence probability. Such a subsystem is the main one for further measures to prevent and overcome the crisis. The classification of existing models of enterprise bankruptcy occurrence probability has been suggested. The classification is based on methodical and methodological principles of models. The following main groups of models are determined: the models using financial ratios, aggregates and scores, the models of discriminated analysis, the methods of strategic analysis, informal models, artificial intelligence systems and the combination of the models. The classification made it possible to identify the analytical capabilities of each of the groups of models suggested.

  8. JURISTIC OBSTACLE IN DECLARING BANKRUPTCY AGAINST INSURANCE COMPANY WHICH FAIL TO SETTLE ITS DEBT LIABILITY

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    Ali Imron

    2017-03-01

    Full Text Available Legal obligation to pay compensation of an insurance company arise immediatelyafter the evenement occurred, if this obligation not being settled right away it can becategorized as “fall due debt” and “claimable”, and this can be used as a reason to proposebankruptcy application. The creditor’s fundamental rights practically impeded by Section 2article (5 of Insolvency Act, which give absolute authority to Minister of Finance in proposingbankruptcy application for insurance company. This authority is attached to the status of Ministerof Finance as the guider and supervisor of insurance institution in Indonesia, but this authorityoften might reduce people’s trust to insurance institution itself if it is not used carefully andwisely. For the sake of law and justice, Minister of Finance should acts proportionally if thebankruptcy application doesn’t have enough reason, according to Minister’s authority in thecase of bankruptcy application for insurance company against their insured and other creditors.

  9. Changing NPP consumption patterns in the Holocene: from Megafauna "liberated" NPP to "ecological bankruptcy"

    Science.gov (United States)

    Doughty, C.

    2015-12-01

    There have been vast changes in how net primary production (NPP) is consumed by humans and animals during the Holocene beginning with a potential increase in availability following the Pleistocene megafauna extinctions. This was followed by the development of agriculture which began to gradually restrict availability of NPP for wild animals. Finally, humans entered the industrial era using non-plant based energies to power societies. Here I ask the following questions about these three energy transitions: 1. How much NPP energy may have become available following the megafauna extinctions? 2. When did humans, through agriculture and domestic animals, consume more NPP than wild mammals in each country? 3. When did humans and wild mammals use more energy than was available in total NPP in each country? To answer this last question I calculate NPP consumed by wild animals, crops, livestock, and energy use (all converted to units of MJ) and compare this with the total potential NPP (also in MJ) for each country. We develop the term "ecological bankruptcy" to refer to the level of consumption where not all energy needs can be met by the country's NPP. Currently, 82 countries and a net population of 5.4 billion are in the state of ecologically bankruptcy, crossing this threshold at various times over the past 40 years. By contrast, only 52 countries with a net population of 1.2 billion remain ecologically solvent. Overall, the Holocene has seen remarkable changes in consumption patterns of NPP, passing through three distinct phases. Humans began in a world where there was 1.6-4.1% unclaimed NPP to consume. From 1700-1850, humans began to consume more than wild animals (globally averaged). At present, >82% of people live in countries where not even all available plant matter could satisfy our energy demands.

  10. Considerations on the Application of Blue Ocean Strategy to Avoid the Risk of Bankruptcy to Small Enterprises

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    Gheorghe NEGOESCU

    2011-11-01

    Full Text Available In Romania, SMEs are facing with great financial problems, which led, during 2008 - 2011, to about 60.000 bankruptcies, 200.000 firm suspension and to an increased number of unemployed from 568.000 at 31.12.2008 to 711 000 unemployed at the half-year of 2011. Professors W. Chan Kim and Renee Mauborgne, authors of Blue Ocean Strategy concept, have identified two working-tools, namely:Strategic Sail and EDDC matrix, which can be used to reduce the risk of bankruptcy of small and medium enterprises. The article presents an example of using these workink- tools for a small enterprise, specialized in financial and economical consulting.

  11. THE EFFECTS OF BANKRUPTCY ON THE PREDICTABILITY OF PRICE FORMATION PROCESSES ON WARSAW’S STOCK MARKET

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    Paweł Fiedor

    2016-07-01

    Full Text Available In this study we investigate how bankruptcy affects the market behaviour of prices of stocks on Warsaw’s Stock Exchange. As the behaviour of prices can be seen in a myriad of ways, we investigate a particular aspect of this behaviour, namely the predictability of these price formation processes. We approximate their predictability as the structural complexity of logarithmic returns. This method of analysing predictability of price formation processes using information theory follows closely the mathematical definition of predictability, and is equal to the degree to which redundancy is present in the time series describing stock returns. We use Shannon’s entropy rate (approximating Kolmogorov-Sinai entropy to measure this redundancy, and estimate it using the Lempel-Ziv algorithm, computing it with a running window approach over the entire price history of 50 companies listed on the Warsaw market which have gone bankrupt in the last few years. This enables us not only to compare the differences between predictability of price formation processes before and after their filing for bankruptcy, but also to compare the changes in predictability over time, as well as divided into different categories of companies and bankruptcies. There exists a large body of research analysing the efficiency of the whole market and the predictability of price changes enlarge, but only a few detailed studies analysing the influence of external stimulion the efficiency of price formation processes. This study fills this gap in the knowledge of financial markets, and their response to extreme external events.

  12. CORPORATE FINANCIAL DISTRESS AND BANKRUPTCY: A COMPARATIVE ANALYSIS IN FRANCE, ITALY AND SPAIN

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    Alessandra Amendola

    2013-11-01

    Full Text Available The paper presents a competing-risks approach for investigating the determinants of corporate financial distress. In particular a comparative analysis of three European markets-France, Italy and Spain–is performed in order to find out the similarities and the differences in the determinants of distress.By using the AMADEUS dataset, two possible causes of exit from the market are considered:bankruptcy and liquidation. For identifying the variables that influence the risk of leaving the market,a competing-risks model for each country is estimated and is compared with a pooled model including all the three countries. In addition, the performance of the competing-risks approach is evaluated versus the single-risk model, in which all states are considered without any distinctions.The reached results show that the competing risks approach leads to a saving in the number of selected variables that becomes more significant when the model is estimated for each country separately. Moreover, the selected variables for each country enable to identify similarities between the different exit routes across the markets. Some of the differences between Spain and the other two countries may be related to the dissimilar definition of the distress states.

  13. A Rule-Based Model for Bankruptcy Prediction Based on an Improved Genetic Ant Colony Algorithm

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    Yudong Zhang

    2013-01-01

    Full Text Available In this paper, we proposed a hybrid system to predict corporate bankruptcy. The whole procedure consists of the following four stages: first, sequential forward selection was used to extract the most important features; second, a rule-based model was chosen to fit the given dataset since it can present physical meaning; third, a genetic ant colony algorithm (GACA was introduced; the fitness scaling strategy and the chaotic operator were incorporated with GACA, forming a new algorithm—fitness-scaling chaotic GACA (FSCGACA, which was used to seek the optimal parameters of the rule-based model; and finally, the stratified K-fold cross-validation technique was used to enhance the generalization of the model. Simulation experiments of 1000 corporations’ data collected from 2006 to 2009 demonstrated that the proposed model was effective. It selected the 5 most important factors as “net income to stock broker’s equality,” “quick ratio,” “retained earnings to total assets,” “stockholders’ equity to total assets,” and “financial expenses to sales.” The total misclassification error of the proposed FSCGACA was only 7.9%, exceeding the results of genetic algorithm (GA, ant colony algorithm (ACA, and GACA. The average computation time of the model is 2.02 s.

  14. Using the Artificial Neural Networks for Forecasting the Risk of Bankruptcy of Banks

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    Markov Mykhailo Ye.

    2018-01-01

    Full Text Available The article is aimed at finding the optimal structure of artificial neural network to solve the problem of forecasting the bankruptcy of banks and researching the efficiency of use of the neural networks model for the realities of Ukrainian banking sphere. Results of the research testify that the best accuracy of forecasts for 1-1,5 years showed the model on the basis of the multilayer perceptron with 10 and 2 neurons in the hidden layers. The developed neural networks model can be used as an alternative to statistical methods, as it has shown better results. Prospect for further research in this direction is development of a complex system of support for decision-making for banking institutions, which would include forecasting risks for bank, analysis of the bank’s financial condition and identification of financial problems using innovation instruments and technologies, ensuring the monitoring and control of risks of banking institution. The developed neural networks model can become one of elements of the complex system.

  15. FALÊNCIA E RECUPERAÇÃO DE EMPRESAS: CONTRIBUIÇÃO PARA A MATERIALIZAÇÃO DA FUNÇÃO SOCIAL / BANKRUPTCY AND BUSINESS RECOVERY: CONTRIBUTION TO THE SOCIAL FUNCTION MATERIALIZATION

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    Jonabio Barbosa Santos

    2015-08-01

    Full Text Available This study aimed to examine the Law of Bankruptcy and Enterprise Preservation connected to the principle of the social function of the company seeking to determine the effectiveness of its work in protecting the social function of the enterprise. From the theoretical analysis on the evolution of the topic, the social importance of the company and the negative results of its extinction, a comparative study between the aforementioned statute, Bankruptcy Act and the Concordat was held regarding the preservation of function business. With the analysis of data related to the amount of requirement of bankruptcy and recovery from 1991 to 2014, and the use of simple regression, this study demonstrates the influence of the new legislation to reduce the requirements of bankruptcy and bankruptcy protection. Leading us to consider the claim of social function company protection, sought by the legislature, is being achieved

  16. ASPECTS CONCERNING THE DETERMINATION OF BANKRUPTCY RISK BY SOLVENCY AND LIQUIDITY RATIOS IN THE COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

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    Teodor Hada

    2014-07-01

    Full Text Available This paper presents issues related to determining the bankruptcy risk for 64 companies listed on the Bucharest Stock Exchange.The purpose of this paper is to determine the percentage of companies falling within the normal range. In the introduction, we set the goal, the research methodology, and the novelty value of this work. Hereinafter, we presented different views of risk concepts, bankruptcy, solvency and liquidity. After that, based on theoretical presentations, a case study was conducted to determine the solvency and liquidity ratios. In the end, on the basis of the above considerations, the conclusions were established and some proposals were listed.

  17. Analysis of auditor`s reports and bankruptcy risk in banking sector in the Republic of Serbia

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    Milovan Stanisic

    2013-06-01

    Full Text Available This paper aims to point out the significance of external audit and auditor’s reports. The stability of banks and its operations are vital not only for efficient financial system functioning, but also for overall industry. The banking sector, both in developed and undeveloped countries, experienced financial crisis in the last few years. Considering these circumstances and the fact that demands of financial statements users grow in complexity, their control is essential. We provide the empirical evidence on the banking sector auditor’s reports in the Republic of Serbia, with particular reference to auditor’s opinions and audit agencies that had conducted banks audits. The review of the audit legislation and professional standards will be presented, as well as the notion of bankruptcy risk and its relevance for baking sector. Our research results indicate that special attention should be paid to banks which auditor’s report had some explanatory paragraphs or even qualification. In conclusion we highlight the red flags that may damage banks operations and emphasize the importance of keeping the high level of auditor’s independence with the intention to provide confidence to stakeholders who form their decisions based on their reports.

  18. Modelos de Beaver, Ohlson y Altman: ¿Son realmente capaces de predecir la bancarrota en el sector empresarial costarricense? (Models of Beaver, Ohlson and Altman: are really able to predict the bankruptcy in the Costa Rican business sector?

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    José Alonso Vargas Charpentier

    2014-12-01

    Full Text Available El presente artículo analiza la aplicación de mo- delos para la prevención de bancarrotas empresariales en el sector empresarial costarricense. Se aplicaron los modelos a un grupo de empresas que se acogieron al proceso de intervención financiera, o quiebra, en el Juzgado Concursal de los Tribunales de Justicia de San José, con el fin de determinar si estos modelos fueron capaces de predecir la bancarrota. Dentro de los hallazgos principales están que el Modelo de Altman calificó a cuatro de las cinco empresas anali- zadas como zona roja el año en que se declararon en quiebra, el Modelo de Ohlson, con su ecuación O1 u O3, calificó en quiebra las cinco empresas el año en que se dio, y el modelo de Beaver calificó como el año con peores indicadores al último en tres oca- siones, a diferencia de los otros modelos, los cuales no indicaron que el año de quiebra tuviera los peores indicadores.   Abstract    This article analyzes the models for company bankruptcy prevention used by the Costa Rican business sector. The author applied the studies models to the selected group of companies that had started the judicial intervention or bankruptcy process within the Bankruptcy Court of the Justice Court of San Jose. The objective was to determine if the selected models were capable to prevent the bankruptcy before it initialized. The primary fin- ding was an EM Score 4:5 analyzed companies in the red zone that had filed for bankruptcy within that year. The use of the O1 and O3 equations of the Ohlson method was to predict the bankruptcy of the five companies in the year that had filed to have a bankruptcy case. However, in the Beaver method the companies scored a three as the worst indicators of the year to file for bankruptcy yet the remaining company’s worst year was not the ability to file for bankruptcy within the time.

  19. EL PROBLEMA TEMPORAL EN EL INICIO DE LOS PROCEDIMIENTOS CONCURSALES: The timing problem in the opening of a bankruptcy proceeding

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    Juan L Goldenberg Serrano

    2012-01-01

    Full Text Available La definición del momento en que los interesados pueden dar inicio a un procedimiento concursal es un asunto de la mayor trascendencia para su éxito como mecanismo de solución al dilema de la insolvencia. El legislador, tomando en cuenta los diversos intereses involucrados, no sólo debe precisar el o los hechos que desencadenan tal apertura, sino configurar una serie de incentivos (positivos y negativos para ajustar la decisión del deudor y de los acreedores, a fin de que el concurso no sea abierto cuando ya no existan bienes suficientes para el reparto, como para que tampoco sea utilizado como una herramienta de amenaza y cobro cuando aún no es evidente su utilidad. El presente trabajo pretende dar algunas ideas sobre las razones de este "problema temporal", su magnitud e implicancias, y los medios que se han tenido a la vista para resolverlo en nuestro ordenamiento y en el Derecho comparado.The definition of the moment in which the stakeholders may initiate a bankruptcy proceeding is a matter of great importance for its success as a mechanism for resolving the insolvency dilemma. The lawmaker, considering the different interests that are involved in this issue, not only must specify the fact or facts that trigger such opening, but also must create a series of (positive and negative incentives to adjust the decision of the debtor and the creditors to ensure that the proceeding is not opened when there are no longer enough assets to be distributed, but it is not used as a threat or collection tool when its utility is not evident. This article aims to give some ideas for the reasons of this "timing problem", its magnitude and implications, and the means that have been considered in order to solve it in our system and in comparative law.

  20. Prawne zagadnienia związane z dostępem do zawodu syndyka = Legal issues related to access to profession of curator in bankruptcy

    OpenAIRE

    Klimczyk, Agata

    2015-01-01

    Klimczyk Agata. Prawne zagadnienia związane z dostępem do zawodu syndyka = Legal issues related to access to profession of curator in bankruptcy. Journal of Education, Health and Sport. 2015;5(8):307-310. ISSN 2391-8306. DOI 10.5281/zenodo.28819 http://dx.doi.org/10.5281/zenodo.28819 http://ojs.ukw.edu.pl/index.php/johs/article/view/2015%3B5%288%29%3A307-310 https://pbn.nauka.gov.pl/works/611539 POL-index https://pbn.nauka.gov.pl/polindex/browse/article/article-4fcd78eb-6ccb-4...

  1. The impact of investments and changes in the production regime on the results of creditworthiness assessment and bankruptcy prediction models: Case study: Company Bulgari Filati d.o.o.

    Directory of Open Access Journals (Sweden)

    Muminović Saša

    2012-06-01

    Full Text Available Although they can be a subject of criticism and have been challenged from its beginnings, bankruptcy prediction models have often been used in practice for more than four decades. The following models for predicting bankruptcy are applied in this issue: Altman's Z'-Score, Zmijewski model, Taffler's model and Sandin and Porporato model. Out of the creditworthiness assessment models (solvency analysis, the following models have been applied: Z''-Score (Altman, Hartzell and Peck and the BEX model. A significant shortcoming of the observed models is their failure to take investment into account. Beside, some models have inadequately assessed the transition of operations to lohn production, while others have not.

  2. Analyzing the Methods of Forecasting Bankruptcy and Assessing the Financial Status of Domestic Enterprises (on the Example of PAO «Chernivtsi Fat-and-Oil Plant»

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    Kovalchuk Natalia О.

    2018-01-01

    Full Text Available The article is aimed at studying both foreign and national methods of determining the likelihood of bankruptcy of an enterprise, identifying their main advantages and disadvantages together with the possibility of using in the practice of domestic enterprises, and also determining the necessity of application in the enterprise of these methods for efficient functioning. As a result of research of the financial status of the PAO «Chernivtsi fat-and-oil plant» according to the methods of Tereshchenko, Taffler and Tisshou, Altman, Springate, Sayfullin and Kadykov, it has been found that among the existing models of forecasting bankruptcy there is no methodology presently that can provide reliable results for domestic enterprises. This means the relevance of this topic for a comprehensive research and detection of such methods of assessment of bankruptcy of enterprise. Use of the most optimal model for definition of bankruptcy can be effective in order to evaluate financial activity to prevent an enterprise from entering the group of the insolvent ones.

  3. Internal Model of Commercial Bank as an Instrument for Measuring Credit Risk of the Borrower in Relation to Financial Performance (Credit Scoring and Bankruptcy Models

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    Belás Jaroslav

    2011-12-01

    Full Text Available Commercial banks generally use different methods and procedures for managing credit risk. The internal rating method in which the client has an important position in the process of granting credit provides a comprehensive assessment of client creditworthiness. The aim of this article is to analyze selected theoretical, methodological and practical aspects of internal rating models of commercial banks within the context of models that measures financial performance and to make a comparison of results of real - rating models which are used in the Czech Republic and Slovakia. The results of the chosen credit scoring and bankruptcy methods on selected companies from segments of small and medium-sized companies are presented.

  4. Analysis of the Evolution for the Main Economic and Financial Indicators and the Risk of Bankruptcy for a Company who is the most Modern Maritime - River Port on the Danube, in the Period 2009-2013

    Directory of Open Access Journals (Sweden)

    Rodica Pripoaie

    2015-08-01

    Full Text Available This work presents the evolution for the main economic and financial indicators and the risk of bankruptcy for a company who is the most modern maritime - river port on the Danube, in the period 2009-2013. The evolution of the main economic and financial indicators in the last years 2009- 2013 is very dramatic, because Net profit margin (% decreased from 65.76% in 2009 at 9.93% in 2013 and after tax ROE (Return on Equity decreased from 6.69% in 2009 at 2.93% in 2013, so less than half. Bankruptcy risk has always been very important both for investors, for company managers, and for banking institutions and if this intensifies then it becomes a warning for them. Regression models can be used to explain relationships among economic and financial indicators.

  5. LA QUIEBRA SIN BIENES: UNA APROXIMACIÓN DESDE EL ANÁLISIS ECONÓMICO DEL DERECHO Bankruptcy with no assets: An approximation from the economic analysis of law

    Directory of Open Access Journals (Sweden)

    Raúl Núñez Ojeda

    2011-01-01

    Full Text Available El presente trabajo trata de la quiebra sin bienes, esto es, de aquellos juicios en donde hay inexistencia o insuficiencia del patrimonio del fallido para afrontar los costos que supone la quiebra. En ambos supuestos, no se justifica económicamente dicho proceso. Sin embargo, nuestra legislación no contempla mecanismos apropiados para impedir el inicio o continuación de un juicio de quiebras en donde se acredite la inexistencia o insuficiencias de activos, los que se promueven, a pesar de sus altos costos, con la única finalidad de satisfacer la venganza de los acreedores, incentivados, estos últimos, por la posibilidad de perseguir criminalmente al deudor.The present paper is about the bankruptcy with no assets, that is, those trials where there is lack or insufficiency of the assets of bankrupt to face the costs of bankruptcy has involved. In both cases, no such process is economically justified. However, our legislation does not provide appropriate mechanisms to prevent the beginning or continuation of a bankruptcies trial in which it is established the absence or insufficiency of assets, which are promoted despite their high costs, with the only purpose of satisfying the revenge of creditors, motivated the latest by the possibility of prosecuting the debtor criminally.

  6. Bankruptcy Prediction Using the Altman Z-score Model in Oman: A Case Study of Raysut Cement Company SAOG and its subsidiaries

    Directory of Open Access Journals (Sweden)

    Shariq Mohammed

    2016-12-01

    Full Text Available Financial health is of great concern for a business firm. For measuring the financial health of a business firm, there are lots of techniques available. However, Altman’s Z-score has been proven to be a reliable tool. This model envisages predicting the possibilities of bankruptcy of manufacturing organization. Multiple discriminate analyses (MDA are useful tools in such situations. The use of MDA helps to consolidate the effect of all ratios. Keeping the above view in mind, the “Z score” analysis has been adopted to monitor the financial health of the company. The current study has been conducted to assess the financial health of a firm namely Raysut Cement Company SAOG and its subsidiaries in Oman. This study was based on the secondary data which was obtained from the published sources i.e. Annual report for the period of 8 years (2007 to 2014. The study revealed that the Company Raysut Cement Company SAOG and its subsidiaries are financially sound as they have higher Z score than the benchmark (2.99 except in some years of study. The findings of the study may be useful for the managers to take financial decision, the stockholders to choose investment options and others to look after their interest in the concerned cement manufacturers of the country.

  7. Analysis of the Risk of Bankruptcy of Tomato Processing Companies Operating in the Inter-Regional Interprofessional Organization “OI Pomodoro da Industria Nord Italia”

    Directory of Open Access Journals (Sweden)

    Mattia Iotti

    2018-03-01

    Full Text Available The tomato sector is a major area of agricultural activity in Italy; tomato production and processing characterize different Italian regions; in particular, there are two production districts, one in southern Italy and one in northern Italy, in the Po Valley. In recent years, processing firms have encountered increasing difficulties, due both to an increase in raw material costs and market difficulties. Tomato processing firms are often characterized by significant investment in fixed assets and working capital, with an ensuing increase in equity or debt financing, which increases the risk of bankruptcy, as has happened to many firms in the sector in recent years. Therefore, the aim of this research was to analyze the financial sustainability of tomato processing firms by applying financial ratios. To achieve this goal, this research focused on the annual data of a sample of 17 tomato processing firms operating in the Inter-regional Interprofessional Organization, “OI Pomodoro da Industria Nord Italia”. The firms were divided into still-active (not-distressed and failed (distressed firms, with the aim of analyzing the differences between the financial data and management practices of the two groups. The data suggest that larger firms, with an adequate financial structure, have been able to withstand the tomato market crisis in recent years, whereas distressed firms are on average smaller and suffer from higher recourse to debt capital and lower profit margins than not-distressed firms. This research could be applied by entrepreneurs, managers, bankers and public operators to define good management practices that should be achieved and measured with financial ratios, even as a means of reducing the risk of distress for firms operating in the tomato sector. This research highlights that financial ratios could be usefully applied for predicting the continuity of activity and therefore the sustainability of the management cycle, including its

  8. Insurance bankruptcy creates political storm

    Index Scriptorium Estoniae

    2005-01-01

    Hoolimata peaminister Algirdas Brazauskase nõudmisest, keeldus Leedu kindlustusinspektsiooni juht Edvinas Vasilis-Vasiliauskas oma kohalt tagasi astumast, kuna soovib viia lõpule kindlustusseltsi Ingo Baltic pankrotiprotsessi

  9. La calificación del concurso tras la reforma introducida en la Ley Concursal por la Ley 38/2011 = The qualification of the bankruptcy after the reform carried out in the insolvency act by the Law 38/2011

    Directory of Open Access Journals (Sweden)

    María Angustias Díaz Gómez

    2012-03-01

    Full Text Available ResumenEl objeto de este trabajo es analizar la calificación del concurso, tema éste de gran importancia dentro de la institución del concurso de acreedores. La calificación del concurso se regula en España en la Ley Concursal 22/2003, de 9 de julio, que ha sido modificada últimamente por la Ley 38/2011, de 10 de octubre. Se trata de reflexionar sobre esta normativa, destacando los aspectos más novedosos y significativos introducidos por esta Ley en la calificación del concurso.Con el fin de profundizar en el estudio de la calificación del concurso, tras unas consideraciones introductorias, se analizan aspectos fundamentales en la calificación, tales como los presupuestos de la calificación; la complicidad de un tercero que coopere con el deudor en algún acto generador o agravante de la insolvencia; las consecuencias jurídicas que derivan de la calificación del concurso; la problemática que suscita la sustitución de los inhabilitados como consecuencia de la sentencia de calificación; la calificación en el supuesto de intervención administrativa; la tramitación de la sección de calificación, cerrando el trabajo con una conclusión, a modo de reflexión final, sobre el tema que es objeto de estudio.AbstractThe object of this work is to analyze the qualification of the bankruptcy, topic of great importance inside the institution of bankruptcy. The qualification of the bankruptcy is regulated in Spain in the Insolvency Act 22/2003, of July 9, which has been modified lately by the Law 38/2011, of October 10. It is a question of thinking about this regulation, emphasizing the most new and significant aspects introduced by this Law in the qualification of the bankruptcy.In order to penetrate into the study of the qualification of the bankruptcy, after a few introductory considerations, fundamental aspects are analyzed in the qualification, such as the budgets of the qualification; the complicity of a third party that he cooperates

  10. Predicción de quiebras empresariales en economías emergentes: uso de un modelo logístico mixto || Bankruptcy Prediction in Emerging Economies: Use of a Mixed Logistic Model

    Directory of Open Access Journals (Sweden)

    Caro, Norma Patricia

    2013-01-01

    Full Text Available Este trabajo replica y adapta el modelo de Jones y Hensher (2004 a los datos de una economía emergente con el propósito de evaluar su validez externa. Se compara el desempeño del modelo logístico estándar en relación con el modelo logístico mixto para predecir el riesgo de crisis en el periodo 1993-2000, utilizando estados contables de empresas argentinas y ratios definidos en estudios de Altman y Jones y Hensher. Como en estudios anteriores, rentabilidad, rotación, endeudamiento y flujo de fondos operativos explican la probabilidad de crisis financiera. La contribución de esta nueva metodología reduce la tasa de error del tipo I a un 9 %. Se demuestra que el modelo logístico mixto, que tiene en cuenta la heterogeneidad no observada, supera ampliamente el desempeño del modelo logístico estándar. || This study is a replication and adaptation of Jones and Hensher (2004 model in an emerging economy with the purpose of testing its eternal validity. It compares the logistic standard model's performance with the logistic mixed model to predict bankruptcy risk of Argentinean companies between 1993-2000 by using financial statements and ratios defined in previous studies by Altman and Jones and Hensher. Similar to previous studies, profitability, asset turnover, debt and cash flow from operations explain financial distress' probability. The main contribution of this new methodology is the important reduction of error type I to the 9 %. This study asserts that the logistic mixed model, that considers the effect of non-observed heterogeneity, significantly improves the performance of the logistic standard model.

  11. 7 CFR 762.148 - Bankruptcy.

    Science.gov (United States)

    2010-01-01

    ... all the necessary papers and pleadings; (2) Attending, and where necessary, participating in meetings..., customary, and provide a demonstrated economic benefit to the lender and the Agency. (ii) Lender's in-house...

  12. Knowledge discovery in the prediction of bankruptcy

    NARCIS (Netherlands)

    Almeida, R.J.; Vieira, S.M.; Milea, D.V.; Kaymak, U.; Costa Sousa, da J.M.; Carvalho, J.P.; Dubois, D.; Kaymak, U.

    2009-01-01

    Knowledge discovery in databases (KDD) is the process of discovering interesting knowledge from large amounts of data. However, real-world datasets have problems such as incompleteness, redundancy, inconsistency, noise, etc. All these problems affect the performance of data mining algorithms. Thus,

  13. ITER: Chronicle of a bankruptcy foretold

    International Nuclear Information System (INIS)

    Petit, Jean-Pierre

    2011-01-01

    By notably referring to Cedric Reux's research thesis and to Andrew Thornton's research thesis, the author shows that the ITER project is a very dangerous one as the use of a tokamak as an energy plant could lead to a catastrophe. He first recalls and describes the ITER's operation principle (use of nuclear fusion instead of nuclear fission) by recalling historical developments of this approach. He describes a tokamak operation, evokes some lessons learned from the experience, discusses tritium reactions, and the problem of plasma pollution. He then refers to Reux and Thornton, and also to an other author (Boozer from Columbia University) for their theoretical works on tokamaks, and quotes some important statements of their works. As quoted in this document, all these authors highlight the severe problem related to disruptions and to their consequences. The author quotes another article presented during a conference of the risk and consequences of disruptions in large tokamaks, and notably discusses the risk related to fatigue. He also illustrates the involved processes by commenting processes occurring at the Sun surface

  14. Cooperation. An alternative to consolidation or bankruptcy.

    Science.gov (United States)

    Cady, G

    1994-04-01

    With all the recent consolidation and doomsaying within the EMS industry, the music from the movie "Jaws" is likely playing a constant refrain in the minds of many smaller EMS providers. The word from the consolidators--those large companies buying up small and midsized ambulance services--is that health maintenance organizations (HMOs) soon will be purchasing EMS and other "out-of-hospital" services and that since HMOs are for-profit institutions, they will be looking for the least expensive EMS delivery system. The consolidators and others with a stake in the new order assert that cost-effective services can only be produced by large national EMS companies; smaller companies will be left out in the cold. But will they?

  15. 7 CFR 1980.475 - Bankruptcy.

    Science.gov (United States)

    2010-01-01

    ... share such appraisal fee equally. (c) Expenses on Chapter 11 reorganization, liquidating Chapter 11 or... lender on liquidation and property management. A. It is the responsibility of the State Program Chief to... Loss is not necessary. The Finance Office will close out the estimated loss account as a Final Loss at...

  16. Rate shock's ''day after'': bailout or bankruptcy

    International Nuclear Information System (INIS)

    Nogee, A.

    1984-01-01

    Utility regulators must decide whether to allow a bailout for utilities with unfinished or cancelled plants, but there may be financial and regulatory obstacles to non-utility financing. New investors may want take-or-pay contracts, or contractors may agree to complete plants at a fixed cost. The problem for ratepayers is that bailouts allow utilities to complete uneconomical plants. Citizens are fighting back against high rate increases in several state legislatures, which are considering a variety of initiatives to deal with cost recovery, construction work in progress, cancellations, and cost overruns

  17. Diagnosis of Bankruptcy in Fuzzy Raw Data Диагностика банкротства при нечетких исходных данных

    Directory of Open Access Journals (Sweden)

    Bachkir Irina G.

    2012-12-01

    Full Text Available The article describes the method of calculation bankruptcy risk level using fuzzy values of controlled parameters financial condition. The conclusion is based on the calculation of the regression polynomial values, coefficients of which founded by the method of pair comparisons.В статье рассмотрена методика расчета уровня риска банкротства с использованием нечетких значений контролируемых параметров финансового состояния. Заключение производится на основе расчета значений регрессионного полинома, коэффициенты которого отыскиваются методом попарных сравнений.

  18. 論智慧財產權證券化的法律問題―以證券化法、擔保設定及破產問題為核心 Legal Issue in IP Securitization: Securitization Law, Guarantee Setting and Bankruptcy

    Directory of Open Access Journals (Sweden)

    王偉霖 Wei-Lin Wang

    2013-06-01

    cash flow in IP securitization, which result in investors’ preference in other financial instruments. Therefore, increasing the stability and predictability of cash flow from legal and business aspect, shall be critical to the motivation of IP securitization. This study is to investigate several legal issues in IP securitization, such as specialized legislation, improvement on IP rights registration and guarantee filing system, influences on securitization by bankruptcy trustee’s decision upon originator’s bankruptcy, etc. The discussion will explore relevant regulations in the mature market of U.S. IP securitization, and make comparison and give advices to relevant domestic regulations, providing a greater motivation of IP securitization in Taiwan and improve domestic enterprises’ funding pipeline.

  19. 1/18 THE RIGHTEOUS BANKRUPTCY TRUSTEE: THE ...

    African Journals Online (AJOL)

    Dr Tanya du Plessis

    or the sale of assets to friends or related parties below market value.7 Pursuant to article 73 Fw those creditors may in grievous circumstances even request the court to dismiss the trustee.8. All in all, the influence of the creditors with respect to the appointment of a trustee is almost absent in the Netherlands, not to mention ...

  20. Bankruptcy risk forecasting for the metallurgical branch in Romania

    Directory of Open Access Journals (Sweden)

    P. R. Răchişan

    2014-07-01

    Full Text Available All investment decisions require a thorough analysis of the retrospective evolution of the entities from the concerned area, in order to estimate the long-term evolution perspectives. In this context, the present study analyzes the evolution of the entities from the Romanian metallurgical sector based on the accounting and financial information published for the period 2008 - 2012 and, in fact, it justifies the situation from the perspective of users (managers, investors, auditors and of the economic environment specific to Romania. Starting from this premise we created a regression model particularly useful in forecasting the evolution of the ability to deal with debt for the entities from the Romanian metallurgical sector.

  1. 17 CFR Appendix B to Part 190 - Special Bankruptcy Distributions

    Science.gov (United States)

    2010-04-01

    ... Conversion rate Claim in U.S. dollars A $50 1.0 $50 B €50 1.0 50 C €50 1.0 50 D £300 1.5 450 Total 600.00... Conversion rate Assets in U.S. dollars Shortfall due to sovereign action percentage Actual shortfall due to... Note: Conversion Rates: €1=$1. Reduction in Claims for General Shortfall There is a shortfall in the...

  2. Financial performance evaluation and bankruptcy prediction (failure1

    Directory of Open Access Journals (Sweden)

    Talal A. Al-Kassar, Dr.

    2014-10-01

    The research also demonstrates the need to include measures of both financial and non-financial performance in the evaluation as they complement each other. Without both financial and non-financial, the evaluation process is incomplete and does not provide desired results or the correct image of the process. The research suggests including comprehensive measures of performance evaluation of projects by using indicators of adopted criteria. Thus, the application of both models leads to better results and assists users in maintaining greater objectivity while obtaining more accurate results than from analysis based on personal evaluation alone.

  3. Why empowerment does not empower: the bankruptcy of current paradigms.

    Science.gov (United States)

    Belasco, J A; Gorham, G

    1996-03-01

    As a result of the rapid changes taking place in health care, nurse leaders are more challenged than ever to assume a new and different kind of leadership. Under the current paradigm, leaders are responsible for the performance of their people. Leaders do things TO the organization and the people in it. That paradigm of leader responsibility for other people's performance, given today's circumstances, guarantees organizational failure. A radical transformation in leadership thinking must take place. The leader's job is to get the people to be responsible for their own performance.

  4. The Righteous Bankruptcy Trustee: The influence of creditors on the ...

    African Journals Online (AJOL)

    A quick glance on various neighbouring jurisdictions, demonstrates that not much has been regulated in the Netherlands. As to the question whether or not more creditor involvement in the appointment process is required or desired, it is argued that there is no need to increase their influence because it is not to be expected ...

  5. Keeping out Trojan horses: auctions and bankruptcy in the laboratory

    NARCIS (Netherlands)

    Onderstal, S.; van der Veen, A.

    2011-01-01

    If a government auctions the right to market a good, continuity is likely to be of significant importance. In a laboratory experiment, we compare the effects of bidders' limited liability in the first-price sealed-bid auction and the English auction in a common value setting. Our data strongly

  6. Statistical Forecasting of Bankruptcy of Defense Contractors. Problems and Prospects

    Science.gov (United States)

    1994-01-01

    investors is along the lines of the Capital Asset Pricing Model ( CAPM ). In portfolio theory generally, investors demand an expected-return premium for...Ellen Pint, Rachel Schmidt, and especially Dennis Smallwood of RAND also contributed useful insights and comments. xv Acronyms CAPM Capital Asset ...Bond Yields ............................................. 26 Bond Model Performance ................................. 27 Extensions and Limitations

  7. Consumer bankruptcy law for Ethiopia: Lessons from United States ...

    African Journals Online (AJOL)

    After deregulation of consumer credit and resultant availability, ... Germany, United States, United Kingdom and France are some of the countries ... social insurance, development policy and rehabilitative function of discharge and fresh start.

  8. The Iimperfect Second Chance In The Spanish Bankruptcy Law

    Directory of Open Access Journals (Sweden)

    Camila Jaramillo Sierra

    2015-07-01

    Full Text Available In this paper the author studies the insolvency situation of the individual debtor in Spain, taking into account the Real Decree Act 01/2015. In adition, the author criticises the innadecuate regulation of the fresh start mecanism in the spanish bankrupcy law, nevertheless the recomendations and guidelines draw by international organizations specialized in the subject.

  9. 75 FR 75162 - Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies

    Science.gov (United States)

    2010-12-02

    ... their models for sizing their default waterfalls, and/or the size of the components of those default... changes in the model for sizing default waterfalls would be to increase clearing members' default fund.... (3) Moving Customers to the Back of the Waterfall--This model is similar to Model 2 above, Legal...

  10. Bankruptcy and Voluntary Liquidation: Evidence for New Firms in East and West Germany after Unification

    OpenAIRE

    Prantl, Susanne

    2003-01-01

    Exploiting the unique economic situation after German unification, I investigate how exit decisions deviate between new firms in a transition and a comparatively stable market environment. Two competing exit mechanisms are considered: entrepreneurial self-selection via voluntary liquidation and external selection based on insolvency regulation. Distinguishing between the competing exit modes proves to be crucial in semi-parametric propor- tional hazard-rate estimations. Comparing East and Wes...

  11. Private equity leveraged buyout and public values : The bankruptcy of Eircom, Ireland

    NARCIS (Netherlands)

    Lemstra, W.; Groenewegen, J.P.M.

    2012-01-01

    In 2008 the Delft University of Technology was commissioned by the Ministry of Economic Affairs of the Netherlands to investigate the potential impact of private equity leverage buy-out in the telecommunication sector on the public values that the government wished to safeguard. The study provided

  12. Default risk, bankruptcy procedures and the market value of life insurance liabilities

    NARCIS (Netherlands)

    Chen, A.; Suchanecki, M.

    2007-01-01

    The topic of insolvency risk in connection with life insurance companies has recently attracted a great deal of attention. In this paper, the question is investigated of how the values of the equity and of the liability of a life insurance company are affected by the default risk and the choice of

  13. A Bankruptcy Problem Approach to Load-shedding in Multiagent-based Microgrid Operation

    OpenAIRE

    Kim, Hak-Man; Kinoshita, Tetsuo; Lim, Yujin; Kim, Tai-Hoon

    2010-01-01

    A microgrid is composed of distributed power generation systems (DGs), distributed energy storage devices (DSs), and loads. To maintain a specific frequency in the islanded mode as an important requirement,  the control of DGs’ output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, whi...

  14. 76 FR 34590 - Bankruptcy Filing Date Treated as Plan Termination Date for Certain Purposes; Guaranteed Benefits...

    Science.gov (United States)

    2011-06-14

    ...) determines which benefits are entitled to priority in ``priority category 3'' in the statutory hierarchy for... monthly figure is adjusted each year based on the contribution and wage base under the Social Security Act...

  15. DIRECTIONS OF INCREASE OF EFFICIENCY OF FUNCTIONING OF THE INSTITUTION OF BANKRUPTCY

    Directory of Open Access Journals (Sweden)

    Antonina Nikolaevna Ryakhovskaya

    2016-01-01

    Full Text Available This article presents a synthesis of the experience of foreign government and corporate procurement management. Set out key aspects of the organization of procurement for government and corporate needs, disclosed issues of centralization and decentralization of procurement, as well as given clarification of the concept of "procurement management system" and structured the main elements that make up this system. The purpose / goal. The purpose of the work is to study the nature and characteristics of the functioning of government and corporate experience in procurement management, identifying problems and prospects of its development. Methodology. To perform this work were used legal, comparative and statistical analysis methods. Results. As part of the presentation of the present article the author has examined the nature, objectives and stages of public and corporate procurement management.

  16. The Scarring Effects of Bankruptcy: Cumulative Disadvantage across Credit and Labor Markets

    Science.gov (United States)

    Maroto, Michelle

    2012-01-01

    As the recent economic crisis has demonstrated, inequality often spans credit and labor markets, supporting a system of cumulative disadvantage. Using data from the National Longitudinal Survey of Youth, this research draws on stigma, cumulative disadvantage and status characteristics theories to examine whether credit and labor markets intersect…

  17. 34 CFR 682.402 - Death, disability, closed school, false certification, unpaid refunds, and bankruptcy payments.

    Science.gov (United States)

    2010-07-01

    ... discharge, the borrower— (A) Has annual earnings from employment that exceed 100 percent of the poverty... of the poverty guideline for a family of two, as published annually by the United States Department... history assigned to the loan. (3) Borrower qualification for discharge. Except as provided in paragraph (d...

  18. Financial restructuring can be problematic under Chapter 11. Pre-packaged bankruptcy saves time and money.

    Energy Technology Data Exchange (ETDEWEB)

    Goffman, J.M.; Ashmead, J.R. [O`Sullivan, Graev & Karabell, NY (United States)

    1995-05-15

    For better or worse, deregulation is now a factor in the electric utility industry. As a general proposition, deregulation makes for increased competition, which in turn will trim costs for consumers. Deregulation of the electric industry means that utilities face the prospect of freezing or reducing rates to retain market share. Stranded investments and the burdens of above-market supply contracts and construction and development contracts (especially nuclear-related contracts) will place additional pressure on these utilities and further reduce their revenue. Ultimately these problems could hinder a utility`s ability to service its debt, invest for the future, and provide a reasonable rate of return to investors.

  19. Renewable resource regulation and uncertain prices: The role of financial structure and bankruptcy

    International Nuclear Information System (INIS)

    Damania, Richard; Bulte, Erwin H.

    2006-01-01

    We analyze the interaction between regulatory policies and the financial structure of a fishery and show that firms with debts may respond differently to regulations than firms that have not accumulated debts. There are conditions where more stringent regulation is counterproductive, providing a perverse incentive to increase harvesting effort. We show that optimal regulation depends on the sector's financial structure, and demonstrate that there are cases when intervention is counterproductive, or too costly to implement. There are also cases where successful regulatory intervention can only be implemented when accompanied by a sufficiently large subsidy. (author)

  20. 76 FR 52349 - Hearings of the Judicial Conference Advisory Committees on Rules of Appellate, Bankruptcy, Civil...

    Science.gov (United States)

    2011-08-22

    ... following: by mail to Peter G. McCabe, Secretary, Committee on Rules of Practice and Procedure of the... 20544; by electronic mail to [email protected] >; or by facsimile to Peter G. McCabe at... writing at least 30 days before the hearing. FOR FURTHER INFORMATION CONTACT: Peter G. McCabe, Secretary...

  1. 75 FR 65381 - Hearings of the Judicial Conference Committees on Bankruptcy, Criminal Rules

    Science.gov (United States)

    2010-10-22

    .../rules ; by overnight mail to Peter G. McCabe, Secretary, Committee on Rules of Practice and Procedure of..., DC 20544; or by facsimile to Peter G. McCabe at (202) 502-1766. In accordance with established...

  2. 75 FR 81644 - Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure

    Science.gov (United States)

    2010-12-28

    ..., 950 Mason Street, San Francisco, CA. FOR FURTHER INFORMATION CONTACT: Peter G. McCabe, Secretary..., telephone (202) 502-1820. Dated: December 21, 2010. Peter G. McCabe, Rules Committee Support Office. [FR Doc...

  3. 75 FR 44890 - Operation, in the Ordinary Course, of a Commodity Broker in Bankruptcy

    Science.gov (United States)

    2010-07-30

    ..., 202-418- 5092, [email protected] ; or Alicia L. Lewis, Attorney-Advisor, Division of Clearing and... Regulation 190.04(d) to permit a trustee, under appropriate circumstances, to operate the business of a.... Moreover, the amendments to Regulation 190.04(d) are narrowly designed to address the manner in which...

  4. In case of criminal bankruptcy, should criminal actions of the perpetrator be additionally qualified as fraud against creditors?

    OpenAIRE

    Rimdžiūtė, Gita

    2017-01-01

    Magistro baigiamojo darbo tema – ar nusikalstamo bankroto atveju kaltininko veiksmai turi būti papildomai kvalifikuojami kaip sukčavimas kreditorių atžvilgiu? Ši tema šiai dienai aktuali, nes Lietuvoje pastebima, kaip daugėja nusikalstamų bankrotų, kurių siekiai būna ne tiksukelti bankrotą, bet kartu pasipelnyti bei išvengti susikaupusių skolų išieškojimo. Oatsiradusteismų praktikoje tokiai problemai pastebėtina, jog nėra vieningos nuomonės sprendžiant šiuos klausimus. Nusikalstamo bankro...

  5. Your Legal Guide to Consumer Credit, with a Special Section on Bankruptcy. You and the Law Series.

    Science.gov (United States)

    American Bar Association, Chicago, IL. Public Education Div.

    This booklet was published to help people better understand how to use it, how to determine if they are reaching or have reached their credit-debt limit, and what to do if they have exceeded that limit. It also explains federal rules, regulations, and laws pertaining to consumer installment credit that are designed to protect the consumer.…

  6. Water Bankruptcy in the Land of Plenty: Steps towards a transatlantic and transdisciplinary assessment of water scarcity in Southern Arizona

    NARCIS (Netherlands)

    Poupeau, F.; Gupta, H.; Serrat-Capdevila, A.; Sans-Fuentes, M.A.; Harris, S.; Hayde, L.G.

    2016-01-01

    As the American Southwest faces its deepest drought in history, this book explores the provocative notion of “water bankruptcy” with a view towards emphasizing the diversity and complexity of water issues in this region. It bridges between the narratives of growth and the strategies or policies

  7. Fraud in Rights and Contracts: A Review of Bankruptcy Case of Livent Inc. Based on Governance, Risk, and Compliance (GRC Framework

    Directory of Open Access Journals (Sweden)

    Samuel Anindyo Widhoyoko

    2017-05-01

    Full Text Available This research discussed the accounting scandal in the perspective of governance, risk, and compliance using Governance, Risk, and Compliance (GRC framework. Unlike other fraud’s framework, GRC framework combinedthree different aspects of business sustainability of reporting. The purpose of the research was to highlight early business fraud that usually initiated by the company in boosting up the revenue during the Initial public offering(IPO processes. When other research discussed the business’ fraud schemes through the document alteration, this research focused on a case showing how a business could make the wrong statement to the investors through real and lawful future contracts with unqualified audit opinion. Structurally, this research was done through the action research method in pointing out all the directors’ failures in their function to hold the fiduciary duty to exercise their responsibility. Based on the analysis with the accordance with the framework used, it is highlighted that directors in the aspect of (1 governance decisive, they fail to set proportional target, provide ethical value, and react positively to maintain the company sustainability; (2 compliance submissive, they do not submit the accounting standards through undisclosed third-party agreement, misrepresentation of revenue recognition, and mistreatment of expense omission; (3 risk preventive, they fail to assess the risk occurs from legal aspect of conflict of interest, long-term contractual and engagement risks, and insufficient future cash flow.

  8. New York City group leads the way toward a more optimistic future for ASOs. ASO went from near bankruptcy to $26 million.

    Science.gov (United States)

    2004-07-01

    A do-it-yourself AIDS social organization: AIDS service organizations are struggling because of tighter reins on government funding, but an alternative organization in New York City is showing how it can be done. It has developed a successful social entrepreneur program that employs HIV-infected clients, pays them living wages, and makes money from retail, food services, and medical care business entities, contributing three-quarters of the organization's revenues.

  9. 26 CFR 301.7433-2 - Civil cause of action for violation of section 362 or 524 of the Bankruptcy Code.

    Science.gov (United States)

    2010-04-01

    ... federal tax with respect to a taxpayer, an officer or employee of the Internal Revenue Service willfully..., certified public accountant, enrolled actuary, or any other person permitted to represent the taxpayer... 14321, Mar. 25, 2003] The Tax Court procedure ...

  10. Antitrust Enforcement and Marginal Deterrence

    NARCIS (Netherlands)

    Houba, H.E.D.; Motchenkova, E.; Wen, Q.

    2011-01-01

    Abstract: We study antitrust enforcement in which the fine must obey four legal principles: punishments should fit the crime, proportionality, bankruptcy considerations, and minimum fines. We integrate these legal principles into an infinitely-repeated oligopoly model. Bankruptcy considerations

  11. 76 FR 24024 - Request for Information Relating to Studies Regarding the Resolution of Financial Companies Under...

    Science.gov (United States)

    2011-04-29

    ... Bankruptcy Code, the Federal Deposit Insurance Act, and other insolvency laws to address the manner in which... Bankruptcy Code, the Federal Deposit Insurance Act, and other insolvency laws that might be made to address... Bankruptcy Code, the Federal Deposit Insurance Act, and other insolvency laws should be made; (C) The key...

  12. Kewenangan Balai Harta Peningglan sebagai Kurator dalam Eksekusi Jaminan Fidusia di Balai Harta Peninggalan Medan

    OpenAIRE

    ADNAN, MUHAMMAD ALI

    2015-01-01

    Article 21 of Law No. 37/2004 stipulates that bankruptcy includes all debtors' property at the time the ruling of bankruptcy is issued and anything obtained during the bankruptcy. The research was conducted to analyze the authority of Probate Court as the curator in the execution of fiduciary collateral in the Probate Court, Medan. The party claims to give the loan on the bankruptcy property and its claim for payment of the bankruptcy property. The result of the research shows that there is t...

  13. Institutionalisation of Mediation for Dispute Resolution in the Field of Social Bankruptcy of Citizens in Russia or how to prevent losses of 300 billions rubles of Russian Federation

    Directory of Open Access Journals (Sweden)

    Avdyev Marat Aleksandrovich

    2015-12-01

    Full Text Available The important problem of modern Russia is poverty of about 22,1 billions citizens. because of illegal action or practice of lending money at unreasonably high rates of interest. About 4,2 billions citizens of Russian are social bankrupts. There are many obstacles for human right in court. Total budget for legal expenses may estimates over than 1,5-2 average annual income of household. Therefore author considers mediation as alternative procedure for dispute resolution between creditors and debtors. Some amendment of law desirable for institutionalization of mediation practice in this types conflicts such as mandatory mediation and so on.

  14. The Analysis of Bankruptcy Risk Using the Normal Distribution Gauss-Laplace in Case of a Company is the Most Modern Romanian Sea-River Port on the Danube

    Directory of Open Access Journals (Sweden)

    Rodica Pripoaie

    2015-08-01

    Full Text Available This work presents the application of the normal distribution Gauss-Laplace in case of a company is the most modern Romanian sea-river port on the Danube, specialized service providers, with a handling capacity of approx. 20,000,000 tons / year. The normal distribution Gauss-Laplace is the most known and used probability distribution, because it surprises better the evolution of economic and financial phenomena. Around the average, which has the greatest frequency, gravitate values more to less distant than average, but with the same standard deviation. It is noted that, although used in the forecasting calculations, analysis of profitability threshold - even ignores the risk of decisional operations (regarding deviations between the forecast and achievements, which may, in certain circumstances, influence much the activity of the company. This can be held into account when carefully studying the evolution of turnover follows a law of probability. In case not exist any information on the law of probability of turnover and no reason that one case appear more than another, according of Laplace law, we consider that these cases are uniformly distributed, therefore they follow a normal distribution.

  15. Choose your business partners carefully. The bankruptcy of the current inverter producer RES affected many of its business partners; Drum pruefe, wer sich bindet. Wie die Insolvenz des Wechselrichterherstellers RES eine Vielzahl an Geschaedigten schafft

    Energy Technology Data Exchange (ETDEWEB)

    Rutschmann, I.

    2008-02-15

    Customers of the RES GmbH current inverter producer complained about disturbances, outages, and low yields. Now, the producer has filed for insolvency; business partners will probably lose their warranty claim and also their contact for repair and replacement parts. IPE, a partner fitter's company, even fears of going bankrupt too. All partners agree that in the future, they will limit their business activities to partners they know better. (orig.)

  16. INSOLVENSI DALAM HUKUM KEPAILITAN DI INDONESIA (Studi Putusan No.48/Pailit/2012/Pn.Niaga.Jkt.Pst Antara PT. Telekomunikasi Selular Vs PT. Primajaya Informatika

    Directory of Open Access Journals (Sweden)

    hervana wahyu Prihatmaka

    2015-11-01

    Full Text Available Amendments to the Bankruptcy Law is dominant protect the interests of creditors, because it should be a provision which requires that the debtor should have to go bankrupt. This is contrary to the philosophy of universal bankruptcy. This study aims to determine the bankruptcy provisions in the bankruptcy law in Indonesia and analyze the determination of bankruptcy within the bankruptcy decision No. 48/Bankrupt/2012/PN.NIAGA.JKT.PST. This research is a normative law with normative juridical approach. The data used in this research is secondary data. This study uses literature study with qualitative analysis methods. The authors conclude, first, the provisions of bankruptcy in Indonesia is based on article 2, paragraph (1, which is when the debtor does not repay the debt that will be the bankruptcy estate will go into phase bankruptcy with two possibilities, namely (i after being declared bankrupt (ii Through PKPU. Secondly, Award Bankrupt Assets not yet in the stage of bankruptcy because of the Supreme Court overturned the decision of the Commercial Court Decision Number 48/Bankrupt/2012/PN.NIAGA.JKT.PST through decision Number 704K/Pdt.Sus/2012, which ended before the bankruptcy Telkomsel Meeting Debt Verification completed. Advice, first there should be amendments to the Law No. 37 of 2004 specifically test the concept of insolvency and bankruptcy. The authors are aware that this study is not perfect, so the authors hope that further research is done, to continue and resolve the issues raised in this study. Keywords: Bankruptcy, Insolvency, the Rule of Law

  17. La eficiencia que tiene elproceso concursal para permitir la reestructuración económica de los clubes de fútbol y así evitar el proceso de quiebra en el Perú, periodo 2015

    OpenAIRE

    Rodríguez Vidal, Inés Marilú

    2016-01-01

    This research aims to demonstrate the efficiency of the bankruptcy process to permit the economic restructuring of football clubs to avoid the bankruptcy process. A correlational descriptive design was used, with a sample of 32 employees from the various clubs Peruvian futbol also considered a questionnaire to measure the bankruptcy process a total of 6 items and another to assess the economic restructuring of a total Peruvian soccer 6 items. The conclusions reached were the following: In the...

  18. 17 CFR 229.1108 - (Item 1108) Servicers.

    Science.gov (United States)

    2010-04-01

    ..., provide statistical information regarding servicer advances on the pool assets and the servicer's overall... handling delinquencies, losses, bankruptcies and recoveries, such as through liquidation of the underlying...

  19. 76 FR 66917 - Privacy Act of 1974; Notice To Amend an Existing System of Records

    Science.gov (United States)

    2011-10-28

    ... security violations; public record information to include law enforcement, financial, divorce, bankruptcy... causes, or may cause, a significant defect in judgment or reliability, or is alcohol dependent or...

  20. Highlights of GAO's Corporate Governance, Transparency and Accountability Forum

    National Research Council Canada - National Science Library

    2002-01-01

    The recent sudden and largely unexpected bankruptcy of one of the nation's major corporations, Enron Corporation, and the financial difficulties being experienced by several other large corporations...

  1. A Different Shade Of Blue: An Evaluation Of The Civilian Detective Concept And Its Impact On Police Capabilities

    Science.gov (United States)

    2016-03-01

    An Overview and Recent History of Chapter 9 of the Bankruptcy Code,” Pratt’s Journal of Bankruptcy Law 9, no. 6 (September 2013): 513– 38. 4 “Public...adopted in the mid-1970s as part of a focus on juvenile delinquency and that his department’s first civilian detective had come from a child protective...jobdescriptions/PayPlans. Noble, Kenneth E., and Kevin M. Baum. “Municipal Bankruptcies: An Overview and Recent History of Chapter 9 of the Bankruptcy

  2. 78 FR 4910 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Order Granting Approval of Proposed...

    Science.gov (United States)

    2013-01-23

    ... for: controlled companies; limited partnerships and companies in bankruptcy; closed-end and open- end..., limited partnerships, companies in bankruptcy, closed-end and open-end funds registered under the 1940 Act... consider relevant factors, including, but not limited to: (a) the source of compensation of the director...

  3. Haunted by Enron's ghost. National Century Financial Enterprises files for Chapter 11, leaving a string of broken healthcare chains and hospitals.

    Science.gov (United States)

    Taylor, Mark

    2002-11-25

    Some are calling it the Enron of the healthcare industry. Ryder trucks hauled possible evidence from embattled financier National Century Financial Enterprises during an FBI raid. NCFE filed for Chapter 11 bankruptcy protection last week, sending ripples through the industry and contributing to the bankruptcies of a string of national healthcare chains and at least six hospitals.

  4. When Did The Smart Money in Enron Lose Its' Smirk?

    OpenAIRE

    Bruce Mizrach

    2002-01-01

    The Enron Corporation went from a $65 billion dollar market capitalization to bankruptcy in just 16 months. Using statistical techniques for extracting the implied probability distributions built into option prices, I examine the market's expectation of Enron's risk of collapse. I find that the "smart money" remained far too optimistic about the stock until just weeks before their bankruptcy filing.

  5. On the 1-nucleolus

    OpenAIRE

    Estévez-Fernández, M.A.; Borm, Peter; Fiestras; Mosquera; Sanchez

    2017-01-01

    This paper analyzes the 1-nucleolus and, in particular, its relation to the nucleolus. It is seen that, contrary to the nucleolus, the 1-nucleolus can be computed in polynomial time due to a characterization using a combination of standard bankruptcy rules for associated bankruptcy problems. Sufficient conditions on a compromise stable game are derived such that the 1-nucleolus and the nucleolus coincide.

  6. Chronique de jurisprudence suisse (1996-2004)

    DEFF Research Database (Denmark)

    Cavaleri, Sylvie Cécile

    2005-01-01

    The article reviews case law on the Swiss Statute on Private International Law from 1996 to 2004. Sylvie Cavaleri's contribution concerns provisions on insolvency and bankruptcy.......The article reviews case law on the Swiss Statute on Private International Law from 1996 to 2004. Sylvie Cavaleri's contribution concerns provisions on insolvency and bankruptcy....

  7. Debtor rights, credit supply, and innovation

    NARCIS (Netherlands)

    Cerqueiro, Geraldo; Hegde, Deepak; Penas, Maria; Seamans, Robert

    2017-01-01

    Firms’ innovative activities can be sensitive to public policies that affect the availability of capital for risky projects. In this paper, we investigate the effects of regional and temporal variation in U.S. personal bankruptcy laws on firms’ innovative activities. We find bankruptcy laws that

  8. An Axiomatization of the Proportional Rule in Financial Networks

    NARCIS (Netherlands)

    Csoka, Péter; Herings, P. Jean-Jacques

    2017-01-01

    The most important rule to determine payments in real-life bankruptcy problems is the proportional rule. Many bankruptcy problems are characterized by network aspects and default may occur as a result of contagion. Indeed, in financial networks with defaulting agents, the values of the agents'

  9. DNA Development and its Importance

    Directory of Open Access Journals (Sweden)

    Artur Gaxhi

    2011-07-01

    Full Text Available The aim of this article is to present the concept of bankruptcy as a legal judicial procedure to be followed in case that the legal or natural person becomes insolvent. The paper is focused on the meaning of bankruptcy, the subjects of bankruptcy proceedings, causes for the opening of this proceeding, the competent court and its decision according to the law no.8901, dated 23.05.2002 “On bankruptcy” published in official Journal nr.31/2002. These article deals also with the organs of bankruptcy proceedings, administrator, meeting of creditors and methods of the conclusion of bankruptcy proceedings. A brief description of debtor’s possibilities during bankruptcy proceedings is given also in article. It deals with debtor’s closeout, rehabilitation/reorganization of the company and debtor’s liquidation. However, it should be noted that the bankruptcy procedure is a procedure not very widespread in our country, that due to the small number of cases before our courts. It also has to do with the fact that subjects rarely addressed the court.

  10. The Albanian legal framework on non-discrimination and gender equality in employment relationships

    Directory of Open Access Journals (Sweden)

    Ilir Rusi

    2012-02-01

    Full Text Available The aim of this article is to present the concept of bankruptcy as a legal judicial procedure to be followed in case that the legal or natural person becomes insolvent. The paper is focused on the meaning of bankruptcy, the subjects of bankruptcy proceedings, causes for the opening of this proceeding, the competent court and its decision according to the law no.8901, dated 23.05.2002 “On bankruptcy” published in official Journal nr.31/2002. These article deals also with the organs of bankruptcy proceedings, administrator, meeting of creditors and methods of the conclusion of bankruptcy proceedings. A brief description of debtor’s possibilities during bankruptcy proceedings is given also in article. It deals with debtor’s closeout, rehabilitation/reorganization of the company and debtor’s liquidation. However, it should be noted that the bankruptcy procedure is a procedure not very widespread in our country, that due to the small number of cases before our courts. It also has to do with the fact that subjects rarely addressed the court.

  11. Statistical analysis of bankrupting and non-bankrupting stocks

    Science.gov (United States)

    Li, Qian; Wang, Fengzhong; Wei, Jianrong; Liang, Yuan; Huang, Jiping; Stanley, H. Eugene

    2012-04-01

    The recent financial crisis has caused extensive world-wide economic damage, affecting in particular those who invested in companies that eventually filed for bankruptcy. A better understanding of stocks that become bankrupt would be helpful in reducing risk in future investments. Economists have conducted extensive research on this topic, and here we ask whether statistical physics concepts and approaches may offer insights into pre-bankruptcy stock behavior. To this end, we study all 20092 stocks listed in US stock markets for the 20-year period 1989-2008, including 4223 (21 percent) that became bankrupt during that period. We find that, surprisingly, the distributions of the daily returns of those stocks that become bankrupt differ significantly from those that do not. Moreover, these differences are consistent for the entire period studied. We further study the relation between the distribution of returns and the length of time until bankruptcy, and observe that larger differences of the distribution of returns correlate with shorter time periods preceding bankruptcy. This behavior suggests that sharper fluctuations in the stock price occur when the stock is closer to bankruptcy. We also analyze the cross-correlations between the return and the trading volume, and find that stocks approaching bankruptcy tend to have larger return-volume cross-correlations than stocks that are not. Furthermore, the difference increases as bankruptcy approaches. We conclude that before a firm becomes bankrupt its stock exhibits unusual behavior that is statistically quantifiable.

  12. Perbandingan Analisis Prediksi Kebangkrutan Menggunakan Model Altman Pertama, Altman Revisi, dan Altman Modifikasi dengan Ukuran dan Umur Perusahaan sebagai Variabel Penjelas (Studi Pada Perusahaan Manufaktur yang Terdaftar di Bursa Efek Indonesia

    Directory of Open Access Journals (Sweden)

    Ayu Suci Ramadhani

    2011-03-01

    Full Text Available This study observes the bankruptcy prediction models introduced by Altman; the First Altman model, the Revised Altman model, and the Modified Altman model to predict bankruptcy for manufacturing companies listed in the Indonesian Stock Exchange. The research was conducted for forty-two manufacturing companies that matched criteria in the selection of the sample over the years 2004-2007 based on published data for the same period. To accommodate various Almant models, the data was then calculated based on financial ratio and the data have been processed further to find the bancruptcy index as suggested by the models. The results of the three models are then compared with the use of company’s age and size as descriptive information to predict the company’s bankruptcy potential. The result of comparative data in bankruptcy prediction is that; the first Altman provides the highest percentage in predicting the bankruptcy. The research also found that the company categorized under small groups and under the age of 30 were likely to go bankcrupt in compare to the other groups. Keywords:    financial distress, bankruptcy Index, bankruptcy prediction model, size of the company, age of the company.

  13. Financial Insolvency as a Risk Factor for Early Mortality Among Patients With Cancer.

    Science.gov (United States)

    Ramsey, Scott D; Bansal, Aasthaa; Fedorenko, Catherine R; Blough, David K; Overstreet, Karen A; Shankaran, Veena; Newcomb, Polly

    2016-03-20

    Patients with cancer are more likely to file for bankruptcy than the general population, but the impact of severe financial distress on health outcomes among patients with cancer is not known. We linked Western Washington SEER Cancer Registry records with federal bankruptcy records for the region. By using propensity score matching to account for differences in several demographic and clinical factors between patients who did and did not file for bankruptcy, we then fit Cox proportional hazards models to examine the relationship between bankruptcy filing and survival. Between 1995 and 2009, 231,596 persons were diagnosed with cancer. Patients who filed for bankruptcy (n = 4,728) were more likely to be younger, female, and nonwhite, to have local- or regional- (v distant-) stage disease at diagnosis, and have received treatment. After propensity score matching, 3,841 patients remained in each group (bankruptcy v no bankruptcy). In the matched sample, mean age was 53.0 years, 54% were men, mean income was $49,000, and majorities were white (86%), married (60%), and urban (91%) and had local- or regional-stage disease at diagnosis (84%). Both groups received similar initial treatments. The adjusted hazard ratio for mortality among patients with cancer who filed for bankruptcy versus those who did not was 1.79 (95% CI, 1.64 to 1.96). Hazard ratios varied by cancer type: colorectal, prostate, and thyroid cancers had the highest hazard ratios. Excluding patients with distant-stage disease from the models did not have an effect on results. Severe financial distress requiring bankruptcy protection after cancer diagnosis appears to be a risk factor for mortality. Further research is needed to understand the process by which extreme financial distress influences survival after cancer diagnosis and to find strategies that could mitigate this risk. © 2016 by American Society of Clinical Oncology.

  14. Analisis Opini Auditor Sebagai Sinyal Kepailitan Suatu Perusahaan: Tinjauan Terhadap Perlunya Kode Etik Syariah Akuntan Publik

    OpenAIRE

    Sugiyarti Fatma Laela; Dewi Lestari Meikhati

    2014-01-01

    Auditor is a professional who has credibility in auditing financial report and company’s activities. This research’s purpose is to figure out; does the company’s bankruptcy can be predicted from the auditor’s opinion. The data used in this research are taken from 33 companies which have announced to bankruptcy by state justice of Central Jakarta, and the recent three years auditor’s opinions before the companies’ bankruptcy. After the data have been analyzed with T-test and Friedman test, it ...

  15. 論智慧財產權證券化的法律問題―以證券化法、擔保設定及破產問題為核心 Legal Issue in IP Securitization: Securitization Law, Guarantee Setting and Bankruptcy

    OpenAIRE

    王偉霖 Wei-Lin Wang

    2013-01-01

    智慧財產權證券化係承襲資產證券化之基本架構,肇始於1960 年代美國房地產市場,一直到1997 年始首度運用至智慧財產權領域。若從資產證券化市場過去榮景觀之,智慧財產權證券或可成為重要的金融商品及成為中小企業有力融資之管道。然因基礎資產特性所限(智慧財產價值不易確定、不易管理等因素),智慧財產權證券化至今仍有某些困難尚待克服。主要原因之一乃在於智慧財產權證券化現金流量之可預測性及穩定性較不易掌控,導致投資人寧可選擇其他商品。因此,從商業面及法律面強化現金流量之訂定 性與增加其可預測性為推動智慧財產權證券化之重要條件。本文以此觀點探討智慧財產權證券化的幾個法律問題,包括是否制定專法、目前智慧財產權設定擔保及登記制度有無改進空間,以及權利人破產時破產管理人之處置對於證券化之影響等,以比較法的方式探討智慧財產權證券化較成熟的美國市場之相關規定,以為臺灣的相關法規提出建議,希冀對於臺灣智慧財產權證券化的推動有所助益,並改善國內企業之籌資管道。 The word “Intellectual property (IP) securitization” was originated...

  16. 75 FR 24752 - UPF, Inc. Flint, MI; Notice of Negative Determination Regarding Application for Reconsideration

    Science.gov (United States)

    2010-05-05

    ... supplier of truck chassis for the Chevrolet and GM commercial truck program. During General Motors bankruptcy, they decided to bring another truck to the Flint Truck Assembly Plant, the Chevrolet/GMC 900 half...

  17. Table of Contents

    African Journals Online (AJOL)

    David Seward

    He has obtained his LLM in International Business Law from Central European ... problems.2The previously “merchant-oriented” bankruptcy system is considered to ... moral dictates of the society.10 In many ancient jurisdictions, creditors were.

  18. The Perils of Democratic Decision Making

    NARCIS (Netherlands)

    Aalbers, H.L.; Whelan, E.; Parise, S.; Vialle, C.

    2016-01-01

    The article focuses on the organizational decision-making management. Topics mentioned include the development of enterprise social software (ESS), the online corporate communities management, and the project management. Also mentioned are the importance of customer services, the bankruptcy

  19. ASAS KEPASTIAN HUKUM, KEADILAN DAN KEMANFAATAN DALAM KAITANNYA DENGAN PUTUSAN KEPAILITAN PENGADILAN NIAGA

    Directory of Open Access Journals (Sweden)

    Tata Wijayanta

    2014-05-01

    Full Text Available The principles of legal assurance, justice and expediency are properly stipulated in the provisions of the Act Number 37 Year 2004.  The legal assurance is seen by the rapidity of the settlement and the expeditious evidentiary procedure. The justice is reflected in equality principle in the proceeding. Then, the expediency is conceived from the imposition of bankruptcy as the last resort (ultimum remidium and the application of open to public-trial. Nevertheless, in certain case laws from the Commercial Court, the principles were not applied harmoniously.  The legal assurance appears to be more emphasized than the other principles. Take for example the bankruptcy case of PT Telekomu-nikasi Phones (District-Commercial Court of Central Jakarta Number: 48/Bankruptcy/2012/PN Nia-ga.Jkt.Pst that has been reviewed and nullified by the Supreme Court Number: 704K/Pdt.Sus/ 2012. Key words:  legal certainty, justice, expediency, bankruptcy decision.

  20. 77 FR 62461 - Implementing Public Safety Broadband Provisions of the Middle Class Tax Relief and Job Creation...

    Science.gov (United States)

    2012-10-15

    ... Wireless Broadband Network,'' ``Special Purpose Bankruptcy Remote Entity,'' ``Upper 700 MHz D Block license... definitions ``700 MHz Public/Private Partnership,'' ``Network Assets Holder,'' ``Network Sharing Agreement...,'' ``Public safety broadband network operator,'' ``Shared Wireless Broadband Network, '' ``Special Purpose...

  1. 17 CFR 210.3-11 - Financial statements of an inactive registrant.

    Science.gov (United States)

    2010-04-01

    ... fiscal year are not in excess of $100,000; (d) No material change in the business has occurred during the fiscal year, including any bankruptcy, reorganization, readjustment or succession or any material...

  2. THE RISK OF FAILURE - CAUSES AND CONSEQUENCES OF THE IT INDUSTRY

    OpenAIRE

    Moscviciov Andrei

    2011-01-01

    In this paper the author shows the ways to asses the bankruptcy risk using a related system of methods: economic, managerial, banking and statistics. At the end of this paper is addressed this issue with the help of Robertson Model.

  3. Contagion risk in endogenous financial networks

    International Nuclear Information System (INIS)

    Li, Shouwei; Sui, Xin

    2016-01-01

    Highlights: • We propose an endogenous financial network model. • Endogenous networks include interbank networks, inter-firm networks and bank-firm networks. • We investigate contagion risk in endogenous financial networks. - Abstract: In this paper, we investigate contagion risk in an endogenous financial network, which is characterized by credit relationships connecting downstream and upstream firms, interbank credit relationships and credit relationships connecting firms and banks. The findings suggest that: increasing the number of potential lenders randomly selected can lead to an increase in the number of bank bankruptcies, while the number of firm bankruptcies presents a trend of increase after the decrease; after the intensity of choice parameter rises beyond a threshold, the number of bankruptcies in three sectors (downstream firms, upstream firms and banks) shows a relatively large margin of increase, and keeps at a relatively high level; there exists different trends for bankruptcies in different sectors with the change of the parameter of credits’ interest rates.

  4. EPA Administrative Order on Consent (AOC) with ERP Compliant Coke, LLC

    Science.gov (United States)

    This Administrative Order on Consent with ERP Compliant Coke was effective August 2016. The Walter Coke facility located in North Birmingham was purchased by ERP Compliant Coke, LLC in February 2016 out of bankruptcy proceedings.

  5. Business fluctuations in a credit-network economy

    Science.gov (United States)

    Delli Gatti, Domenico; Gallegati, Mauro; Greenwald, Bruce; Russo, Alberto; Stiglitz, Joseph E.

    2006-10-01

    We model a network economy with three sectors: downstream firms, upstream firms, and banks. Agents are linked by productive and credit relationships so that the behavior of one agent influences the behavior of the others through network connections. Credit interlinkages among agents are a source of bankruptcy diffusion: in fact, failure of fulfilling debt commitments would lead to bankruptcy chains. All in all, the bankruptcy in one sector can diffuse to other sectors through linkages creating a vicious cycle and bankruptcy avalanches in the network economy. Our analysis show how the choices of credit supply by both banks and firms are interrelated. While the initial impact of monetary policy is on bank behaviour, we show the interactive play between the choices made by banks, the choices made by firms in their role as providers of credit, and the choices made by firms in their role as producers.

  6. 38 CFR 1.924 - Suspension or revocation of eligibility for federal loans, loan insurance, loan guarantees...

    Science.gov (United States)

    2010-07-01

    ... cause(s) of the delinquency and the likelihood that the person will resolve the delinquent debt; and (ii... General Counsel or Regional Counsel concerning the impact of the Bankruptcy Code, particularly 11 U.S.C...

  7. 10 CFR 1015.207 - Suspension or revocation of eligibility for loans and loan guaranties, licenses, permits, or...

    Science.gov (United States)

    2010-01-01

    ... redelegated only to the Deputy Chief Financial Officer of DOE. DOE may extend credit after the delinquency has... privileges, DOE will seek legal advice from counsel concerning the impact of the Bankruptcy Code...

  8. 76 FR 25352 - Establishment of the FDIC Systemic Resolution Advisory Committee

    Science.gov (United States)

    2011-05-04

    ... Advisory Committee will serve solely in an advisory capacity and will have no final decision-making..., investors, bankruptcy professionals, representatives from the audit, accounting, credit rating, and legal...

  9. 27 CFR 478.56 - Right of succession by certain persons.

    Science.gov (United States)

    2010-04-01

    ..., FIREARMS, AND EXPLOSIVES, DEPARTMENT OF JUSTICE FIREARMS AND AMMUNITION COMMERCE IN FIREARMS AND AMMUNITION... receiver or trustee in bankruptcy, or an assignee for benefit of creditors. (b) In order to secure the...

  10. 27 CFR 555.59 - Right of succession by certain persons.

    Science.gov (United States)

    2010-04-01

    ..., FIREARMS, AND EXPLOSIVES, DEPARTMENT OF JUSTICE EXPLOSIVES COMMERCE IN EXPLOSIVES Licenses and Permits... permittee; and (2) A receiver or trustee in bankruptcy, or an assignee for benefit of creditors. (b) In...

  11. New York Polytechnic: Tiffany of Subway Schools

    Science.gov (United States)

    Bard, Bernard

    1975-01-01

    Through intensive student recruitment, faculty planning, new undergraduate programs and acquisitioning of research and endowment money PINY, previously close to bankruptcy, is now approaching its goal of becoming the great technological university of New York. (KE)

  12. Fraud Indicators Applied to Legal Entities : An Empirical Ranking Approach

    NARCIS (Netherlands)

    S. van den Braak; R. Choenni; M.S. Bargh

    2014-01-01

    Legal persons (i.e., entities such as corporations, companies, partnerships, firms, associations, and foundations) may commit financial crimes or employ fraudulent activities like money laundering, tax fraud, or bankruptcy fraud. Therefore, in the Netherlands legal persons are automatically screened

  13. Equity venture capital platform model based on complex network

    Science.gov (United States)

    Guo, Dongwei; Zhang, Lanshu; Liu, Miao

    2018-05-01

    This paper uses the small-world network and the random-network to simulate the relationship among the investors, construct the network model of the equity venture capital platform to explore the impact of the fraud rate and the bankruptcy rate on the robustness of the network model while observing the impact of the average path length and the average agglomeration coefficient of the investor relationship network on the income of the network model. The study found that the fraud rate and bankruptcy rate exceeded a certain threshold will lead to network collapse; The bankruptcy rate has a great influence on the income of the platform; The risk premium exists, and the average return is better under a certain range of bankruptcy risk; The structure of the investor relationship network has no effect on the income of the investment model.

  14. A Multi-industry Default Prediction Model using Logistic Regression and Decision Tree

    OpenAIRE

    Suresh Ramakrishnan; Maryam Mirzaei; Mahmoud Bekri

    2015-01-01

    The accurate prediction of corporate bankruptcy for the firms in different industries is of a great concern to investors and creditors, as the reduction of creditors’ risk and a considerable amount of saving for an industry economy can be possible. Financial statements vary between industries. Therefore, economic intuition suggests that industry effects should be an important component in bankruptcy prediction. This study attempts to detail the characteristics of each industry using sector in...

  15. Trustee workbook 3. Effective governance after Enron and AHERF.

    Science.gov (United States)

    Orlikoff, James E; Totten, Mary K

    2002-01-01

    High profile business failures such as Enron and AHERF have raised the public's consciousness about the governing board's crucial role in ensuring sound, ethical business practices. AHERF (the Allegheny Health, Education, and Research Foundation in Philadelphia) was the largest not-for-profit health care bankruptcy in history and has generated many lawsuits against the AHERF boards and individual trustees. The Enron bankruptcy will certainly result in lawsuits against its board and directors and has embarrassed board members profoundly.

  16. Finanční analýza MONTYFAJ, s.r.o.

    OpenAIRE

    Zoubek, Michal

    2011-01-01

    Financial analysis of the small construction company in the period 2005 - 2009, focused on bankruptcy models and bankruptcy risk. Content of analysis is a summary of the economic situation in the construction industry in the period, description of the analyzed company, identification of its main competitors and SWOT analysis. Application part contains horizontal and vertical analysis, analysis by ratios, Du Pont decomposition, calculation of economic value added (EVA), comparison of company t...

  17. Thermal energy, electricity, and transportation fuels from wood

    Science.gov (United States)

    John I. Zerbe

    2006-01-01

    In July of 2005, U.S. airlines were losing money. Some were in bankruptcy or on the verge of bankruptcy. The world’s Number 1 auto producer, General Motors, was losing money and market share. By the end of the month sales had set records, but this was mainly because of costly sales incentives. The U.S. dollar that had been at a high point of $1.29 in exchange for the...

  18. Trade credit and the propagation of corporate failure: An empirical analysis

    OpenAIRE

    Jacobsen, Tor; von Schedvin, Erik

    2012-01-01

    We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure and the loss given failure. We further document that the credit loss invoked by a debtor failure imposes a substantially enhanced bankruptcy risk on the creditors. The propagation mechanism is mitigated...

  19. Assessment applicability of selected models of multiple discriminant analyses to forecast financial situation of Polish wood sector enterprises

    OpenAIRE

    Adamowicz Krzysztof; Noga Tomasz

    2017-01-01

    In the last three decades forecasting bankruptcy of enterprises has been an important and difficult problem, used as an impulse for many research projects (Ribeiro et al. 2012). At present many methods of bankruptcy prediction are available. In view of the specific character of economic activity in individual sectors, specialised methods adapted to a given branch of industry are being used increasingly often. For this reason an important scientific problem is related with the indication of an...

  20. Analisis Opini Auditor Sebagai Sinyal Kepailitan Suatu Perusahaan: Tinjauan Terhadap Perlunya Kode Etik Syariah Akuntan Publik

    Directory of Open Access Journals (Sweden)

    Sugiyarti Fatma Laela

    2014-03-01

    Full Text Available Auditor is a professional who has credibility in auditing financial report and company’s activities. This research’s purpose is to figure out; does the company’s bankruptcy can be predicted from the auditor’s opinion. The data used in this research are taken from 33 companies which have announced to bankruptcy by state justice of Central Jakarta, and the recent three years auditor’s opinions before the companies’ bankruptcy. After the data have been analyzed with T-test and Friedman test, it goes to the result that there is no significant different between the whole auditor’s opinions in last three years before the companies’ bankruptcy. This research concludes that the bankruptcy cannot be predicted from the auditor’s opinion. Theoretically, the auditor’s opinion can be a tool in predicting the company’s bankruptcy. The deviation of auditor’s ethical codes causes to such this matter happen. Based on that fact, the shariah based ethical codes for auditor is needed. After deep learning from many literatures, the writer formulates shariah ethical codes for auditor which divides into two; relationship between Allah and Human, it performed with the faith (Iman, and the other one is relationship among all humans, it involves the objectivity, independency, professionalism, and integrity.JEL Classification : M40, M42Keywords : auditor, auditor’s opinion, Islamic auditor’s ethical codes

  1. Analisis Kebangkrutan Perusahaan dengan Menggunakan Metode Z Score (Studi Kasus pada Industri Consumer Goods di Bursa Efek Jakarta Periode 1997 – 2000

    Directory of Open Access Journals (Sweden)

    Nuning Kriesnawati

    2016-02-01

    Full Text Available This study aimed to analyze bankruptcy using the Z score. Research done in the consumer goods industry listed in Jakarta Stock Exchange 1997-2000 period. The results found that in 2000 the value of Z score companies has decreased, this is possible because the value of the variable X3 and X4 has decreased, but in 2001 the value of Z score Integration again experienced an increase, although not as high as in 1999, this means that the company can improve its performance. PT Mandom value of Z score indicates that the company is in a good condition or not bankruptcy. Z score value of the company from 1997 to 2001 continues to increase, it suggests that good corporate performance which proved that despite the crisis the company was still able to survive even continue to increase. Analysis of the bankruptcy of PT Unilever shows that the company is in a good condition. As in PT Mandom, the company is also not affected by the crisis. Z score value of the company from 1997 to 2001 have increased constantly, this indicates that the performance is good. Analysis of the bankruptcy of the PT Procter and Gamble shows that the company is in conditions that are less stable, this is indicated by the value of Z score in 1997 shows that the company is in the condition of the gray area, in 1998 based on assessment standards of bankruptcy, the company in 1998 experienced bankruptcy, in 1999 the company experienced a slight improvement from the beginning in a state of bankruptcy changes on the condition of the gray area, in 2000 the company was in good condition or not bankrupt, this is possible because the company sells most of its fixed assets in order to operate properly. However, in 2001 the company back on the condition of the gray area, it is because the value X2 to X5 has decreased.

  2. KEPASTIAN HUKUM OTORITAS JASA KEUANGAN DALAM PROSES KEPAILITAN PERUSAHAAN EFEK

    Directory of Open Access Journals (Sweden)

    Raden Besse Kartoningrat

    2017-05-01

    Full Text Available Financial Services Authority regulated in Law Number 21 in 2011, is a new institution which has the functions, duties and authority in terms of regulation and supervision in the financial services activities, one of which is the capital market. However, in bankruptcy proceedings securities company that is part of the Capital Markets financial services have not been set forth in the Act. The problems to be discussed in this study is on what legal basis the company filing for bankruptcy to effect by the FSA and is the concepts of Privileges Setting Supervision Authority in terms of the functions, duties and authority of the FSA on Bankruptcy Process Securities Company. This is a Normative Research. The results from this research is that the legal basis for the bankruptcy filing to the Securities Company by FSA is still not yet exist, so the FSA soon may have to implement regulations for the securities company bankruptcy so that there is no legal vacuum in that regard.

  3. The optimization of structure of capital firm «Ukrtelecom»

    Directory of Open Access Journals (Sweden)

    M.I. Yaremenko

    2015-03-01

    Full Text Available In the paper the optimization of capital enterprises in the economic crisis, namely the method of Modigliani–Miller. This is especially true because Ukraine is in an economic and financial crisis whose impact on businesses need to level through internal resources and companies with state tax support. Established that the values of financial leverage marginal tax benefits equal marginal cost of bankruptcy, in a model of Modigliani–Miller, taking into account taxes and compromise approach to the capital levels of financial leverage, which costs bankruptcy materialize in cash. Bankruptcy costs depend on the probability of bankruptcy and ruin the company and the value of the costs associated with it. With small loans and low probability of ruin and bankruptcy costs are low. Advantages of taxation lead to higher market price of the capital of the enterprise. Using the tools of financial and operational management, the owners of the firm's capital can allocate losses so that most of them will be in the creditors.

  4. OPINI AUDIT GOING CONCERN: KAJIAN BERDASARKAN MODEL PREDIKSI KEBANGKRUTAN, PERTUMBUHAN PERUSAHAAN, LEVERAGE, DAN REPUTASI AUDITOR

    Directory of Open Access Journals (Sweden)

    ARRY PRATAMA RUDYAWAN

    2009-07-01

    Full Text Available The cases of accounting data manipulation that involve big firms, such as Enron and WorldCom, have affected auditor reputation. Enron and 95 other firms received unqualified opinion in the year prior to bankruptcy. This fact raises questions why firms receiving unqualified opinion stop operating. The assessment of going concern has to be delivered by auditor and added into audit opinion.  An auditor is responsible to evaluate whether there is substantial doubt about the entity’s ability to continue its operation for a reasonable period of time. This research aims to investigate the effect of bankruptcy prediction model, firm growth, leverage, and auditor reputation on going concern audit opinion. The result shows that bankruptcy prediction model affects the accuracy of going concern opinion issue. However, the firm growth, leverage, and auditor reputation do not do so.

  5. LEGAL PROTECTION FOR CUSTOMER SEGREGATED ACCOUNT OWNER FROM LOSS DUE TO THE BANKCRUPTY OF FUTURES BROKERAGE FIRM

    Directory of Open Access Journals (Sweden)

    Yessy Meryantika Sari

    2016-05-01

    Full Text Available Commodity futures trading is a business activity that is complex and involves many parties including Client Segregated Account and Brokerage Company. This business promises huge benefits but ba-lanced with a high risk of loss. Therefore, a potential event of bankruptcy. Customer as the owner of the funds which mandated funds to the brokerage company to be managed for purposes of the transaction, should get legal protection from potential losses due to bankruptcy of futures brokerage firm. The spirit of the law in protection for customers is reflected in the preamble of le-gal norms futures trading as further elaborated in the general legal provisions stipulated in the Fu-tures Trading Act. Keywords : Legal Protection, Customer Segregated Account Owner, Broker, Bankruptcy Law

  6. Oscilando entre a escrituração mercantil, os testemunhos e a arbitragem. A construção social das provas nos casos de falência no Brasil, em meados do século XIX

    Directory of Open Access Journals (Sweden)

    Hanna Helena Sonkajärvi

    2017-12-01

    Full Text Available The Brazilian Commercial Code entered in vigour in 1850, but this did not radically alter the manner how bankruptcy cases were handled by the law courts. Legal procedure continued heavily conditioned by local agents and by the actions taken early in the bankruptcy proceedings (conciliation and arbitration. In this situation, the task of determining the value of debt of insolvent merchants and establishing evidence against these individuals to be able to prove the existence of a fraudulent bankruptcy turned extremely complicated. Based on cases of insolvency in the second half of the nineteenth century we will identify factors that might explain why the tribunals struggled to establish evidence in merchants’ records and how they would, faced with this situation, try to reach a decision.

  7. Predicting financial distress in publicly-traded companies

    Directory of Open Access Journals (Sweden)

    Felipe Fontaine Rezende

    2017-07-01

    Full Text Available ABSTRACT Several models for forecasting bankruptcy have been developed over the years, one of the reasons for which is the important part it plays in decision-making. However, forecasting a company’s bankruptcy leaves a very short time for stakeholders to change the situation. It is in this context that this paper arises in order to develop a model for predicting financial distress, which is identified as a step prior to bankruptcy. The predictive model uses the logistic regression technique with panel data and a sample of Brazilian publicly-traded companies with shares listed on the São Paulo Stock, Commodities, and Futures Exchange between 2001 and 2014. As well as financial variables, the final model includes market expectations (macroeconomic and sector variables. These variables are statistically tested and the hypothesis is confirmed that they improve the accuracy of the model. The research identified the existence of financial distress in 96% of the companies that went bankrupt. In addition, the relationship between the phenomena of bankruptcy and financial distress is verified, using financial and macroeconomic explanatory variables. The results demonstrate that most (83% of the explanatory variables in the model for predicting bankruptcy are also present in the model for predicting the phenomenon of financial distress. The expected gross domestic product variables and the quick ratio, asset turnover, and net equity over total liabilities financial variables are statistically significant in predicting both phenomena. With this evidence, the study suggests the use of the concept of financial distress as a stage prior to bankruptcy and provides a model for predicting financial distress with 89% accuracy when applied to publicly-traded companies in Brazil in the period examined.

  8. Concrete Aspects Regarding the Imputation of Current Tax Receivables in Insolvency Proceedings

    Directory of Open Access Journals (Sweden)

    Marioara Mirea

    2016-01-01

    Full Text Available This paper captures the practical aspects in terms of tax treatment of the receivables arising subsequent to the initiation of insolvency proceedings, during the observation period, in judicial reorganization or bankruptcy proceedings. These issues are treated from a fiscal perspective, as new periods. During the observation, reorganization or bankruptcy period, an insolvent company is subject to the Law on insolvency prevention and insolvency proceedings. On the other hand, the provisions of the Fiscal Procedure Code, as applied by the tax creditor, govern an individual procedure for the recovery of receivables while the Law on insolvency prevention and insolvency proceedings refers to a collective procedure for the recovery of receivables.

  9. Potensi Kebangkrutan pada Sektor Perbankan Syariah untuk Menghadapi Perubahan Lingkungan Bisnis

    OpenAIRE

    Ihsan, Dwi Nuraini; Kartika, Sharfina Putri

    2015-01-01

    Potential Bankruptcy On Islamic Banking Sector Facing Business Environmental Changes This research aims is to evaluate the soundness of Islamic banks and to predict the bankruptcy potency from the Islamic banks. The methods that used on this paper are RGEC method and the modified altman z-score analysis. The RGEC is represents by NPF, LR, risk profile, ROA, NCOM, and CAR. The altman z-score is represents by the ratio of networking capital to total asset, retained earning to total asset, earni...

  10. Dynamic Capital Structure with Callable Debt and Debt Renegotiations

    DEFF Research Database (Denmark)

    Christensen, Peter Ove; Flor, Christian Riis; Lando, David

    2014-01-01

    We consider a dynamic trade-off model of a firm’s capital structure with debt renegotiation. Debt holders only accept restructuring offers from equity holders backed by threats which are in the equity holders’ own interest to execute. Our model shows that in a complete information model in which...... taxes and bankruptcy costs are the only frictions, violations of the absolute priority rule (APR) are typically optimal. The size of the bankruptcy costs and the equity holders’ bargaining power affect the size of APR violations, but they have only a minor impact on the choice of capital structure....

  11. Surviving death

    DEFF Research Database (Denmark)

    Gerstroem, Anna

    2013-01-01

    such phases. The aim of this paper is to explore how an organization’s identity is re-constructed after organizational death. Based on interviews with members of a bankrupted bank who narrate their bankruptcy experiences, the paper explores how legacy organizational identity is constructed after...... organizational death. The paper shows how members draw on their legacy organizational identity to justify their past interpretations and responses to the intensifying bankruptcy threats. Members refer to their firm belief in the bank’s solid and robust identity claim when they explain how they disregarded...

  12. Kewenangan Pengadilan Niaga dalam Penyelesaian Sengketa Bisnis

    OpenAIRE

    Iskandar, Agus

    2012-01-01

    The title of this research is the study of the Authority of the Commercial Court in Business Disputes Settlement. The main issues of this research are as follows: (1) What is the authority of the Commercial Court in the settlement of business disputes, due to unclear object of commercial case which can be handled by the Commercial Court? The results of this research are as follows: First, the authority of the Commercial Court under the bankruptcy law is to examine and adjudicate bankruptcy ...

  13. Fragilização de grandes bancos no início do Plano Real The weakening of big banks in the beginnings of the Plano Real

    Directory of Open Access Journals (Sweden)

    Carlos Eduardo Carvalho

    2002-01-01

    Full Text Available The bankruptcy of three big private banks (Econômico, Nacional and Bamerindus in the beginning of the Plano Real has been attributed to the fast and intense growth of loan after the fall of inflation. The three banks balance sheet data, however, show a decrease in credit amount or a very small growth from July 1994 to the bankruptcy. The article defends that the problems of the three banks came from the past and were aggravated by difficulties to face the new problems created by the end of high inflation and by the restrictive economic politics in 1995.

  14. PREDICTIVE ANALYSIS SOFTWARE FOR MODELING THE ALTMAN Z-SCORE FINANCIAL DISTRESS STATUS OF COMPANIES

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2012-10-01

    Full Text Available Literature shows some bankruptcy methods for determining the financial distress status of companies and based on this information we chosen Altman statistical model because it has been used a lot in the past and like that it has become a benchmark for other methods. Based on this financial analysis flowchart, programming software was developed that allows the calculation and determination of the bankruptcy probability for a certain rate of failure Z-score, corresponding to a given interval that is equal to the ratio of the number of bankrupt companies and the total number of companies (bankrupt and healthy interval.

  15. 77 FR 62558 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing of...

    Science.gov (United States)

    2012-10-15

    ... requirements limited partnerships, companies in bankruptcy proceedings, open-end management investment... controlled companies, registered management investment companies (which are similar to open-end management... limited to, the source of compensation for that director (including any consulting, advisory or other...

  16. The Phony Funding Crisis

    Science.gov (United States)

    Guthrie, James W.; Peng, Arthur

    2010-01-01

    If one relies on newspaper headlines for education funding information, one might conclude that America's schools suffer from a perpetual fiscal crisis, every year perched precariously on the brink of financial ruin, never knowing whether there will be sufficient funding to continue operating. Budgetary shortfalls, school district bankruptcies,…

  17. 26 CFR 301.6872-1 - Suspension of running of period of limitations on assessment.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Suspension of running of period of limitations..., Bankruptcy, and Receiverships Jeopardy § 301.6872-1 Suspension of running of period of limitations on... as such, then the running of the period of limitations on assessment shall be suspended from the date...

  18. 75 FR 44296 - Proposed Collection; Comment Request

    Science.gov (United States)

    2010-07-28

    ..., guardian, conservator, assignee for the benefit of creditors, receiver, trustee in insolvency or bankruptcy... technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of... Officer, Securities and Exchange Commission, c/o Shirley Martinson, 6432 General Green Way, Alexandria...

  19. 77 FR 75628 - STS Hydropower, Ltd., Dan River, Inc., and City of Danville, VA; Notice of Application for...

    Science.gov (United States)

    2012-12-21

    ..., Ltd., Dan River, Inc., and City of Danville, VA; Notice of Application for Partial Transfer of License... Bankruptcy Trustee for Dan River, Inc. and STS Hydropower, Ltd (co-licensees) transferors and the City of... Project from Dan River, Inc. and STS Hydropower, Ltd. to STS Hydropower, Ltd. and the City of Danville...

  20. 78 FR 44981 - Restructuring of National Labor Relations Board's Headquarters' Offices

    Science.gov (United States)

    2013-07-25

    ... Administrative Law, (2) Contempt, Compliance and Special Litigation, and (3) Freedom of Information Act (FOIA... bar ethics. The Contempt, Compliance and Special Litigation Branch will provide compliance and contempt advice and litigation involving, among other things, the Bankruptcy Code, the Federal Debt...

  1. Karma United

    DEFF Research Database (Denmark)

    Saliev, Kamolidden; Hockerts, Kai

    2013-01-01

    work with the company’s philanthropic activities. Moving on, the case describes the history of hummel and its turnaround in the 1990s from near bankruptcy. The leadership style in hummel International, 'Company Karma', is outlined and links are made to the general concept of corporate social...

  2. 24 CFR 266.638 - Issuance of HFA Debenture.

    Science.gov (United States)

    2010-04-01

    ... HOUSING FINANCE AGENCY RISK-SHARING PROGRAM FOR INSURED AFFORDABLE MULTIFAMILY PROJECT LOANS Contract... the HFA time to foreclose and/or resell the project. HUD may provide a written extension of the five year term if the HFA certifies and provides documentation that the project owner has filed bankruptcy...

  3. 29 CFR Appendix A to Part 4011 - Model Participant Notice

    Science.gov (United States)

    2010-07-01

    ... your benefits may be at risk if your employer faces a severe financial crisis or is in bankruptcy... a company is experiencing temporary financial hardship, the Internal Revenue Service may grant a funding waiver that permits the company to delay contributions that fund the pension plan. [INCLUDE THE...

  4. 40 CFR 152.135 - Transfer of registration.

    Science.gov (United States)

    2010-07-01

    ..., spinoff, bankruptcy transfer (no financial information need be disclosed); (7) A statement that the transferor and transferee understand that any false statement may be punishable under 18 U.S.C. 1001; and (8...) The name(s) and EPA registration number(s) of the product(s) being transferred; (4) A statement that...

  5. 16 CFR 437.3 - Severability.

    Science.gov (United States)

    2010-01-01

    .... Business experience of the business opportunity seller's directors and executive officers. 3. Business experience of the business opportunity seller. 4. Litigation history. 5. Bankruptcy history. 6. Description.... Obligations to purchase. 11. Revenues received by the business opportunity seller in consideration of...

  6. Wary Eyes Monitoring Wall Street

    Science.gov (United States)

    Jacobson, Linda

    2008-01-01

    School business officials kept a close watch on the financial markets this week--and on district investment portfolios and teacher-retirement funds--as stock prices gyrated and once-sound institutions got government bailouts or crumbled into bankruptcy. While financial observers said it was too soon to predict how Wall Street's upheaval might…

  7. Interactive behavior in conflict situations

    NARCIS (Netherlands)

    Quant, M.

    2006-01-01

    This thesis deals with interactive behavior in conflict situations. The first chapters consider several issues in relation to bankruptcy theory. Thereafter, several operations research problems are modeled within the framework of cooperative game theory. The main focus is on what is optimal for a

  8. 25 CFR 103.11 - How does BIA approve lenders for the Program?

    Science.gov (United States)

    2010-04-01

    ... opportunities the lender has given to Indian business efforts through the Program; and (5) The lender's... corporate structure; (2) The effective date of a merger between the lender and any other entity, when the... of the lender's assets may be subject to disposition through laws governing bankruptcy, insolvency...

  9. 7 CFR 46.13 - Address, ownership, changes in trade name, changes in number of branches, changes in members of...

    Science.gov (United States)

    2010-01-01

    ... bankruptcy laws. A new license is required in case of a change in the ownership of a firm, the addition or withdrawal of partners in a partnership, or in case business is conducted under a different corporate charter...; (4) Any change in the number and address of any branches or additional business facilities, and; (5...

  10. Contracts and the institutional environment for electricity reform

    International Nuclear Information System (INIS)

    Danielsen, A.L.; Gupta, N.K.; Klein, P.G.

    1999-01-01

    Recent law and economics literature suggests that courts and administrative agencies should allow utilities to renegotiate supply contracts signed prior to restructuring, as an attractive alternative to continued regulatory oversight or possible bankruptcy. The central issue is whether contracting parties have a legal duty to fulfill their obligations under all circumstances without modification

  11. Disappearing Ink: What Happens when the Education Reporter Goes Away?

    Science.gov (United States)

    Petrilli, Michael

    2009-01-01

    According to the Pew Research Center, newspaper readership fell 5 percent in just the past year, and advertising revenues are down 23 percent over the past two years. The third quarter of 2008 saw the worst decline in print ad revenue in nearly 40 years, reports the Newspaper Association of America. Several major chains are in bankruptcy, and a…

  12. ORIGINAL ARTICLES Canada's health care system: A relevant ...

    African Journals Online (AJOL)

    Canada's universal health care system, named Medicare, was fully in place. While this universal .... through lotteries and 'sin taxes' on alcohol and cigarettes. Since 2004, the federal portion of ..... Himmelstein DU, Thorne D, Warren E, Woolhandler S. Medical bankruptcy in the United. States, 2007: results of a national study.

  13. Consumer Credit Card Use: The Roles of Creditor Disclosure and Anticipated Emotion

    Science.gov (United States)

    Wiener, Richard L.; Holtje, Michael; Winter, Ryan J.; Cantone, Jason A.; Gross, Karen; Block-Lieb, Susan

    2007-01-01

    In response to federal legislative reform aimed, in part, at reducing consumer bankruptcy filings, the authors conducted 2 experiments examining the role of affect in purchasing behavior. In Experiment 1, they examined consumer debtors, and in Experiment 2, they examined nondebtors. In both experiments, they investigated purchasing decisions made…

  14. Supply chain network downsizing with product line pruning using a new demand substitution

    NARCIS (Netherlands)

    Ashayeri, J.; Ma, N.; Sotirov, R.

    2015-01-01

    This paper presents an optimization model for downsizing a multi-product supply chain facing bankruptcy risk, where multi-functional production facilities are shared for producing a group of substitutable products. In order to determine the potential demand after discontinuation of certain product

  15. Improved Creditor Protection and Verifiability in the U.S

    NARCIS (Netherlands)

    Giambona, E.; Lopez-de-Silanes, F.; Matta, R.

    2013-01-01

    The dissatisfaction with the U.S. bankruptcy law is largely due to its excessive focus on distribution rather than efficiency issues. The existence of dispersed creditors and different classes of debt make out-of-court restructuring harder and often result in rejections of reorganization plans in

  16. One for All and All for the Brand

    DEFF Research Database (Denmark)

    Stoeckl, Verena E.; Gabl, Sabrina; von Wallpach, Sylvia

    2014-01-01

    This study aims at gaining an empirical understanding of the temporary discursive construction of solidarity for a brand in crisis. The authors draw on two highly frequented national newspaper platforms to analyse online discourses revolving around the threatening bankruptcy of a national chocolate...

  17. Dostoevsky: a Russian panacea for Europe

    NARCIS (Netherlands)

    Brolsma, M.

    2014-01-01

    According to many European intellectuals the Great War affirmed the bankruptcy of European civilization. Disappointed with western rationalism and materialism, many of them found solace in the East. In the early 1920s Russian culture was considered a source for the regeneration of western culture.

  18. Bombing beyond Democracy. Remembering the Ruins of Europe

    DEFF Research Database (Denmark)

    Hoffmann, Birthe

    2013-01-01

    World War II is often seen as a victory for democracy, but at the same time represents the final bankruptcy of those humanistic ideas that seemed so deeply rooted in European tradition. This affected not only the self-perception of the Germans, as obvious, but also that of the winning democracies...

  19. Hazardous Waste Cleanup: Eastman Business Park in Rochester, New York

    Science.gov (United States)

    Eastman Business Park EBP (formerly Eastman Business Kodak Park) is approximately 1,100 acres complex across nearly four miles through the City of Rochester and the Town of Greece. Although it has filed for bankruptcy on January 19, 2012 and is undergoin

  20. Delistings in Europe and the Cost of Governance

    DEFF Research Database (Denmark)

    Vinten, Frederik; Thomsen, Steen

    2006-01-01

    to go private. It seems likely that increasing investor protection will at some point add more costs than benefits to companies and investors. Governments should therefore consider both costs and benefits of further regulation.Key words: Delisting, public listing, mergers, acquisitions, bankruptcy...

  1. Why Do Distressed Firms Acquire?

    NARCIS (Netherlands)

    Q. Zhang (Quxian)

    2016-01-01

    textabstractAcquisitions made by distressed firms in recent years are economically important. This paper explores the rationale behind such acquisitions using a natural experiment. Exploiting a recent tax change which reduces debt restructuring costs for certain creditors and decreases bankruptcy

  2. Download this PDF file

    African Journals Online (AJOL)

    Fr. Ikenga

    practicing any regulated profession (except as an employee)7. ... Local Governments are however advocating for local government autonomy in other ... chapter 1 of this work only refers to a person, and our Bankruptcy Act does not .... of the bailout fund and cannot account for the balance. ..... social and commercial life.

  3. Finanční analýza Třineckých železáren, a.s.

    OpenAIRE

    Havlenová, Kateřina

    2011-01-01

    This bachelor work explores the company with methods of financial analysis. From the chosen data from income statement, balance sheet and annual statements I implement ratio analysis, horizontal and vertical analysis, the balance analysis, working capital, economic value added, bankruptcy models. I also compare these information with a branch.

  4. System viability of organizations and the aetiology of organizational crisis : A Quantitative Assessment of Stafford Beer's Viable System Model

    NARCIS (Netherlands)

    Pfiffner, M.D.

    2017-01-01

    Subject of this dissertation is the aetiology of crisis processes which place organizations under existential threats and which often cause organizational demise and bankruptcy. To date, research on organizational crises (OC) has not succeeded in identifying the generic grounds for these detrimental

  5. The Enigmatic Nature of the Israeli Legal System

    African Journals Online (AJOL)

    MJM Venter

    the property which he owns at the time of bankruptcy, a new opportunity in life and a clear field for future effort, unhampered by .... property as if an involuntary case concerning the debtor had not been commenced. 11 USC § 303(g) bepaal ... and use the collateral until the court orders otherwise. Thus … the debtor will have ...

  6. 49 CFR 250.5 - General instructions.

    Science.gov (United States)

    2010-10-01

    ... securities pledged as collateral; that the certificate or other obligations so executed and so delivered... railroads property and priority in payment under the Bankruptcy Act, and that the lender and the Secretary... opinion shall also cover the priority and lien of each item of the collateral offered. (2) Certified...

  7. Stability Of The Regional Banking Systems In The Crisis And Post-Crisis Periods

    Directory of Open Access Journals (Sweden)

    Yelena Pavlovna Gurova

    2014-12-01

    Full Text Available In connection with the recent crises has become more urgent topic of estimating the probability of bankruptcy of financial institutions. However, do not analyze the level of bankruptcies in the «regional banking systems» and its dependence on certain bank characteristics, the economic situation in the region. The subject of this study is to estimate the probability of medium-sized («non-capital» regional banks bankruptcy. Purpose of the article is to identify the main factors that have the greatest impact on the probability of default of the situation of regional banks. The study used an analytical and theoretical method is conducted econometric analysis. For performance revealed a significant difference in the factors influencing the onset of medium-sized regional situation of default («non-capital» banks, compared with larger banks. First to assess the likelihood of bankruptcy is used the concentration index of banks included in the model and significant macro variables. Results are applicable, from our point of view, the evaluation and more precise definition of the probability of default CBR regional banks.

  8. 28 CFR 64.2 - Designated officers and employees.

    Science.gov (United States)

    2010-07-01

    ... functions; (n) The Director, Deputy Director for Supply Reduction, Deputy Director for Demand Reduction... bankruptcy laws; (h) Attorneys and employees assigned to perform or to assist in performing investigative... investigative, inspection or law enforcement functions; (k) Federal air marshals of the Federal Aviation...

  9. 49 CFR 1150.21 - Scope of rules.

    Science.gov (United States)

    2010-10-01

    ... apply to operations over abandoned rail lines, which have been acquired (through purchase or lease) by a State. The rail line must have fully abandoned, or approved for abandonment by the Board or a bankruptcy... modified certificate of public convenience and necessity under this subpart or a common carrier certificate...

  10. 26 CFR 1.61-12 - Income from discharge of indebtedness.

    Science.gov (United States)

    2010-04-01

    ... TAX (CONTINUED) INCOME TAXES (CONTINUED) Definition of Gross Income, Adjusted Gross Income, and... the principal purposes of seeking a confirmation under the Bankruptcy Act is the avoidance of income tax, income is not realized by a taxpayer in the case of a cancellation or reduction of his...

  11. Capital Structure and International Debt Shifting

    NARCIS (Netherlands)

    Huizinga, H.P.; Laeven, L.; Nicodeme, G.

    2006-01-01

    This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between

  12. Tunneling and propping : a justification for pyramidal ownership

    NARCIS (Netherlands)

    Riyanto, Y.E.; Toolsema-Veldman, Linda

    2004-01-01

    This paper presents a formal model of tunneling and propping in a pyramidal ownership structure. Tunneling refers to controlling shareholders shifting resources from one firm to another in the same pyramid. Propping is tunneling that is done to save the receiving firm from bankruptcy. We compare the

  13. THE RISK OF FAILURE - CAUSES AND CONSEQUENCES OF THE IT INDUSTRY

    Directory of Open Access Journals (Sweden)

    Moscviciov Andrei

    2011-12-01

    Full Text Available In this paper the author shows the ways to asses the bankruptcy risk using a related system of methods: economic, managerial, banking and statistics. At the end of this paper is addressed this issue with the help of Robertson Model.

  14. Economic Engines

    Science.gov (United States)

    Dziczek, Kristin

    2012-01-01

    The U.S. automotive industry has always been a cyclical business, but its near-collapse in 2008-09 and the subsequent bankruptcy of two of the three largest domestic automakers was more than a cyclical downturn. As light vehicle sales and production slowly recover, the industry has started to hire again, though with caution. In an industry known…

  15. Colleges Drive Research on Electric Cars

    Science.gov (United States)

    Basken, Paul

    2009-01-01

    As the General Motors Corporation shuts assembly plants and veers toward bankruptcy, the lonely remnants of one of its top technological achievements--the first modern mass-produced electric car--lie scattered across a few dozen American college campuses. GM produced and leased to customers more than 1,000 "EV1" automobiles beginning in 1996. In…

  16. 31 CFR 901.6 - Suspension or revocation of eligibility for loans and loan guaranties, licenses, permits, or...

    Science.gov (United States)

    2010-07-01

    ... delinquency has been resolved. The Secretary may exempt classes of debts from this prohibition and has prescribed standards defining when a “delinquency” is “resolved” for purposes of this prohibition. See 31 CFR... counsel concerning the impact of the Bankruptcy Code, particularly 11 U.S.C. 362 and 525, which may...

  17. 7 CFR 3.14 - Suspension or revocation of eligibility for loans and loan guarantees, licenses, permits, or...

    Science.gov (United States)

    2010-01-01

    ... extend credit after the delinquency has been resolved. The Secretary of the Treasury may exempt classes of debts from this prohibition and has prescribed standards defining when a “delinquency” is..., or privileges, agencies may seek legal advice from OGC concerning the impact of the Bankruptcy Code...

  18. 7 CFR 3.11 - Demand for payment.

    Science.gov (United States)

    2010-01-01

    ... a post-delinquency payment agreement) provides otherwise (such as providing USDA an immediate right to collect upon delinquency). Written demand as described in paragraph (b) of this section shall be... agency shall immediately seek legal advice from OGC concerning the impact of the Bankruptcy Code on any...

  19. 41 CFR 105-55.013 - Suspension or revocation of eligibility for loans and loan guaranties, licenses, permits, or...

    Science.gov (United States)

    2010-07-01

    ... extend credit after the delinquency has been resolved. The Secretary may exempt classes of debts from this prohibition and has prescribed standards defining when a “delinquency” is “resolved” for purposes... revoke licenses, permits, or privileges, the Agency will ascertain the impact of the Bankruptcy Code...

  20. 75 FR 41217 - Federal Housing Administration Risk Management Initiatives: Reduction of Seller Concessions and...

    Science.gov (United States)

    2010-07-15

    ...); Section 223(e) (declining neighborhoods); and Section 238(c) (military impact areas in Georgia and New... measure the sum of 90\\+\\-day delinquencies, in-foreclosure, and in-bankruptcy cases, as a percent of all... Reservations); Section 223(e) (declining neighborhoods); and Section 238(c) (military impact areas in Georgia...

  1. Credit Risk Evaluation System: An Artificial Neural Network Approach

    African Journals Online (AJOL)

    On the other hand, this kind of bank's activity is connected with high risk as big amount of bad decisions may even cause bankruptcy. The key problem consists of distinguishing good (that surely repay) and bad (that likely default) credit applicants. Credit risk evaluation is an important and interesting management science ...

  2. Financial analysis as a tool for asset and capital management

    OpenAIRE

    BLAŽKOVÁ, Andrea

    2010-01-01

    This thesis deals with general characteristics of financial analysis, the importance of financial analysis for financial management, an expression of financial ratios, including their systems, economic value added, and some bankruptcy and creditworthy models. The analytical section of the thesis applies selected financial indicators to interpret the financial situation of the constructional company Hochtief CZ.

  3. Handbook of Student Financial Aid: Programs, Procedures, and Policies.

    Science.gov (United States)

    Fenske, Robert H.; And Others

    The full range of topics relevant to student financial aid are covered in this book by a variety of experts in financial aid administration and scholarship. The volume details how to organize, implement and assess a financial aid program--including how to determine student need, deal with student bankruptcy and aid termination, and improve…

  4. Must One Be "In Recovery" To Help?

    Science.gov (United States)

    Trimpey, Jack

    Rational Recovery (RR) and the Addictive Voice Recognition Technique (AVRT) are described. Rational recovery is a young organization which views alcohol and drug dependency differently from the traditional field which sees addiction as a symptom of something, of a disease, of spiritual bankruptcy, of irrational thinking, of unhappiness, of…

  5. Yugoslavia's Economic Crisis: the Price of Overexpansion

    NARCIS (Netherlands)

    W. Burger (Willem)

    1984-01-01

    textabstractYugoslavia is one of the rapidly industrialising countries which has had a record of very high rates of economic growth over the past decades and which is now balancing on the brink of bankruptcy. That its grave financial problems have not attracted as much international attention as

  6. 14 CFR 205.5 - Minimum coverage.

    Science.gov (United States)

    2010-01-01

    ... 18,000 pounds maximum payload capacity, carriers need only maintain coverage of $2,000,000 per... than 30 seats or 7,500 pounds maximum cargo payload capacity, and a maximum authorized takeoff weight... not be contingent upon the financial condition, solvency, or freedom from bankruptcy of the carrier...

  7. 20 CFR 422.602 - Terms used in this subpart.

    Science.gov (United States)

    2010-04-01

    ... 422.602 Employees' Benefits SOCIAL SECURITY ADMINISTRATION ORGANIZATION AND PROCEDURES Administrative... responsibility of paying the annual health and death benefit premiums of certain coal miners and their eligible... documents such as business incorporation, merger, and bankruptcy papers; health and safety reports filed...

  8. Consumers’ preferences regarding department stores

    NARCIS (Netherlands)

    van Laarhoven, W.; Borgers, A.W.J.; van den Berg, P.E.W.

    2017-01-01

    The main reason for this research was the bankruptcy of one the Dutch oldest and largest chain of department stores at the end of 2015. The main goal of this research is to find what, from a consumers’ perspective, a department store should look like. A four storey (1500 m2 each) building was

  9. Life after Death

    DEFF Research Database (Denmark)

    Hollensen, Svend; Boyd, Britta; Bogers, Marcel

    We analyze the more specific changes to the various components of Cimber’s business model, building on this historical perspective, and especially focusing on the recent developments surrounding the bankruptcy in May 2012. Some key findings with respect to the role of the family in business model...

  10. 12 CFR 219.4 - Exceptions.

    Science.gov (United States)

    2010-01-01

    ... financial records or information related to: (a) Security interests, bankruptcy claims, debt collection. Any... loan insurance program. (c) Nonidentifiable information. Financial records that are not identified with.... (f) Federally required reports. Financial records required to be reported in accordance with any...

  11. Economic security integrated assessment: a case study for OJSC “Sintez”

    Directory of Open Access Journals (Sweden)

    Esembekova A. U.

    2016-07-01

    Full Text Available the article seeks to define a comprehensive assessment of economic security of an organization by calculating ratios. The authors aim to determine the financial stability and the probability of bankruptcy in order to assess the liquidity of the organization, and learn how well it is protected from internal and external threats.

  12. 77 FR 1114 - Self-Regulatory Organizations; Chicago Mercantile Exchange, Inc.; Notice of Filing and Order...

    Science.gov (United States)

    2012-01-09

    ... intention to file such proceeding [for bankruptcy]. Nothing in this Rule shall limit or negate any other..., existing trades may be transferred either on the books of a clearing member or from one clearing member to... trades either on the books of the same clearing member, or from the books of one clearing member to the...

  13. THE CORRELATION BETWEEN THE AUTONOMY RATIO AND THE RETURN ON EQUITY

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU – OLARIU

    2014-11-01

    Considering the relationship between the autonomy ratio and the bankruptcy risk as well as the relationship between the autonomy ratio and the return on equity, it is concluded that the optimum value of the autonomy ratio is placed within the interval [50%; 100%].

  14. 78 FR 41082 - Agency Information Collection Activities; Collection; Comments Requested: Application for...

    Science.gov (United States)

    2013-07-09

    ... financial management. Other: None. Congress passed a bankruptcy law that requires individuals who file for...; Comments Requested: Application for Approval as a Provider of a Personal Financial Management Instructional... other technological collection techniques or other forms of information technology, e.g., permitting...

  15. Neyðarlagadómarnir og friðhelgi eignarréttar

    DEFF Research Database (Denmark)

    Solnes, Valgerdur

    2012-01-01

    to bankruptcy proceedings, i.e. liquidation. Unsecured claims, e.g. claims for deposits and securities, were equal in terms of priority prior to the Emergency Act. However, Clause 6 entailed the suprepriority of claims for deposits over other unsecured claims. The provision was challenged by several unsecured...

  16. The Perils of Democratic Decision Making

    OpenAIRE

    Aalbers, H.L.; Whelan, E.; Parise, S.; Vialle, C.

    2016-01-01

    The article focuses on the organizational decision-making management. Topics mentioned include the development of enterprise social software (ESS), the online corporate communities management, and the project management. Also mentioned are the importance of customer services, the bankruptcy management, and the importance of online technology in business.

  17. 26 CFR 301.6861-1 - Jeopardy assessments of income, estate, gift, and certain excise taxes.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Jeopardy assessments of income, estate, gift..., Bankruptcy, and Receiverships Jeopardy § 301.6861-1 Jeopardy assessments of income, estate, gift, and certain... that the assessment or collection of a deficiency in income, estate, gift, or chapter 41, 42, 43, or 44...

  18. 76 FR 50216 - Sunshine Act Meeting

    Science.gov (United States)

    2011-08-12

    ... Room, Washington, DC. STATUS: Part of the meeting will be in Open Session and the remainder of the... Draft Proposed Rule on Passenger Vessel Financial Responsibility Requirements. Closed 1. Staff Briefing... Proceedings and Chapter 15 Bankruptcy Petition of the Containership Company A/S. CONTACT PERSON FOR MORE...

  19. 76 FR 40365 - Sunshine Act Meeting

    Science.gov (United States)

    2011-07-08

    ... Room, Washington, DC. STATUS: Part of the meeting will be in Open Session and the remainder of the... Financial Responsibility Requirements (Performance). Closed Session 1. Discussion of Transpacific... Discussion of the Reconstruction Proceedings and Chapter 15 Bankruptcy Petition of The Containership Company...

  20. Critical Incidents Typically Emerging during the Post-Formation Phase of a New Venture: Perspectives for Entrepreneurship Education and Start-up Counselling

    Science.gov (United States)

    Heinrichs, Karin; Jäcklin, Benjamin

    2017-01-01

    During the post-formation phase, young ventures are often in danger of sliding into bankruptcy. The entrepreneur has to deal with a multitude of complex problems, decisions have to be made under time pressure or uncertainty, and upcoming crises have to be perceived in time. This paper presents seven critical incidents that are (1) realistic,…

  1. Production, process investment and the survival of debt financed startup firms

    NARCIS (Netherlands)

    Tanrisever, F.; Erzurumlu, S.; Joglekar, N.

    2012-01-01

    Whether to invest in process development that can reduce the unit cost and thereby raise future profits or to conserve cash and reduce the likelihood of bankruptcy is a key trade-off faced by many startup firms that have taken on debt. We explore this trade-off by examining the production quantity

  2. 17 CFR 190.07 - Calculation of allowed net equity.

    Science.gov (United States)

    2010-04-01

    ...; and (iii) The current realizable market value, determined as of the close of the market on the last... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Calculation of allowed net... BANKRUPTCY § 190.07 Calculation of allowed net equity. Allowed net equity shall be computed as follows: (a...

  3. An Algorithm for the Nucleolus of Airport Profit Problems

    NARCIS (Netherlands)

    Brânzei, R.; Inarra, E.; Tijs, S.H.; Zarzuelo, J.

    2003-01-01

    Airport profit games are a generalization of airport cost games as well as of bankruptcy games.In this paper we present a simple algorithm to compute the nucleolus of airport profit games.In addition we prove that there exists an unique consistent allocation rule in airport profit problems, and it

  4. 17 CFR 190.10 - General.

    Science.gov (United States)

    2010-04-01

    ... under this part shall be directed to the Washington, DC headquarters of the Commission (Three Lafayette... IT FOR REASONS OF FAIR NOTICE UNRELATED TO THIS COMPANY'S CURRENT FINANCIAL CONDITION. 1. YOU SHOULD KNOW THAT IN THE UNLIKELY EVENT OF THIS COMPANY'S BANKRUPTCY, PROPERTY, INCLUDING PROPERTY SPECIFICALLY...

  5. 14 CFR 1300.16 - Application process.

    Science.gov (United States)

    2010-01-01

    ... bankruptcy court-certified reorganization plan; (6) Consolidated financial statements of the borrower for the... associated notes, as well as any interim financial statements and associated notes for the current fiscal... current personal and corporate financial statements of any guarantors for the same period as required for...

  6. Paying for observable luck

    NARCIS (Netherlands)

    Feriozzi, F.

    2011-01-01

    This article examines why CEOs are rewarded for luck, namely for observable shocks beyond their control. I propose a simple hidden action model where the agent has implicit incentives to avoid bankruptcy. After signing the contract, but before acting, the agent observes a signal on future luck.

  7. Finanční analýza společnosti Madeta, a.s.

    OpenAIRE

    Dufek, Ondřej

    2009-01-01

    The target of this financial analysis is general assessment of financial position of MADETA, a.s. in years 2003-2008. I used classical methods of financial analysis to this purpose (percentage analysis of financial statements, Du Pont analysis, bankruptcy models, EVA).

  8. 15 CFR 904.108 - Factors considered in assessing civil penalties.

    Science.gov (United States)

    2010-01-01

    ... time, borrow money, liquidate assets, or reorganize his or her business. NOAA's consideration of a... or contribute to the bankruptcy or other discontinuation of the respondent's business. (e) Financial... justice may require. (b) NOAA may, in consideration of a respondent's ability to pay, increase or decrease...

  9. 76 FR 22648 - Resolution Plans and Credit Exposure Reports Required

    Science.gov (United States)

    2011-04-22

    ..., information regarding the Covered Company's overall organizational structure and related information... thinking detailing how, in practice, it could be resolved under the Bankruptcy Code. As a result, the... plans. Organizational structure information required in Section 252.4 may be incorporated by reference...

  10. Does Government Subsidy Guide Private Universities towards Favorable Directions?: A Preliminary Analysis on Financial Data of Private Universities

    Science.gov (United States)

    Li, Jianmin

    2010-01-01

    With the decreasing college-aged population and the transforming policy environment in Japan, private universities are confronted with management crises, such as bankruptcy, mergers, etc. As the second largest source of funding, government subsidies for private universities is considered to have contributed to enhancing educational conditions and…

  11. 31 CFR 315.21 - Payment to judgment creditors.

    Science.gov (United States)

    2010-07-01

    ... savings bond to a trustee in bankruptcy, a receiver of an insolvent's estate, a receiver in equity, or a... SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT REGULATIONS GOVERNING U.S. SAVINGS BONDS.... The Department of the Treasury will pay (but not reissue) a savings bond to the purchaser at a sale...

  12. 22 CFR 96.35 - Suitability of agencies and persons to provide adoption services consistent with the Convention.

    Science.gov (United States)

    2010-04-01

    ... ADOPTION ACT OF 2000 (IAA) Standards for Convention Accreditation and Approval Ethical Practices and... agency or person has filed for bankruptcy; and (9) Descriptions of any businesses or activities that are... management position for acts involving financial irregularities; (3) The results of a State criminal...

  13. APPLYING THE PRINCIPLES OF ACCOUNTING IN

    OpenAIRE

    NAGY CRISTINA MIHAELA; SABĂU CRĂCIUN; ”Tibiscus” University of Timişoara, Faculty of Economic Science

    2015-01-01

    The application of accounting principles (accounting principle on accrual basis; principle of business continuity; method consistency principle; prudence principle; independence principle; the principle of separate valuation of assets and liabilities; intangibility principle; non-compensation principle; the principle of substance over form; the principle of threshold significance) to companies that are in bankruptcy procedure has a number of particularities. Thus, some principl...

  14. 38 CFR 36.4341 - Death or insolvency of holder.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Death or insolvency of... Death or insolvency of holder. (a) Immediately upon the death of the holder and without the necessity of... applicable in the event of: (1) Insolvency of holder; (2) Initiation of any bankruptcy or reorganization, or...

  15. 76 FR 20593 - Guidance Under Section 108(a) Concerning the Exclusion of Section 61(a)(12) Discharge of...

    Science.gov (United States)

    2011-04-13

    ... ultimate owner(s) of such partner. Some taxpayers have taken the position that the insolvency exception is... for partnerships under section 108(d)(6), the insolvency exception is available only to the extent the.... Section 1.108-9 is added to read as follows: Sec. 1.108-9 Application of insolvency and bankruptcy...

  16. Capital Structure and Managerial Compensation : The Effects of Renumeration Seniority

    NARCIS (Netherlands)

    Calcagno, R.; Renneboog, L.D.R.

    2004-01-01

    We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts.Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy regulation

  17. Business-IT Alignment Maturity: The Correlation of Performance Indicators and Alignment Maturity within the Commercial Airline Industry

    Science.gov (United States)

    Ryan, Timothy K.

    2010-01-01

    During the period from 1978 to 2009, more than 200 commercial airlines were forced to merge, cease operations, or file for bankruptcy protection. The purpose of this quantitative study is to evaluate the global commercial airline industry from an IT-business alignment perspective and correlate the alignment maturity level of each airline with…

  18. 78 FR 36248 - Appendix B Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses...

    Science.gov (United States)

    2013-06-17

    ... recruiting and training. k. Non-working travel: Whether the application includes time billed for non-working... professional's full rate for time spent traveling without actively working on the bankruptcy case or while... $50 million or more in liabilities, aggregated for jointly administered cases. Single asset real...

  19. 40 CFR 261.148 - Incapacity of owners or operators, guarantors, or financial institutions.

    Science.gov (United States)

    2010-07-01

    ..., guarantors, or financial institutions. 261.148 Section 261.148 Protection of Environment ENVIRONMENTAL... owners or operators, guarantors, or financial institutions. (a) An owner or operator must notify the... financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution...

  20. 76 FR 75926 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating...

    Science.gov (United States)

    2011-12-05

    ... Fund so as to provide investors with a higher degree of principal stability than is typically available... instability which could affect U.S. investments in foreign countries, and potential restrictions of the flow... disaster, an economic event like a bankruptcy filing, a trading halt in a security, an unscheduled early...

  1. Aðalheiður Ámundadóttir & Rachael Lorna Johnstone, Mannréttindi í þrengingum: Efnahagsleg og félagsleg réttindi í kreppunni (Akureyri-Reykjavík: Háskólinn á Akureyri og Mannréttindaskrifstofa Íslands, 2011

    Directory of Open Access Journals (Sweden)

    Andrea Hjálmsdóttir

    2012-03-01

    Full Text Available For years Iceland had been one of the most prosperous countries in the world, even scoring number one in the United Nations Development Report in the year 2007. In the fall of 2008 the Icelandic population faced great changes to the national economy; the country was on the verge of national bankruptcy.

  2. IMPLEMENTASI PERDAMAIAN (ACCORD PADA PENGADILAN NIAGA DALAM PENYELESAIAN PERKARA KEPAILITAN DI INDONESIA

    Directory of Open Access Journals (Sweden)

    Anita Afriana, S.H., M.H

    2017-09-01

    Full Text Available In bankruptcy law also known terms of peace, peace in bankruptcy law is one way to end an ongoing bankruptcy process. This article aims to know devoted to peace after the verdict of bankruptcy declaration, which will examine the implementation of peace in the Commercial Court of Jakarta and examine the factors that become obstacles for the parties to implement peace. This article is part of the research that has been done, with the normative juridical method that is not only limited to the research of the library but also require field research to obtain the primary data. Primary data were obtained from the Jakarta Commercial Court by interviewing commercial judges. Secondary data were obtained from library research by examining primary, secondary, and tertiary legal materials. Based on the results of field research, it is found that the mechanism of peace is rarely used by the parties, as long as the Commercial Court of Jakarta stands only 2 (two signed peace treaties. The barriers that occur in practice so that peace can not be achieved by both parties in the Jakarta Commercial Court consists of several factors such as the absence of roles of judges and institutions, the absence of obligation to reconcile, the factors of the parties (HR to reach an agreement, the existence procedures and mechanisms, the result of a peace agreement that gives less legal effect, thus providing a great opportunity for the debtor to violate a mutually agreed agreement is a constraint in practice so that peace will be difficult to achieve and utilized by the parties as a procedural procedure in solving the bankruptcy case.

  3. DETECTING OPTIMAL FINANCIAL AND CAPITAL STRUCTURE: THE CASE OF SMALL AND MEDIUM ENTERPRISES (SME IN REPUBLIC OF CROATIA

    Directory of Open Access Journals (Sweden)

    Jasenka Bubic

    2016-03-01

    Full Text Available One of the most frequent buzzwords nowadays in the economic science is word »optimum« or its adjective »optimal«. In most cases it includes the maximization of certain variables, but in the case of financial and capital structure it refers to the most favourable ratio of debt and capital. In order to determine the most suitable range of financial (capital structure it must be associated with company's success. The question that arises is – how to measure success of a company? There are many ways – most common is definitely profitability. But nowadays profitability in many cases cannot be reliable indicator of company's success because there are many ways to embellish »bottom line« without substantial upturns. There is notable number of cases in which profitable companies go bankrupt. That is the reason why business continuity was used as a measure of company's success in this paper. Relation between financial (capital structure and opening bankruptcy proceeding will be analyzed to determine which companies according to their affinities in financing are more likely to go bankrupt. Also, financial (capital structure movement in years before bankruptcy occured and difference between financial (capital structure of companies which belong to manufacturing and retail and wholesale activity will be analyzed. Sample consists of small and medium enterprises which operated in Republic of Croatia. They are divided in two subsamples – first subsample includes companies which have opened bankruptcy proceeding and second subsample includes companies which haven't opened bankruptcy proceeding and continued their business activity. Financial data was gathered from Croatian Financial Agency official website and data about bankruptcy proceedings was collected from Croatian Official Gazzette.

  4. Artificial Neural Networks in the prediction of insolvency. A paradigm shift to traditional business practices recipes

    Directory of Open Access Journals (Sweden)

    Marcia M. Lastre Valdes

    2014-06-01

    Full Text Available In this paper a review and analysis of the major theories and models that address the prediction of corporate bankruptcy and insolvency is made. Neural networks are a tool of most recent appearance, although in recent years have received considerable attention from the academic and professional world, and have started to be implemented in different models testing organizations insolvency based on neural computation. The purpose of this paper is to yield evidence of the usefulness of Artificial Neural Networks in the problem of bankruptcy prediction insolence or so compare its predictive ability with the methods commonly used in that context. The findings suggest that high predictive capabilities can be achieved  using artificial neural networks, with qualitative and quantitative variables.

  5. Harmonisation of Audit Practice

    DEFF Research Database (Denmark)

    Sormunen, Nina; Klarskov Jeppesen, Kim; Sundgren, Stefan

    2013-01-01

    The study uses a sample of 2,941 bankrupt firms from Denmark, Finland, Norway and Sweden in the period 2007 to 2011, and investigates the harmonisation of audit behaviour in terms of going-concern reporting. Even though the Nordic countries have similar legal systems and, for all practical purposes......, identical audit requirements regarding going-concern reporting, the study findings show significant differences in going-concern reporting before bankruptcy between the Nordic countries. One key result is that Danish and Norwegian companies get a going-concern opinion prior to bankruptcy more frequently...... and Norway compared to Sweden and Finland. Finally, the study findings also indicate that differences in audit reporting behaviour are moderated by international audit firm networks....

  6. Consequences of and remedies for breach of natural gas contracts

    International Nuclear Information System (INIS)

    Gretener, N. M.; Evans, A.; Callihoo, M.

    1999-01-01

    A common clause in a gas purchase contract is one that provides for specific damages for the non-performance of an obligation. As a rule, damages will be calculated based on the loss in the value of the bargain plus those losses foreseeably caused by the breach of contract. the rationale being to put the non-breaching party in as good a position as it would have been had the contract been performed. This paper examines the complex issues involved assessing and measuring damages, the concept of injunctive relief in circumstances where damages will be inadequate or insufficient to prevent injustice, the doctrine of mitigation, the extent of the right of set-off between different contracts, and the impact of bankruptcy and insolvency laws on the exercise of remedies. Four case histories are presented to illustrate the Courts' treatment of gas purchase contracts in the context of bankruptcies and /or insolvencies. 36 refs

  7. Consequences of and remedies for breach of natural gas contracts

    Energy Technology Data Exchange (ETDEWEB)

    Gretener, N. M.; Evans, A.; Callihoo, M. [Bennett Jones Law Group, Calgary, AB (Canada)

    1999-07-01

    A common clause in a gas purchase contract is one that provides for specific damages for the non-performance of an obligation. As a rule, damages will be calculated based on the loss in the value of the bargain plus those losses foreseeably caused by the breach of contract. the rationale being to put the non-breaching party in as good a position as it would have been had the contract been performed. This paper examines the complex issues involved assessing and measuring damages, the concept of injunctive relief in circumstances where damages will be inadequate or insufficient to prevent injustice, the doctrine of mitigation, the extent of the right of set-off between different contracts, and the impact of bankruptcy and insolvency laws on the exercise of remedies. Four case histories are presented to illustrate the Courts' treatment of gas purchase contracts in the context of bankruptcies and /or insolvencies. 36 refs.

  8. The analysis of the effects of financial distress on the top management in the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Dragana Rađen

    2015-04-01

    Full Text Available This study aims to examine the effects of financial distress on top management structures, as well as to identify the factors affecting managerial change in the companies that adopted the reorganization plan during bankruptcy proceedings in the Republic of Serbia for the period 2009-2014. Out of 39 companies that adopted the reorganization plan, the top management change was observed in 21 companies after the bankruptcy filing year, or within two years following the reorganization plan adoption. Research results indicate a strong negative correlation between the company’s liquidity and the probability of change in top management structures, with the impact of other observed factors not being statistically significant.

  9. Discrete Analysis of Portfolio Selection with Optimal Stopping Time

    Directory of Open Access Journals (Sweden)

    Jianfeng Liang

    2009-01-01

    Full Text Available Most of the investments in practice are carried out without certain horizons. There are many factors to drive investment to a stop. In this paper, we consider a portfolio selection policy with market-related stopping time. Particularly, we assume that the investor exits the market once his wealth reaches a given investment target or falls below a bankruptcy threshold. Our objective is to minimize the expected time when the investment target is obtained, at the same time, we guarantee the probability that bankruptcy happens is no larger than a given level. We formulate the problem as a mix integer linear programming model and make analysis of the model by using a numerical example.

  10. Estimating risk propagation between interacting firms on inter-firm complex network.

    Science.gov (United States)

    Goto, Hayato; Takayasu, Hideki; Takayasu, Misako

    2017-01-01

    We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.

  11. The fundamentals of computational intelligence system approach

    CERN Document Server

    Zgurovsky, Mikhail Z

    2017-01-01

    This monograph is dedicated to the systematic presentation of main trends, technologies and methods of computational intelligence (CI). The book pays big attention to novel important CI technology- fuzzy logic (FL) systems and fuzzy neural networks (FNN). Different FNN including new class of FNN- cascade neo-fuzzy neural networks are considered and their training algorithms are described and analyzed. The applications of FNN to the forecast in macroeconomics and at stock markets are examined. The book presents the problem of portfolio optimization under uncertainty, the novel theory of fuzzy portfolio optimization free of drawbacks of classical model of Markovitz as well as an application for portfolios optimization at Ukrainian, Russian and American stock exchanges. The book also presents the problem of corporations bankruptcy risk forecasting under incomplete and fuzzy information, as well as new methods based on fuzzy sets theory and fuzzy neural networks and results of their application for bankruptcy ris...

  12. Financial Distress Prediction using Linear Discriminant Analysis and Support Vector Machine

    Science.gov (United States)

    Santoso, Noviyanti; Wibowo, Wahyu

    2018-03-01

    A financial difficulty is the early stages before the bankruptcy. Bankruptcies caused by the financial distress can be seen from the financial statements of the company. The ability to predict financial distress became an important research topic because it can provide early warning for the company. In addition, predicting financial distress is also beneficial for investors and creditors. This research will be made the prediction model of financial distress at industrial companies in Indonesia by comparing the performance of Linear Discriminant Analysis (LDA) and Support Vector Machine (SVM) combined with variable selection technique. The result of this research is prediction model based on hybrid Stepwise-SVM obtains better balance among fitting ability, generalization ability and model stability than the other models.

  13. “How well one has to be, to be ill!”: Work, Pain, and the Discourse of Neurasthenia in The Diary of Alice James

    Directory of Open Access Journals (Sweden)

    Shawna Rushford-Spence

    2014-06-01

    Full Text Available Neurasthenia, though no longer diagnosed today, was an illness that was commonly diagnosed in the late 19th and early 20th centuries. It was an umbrella category that encompassed all manner of somatic and psychosomatic ailments. In order to make this disease more palatable to the American public, Dr. George Miller Beard constructed an economic metaphor, in which people had certain amounts of “nerve-force” that could be saved or spent and, when overspent, could result in “nervous bankruptcy.” My essay analyzes The Diary of Alice James from a disability studies perspective in order to how Alice James uses this economic terminology rhetorically to reclaim her subjectivity, to characterize disability as central to identity, to disrupt the narrative of disability as global incapacity, and to configure pain (rather than illness itself as work. Keywords: neurasthenia, "rest cure," invalid, discourse, nervous, nerve-force, and "nervous bankruptcy"

  14. LEGAL PROTECTION FOR CUSTOMER SEGREGATED ACCOUNT OWNER FROM LOSS DUE TO THE BANKCRUPTY OF FUTURES BROKERAGE FIRM

    Directory of Open Access Journals (Sweden)

    Yessy Meryantika Sari

    2016-05-01

    Full Text Available Commodity futures trading is a business activity that is complex and involves many parties including Client Segregated Account and Brokerage Company. This business promises huge benefits but ba-lanced with a high risk of loss. Therefore, a potential event of bankruptcy. Customer as the owner of the funds which mandated funds to the brokerage company to be managed for purposes of the transaction, should get legal protection from potential losses due to bankruptcy of futures brokerage firm. The spirit of the law in protection for customers is reflected in the preamble of le-gal norms futures trading as further elaborated in the general legal provisions stipulated in the Fu-tures Trading Act.

  15. A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

    Directory of Open Access Journals (Sweden)

    Fatemeh Namvar

    2013-07-01

    Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

  16. The effectiveness of the Spanish banking reform application of Altman’s Z-Score

    Directory of Open Access Journals (Sweden)

    Ntoung A. T. Lious

    2016-10-01

    Full Text Available The recent financial crisis which causes bankruptcy around the world, Spain was placed at the top list because of the crucial state of its banking. This lead to a call to ensure adequate bank capitalization and reduce uncertainty regarding the strength of their balance sheets. In the light of recent event, the important of knowing the financial position of banks is imperative to shareholders. Thus, the aim of this study is to affirm the validity of Altman Z”-Score model as a predictors of the uncertainty regarding financial sector in Spain. This study takes into consideration two periods: before the banking reform and after the banking reform. It requires 30 financial institutions in Spain both big as well as small. Ratio analysis was carried out on the 30 banks before and after the reforms for five years prior to their bankruptcy or nationalisation as the Z” Score model has predictive power of up to five years before the reforms

  17. Estimating risk propagation between interacting firms on inter-firm complex network.

    Directory of Open Access Journals (Sweden)

    Hayato Goto

    Full Text Available We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.

  18. Armonización de las normas constitucionales, laborales y concursales frente al despido, objetivo por crisis empresarial a consecuencia de la globalización

    Directory of Open Access Journals (Sweden)

    Ligia Cielo Romero Marín

    2011-09-01

    Full Text Available This present article constitutes a research piece based on the project denominated “Harmonization of the constitutional, labor and bankruptcy law”, against the objective dismissal of workers due to a business crisis, as a globalization effect. Thisresearch isfunded by the Corporación Universitaria de la Costa “CUC”. The work analyzes the constitutional, labor and bankruptcy law that tend to protect workers against layoffs conditioned by an “objective reasoning” of companies in crisis as a result of the globalization, as well as the owners of the means of production, with the objective of warning about the existence of a harmonic articulation between the aforementioned bodies of law and the degree by which these bodies withstand the efficiency test proposed by Bobbio in his major work: “A Theory of the Legal Order: Justice Validity and Effectiveness”

  19. Assessment applicability of selected models of multiple discriminant analyses to forecast financial situation of Polish wood sector enterprises

    Directory of Open Access Journals (Sweden)

    Adamowicz Krzysztof

    2017-03-01

    Full Text Available In the last three decades forecasting bankruptcy of enterprises has been an important and difficult problem, used as an impulse for many research projects (Ribeiro et al. 2012. At present many methods of bankruptcy prediction are available. In view of the specific character of economic activity in individual sectors, specialised methods adapted to a given branch of industry are being used increasingly often. For this reason an important scientific problem is related with the indication of an appropriate model or group of models to prepare forecasts for a given branch of industry. Thus research has been conducted to select an appropriate model of Multiple Discriminant Analysis (MDA, best adapted to forecasting changes in the wood industry. This study analyses 10 prediction models popular in Poland. Effectiveness of the model proposed by Jagiełło, developed for all industrial enterprises, may be labelled accidental. That model is not adapted to predict financial changes in wood sector companies in Poland.

  20. Interaction between Dynamic Financing and Investments

    DEFF Research Database (Denmark)

    Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.

    Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly......) finance the investment has lower priority in the event of bankruptcy as is the case for the commonly used absolute priority rule (APR). This incentivizes equity holders to under invest. If debt priority rules are specified in such a way that existing debt can be exploited by issuing new debt, do equity...... holders have the incentive to over invest. We formulate a dynamic structural model to study the interaction of initial capital structure choice, investment policy, subsequent debt issues, and debt priority rules. We find that priority rules have a substantial impact on investment timing as well...

  1. PENGARUH STRUKTUR KEPEMILIKAN TERHADAP KEMUNGKINAN KESULITAN KEUANGAN PADA BURSA EFEK INDONESIA

    OpenAIRE

    Indra Hastuti

    2015-01-01

    Financial distresses have strong relationships with the company’s bankruptcy. The financial distress can be predicted by using information contained in the financial statements and the company’s corporate governance mechanisms. The purpose of this study is to prove the effect of ownership structure, liquidity ratios, leverage ratios, activity ratios, and the size of the company to possible financial distress of manufacturing companies in Indonesia Stock Exchange. Populations of this study are ma...

  2. A CRITICAL NEEDS PLAN FOR GENERAL MOTORS: A CULTURAL PLURALISM APPROACH

    OpenAIRE

    Gregory W. Goussak; Jon K. Webber; Elliot M. Ser

    2012-01-01

    The purpose of this paper is to create a critical needs plan for General Motors Corporation in the 21st century. General Motors (GM), once the most dominant manufacturer in the automotive industry, finds itself in financial crisis with a Chapter 11 bankruptcy and a necessary government infusion of capital. The foundation of this paper applies the Supportive Model as an effective strategy for creating a new corporate culture and focusing GM as a competitive manufacturer in the global automotiv...

  3. Lietuvos kaimo bendruomenės ir lokalinis vystymas

    OpenAIRE

    Mačiulytė, Jurgita; Dedeire, Marc; Prapiestienė, Regina

    2013-01-01

    Dismantling the collectivistic model in the 1990s has led to strong social differentiation in rural communities and disrupted operations there. The generalized bankruptcy of the farms formed out of the privatization of kolkhozes and sovkhozes has resulted in unemployment and poverty. It has also destroyed social and cultural infrastructure, and seriously affected living conditions in the countryside. Since Lithuania joined the EU in 2004, the Government has been forced to formulate a policy i...

  4. Ekonomická analýza zemědělského podniku

    OpenAIRE

    ŽĎÁNSKÝ, Josef

    2016-01-01

    The thesis "Economic Analysis of an Agricultural Company" aims to provide overall evaluation of the financial situation and performance of Zemědělská společnost Kosova Hora, a.s. in the years 2005 2015, applying standard methods of financial analysis. The aim was achieved by applying a ratio analysis, credibility and bankruptcy models, economic value added (EVA), analysis of operational indicators, inter-company comparisons based on selected criteria and evaluation of the project of construct...

  5. THE INFLUENCE OF THE CENTRAL BANK IN THE SPREAD OF «CONTAGION EFFECT» ON THE INTERBANK MARKET

    Directory of Open Access Journals (Sweden)

    V. E. Gladkova

    2013-01-01

    Full Text Available The paper studies the degree of development and the theoretical foundations of international experience in the exploration of two independent directions: the first one related to the concept, the question of the role and necessity of lender of last resort, while the latter, in turn, is connected with the problem of the spread of bankruptcies in the banking system, known in literature as the «contagion effect».

  6. THE CORRELATION BETWEEN THE AUTONOMY RATIO AND THE RETURN ON EQUITY

    OpenAIRE

    Daniel BRÎNDESCU – OLARIU

    2014-01-01

    Previous studies conducted over companies from the Timis County indicate a negative correlation between the autonomy ratio and the bankruptcy risk. At the same time, high values of the autonomy ratio could have a negative effect on the return on equity. The current study aims to evaluate the relationship between the autonomy ratio and the return on equity. The target population included all the companies from the Timis County that have submitted financial statements to the fiscal authoriti...

  7. MODERN THEORETICAL APPROACHES CREDIT PORTFOLIO QUALITY MANAGEMENT OF COMMERCIAL BANK

    Directory of Open Access Journals (Sweden)

    Victoria Lisnic

    2016-12-01

    Full Text Available Credit portfolio management means the totality of financial and economic decisions realization aimed at achieving optimal ratio of performance indicators of loan portfolio. If low-quality loans increase, the reduction of productive assets volume and, respectively, profitability from banking lending. In extreme cases a such situation could lead to bank bankruptcy. At present bank loan portfolio quality assessment is an important component of bank management.

  8. Memprediksi Financial Distress dengan Binary Logit Regression Perusahaan Telekomunikasi

    OpenAIRE

    antikasari, tiara widya; Djuminah, Djuminah

    2017-01-01

    In this globalization era, sub–sector telecommunication industry has rapid development as time goes by with the number of customers’ growth. However, its growth is not balanced with operational revenue development. Therefore, it is important to analyze the financial distress in telecommunication companies in order to avoid bankruptcy. This research aimed to investigate the effect of financial ratios to predict probability of financial distress. Financial ratios indicator used profitability ra...

  9. Book reviews: Nouriel Roubini, Stephen Mihm, Crisis Economics: A Crash Course in the Future of Finance

    Directory of Open Access Journals (Sweden)

    Uţă Cristian

    2010-09-01

    Full Text Available Many years ago, professor Nouriel Roubini got the Dr. Doom nickname. He was one of the few economists warning that the entire world economy was on the verge of a major recession, unseen since the Great Depression. As immediate cause, he identified the speculations spreading in the United States that finally led to the bankruptcy of the investment banks. In 2007, his predictions came true. Suddenly, Roubini’s voice started to be heard.

  10. Guide to legal services

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This is a directory of law firms that provide services to the independent energy industry. The directory lists the firm's name, address, telephone and FAX numbers, and the name of a contact person. Included is a description of the specialties or services offered by the firm in the area of independent energy projects; some of these include regulatory, tax, fuel supply, operations and maintenance, environmental, real estate, government contracts and bankruptcy

  11. KONSEP WANPRESTASI DALAM HUKUM PERJANJIAN DAN KONSEP UTANG DALAM HUKUM KEPAILITAN (STUDI KOMPARATIF DALAM PERSPEKTIF HUKUM PERJANJIAN DAN KEPAILITAN

    Directory of Open Access Journals (Sweden)

    Nyoman Samuel Kurniawan

    2014-03-01

    Full Text Available Based on the assumption default is debt, the settlement of default case in contract law by using mechanisms of the law of Bankruptcy’s has become a new phenomenon in Indonesian business world. Though it is not infrequently the defendant of bankruptcy intentionally default to reply the counterparty that had already  been  in  default  (exceptio  inadimpleti  contractus  situation.  So  the research problem of this thesis is: Is the concept of default on the law of treaties can be fully applied to the concept of debt in bankruptcy law? This research used normative legal research methods by using statue approach, case-based approach, comparative approach and the conceptual approach. Analysis of legal materials is done with a qualitative approach to the exploratory nature of interpretive techniques, systematic, evaluative, constructive and argumentative. The results showed that not all defaults can be expressed as a debt in bankruptcy Law, except if the intended achievement is an achievement in the field of business activity (accounts payable. Default is determined from the agreement, regardless of whether there has been an exchange of rights and obligations or not, while the concept of debt has to be determined from the exchange between the rights and obligations which just happens sided (unilateral halt though it is not preceded by a written agreement. Beside that, in contract law, tort only accountable to the creditors who have made a covenant only, but in bankruptcy law, the settlement will involve and affect a whole other creditors as well.

  12. Corporate liquidity and dividend policy under uncertainty

    OpenAIRE

    Koussis, Nicos; Martzoukos, Spiros H.; Trigeorgis, Lenos

    2016-01-01

    We examine optimal liquidity (retained earnings) and dividend choice incorporating debt financing with risk of default and bankruptcy costs as well as growth options under revenue uncertainty. We revisit the conditions for dividend policy irrelevancy and the broader role of retained earnings and dividends. Retained earnings have a net positive impact on firm value in the presence of growth options, high external financing costs and low default risk. High levels of retained earnings enhance de...

  13. China Report, Political, Sociological and Military Affairs.

    Science.gov (United States)

    1985-01-08

    developing weapons, and Jane ( Lauder ) [Luo-de-er 3157 1795 1422], former senior official of the National Security Council. Many U.S. scholars and...growth will lead to economic bankruptcy, disturbances, and war...So Reagan’s proposal is very important." From 1958 to 1980, the amount of money ... money and forgot the whole thing. Those people were afraid of disequilibrium and would rather let all of us remain in poverty. We can never complete

  14. Capital Adequacy and Liquidity in Banking Dynamics: Theory and Regulatory Implications

    OpenAIRE

    Cao, Jin; Chollete, Loran

    2014-01-01

    We present a framework for modelling optimum capital adequacy in a dynamic banking context. We combine the (static) capital adequacy framework of Repullo (2013) with a dynamic banking model similar to that of Corbae and D`Erasmo (2014), with the extra feature that the probability of systemic risk is endogenous. Unlike previous work, we examine frameworks to ameliorate bankruptcy using both capital adequacy and liquidity requirements. Since equity is costly, the social cost of regulation may b...

  15. A Conversation with Howard Schultz CEO of Starbucks

    OpenAIRE

    Christopher Muller

    2014-01-01

    At the 12th annual European Food Service Summit in Zurich, Switzerland in September 2011, Professor Christopher Muller sat down with Howard Schultz, the CEO of Starbucks to discuss a wide range of topics. Their discussion touched on best management and business practices and the techniques that Schultz used to bring Starbucks back from the brink of bankruptcy to the international coffee corporation it is today.

  16. How efficient work biomass cogeneration plants? A survey of plant operators; Wie effizient arbeiten Biomasseheiz(kraft)werke? Befragung von Anlagenbetreibern

    Energy Technology Data Exchange (ETDEWEB)

    Meiller, Martin; Jakuttis, Michael [Fraunhofer-Institut fuer Umwelt-, Sicherheits- und Energietechnik UMSICHT, Sulzbach-Rosenberg (Germany); Binder, Samir [Fraunhofer-Institut fuer Umwelt-, Sicherheits- und Energietechnik UMSICHT, Sulzbach-Rosenberg (Germany); Bayerischer Forschungsverbund Foreta, Sulzbach-Rosenberg (Germany)

    2013-03-01

    The use of biomass has increased very much in recent years. Due to the intensive use, the price of biomass fuels such as wood chips has increased substantially. This development bothers mainly biomass cogeneration plants. Many operators suffered considerable financial losses or even had to file for bankruptcy. The topic of efficiency is one of the central and critical success factors for the long-term viability of biomass-fired plants. (orig.)

  17. Changes in Espionage by Americans: 1947-2007

    Science.gov (United States)

    2008-03-01

    attaché’s office in Lima, Peru , from 1989 until 1991. Fluent in both Spanish and Portuguese, Hamilton allowed himself to be cajoled into handing over to...his actions would avert a war between Ecuador and Peru . His concern for these South American countries, coupled with a susceptibility to flattery...discharged for being overweight . During the decade he scrabbled for a living, he had married and divorced, declared bankruptcy in 1997, and been sued

  18. Kebangkrutan Perusahaan Menggunakan Model Altman dan Zavgren pada Perusahaan Food And Beverages

    OpenAIRE

    Yeni Agustina; Rahmawati Rahmawati

    2010-01-01

    The purpose of this research is to show the illustration of the financial performance in food and beverages companies during the years 2001, 2002, 2003, 2004, and 2005. Since the Indonesian economic crisis which began in middle 1997, most of industry sectors, including food and beverages companies, had some constraints in producing and actualizing their products. One of the important things in making decisions for company managers, creditors, and the future investors is the bankruptcy analysi...

  19. PREDIKSI FINANCIAL DISTRESS PADA KOPERASI DI KABUPATEN PEMALANG

    OpenAIRE

    Sukirno Sukirno; Haryadi Haryadi; Laeli Budiarti

    2014-01-01

    This paper examines the usefulness of financial statements to predict financial distress in thecooperative. The financial distress is a condition before the bankruptcy that can be seen inthe financial statements. Furthermore, the financial statements are being analyzed using ratioanalysis. The ratio analysis  used as a predictor variable are current ratio, quick ratio, currentassets to total assets ratio, current liabilities to total assets, net profit margin ratio and net SHUto total assets ...

  20. Prediksi Financial Distress Pada Koperasi Di Kabupaten Pemalang

    OpenAIRE

    Sukirno, Sukirno; Haryadi, Haryadi; Budiarti, Laeli

    2014-01-01

    This paper examines the usefulness of financial statements to predict financial distress in thecooperative. The financial distress is a condition before the bankruptcy that can be seen inthe financial statements. Furthermore, the financial statements are being analyzed using ratioanalysis. The ratio analysis used as a predictor variable are current ratio, quick ratio, currentassets to total assets ratio, current liabilities to total assets, net profit margin ratio and net SHUto total assets ...

  1. Deposit Insurance in the Republic of Macedonia

    OpenAIRE

    Zoran Jovanovski

    1998-01-01

    Additional protection of the stability of the banking system and deposited funds in the banks and savings houses is provided by the systems for deposit insurance (implicit or explicit). Wolrdwide, particularly in the developing countries and economies in transition, there is a tendency to introduce explicit systems, because they are considered to have the following advantages: 1/ they have better administrative procedure for dealing with banks'bankruptcies and depositors protection; 2/ they a...

  2. Finanční analýza podniku Matex HK s.r.o.

    OpenAIRE

    Matyáš, Petr

    2009-01-01

    Financial analysis of company is very important instrument of corporate affairs. My work deals with complex financial analysis of company Matex HK s.r.o. since 2004 till 2008. I primarily focus on horizontal and vertical analysis, ration and distance indicators analysis, EVA analysis, ROE analysis and I discover by the help of models of bankruptcy if company is threatened by bankrupt. I judge too, if company is run by some recommended rules, example by gold balance rules. Next I accentuate on...

  3. SHAPING OF ORGANIZATIONAL RESILIENCE IN AN UNSTABLE WORLD: POSSIBILITY OR NECESSITY?

    Directory of Open Access Journals (Sweden)

    Iwona Gorzeń-Mitka

    2016-12-01

    Full Text Available Increased complexity of economic, social and technological systems cause that crises, uncertainty and risk have become an integral part of modern world. Undoubtedly, today’s organizations face the necessity of dealing with a growing number of various risk factors-generators: disasters, sudden bankruptcies of key participants of supply chain, loss of reputation, highly innovative products/technologies entering the market or risk resulting from introducing new legal regulations (Gorzeń-Mitka, 2015.

  4. Military Ethics: Reflections on Principles - the Profession of Arms, Military Leadership, Ethical Practices, War and Morality, Educating the Citizen-Soldier,

    Science.gov (United States)

    1987-09-01

    lyric outcry: "Vietnam horrors, moral bankruptcy." Surely, the principal strength of the essay is to be found in that compressed passion, for Gabriel...and societal acts, revealing deepest-held principles through conduct. As the essays in this book attest, when we ques- tion personal, community, or... essays to that continuing examination of ethical issues which is so crucial to military life. Bradley C. Hosmer Lieutenant General, US Air Force

  5. A Conversation with Howard Schultz CEO of Starbucks

    Directory of Open Access Journals (Sweden)

    Christopher Muller

    2014-04-01

    Full Text Available At the 12th annual European Food Service Summit in Zurich, Switzerland in September 2011, Professor Christopher Muller sat down with Howard Schultz, the CEO of Starbucks to discuss a wide range of topics. Their discussion touched on best management and business practices and the techniques that Schultz used to bring Starbucks back from the brink of bankruptcy to the international coffee corporation it is today.

  6. Business failures, macroeconomic risk and the effect of recessions on long-run growth

    DEFF Research Database (Denmark)

    Santoro, Emiliano; Gaffeo, Edoardo

    2009-01-01

    relationship between transitory disturbances and productivity growth. Panel ECM estimates suggest that macroeconomic risk factors impinge on business failures on the same direction both in the short and in the long-run, and that the adjustment to the steady-state relationship is quite slow. Thus, our findings...... lend support to the risk-aversion theory of productivity growth and indicate that bankruptcy risks play a significant role in the propagation of macroeconomic shocks....

  7. Managing Risks in Dry Port Operations

    OpenAIRE

    Ciortescu Cezar-Gabriel; Pãvãla?cu Narcis Sebastian

    2012-01-01

    The purpose of this paper is to have an in-depth look into the phenomenon of risk assessment and risk management strategies in managing dry port operations as an integrated part into international containerized freight trade. The fact that world crises take the form of disruptions, bankruptcies, breakdowns, macroeconomic and political changes, and disasters leads to higher risks and makes risk management more and more difficult. This paper aims to discuss the theory behind the dry port concep...

  8. The Research of Crisis Communication Strategies in Food Safety : A Comparative Case Study between Sanlu and IKEA

    OpenAIRE

    Wu, Yanbin; Ding, Jianxiong

    2014-01-01

    The 2008 Sanlu milk scandal shocked the whole China and the world as well. Sanlu, the main actor of this scandal, was accused of producing and selling tainted milk products and was sentenced to bankruptcy in the end. IKEA, the Swedish furnishing giant, was involved into the horsemeat scandal in 2013. Through a serial of effective crisis communication strategies, IKEAwent through the crisis successfully. This paper will conduct a comparative case study via the content analysis method to explor...

  9. Finanční analýza podniku Ing. Bronislav Vala

    OpenAIRE

    Valová, Anežka

    2013-01-01

    Aim of this work is to evaluate the financial performance of the company Ing. Bronislav Vala based on financial analysis from 2008 to 2012. The applied methods od financial analysis are selected for this evaluation. The used methods include vertical and horizontal analysis, analysis of ratios, analysis of differential indicators, pyramidal decomposition Du Pont, value and bankruptcy models and inter-company comparisons. The thesis is divided into theoretical and practical parts. The theoretic...

  10. Transforming Department of Defense’s Core Business Processes for Revolutionary Change

    Science.gov (United States)

    2015-01-01

    of experiences. He served as President and Chief Operating Officer of Medco Health Solutions until 2012. Mr. Klepper was recruited to Medco...billion. From 1995 to 2003 Mr. Klepper was an executive at Empire Blue Cross Blue Shield of New York, the nation’s largest Blue Cross franchise . He was...the first executive recruited to the CEO’s turnaround team to help the company recover from near bankruptcy. Within twelve months, financial

  11. Basic approaches to understanding the definition of crisis management

    OpenAIRE

    Miroshnichenko, Y.; Pidgorna, O.

    2014-01-01

    This article considers the problem has been in the interpretation of the concept of "crisis management" as the international experience, and in the works of Ukrainian scientists who reviewed this term in his works. Today, in modern literature not reflect differences between bail and normal controls. The authors focus not on measures to resolve the crisis, and the events of his early prevention mechanisms or bankruptcy. To achieve this aim almost all management theory and practice, while the s...

  12. Ways to increase the effectiveness of financial management of the commercial organization in the conditions of the Russian economy

    Directory of Open Access Journals (Sweden)

    Chumachenko E.A.

    2017-04-01

    Full Text Available this paper investigates the effective use of the tools of financial management in conditions of risk and uncertainty of the Russian economy. Based on the analysis of the economic situation the author identifies the need to improve financial management of the Russian business aimed at the identification and analysis of crisis signals in the organization, and ensure the solvency and financial stability to keep it from bankruptcy.

  13. THE RISKS IN THE AUDIT ACTIVITY

    Directory of Open Access Journals (Sweden)

    MARIA MORARU

    2011-01-01

    Full Text Available Following the bankruptcy of large firms (Enron, Parmalat, WorldCom due to incompetence and failure of procedures is necessary to improve the audit work, paying special attention to risk management and taking into account the recommendations of the auditors. This paper presents a detailed analysis of risks that may arise in financial audit of how risk assessment and the factors involved in their estimation.

  14. Finanční analýza firmy JAWA Moto, s. r. o.

    OpenAIRE

    Kváš, Martin

    2016-01-01

    This bachelors thesis focuses on the financial analysis of JAWA Moto spol. s r. o. from 2012 to 2015. The thesis is divided into two sections - the methodological and the practical. The first section describes methods and indicators of financial analysis. These are applied to the company data in the second section of the thesis. The analyses made are as follows: horizontal and vertical analysis, analysis of profitability, activity, liquidity, indebtedness, cost ratio and bankruptcy and credib...

  15. THE CRITICAL ANALYSIS OF LIMITED SOUTH ASIAN CORPORATE GOVERNANCE STANDARDS AFTER FINANCIAL CRISIS

    OpenAIRE

    Dinh Tran Ngoc Huy

    2015-01-01

    After the recent global crisis, corporate scandals and bankruptcy in US and Europe, there is some certain evidence on weak corporate governance, risk management and audit system. The 2009 India Code of Corporate Governance also revealed that during the crisis time, there are certain weaknesses although corporate structure is fairly durable. Hence, this paper chooses a different analytical approach and among its aims is to give some systematic opinions. First, it classifies limited South Asian...

  16. The Suggestion of Some Comparative European Group Corporate Governance Standards after Financial Crisis, Corporate Scandals and Manipulation

    OpenAIRE

    Dinh Tran Ngoc, Huy

    2016-01-01

    In past few years, corporate scandals and bankruptcy in US and Europe and other parts of the world show some certain evidence on weak corporate governance, weak internal control system and weak audit. Though there are a few researches which have been done in the field of international corporate governance standards, we believe that this field with more rooms to explore. Therefore, this paper chooses a different analytical approach and among its aims is to give some systematic opinions. Fir...

  17. A CRITICAL REVIEW ON THE EFFECT OF HOUSING INDUSTRY TO THE GLOBAL FINANCIAL CRISIS: THE CASE OF TURKEY

    OpenAIRE

    BERK, Cem

    2010-01-01

    The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing o...

  18. The Health Status of Women in the Military: An Epidemiologic Study of Active-Duty Navy and Marine Corps Personnel, Part 2

    Science.gov (United States)

    1996-12-01

    Department of Defense Survey No. 94-004). Monterrey , CA: Author. Departments of the Army, the Navy, and the Air Force. (1985). Naval Command Medical...difficult problems have you had to handle (e.g., o Often promotion passover, divorce /separation, legal or C) Very often disciplinary act’an, bankruptcy...you widowed, separated, divorced , or have you never been married? 1) MARRIED 2) WIDOWED 3) SEPARATED 4) DIVORCED 5) NEVER MARRIED A9 Have you ever

  19. The goal(s) of corporate rescue in company law: A comparative analysis

    OpenAIRE

    Anthony O. Nwafor

    2017-01-01

    The concept of corporate rescue lays emphasis on corporate sustainability than liquidation. This trend in corporate legislation which featured in the United Kingdom Insolvency Act of 1986, Australian Corporations Act 2001, Indian Sick Industrial Companies (Special Provisions) Act of 1985 (as replaced by Companies Act, 2013 and supplanted by the Insolvency and Bankruptcy Code, 2016) has been adopted in the South African Companies Act of 2008. The goal(s) of corporate rescue in some of these ju...

  20. Finanční analýza společnosti Ryor, a. s.

    OpenAIRE

    Škrabalová, Daniela

    2014-01-01

    The aim of this Bachelor´s Thesis is a financial analysis of the company Ryor, a. s. between years 2010 to 2014. The thesis is divided into two parts. The methodological part include general procedures, terms methods, formulas and data sources, that are necessary for financial analysis. The methods will applied to the selected company in the practical part. The practical part will include horizontal and vertical analysis, financial ratios, working capital, bankruptcy and credibility models an...

  1. financial analysis of the company

    OpenAIRE

    Pojerová, Jana

    2008-01-01

    The main goal of this bachelor thesis called "Company Financial Analysis" is to evaluate the financial situation of ZS Kosova Hora a.s. in the years 2005 2013 using standard methods of financial analysis. To achieve this goal horizontal and vertical analyses, ratio analysis, pyramidal decomposition of the ROE indicator and solvency and bankruptcy models have been used. In all these areas the selected company has been compared with a selected sample of other agricultural enterprises and its fi...

  2. Department of Defense Spacelift in a Fiscally Constrained Environment

    Science.gov (United States)

    2011-12-16

    or space operations. Space weather may impact spacecraft and ground-based systems. Space weather is influenced by phenomena such as solar flare...shareholders included Rocket and Science Corporation Energia (Russian- based company), a Norwegian shipbuilder, and two Ukrainian rocket firms (Hennigan...Hennigan 2011b). In October 2010, Sea Launch AG emerged from Chapter 11 bankruptcy protection as a result of Rocket and Science Corporation Energia

  3. Risk shocks and housing markets

    OpenAIRE

    Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin D.

    2010-01-01

    Abstract: This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstratesthat risk shocks to the housing production sector are a quantitatively important impulse mechanism for the business cycle. Also, we demonstrate that bankruptcy costs act as an endogenous markup factor in housing prices; as a consequence, the volati...

  4. Finanční analýza společnosti Bemett, a. s.

    OpenAIRE

    Brychca, Lukáš

    2011-01-01

    Bachelor thesis titled "Financial analysis of Bemett corporation" consists of a theoretical part, which explains the methods of financial analysis used in this work, including: vertical and horizontal analysis, balance sheet rules, differential indicators, economic standard, ratio indicators, pyramidal decomposition, the calculation of the effects of sub-indicators at the top, the value indicators, bankruptcy and financial standing models and comparison with industry or a competitor and a pra...

  5. Analisis Komparatif Kinerja Keuangan dan Prediksi Kebangkrutan Perusahaan Telekomunikasi

    Directory of Open Access Journals (Sweden)

    Gen Norman Thomas

    2013-05-01

    Full Text Available This study aims to reveal the comparative financial performance and prediction of bankruptcy in 2 (two telecommunications services company; PT Bakrie Telecom Tbk and PT Mobile-8 Telecom.Tbk.  Compared to other telecommunications services companies formerly established, such as PT Telkom Tbk., PT Indosat Tbk., and PT XL Axiata Tbk., PT Bakrie Telecom, Tbk. and PT Mobile-8 Telecom, Tbk. are still new and relatively untested, so it is interesting to do the research. The research method used was comparative analysis between two similar objects studies based on financial ratios. Based on calculations and ratio analysis, it shows that the ratio of liquidity to the financial condition of PT Mobile-8 Telecom Tbk is better than PT Bakrie Telecom Tbk, but leverage ratios, activity ratios, and profitability ratios happen PT Bakrie Telecom Tbk better than PT Mobile-8 Telecom Tbk. In the calculation on dupont analysis of PT Bakrie Telecom Tbk has an average ROA of 2:42%, which is better than ROA of PT Mobile-8 Telecom Tbk -12.29%. Bankruptcy prediction for PT Mobile-8 Telecom Tbk with z score much smaller, 4.81 (2007, -5.82 (2008, -7.50 (2009; it means the greater the likelihood of PT Mobile-8 Telecom Tbk towards bankruptcy. As for the PT Bakrie Telecom Tbk with a z score has narrowed, -0.11 (2007, 0.8 (2008, -2.30 (2009 but not as small as z score PT Mobile-8 Telecom Tbk, this also means that larger opportunities for PT Bakrie Telecom Tbk likely headed bankruptcy.

  6. The role of commercial banks in enterprise restructuring in Central and Eastern Europe

    OpenAIRE

    Long, Millard; Rutkowska, Izabela

    1995-01-01

    Many countries in Eastern Europe assigned banks the responsibility for restructuring enterprises. Such restructuring had five components: 1) triage of enterprises into three classes -- viable, viable with debt relief, and nonviable; 2) work with management of overindebted firms on a restructuring plan before granting debt relief; 3) trigger the bankruptcy liquidation process on nonviable firms; 4) fund new investments needed as part of physical restructuring; and 5) provide corporate governan...

  7. Potential impact of licensee default on cleanup of TMI-2. Technical report

    International Nuclear Information System (INIS)

    Roberts, J.O.; Saltzman, J.

    1980-11-01

    Financial repercussions of the accident at Three Mile Island Unit 2 on the ability of the Licensee, Metropolitan Edison Co., to complete cleanup of the facility are examined. Potential impacts of licensee default on cleanup and alternatives to minimize the potential of bankruptcy are discussed. Specific recommendations are made regarding steps the Nuclear Regulatory Commission might take in keeping with its regulatory functions and its mission to protect the public health and safety

  8. Capital Structure and Managerial Compensation: The Effects of Renumeration Seniority

    OpenAIRE

    Calcagno, R.; Renneboog, L.D.R.

    2004-01-01

    We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts.Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy regulation and as observed in practice.We theoretically show that including risky debt changes the incentive to provide the manager with stronger performance-related incentives ("contract substitution" effect)...

  9. The buck stops here.

    Science.gov (United States)

    Shinkman, R

    1998-08-03

    As Allegheny Health, Education and Research Foundation muddles through its high-profile bankruptcy reorganization, the spotlight of public scrutiny is now shining brightly on the system's board members, who were supposed to act as guardians of the not-for-profit system. "When things fall apart, the board members usually take the heat," says one governance expert. "And they should take the heat, since they are the final buffer."

  10. Derivatives Market's Payment Priorities as Financial Crisis Accelerator

    OpenAIRE

    Roe, Mark J.

    2011-01-01

    Chapter 11 bars bankrupt debtors from immediately repaying their creditors, so that the bankrupt firm can reorganize without creditors shredding the bankrupt’s business. Not so for the bankrupt’s derivatives counterparties, who unlike most creditors, even most other secured creditors, can seize and immediately liquidate collateral, net out gains and losses, terminate their contracts with the bankrupt, and keep both preferential eve-of-bankruptcy payments and fraudulent conveyances they obtain...

  11. Cross-border jurisdiction and assistance in insolvency: the position in Malaysia and Singapore

    OpenAIRE

    Omar, PJ

    2008-01-01

    Malaysia and Singapore are members of the common law family and have 'inherited' their company and insolvency law from models in use in the United Kingdom with influences from Australia. It is the purpose of this article to outline the law in relation to cross-border insolvency, particularly the winding up of foreign companies, the co-operation provisions in bankruptcy and insolvency as well as more recent moves to redevelop insolvency through UNCITRAL and Asian Development Bank initiatives.

  12. Crossborder jurisdiction and assistance in insolvency: The position in Malaysia and Singapore

    Directory of Open Access Journals (Sweden)

    PJ Omar

    2008-04-01

    Full Text Available Malaysia and Singapore are members of the common law family and have 'inherited' their company and insolvency law from models in use in the United Kingdom with influences from Australia. It is the purpose of this article to outline the law in relation to cross-border insolvency, particularly the winding up of foreign companies, the co-operation provisions in bankruptcy and insolvency as well as more recent moves to redevelop insolvency through UNCITRAL and Asian Development Bank initiatives.

  13. Crossborder jurisdiction and assistance in insolvency: The position in Malaysia and Singapore

    OpenAIRE

    PJ Omar

    2008-01-01

    Malaysia and Singapore are members of the common law family and have 'inherited' their company and insolvency law from models in use in the United Kingdom with influences from Australia. It is the purpose of this article to outline the law in relation to cross-border insolvency, particularly the winding up of foreign companies, the co-operation provisions in bankruptcy and insolvency as well as more recent moves to redevelop insolvency through UNCITRAL and Asian Development Bank initiatives.

  14. ANNUAL FINANCIAL STATEMENTS A SOURCE FOR THE FINANCIAL DSECISIONS OF INSOLVENT COMPANIES

    Directory of Open Access Journals (Sweden)

    Hada Teodor

    2010-12-01

    Full Text Available The paper presents the importance of financial statements in determining the insolvency of a company. The first part of the article presents a case study and the main signals of bankruptcy: negative working capital, negative equity capitals, losses, etc. In the end of the paper we detail issues that are not observable and that are related to the actual management of the company.

  15. MANAGEMENT ANALYSIS AS MEANS OF IMPROVING THE BUSINESS PROCESSES AT THE TOURIST ENTERPRISE: A CASE STUDY

    OpenAIRE

    Glyusa Rafaelovna Bakieva; Lenara Fanilevna Muftieva

    2016-01-01

    In modern conditions of the Russian economy is particularly important for the sustainable functioning of the entire domestic tourism industry and the individual tourist enterprises. The need to improve strategic management of the enterprise is confirmed by a series of bankruptcies of travel companies of Russia: "Neva", "Ideal tour", "Expotour", "Wind Rose. World", "Labyrint" and others. By March 2015, according to the Association of tour operators of Russia (ATOR), the number of tour operator...

  16. Priorities of statutory claimants

    International Nuclear Information System (INIS)

    Pawluck, B.K.; Prowse, J.T.

    1996-01-01

    The statutory rights that unpaid creditors have when an oil or gas operator is placed in bankruptcy, were evaluated. Those statutory rights may give priority to their claims against the operator. Fifteen topics dealing with statutory priorities were examined, focusing on the change in priorities which would occur if the insolvent operator were placed in bankruptcy. The topics were: (1) Summary of statutory federal and provincial priorities, (2) Revenue Canada - source deductions/deemed trust, (3) Revenue Canada - source deductions/enhanced requirement to pay, (4) Revenue Canada - goods and service tax (GST)/deemed trust, (5) Revenue Canada - GST/enhanced requirement to pay, (6) Federal income taxes, (7) Validity of provincially legislated priority provisions in bankruptcy, (8) Provincially authorized municipal taxes - real property, (9) Provincial workers' compensation board, (10) Provincially legislated wages, overtime pay and holiday pay, (11) Provincially legislated severance/termination pay, (12) Provincially legislated successor employer obligations, (13) Provincially legislated private employment pension plans, (14) Provincial health care insurance premiums, and (15) Provincial freehold mineral rights tax

  17. Aspek Hukum Pemenuhan Hak Tenaga Kerja terhadap Implementasi Keputusan Pailit Suatu Badan Usaha Sesuai Asas Keadilan

    Directory of Open Access Journals (Sweden)

    Iron Sarira

    2011-10-01

    Full Text Available The worker is the weaker party in terms of worker-employee relationship system. The problem that often arises in the event of bankruptcy decision issued by the judiciary is the ignorance of labor rights. As we know that termination of employment (layoffs may be conducted by the employer in accordance with article 165 of Law Number 13 Year 2003 on Manpower, which is when the company is closed due to creditors’ law suit on unpaid credit within a specified time and therefore stating bankruptcy. Employers who are declared bankrupt by a competent judge shall settle all obligations, including in this case, paying workers' compensation regulations. In practice, the curator, the official havint the authority to calculate the company's assets can be invited to cooperate in terms of the repayment obligation, and they rather put the assets of the creditor's rights in front of workers’ rights. The receiver and or parties related to tend to prioritize the interests of the group more than the fulfillment of labor rights as compensation from the bankruptcy decision occurs. Whereas Article 95 Paragraph (4 of Law No. 13 of 2003 has stated that labor rights should come first before completing the receivables of the creditors. 

  18. Russian Societies of the Mutual Credit in the years of Economic Recovery (1909–1913

    Directory of Open Access Journals (Sweden)

    Tatiana A. Kattsina

    2017-03-01

    Full Text Available Тhe article is dedicated to one of the poorly studied branches of the bank loan system in the Russian Empire, i.e. the mutual loan societies. While making investments in industry and sales turnover, mutual loan societies contributed to their widening scope by means of remote areas of the country. The most important factor to determine the peculiarities of mutual loan societies development was their bankruptcy during the economic recovery before World War I. That is why main focus is made on internal causes (that developed on the activity of the organization itself of financial insolvency (bankruptcy occurrence of mutual loan societies. They allowed show basic problems of mutual loan societies on the example of particular organizations, due to which the factors of crisis and financial insolvency (bankruptcy risks appeared. The article reveals such inefficient strategies of mutual loan society’s development and management as lack of real-life experience (qualifications of the staff, use of investors' finances for the administration personal needs (malpractice, inefficient management of the floating capital, poor loan policy connected with illegal profit withdrawal.

  19. A CRITICAL REVIEW ON THE EFFECT OF HOUSING INDUSTRY TO THE GLOBAL FINANCIAL CRISIS: THE CASE OF TURKEY

    Directory of Open Access Journals (Sweden)

    Cem BERK

    2010-01-01

    Full Text Available The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing on financial crisis. The research is based on Turkish market data between the period 2002-2009. The research can be extended with global market data especially from the emerging market for a comparative study. Research in this field should focus more to industry dynamics rather than macroeceonomic variables explaining crisis to explore housing sector dynamics. The real estate managers should look to central bank reserves and corporate bankruptcies more closely as a macroeceonomic variable affecting housing industry. The effect of macroeceonomic variables in the period of financial volatility is limited in the housing market, whereas industry factors should be analized. Central bank reserves and corporate bankruptcies are important indicators of housing industry growth that can be used as an instrument. To to the author’s knowledge, the paper is the first study to investigate the link between financial crisis and housing market in Turkey.

  20. Environmental issues and creditor's rights in Alberta and Saskatchewan

    International Nuclear Information System (INIS)

    McCarthy, P.T.; Lee, S.; Milani, M.W.

    1996-01-01

    A clarification of the ranking of environmentally related claims in bankruptcy and receivership proceedings, was presented. Also, the liability that a creditor assumes when taking control of a debtor's business or assets, particularly where environmental contaminants are concerned, was explained. The way that environmental law operates and the sorts of liability it imposes and upon whom, was also explained. Generally, environmental legislation imposes liability upon the owner of a contaminated property, whether or not the owner caused or created the problem. However, legislation also exists which imposes liability on the party in control and on the party which caused the contamination. A review of cases which deal with environmental legislation and their impact upon receivers in Saskatchewan and Alberta, was presented. Ways in which secured creditors can assess liability and minimize risks, were also described. The proposed amendments to the Bankruptcy and Insolvency Act (BIA) expand the current limited protection from personal liability for trustees in bankruptcy and extend it to receivers, trustees, monitors and agents

  1. The recent casualties of gas markets: how to avoid becoming one

    International Nuclear Information System (INIS)

    Gorman, H.A.; Park, J.J.

    1997-01-01

    A list of four recent gas marketing bankruptcies in Canada and their current status was reviewed. In 1996 and in early 1997 some gas marketers found themselves with an open position as a result of insolvency of their suppliers. Consequently, they faced huge losses in a market where commodity prices were rising significantly. A number of practical suggestions to deal with the losses and forestall receivership and/or bankruptcy have been discussed. One of the most important considerations is to protect oneself from the outset, i.e. to arrange for satisfactory security for performance. Dealing only with reputable parties and contracting for short term deals are some of the other measures that a marketer can take in advance. Security for performance was described as the most important issue in gas contracting today. It was seen as the only way to ensure that a company would not have to deal with insolvency problems. The legal implications of bankruptcy and insolvency were also discussed

  2. Diseño de un modelo específico para la predicción de la quiebra de micro-entities // Design of a Specific Model for Predicting Micro-Entities Failure

    Directory of Open Access Journals (Sweden)

    Antonio J. Blanco Oliver

    2016-12-01

    Full Text Available La importancia de las micro-entities como generadoras de empleo y propulsoras de la actividad económica conlleva, unida a sus mayores tasas de quiebra y a su dificultad para acceder a las fuentes de financiación, la necesidad de diseñar métodos apropiados que anticipen sus quiebras. Con este fin, en este trabajo se desarrolla un modelo híbrido mediante la combinación de enfoques paramétricos y no paramétricos para la detección de sus quiebras. Para ello, se seleccionan las variables con mayor poder predictivo para detectar la quiebra mediante un modelo híbrido de regresión logística (LR y árboles de regresión y clasificación (CART. Nuestros resultados muestran que este modelo híbrido obtiene una mejor performance que aquellos modelos implementados de forma aislada, además de tener una más fácil interpretación y una convergencia más rápida. Por otra parte, se constata la conveniencia de la introducción de variables no financieras y macroeconómicas que complementen a la información proporcionada por los ratios financieros para la predicción de la quiebra de las micro-entities, lo cual está en línea con las características propias e idiosincrasia de este tamaño empresarial recientemente definido por la Comisión Europea. ------------------------------------ The importance of micro-entities due to their generation of employment and propelling economic activity, together with the fact of their particularities, implies the need to design appropriate methods that anticipate their bankruptcies. For that purpose, a hybrid model by combining parametric and nonparametric approaches is developed in this paper. First, the variables with the highest predictive power to detect bankruptcy are selected using logistic regression (LR. Subsequently, a non-parametric method, namely regression trees and classification (CART, is then applied to companies classified as "bankruptcy" or "non-bankruptcy". Our results show that this model

  3. Uma estimativa do custo de subordinação da dívida financeira estabelecida pela atual lei de falência

    Directory of Open Access Journals (Sweden)

    José Roberto Securato

    2004-12-01

    Full Text Available Este trabalho tem como objetivo verificar o impacto no custo de endividamento das empresas devido à ordem de prioridade de pagamento das dívidas corporativas em caso de falência. A nova Lei de Falência em tramitação no Congresso Nacional, Projeto de Lei 4.376, define a ordem de classificação dos créditos na falência pelo artigo 83. A atual Lei de Falência estabelece que as dívidas trabalhistas, previdenciárias e tributárias possuem prioridade de pagamento às demais dívidas. Entende-se, portanto, que existe uma subordinação das dívidas contratadas junto aos bancos e investidores com relação aos passivos prioritários. Este estudo estima o custo de subordinação do passivo financeiro - empréstimos e financiamentos - aos passivos com preferência de pagamento. Primeiro, obteve-se evidência a favor do modelo de precificação, através da comparação do valor do passivo obtido pela aplicação do modelo com o valor de mercado, e finalmente, calculou-se uma média de 0,30%a.a. de custo de subordinação dos passivos financeiros.This paper studies the debt cost effect caused by the payment order when liquidating its liabilities in case of corporate bankruptcy established by the current Bankruptcy Legislation. The new Bankruptcy Legislation under discussion at the Brazilian Congress, Law project 4.376, defines the liability ranking order in case of Bankruptcy in article 86. The current Brazilian bankruptcy regulation defines that employee, social security and fiscal liabilities must be settled before other liabilities such as asset backed debt securities, suppliers and loans. Therefore, there is a subordination of financial liabilities - loans and financing contracted with banks and investors compared to those liabilities with liquidation priority. This research estimates the cost of subordination of financial liabilities. First, we applied the binomial model to estimate the present value of corporate liabilities and its

  4. Perbuatan Melanggar Hukum Sebagai Unsur Utang Dalam Undang-Undang Nomor 37 Tahun 2004

    Directory of Open Access Journals (Sweden)

    Wibisono Adhityo Yudho

    2017-12-01

    -bidi-font-family:"Times New Roman";} 800x600 Bankruptcyis an institution for creditors in collecting debt repayments against debtors. That’s usually done by creditors if the debtor in this case has been in a state of bankruptcy, that is a state in which the debtor is no longer able to make payments to the debts of its creditors. But the main purpose of bankruptcy is to make a division between the creditors of the assets owned by the debtor by the curator. In bankruptcy there are several important principles, one of which is the existence of debt. Debt is one of the main requirements for filing a petition for bankruptcy, because without debt it is not possible for bankruptcy cases to be examined. Then the debt should be due and billable. The filing of a bankruptcy application is generally based on a debt agreement between the debtor and the creditor. Based on the existence of the debt agreement, the creditor applying for bankruptcy to the court. As the relationship between creditors and debtor is known or there is an agreement according to Burgerlijk Wetboek there are two, namely the engagement that arises from the existence of agreement and engagement arising from the law. Then what if the debt arises as a result of the unlawful act, as it is different from the debt arising from the debt agreement of the receivables that clearly regulate the legal relationship between creditors and debtors. Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ANALYSIS OF FINANCIAL DUE DILIGENCE UNSUCCESSFUL BUSINESS COMPANIES IN SERBIA

    Directory of Open Access Journals (Sweden)

    JELENA Toskovic

    2015-06-01

    Full Text Available In conditions of extreme financial and corporate scandals, in order to achieve a good position in the market and thus maximize profit, modern companies and their top managers must make continual innovation and change, as an adaptation of one of the basic imperatives of modern business. This means that today's modern enterprises are facing numerous challenges, including the need to find a way to survival, growth and development. The global economic crisis that occurred in 2007 passed the downfall of many companies and put into focus the creative application of financial resources in the process of bankruptcy. Each company during its life cycle comes to a situation that is found in some form of crisis, but if it fails to overcome the crisis inevitably is to declare bankruptcy, which is a recognition that the company failed to meet its objectives. The causes of business failure are different, so the task of the financial due diligence to do the recording of enterprises, carefully, systematically and thoroughly investigate, examine and analyze them information company that filed for bankruptcy. The point of introduction of due diligence is in providing input as soon as possible, in order to take advantage of information in the right way and made the right decisions and strategies of the business. So due diligence serves as a tool or vehicle for designing business decisions, which is in the territory of the Republic of Serbia still minimal use. The reorganization process is applied rather than the liquidation process, precisely in order to use all the resources that the company has, and thus protect shareholders, creditors and suppliers. This process is strictly controlled and regularized to avoid possible abuse by management that led the company to bankruptcy. The legislation allows considerable benefits company in the reorganization process, just to fit in a healthy leg, changed unsuccessful business and financial structure of the successful and

  5. Corporate governance effect on financial distress likelihood: Evidence from Spain

    Directory of Open Access Journals (Sweden)

    Montserrat Manzaneque

    2016-01-01

    Full Text Available The paper explores some mechanisms of corporate governance (ownership and board characteristics in Spanish listed companies and their impact on the likelihood of financial distress. An empirical study was conducted between 2007 and 2012 using a matched-pairs research design with 308 observations, with half of them classified as distressed and non-distressed. Based on the previous study by Pindado, Rodrigues, and De la Torre (2008, a broader concept of bankruptcy is used to define business failure. Employing several conditional logistic models, as well as to other previous studies on bankruptcy, the results confirm that in difficult situations prior to bankruptcy, the impact of board ownership and proportion of independent directors on business failure likelihood are similar to those exerted in more extreme situations. These results go one step further, to offer a negative relationship between board size and the likelihood of financial distress. This result is interpreted as a form of creating diversity and to improve the access to the information and resources, especially in contexts where the ownership is highly concentrated and large shareholders have a great power to influence the board structure. However, the results confirm that ownership concentration does not have a significant impact on financial distress likelihood in the Spanish context. It is argued that large shareholders are passive as regards an enhanced monitoring of management and, alternatively, they do not have enough incentives to hold back the financial distress. These findings have important implications in the Spanish context, where several changes in the regulatory listing requirements have been carried out with respect to corporate governance, and where there is no empirical evidence regarding this respect.

  6. Changes in suicide rates in disaster-stricken areas following the Great East Japan Earthquake and their effect on economic factors: an ecological study.

    Science.gov (United States)

    Orui, Masatsugu; Harada, Shuichiro; Hayashi, Mizuho

    2014-11-01

    Devastating disasters may increase suicide rates due to mental distress. Previous domestic studies have reported decreased suicide rates among men following disasters. Few reports are available regarding factors associated with disasters, making it difficult to discuss how these events affect suicide rates. This study aimed to observe changes in suicide rates in disaster-stricken and neighboring areas following the Great East Japan Earthquake, and examine associations between suicide rates and economic factors. Monthly suicide rates were observed from March 2009 to February 2013, during which time the earthquake occurred on March, 2011. Data were included from disaster-stricken (Iwate, Miyagi, and Fukushima Prefectures) and neighboring (control: Aomori, Akita, and Yamagata Prefectures) areas. The association between changes in suicide rates and economic variables was evaluated based on the number of bankruptcy cases and ratio of effective job offers. In disaster-stricken areas, post-disaster male suicide rates decreased during the 24 months following the earthquake. This trend differed relative to control areas. Female suicide rates increased during the first seven months. Multiple regression analysis showed that bankruptcy cases (β = 0.386, p = 0.038) and ratio of effective job offers (β = -0.445, p = 0.018) were only significantly associated with male post-disaster suicide rates in control areas. Post-disaster suicide rates differed by gender following the earthquake. Our findings suggest that considering gender differences might be important for developing future post-disaster suicide prevention measures. This ecological study revealed that increasing effective job offers and decreasing bankruptcy cases can affect protectively male suicide rates in control areas.

  7. Distribuční vlastnosti finančních ukazatelů: případ českých konkurzních údajů

    Directory of Open Access Journals (Sweden)

    Mária Režňáková

    2013-10-01

    Full Text Available Purpose of the article: The purpose of this paper is to analyse the distributional properties of financial data, suitable for building a bankruptcy forecast model, in the sense of normality deviation and the existence of outliers. Methodology/methods: In praxis, financial data in the form of financial ratios is very often not normály distributed. A Shapiro-Wilk’s procedure was used to test normality (Shapiro, Wilk, 1965 and a Box-Cox transformation (Box, Cox, 1964 for normalizing financial ratios. Scientific aim: We would like to contributed to the previous pieces of research in following ways. Firstly, by analysing a greater range of accounting ratios or indicators (i.e. 44, secondly, by focusing on data of a different character (data suitable for building a bankruptcy forecast model, thirdly, by explaining cases in which the parameter l is not possible to estimate, and finally fourthly, identifying a possible cause of transformation failure in achieving normality of financial ratios. Findings: Before the transformation none of the analysed financial ratios met the condition of one-dimensional normality, not even on the 1-% level. After transformation, the condition of one-dimensional normality was met, at the 1-% level, by 34% of the analysed financial ratios. The same condition, but at the 5 or 10-% level, was met by 27% of the analysed financial ratios. The parameter l was not possible to estimate in the case of 18% of financial ratios. Conclusions: The condition of normality for untransformed Czech bankruptcy data seems almost as impossible to fulfil. This conclusion implies the use of non-parametric methods, such as artificial neural networks. However, the comparison of the parametric method’s performance using untransformed or transformed data is the subject of further research.

  8. Analisa Pengaruh Rasio Keuangan Model Springate Terhadap Harga Saham Pada Perusahaan Publik Sektor Telekomunikasi

    Directory of Open Access Journals (Sweden)

    Effendi Effendi

    2016-04-01

    Full Text Available The fast development of Indonesia capital market has happened recently requires investors to manage more information which is available with variety of technical analysis. One of technical Springates model of bankruptcy prediction which is able to predict the possibility of bankruptcy for evading fortfolio depreciation held by the investors. In above-mentioned analysis, the investors use one set of financial ratio which has the same type profitability, leverage, and liquidity ratio. Logically, the investors who have used Springates ratio in their analysis will consider the set of ratio in selling and buying shares so Springates ratio have the influence to shares price. This reseach was done based on wanting to know the influence of Springates financial ratios to shares price of public enterprise of telecommunication sector in Indonesia Stock Exchange. This reseach is empirical study for getting to know the influence of Springates financial ratios to share price. The financial data which are used from report of public enterprise of telecommunication sector in Indonesia Stock Exchange are from the year 2009 up to 2013. The financial ratios which are independent variable used by Springate for predicting enterprise bankruptcy, i.e : Working Capital to Total Assets (WC/TA, Earnings Before Interest and Taxes to Total Assets (EBIT/TA, Earnings Before Taxes to Currents Liabilities (EBT/CL, and Sales to Total Assets (S/TA. The analysis instrument is panel data regression and for data processing using Eviews 7. t-test and F-test outcome shown that WC/TA, EBIT/TA, EBT/CL and S/TA independent variables partially and simultaneously together influencing shares price with random effect test.

  9. The Broad vs. the Pointed Brush: Status Change, Stigma and Blame Following Fast Organizational Failure

    DEFF Research Database (Denmark)

    Andersen, Kristina Vaarst; Lorenzen, Mark; Nowinska, Agnieska

    This paper explores labor market mechanisms of intra-professional status change following fast organizational failure. We undertake a case study of a collapsed high-profile bunker oil company, selected on account of its failure’s scale, speed, and organizational and geographical heterogeneity....... Using unique hand-collected qualitative and quantitative data, we examine the careers of the organization’s displaced employees. At odds with extant theory on stigma, we do not find any general status loss. We explain this by the fast decline and aftermath after bankruptcy of this particular...

  10. The Lorentz Attractor and Other Attractors in the Economic System of a Firm

    International Nuclear Information System (INIS)

    Shapovalov, V I; Kazakov, N V

    2015-01-01

    A nonlinear model of the economic system of ''a firm'' is offered. It is shown that this model has several chaotic attractors, including the Lorentz attractor and a new attractor that, in our opinion, has not yet been described in the scientific literature. The chaotic nature of the attractors that were found was confirmed by computing the Lyapunov indicators. The functioning of our economic model is demonstrated with examples of firm behaviour that change the control parameters; these are well known in practice. In particular, it is shown that changes in the specific control parameters may change the system and avoid bankruptcy for the firm

  11. Cypriot Archaelogy, Modern Numismatics and Social Engineering: The Iconography of the British Coinage of Cyprus

    Directory of Open Access Journals (Sweden)

    Miltiades Hatzopoulos

    2006-01-01

    Full Text Available This article examines the use of numismatic iconography by the British colonial administration of Cyprus in order, initially, to legitimise its possession of the island and, subsequently, to promote an Eteocypriot, an "authentic Cypriot", identity as counter-poison against Greek nationalism. In this endeavour of social engineering, archaeological items and other symbols from Cyprus' past played a prominent part. The outbreak of the Cypriot guerrilla war for union with Greece in 1955 highlighted the bankruptcy of this operation. Nevertheless, British efforts to evade Cyprus' overwhelmingly Greek past - and present - continued unabated, even after the formal recognition of the island's independence.

  12. Past and Present of the Chinese and Korean Trainees and Survival of a Small Manufacturing Industry

    Science.gov (United States)

    Nishihata, Mikio

    In 1973, the author established the Nippon Bell Parts Co., Ltd. in Funabashi-city under his estimation of the advances in communication, information, semiconductor and automotive industries, then he has focused on R&D and developed the manufacturing of precise parts. During the past 30 years, he has himself experienced the importance of the mutual exchange between Japan and China and Korea, for keeping the human capability as well as for the management and the technical development to avoid a bankruptcy. The author is intentionally acting for the education of craftsmen in small and medium-sized manufacturing industries.

  13. Non-integrated electricity suppliers: the failure of an organisational model

    International Nuclear Information System (INIS)

    Boroumand, R.H.

    2009-01-01

    In the reference model of market liberalization, the reference business model is the pure electricity retailer. But bankruptcy, merger or vertical integration are indicative of the failure of this organizational model and its incapacity to manage efficiently the combination of sourcing and market risks in a setting of fierce price competition. Because of the structural dimension of electricity's volume risk, a supplier's level of risk exposure is unknown ex ante and will only be revealed ex post when consumption is known. Sourcing and selling portfolios of hedging contracts are incomplete risk management tools. Consequently, physical hedging is an essential complement to portfolios of contracts to overcome the pure supplier's curse. (author)

  14. 11 January 1991-Act replacing section 179(2) of the Act of 8 August 1980 concerning budget proposals for 1979-1980

    International Nuclear Information System (INIS)

    1991-01-01

    ONDRAF, the National Body for the Management of Radioactive Waste and Fissile Materials, has been given new duties mainly regarding management of foreign waste on national territory, management of spent fuel and decommissioning of nuclear installations. The purpose of the amending Act is also to secure financing of the safe management of nuclear waste, enriched fissile materials and certain plutonium-bearing material as well as that of fresh and spent fuel the use of which has not been decided. The 1991 Act further provides for the financing of decommissioning operations and for the constitution of funds to meet cases of bankruptcy or default by producers. (NEA)

  15. On the nuclear crisis in public relations and corporate strategies

    International Nuclear Information System (INIS)

    Fan Fei

    2012-01-01

    Perilous and crisis-prone, which caused by economic globalization and information technology, are the characteristics of this era. In the face of crisis, some enterprises make the 'crises' as a 'chance' ride, while some businesses are facing bankruptcy. Crisis public relations in the modern enterprise management is an important issue, but the nuclear industry, which had involved less. By learning from other industries' good theories and experience. Combined with characteristics of the nuclear industry itself, proposed nuclear power companies public relations crisis should follow the basic principles and specific methods of operation, the nuclear industry for the promotion of healthy, rapid and safe development plays an important role. (author)

  16. Analysis of information flows among individual companies in the KOSDAQ market

    Science.gov (United States)

    Kim, Ho-Yong; Oh, Gabjin

    2016-08-01

    In this paper, we employ the variance decomposition method to measure the strength and the direction of interconnections among companies in the KOSDAQ (Korean Securities Dealers Automated Quotation) stock market. We analyze the 200 companies listed on the KOSDAQ market from January 2001 to December 2015. We find that the systemic risk, measured by using the interconnections, increases substantially during periods of financial crisis such as the bankruptcy of Lehman brothers and the European financial crisis. In particular, we find that the increases in the aggregated information flows can be used to predict the increment of the market volatility that may occur during a sub-prime financial crisis period.

  17. Knight Capital Americas LLC

    DEFF Research Database (Denmark)

    Austin, Robert D.; Meister, Darren

    2015-01-01

    It took 19 years to build Knight Capital Americas LLC into the largest market maker on the New York Stock Exchange, but on August 1, 2012, it took only 45 minutes for the firm to be wiped out by an information technology (IT) problem: a change in the company's software caused it to lose more than...... $450 million dollars in less than an hour. Although it was ultimately saved from bankruptcy when it was acquired two days later, the terms of acquisition were very unfavourable to the company's shareholders. How did this happen? Could it have been prevented? What should the staff, the chief executive...

  18. Management accounting and rationalisation in the Army: The case of Spanish Military Hospitals in the 18th century

    Directory of Open Access Journals (Sweden)

    Juan Baños Sánchez-Matamoros

    2014-01-01

    Full Text Available The present paper deals with one of the most neglected areas of research in accounting, that of the Army. In spite of the literature on industries related to the Army, not too much has been extended on the Army per se. For this reason, this paper analyses the process of rationalization developed in the 18th century in Spanish Army Hospitals, as a result of the bankruptcy of the Royal Finances. Due to this process, the Military Hospitals were the most developed in the country, and it led to the emergence of the Contralor (Controller within the hospital, and thus accounting was considered as an essential matter.

  19. Analisis Metode Z–Score Altman Terhadap Potensi Kebangkrutan Pada Perusahaan Penerbangan Di Negara-Negara Asia Tenggara

    OpenAIRE

    Mirzaldi, M Fauzan

    2016-01-01

    This study aims to look at the potential bankruptcy of airline companies in the ASEAN Open Sky 2015 mengan use mode as the Altman Z-Score analysis. This type of research is classified in is associative causal research. The population in this study is a registered airlines in ASEAN Open Sky 2015. The sample with purposive sampling method with a population of 49 companies that produce 11 companies. The data used in this research is secondary data. Data collection techniques with engineering doc...

  1. Upaya Hukum Debitor terhadap Putusan Pailit

    Directory of Open Access Journals (Sweden)

    Ishak Ishak

    2015-04-01

    ABSTRACT: In the legal relations, loan of the debtor is obligated to pay the debt due and collectible. The debtor to pay the debt he sometimes defaults (broken promise. If the debtor owes to several creditors, then the solution can be done by the commercial court of brankruptcy. The debtor is declared bankrupt by the commercial court because he paid the at least one debt due and collectible. Bankruptcy decision raises serious legal consequences for debtors, and therefore the debtor needs to file a legal action in order to avoid the consequences of the decision.

  2. Dakota, Minnesota and Eastern Railroad: 1997

    OpenAIRE

    Paul R. Reed; Carol J. Cumber

    1998-01-01

    Approximately twenty-five years ago, a majority of the railroads in the industry were either in or near bankruptcy. As a partial cure, a series of federal and state legislation was enacted which freed the industry from archaic laws passed in the days railroads enjoyed a virtual monopoly in U.S. transportation. One of the outcomes of this new legislation was the freedom granted major railroads to abandon or sell off excess trackage to entrepreneurs. The Dakota Minnesota & Eastern (DM&E) is a r...

  3. Russia's parliamentary elections and energy

    Energy Technology Data Exchange (ETDEWEB)

    Matveeva, Anna [Royal Institute of International Affairs, London (United Kingdom)

    1999-11-01

    This article examines the effects of Russia's parliamentary elections on the Russian energy sector and gives details of Russia's legislation concerning Production Sharing Agreement (PSA). The importance of party politics, use of the energy sector as a ready source of cash for electoral campaigns, the government's strengthening of its representation on the board of Gazprom, the role of foreign investors, the bankruptcy of the Siberian Far Eastern Oil Company (Sidanko), the postponement of reforms, and the wait-and-see attitude of investors especially with the forthcoming presidential and Duma elections are discussed. (UK).

  4. Finanční analýza společnosti Lázně Teplice v Čechách, a.s.

    OpenAIRE

    Nováková, Pavla

    2008-01-01

    The main aim of my bachelor work is financial analysis and evaluation of financial health of the company Lázně Teplice v Čechách, a.s. in years 2004 -- 2007. It is a financial analysis from the view of external user. For evaluation of the financial standing of this company were used horizontal and vertikal analysis, ratio analysis and some of moredimensional models for prediction of corporate bankruptcy. It contains comparison with some companies in the branch of spas.

  5. A Specific Model for Assessing the Financial Performance:Case study on Building Sector Enterprises of Galati County - Romania

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2011-11-01

    Full Text Available In this paper is designed a specific model for assessing the financial performance, based on models of bankruptcy risk, for enterprises acting in the building sector from Galati County - Romania. The main purpose of the paper is designing and development a model for evaluation financial performance that important for ranking enterprises. To choose model variables was used discriminate analysis on 22 variables proposed that separate objectively performant by non-performant enterprises. The proposed model with five variables was tested using the initial sample of enterprises obtaining an average success ratio of 81.82%.

  6. Double liability in a branch banking system: Historical evidence from Canada

    OpenAIRE

    Grodecka, Anna; Kotidis, Antonis

    2016-01-01

    We investigate the effects of the abolition of double liability requirement imposed on bank shareholders in Canada on bank risk-taking and lending behavior. Under the double liability rule, the shareholders of a bank were liable up to twice the amount of their subscribed shares in the case of bankruptcy. With the establishment of the Bank of Canada in 1934, the double liability requirement became less stringent and depended on the pace of the redemption of notes in circulation issued by the i...

  7. WAYS TO ATTRACT ADDITIONAL INVESTMENTS IN THE ECONOMY OF UKRAINE

    Directory of Open Access Journals (Sweden)

    Volodymyr Boreiko

    2016-06-01

    Full Text Available In the article investigated the role of investment resources in ensuring the dynamic development of the economy of countries; analyzed the dynamics earnings of direct foreign investments in Ukraine and deposits of the population attracted by commercial banks; proved that to create a favorable environment for investors, Ukraine should strengthen legal protection of the commercial interests of investors and provide them with tax breaks, provide insurance their of industrial and commercial risks, cancel taxation of deposits of citizens and to reimburse them the full amount of deposits in bankruptcy of commercial banks. Keywords: investment resources, economy of country, population deposits, legal protection, risk insurance, tax benefits. JEL: O 16

  8. The Economic Risks Arising from the Analysis of the Balance Sheet of an Economic Entity

    Directory of Open Access Journals (Sweden)

    Andreea Mihaela Marin

    2016-01-01

    Full Text Available Any economic entity operates under probability and risk. In a general acceptation, risk means the validity of the result obtained under pressure of the economic environment; in other words, the risk is the potential damage posed to heritage, interests and affect the entity. In this paper we want to capture, the calculation in terms of the balance sheet analysis of the three risks, which can be measured on the basis of the balance sheet data and indicators, namely: the operational risk, financial risk, and the risk of bankruptcy.

  9. Concept analysis of competitiveness

    Directory of Open Access Journals (Sweden)

    Bychkovskii Andrei Yurevich

    2013-10-01

    Full Text Available Approaches to determine the competitiveness of enterprises. The techniques of estimating the probability of bankruptcy as the lowest level of competitiveness of the organization. Asked to assess the competitiveness on the basis of the analysis of internal and external factors of the company. External factors are asked to provide a financial and economic, political, industrial, technological, social, environmental. Internal factors proposed to explore, using the model of "the golden rule of business economics" in conjunction with approaches for assessing the ability of the enterprise to create value.

  10. Markets: State Franchise Laws, Dealer Terminations, and the Auto Crisis

    OpenAIRE

    Francine Lafontaine; Fiona Scott Morton

    2010-01-01

    In fall 2008, General Motors and Chrysler were both on the brink of bankruptcy, and Ford was not far behind. As the government stepped in and restructuring began, GM and Chrysler announced their plan to terminate about 2,200 dealerships. In this paper, we first provide an overview of franchising in car distribution, how it came about, and the legal framework within which it functions. States earn about 20 percent of all state sales taxes from auto dealers. As a result, new car dealerships, an...

  11. The cost of anchoring on credit-card minimum repayments

    OpenAIRE

    Stewart, Neil

    2009-01-01

    About three quarters of credit card accounts attract interest charges. In the US, credit card debt is $951.7 billion of a total of $2,539.7 billion of consumer credit. In the UK, credit card debt is £55.1 billion of £174.4 billion of consumer credit. The 2005 US Bankruptcy Abuse Prevention and Consumer Protection Act and the 2003 UK Treasury Select Committee's report require lenders to collect a minimum payment of at least the interest accrued each month. Thus people are protected from the ef...

  12. Social Security And Mental Illness: Reducing Disability With Supported Employment

    Science.gov (United States)

    Drake, Robert E.; Skinner, Jonathan S.; Bond, Gary R.; Goldman, Howard H.

    2010-01-01

    Social Security Administration disability programs are expensive, growing, and headed toward bankruptcy. People with psychiatric disabilities now constitute the largest and most rapidly expanding subgroup of program beneficiaries. Evidence-based supported employment is a well-defined, rigorously tested service model that helps people with psychiatric disabilities obtain and succeed in competitive employment. Providing evidence-based supported employment and mental health services to this population could reduce the growing rates of disability and enable those already disabled to contribute positively to the workforce and to their own welfare, at little or no cost (and, depending on assumptions, a possible savings) to the government. PMID:19414885

  13. Can a violation of investor trust lead to financial contagion in the market for tax-exempt hospital bonds?

    Science.gov (United States)

    Bernet, Patrick M; Getzen, Thomas E

    2008-03-01

    Not-for-profit hospitals rely heavily on tax-exempt debt. Investor confidence in such instruments was shaken by the 1998 bankruptcy of the Allegheny Health and Education Research Foundation (AHERF), which was the largest U.S. not-for-profit failure up to that date and whose default was accompanied by claims of accounting irregularities. Such shocks can result in contagion whereby all hospitals are viewed as riskier. We test for the significance and duration of resulting contagion using an industry-specific model of interest cost determinants. Empirical tests indicate that contagion does occur, resulting in higher interest on new debt issues from other hospitals.

  14. Corporate governance cycles during transition

    DEFF Research Database (Denmark)

    Jones, Derek C.; Mygind, Niels

    2004-01-01

    -sures for restructuring produce strong impulses for ownership changes. There is limited possibility for external finance because of the embryonic development of the banking system and the capital markets during early transition. The governance cycle is also influenced by specific features of the institutional, cultural...... is faster in Estonia and this can be explained by the relatively fast pace of institutional change and evolution of important gov-ernance institutions, including tough bankruptcy legislation and advances in the financial system. JEL-codes: G3, J5, P2, P3 Keywords: corporate governance, life...

  15. Detecting Potential Insider Threats Through Email Datamining

    Science.gov (United States)

    2006-03-01

    2.1% Mime 1.1% Hotmail 1.0% Version 0.9% Return 0.7% SMTP 0.7% Type 0.7% MSN 0.7% Mailer 0.8...September 11 attacks and one on the last days of Enron prior to the bankruptcy. An additional topic that emerges is focused on AOL, Yahoo, and Hotmail ...0.0039039999 thought 0.0026032187 22 23 yahoo 0.0109859817 yahoo 0.0209943801 mime 0.0109363170 tm 0.0069047296 hotmail 0.0097741578 sponsor 0.0065174312

  16. COMPANY ACTIVITY FINANCIAL RISK

    Directory of Open Access Journals (Sweden)

    Caruntu Genu Alexandru

    2012-12-01

    Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.

  17. Can future systemic financial risks be quantified?: ergodic vs nonergodic stochastic processes

    Directory of Open Access Journals (Sweden)

    Paul Davidson

    2009-12-01

    Full Text Available Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.

  18. A Hybrid Analysis Approach to Improve Financial Distress Forecasting: Empirical Evidence from Iran

    Directory of Open Access Journals (Sweden)

    Shakiba Khademolqorani

    2015-01-01

    Full Text Available Bankruptcy prediction is an important problem facing financial decision support for stakeholders of firms, including auditors, managers, shareholders, debt-holders, and potential investors, as well as academic researchers. Popular discourse on financial distress forecasting focuses on developing the discrete models to improve the prediction. The aim of this paper is to develop a novel hybrid financial distress model based on combining various statistical and machine learning methods. Then multiple attribute decision making method is exploited to choose the optimized model from the implemented ones. Proposed approaches have also been applied in Iranian companies that performed previous models and it can be consolidated with the help of the hybrid approach.

  19. Design and implementation of an electrocardiographical signal acquisition and digital processing system orientated to the detection of paroxysmal arrhythmias

    International Nuclear Information System (INIS)

    Braceli, Agustín Iriart; Morani, Jorge Exequiel

    2011-01-01

    This article describes the design, technical aspects and implementation of a device capable of acquiring electrocardiograph signals; visualize them in real time over a graphic liquid crystal display (GLCD), and the storage of these ECG registers on a SD memory card. It also details a noise suppression algorithm using the Wavelet Transform. This system was specially developed to cover some bankruptcy that presents actual Holters or ECG regarding the detection of paroxysmal arrhythmias. The contribution of this work is settled on its portability and low production cost. The filtering method used provides an ECG signal without any significant noise and appropriate to the diagnosis of cardiac pathologies.

  20. Design and implementation of an electrocardiographical signal acquisition and digital processing system orientated to the detection of paroxysmal arrhythmias

    Science.gov (United States)

    Iriart Braceli, Agustín; Exequiel Morani, Jorge

    2011-12-01

    This article describes the design, technical aspects and implementation of a device capable of acquiring electrocardiograph signals; visualize them in real time over a graphic liquid crystal display (GLCD), and the storage of these ECG registers on a SD memory card. It also details a noise suppression algorithm using the Wavelet Transform. This system was specially developed to cover some bankruptcy that presents actual Holters or ECG regarding the detection of paroxysmal arrhythmias. The contribution of this work is settled on its portability and low production cost. The filtering method used provides an ECG signal without any significant noise and appropriate to the diagnosis of cardiac pathologies.

  1. The Principle of Judicial Cooperation New Code of Civil Procedure: An Analysis Protection from the Worker Front of the Institute of Judicial Recovery

    Directory of Open Access Journals (Sweden)

    Patricia Fernandes Bega

    2016-10-01

    Full Text Available The article is subject to study the Principle of Judicial Cooperation. The problem of research focuses on the conflict between the institution of bankruptcy and labor laws. The initial hypothesis is that the principle of protection to workers and the Judicial Recovery Institute reveal clash, contradiction and non-cooperation. In this way, the work seeks to demonstrate that the procedural rule of judicial cooperation brought about by the new CPC is an instrument of dialogue between material contradictions. The objective is to analyze the new civil procedure code and the difficulty to cooperate the irreconcilable. The method used was deductive.

  2. Turnaround distressed physician practices. 20 tips for success.

    Science.gov (United States)

    Wolper, L F

    1999-01-01

    Physician practices are restructuring through merger and acquisition, and sale to practice management companies and to hospital systems. Many also are expanding internally by recruiting new physicians and opening additional offices. For many these strategies are working, but many others are experiencing operational and financial distress and failure that arise from rapid organizational growth without concomitant infrastructural change. Further, in the last several months, many national and regional practice management companies have decided to withdraw from the business, and others have declared bankruptcy. The number of physician practices that are in financial and operational distress is unprecedented. These groups require a solution, as proposed in this article.

  3. Finančná analýza podniku Choceňská mlékárna, s.r.o.

    OpenAIRE

    Zigo, Michal

    2011-01-01

    The bachelor thesis assesses a financial position of the company Choceňská mlékárna, s.r.o. with the help of financial analysis tools such as horizontal and vertical analyses, parallel and pyramidal system of financial ratios, creditworthy and bankruptcy models, and economic value added in the horizon of five years. Theoretical-methodological part describes the financial analysis as a tool for an assessment of the financial position of the company and it further defines the evaluation apparat...

  4. The privatization of EEB: From cash drain to major contributor

    International Nuclear Information System (INIS)

    Cavaliere, Christianne; Larsen, Erik R.; Dyner, Isaac

    2007-01-01

    In this paper we describe the successful part-privatization of Empresa de Energia de Bogota (EEB), the city-owned electricity company in Bogota, Colombia. We describe the reason, the preparation and the actual sale process as well as the outcome following the part-privatization. EEB went from being a company on the edge of bankruptcy to one of the most financially secure electricity companies in South America. We also place the case in relation to the standard views on direct foreign investment and their social benefit. Finally, we aim to generalize the experience to see what other organizations in a similar position can learn

  5. ASURANSI DALAM REKSADANA SAHAM DENGAN BENTUK KONTRAK INVESTASI KOLEKTIF YANG BERSIFAT TERBUKA

    Directory of Open Access Journals (Sweden)

    Fries Melia Salviana

    2015-09-01

    Full Text Available Mutual fund is an effect in the capital market that has a low risk. With the collective Investment Contract, then the management can be done by experienced investment managers, making it suitable for novice investors. The required capital is not too high. Mutual fund also has some risks, such as Dividends can’t get paid, Capital Losses, as well as liquidation and bankruptcy. While the only institutions that can address the matter is merely guarantee institution, it applies only to one product only. So it is necessary to do the Assured Agreement for all fund products with the approval of investors to shift risk instead of reducing it.

  6. Finanční analýza konkrétní firmy

    OpenAIRE

    Spěváčková, Jana

    2010-01-01

    The subject of this thesis is the financial analysis of the company Plzeňský Prazdroj, a.s. The aim of the thesis is to show complex view on the financial situation of the company using the external data, mainly from the financial statements. The thesis includes theoretical explanation of the financial analysis tools that are applied later in the practical part. It includes the horizontal and vertical analysis, ratio analysis, analysis of working capital and cash flow, bankruptcy prediction m...

  7. The effectiveness of the Spanish banking reform application of Altman’s Z-Score

    OpenAIRE

    Ntoung A. T. Lious; Puime G. Felix; Miguel A. C. Cibran

    2016-01-01

    The recent financial crisis which causes bankruptcy around the world, Spain was placed at the top list because of the crucial state of its banking. This lead to a call to ensure adequate bank capitalization and reduce uncertainty regarding the strength of their balance sheets. In the light of recent event, the important of knowing the financial position of banks is imperative to shareholders. Thus, the aim of this study is to affirm the validity of Altman Z”-Score model as a predictors of the...

  8. Post Mortem Examination of the Collapse of Enron and the United States Sarbanes–Oxley Act 2002: Lessons for Nigeria

    OpenAIRE

    Mmadu, R. A.

    2013-01-01

    The challenges and prospects of rescue interventions to corporate failures in the United States is the focus of this paper. The collapse of Enron and the lessons from it to corporate Americans and indeed the world at large forms the case study of this paper. How could America’s seventh largest corporation suddenly descend to bankruptcy? The paper assesses the legislative interventions of US Sarbanes–Oxley Act 2002 by employing as a method, analytical exposition of the Act. The paper finds tha...

  9. Stanovaní hodnoty podniku GlaxoSmithKline s.r.o.

    OpenAIRE

    Mádle, Jakub

    2014-01-01

    As a goal of my thesis a have desided to evaluate company GlaxoSmithKline sro. Firstly, I conducted a strategic analysis in which I focused on the macro and micro environment. Then I continued with a financial analysis of the company, during which I apllied the horizontal, vertical and ratio analysis. That showed that company management is fine and it is possible to determine the value of the company. To confirm this fact, I applied bankruptcy and credibility models. Then I continued with the...

  10. The fiduciary duties of healthcare directors in the "zone of insolvency".

    Science.gov (United States)

    Peregrine, Michael W; Schwartz, James R; Burgdorfer, James E; Gordon, David C

    2002-01-01

    Directors of healthcare organizations normally owe fiduciary duties to their shareholders or, in the case of nonprofits, to the charitable mission of the organization. As an organization descends to bankruptcy, however, the board's duties may shift. At some point, the board may be imposed with different and often conflicting obligations to the corporate enterprise as a whole, with a primary criterion being the interests of creditors. In this article, the authors analyze the murky areas of the Zone and give guidance as to when the board's duty may shift-and as to how directors should proceed both in determining their duties and in working to fulfill them.

  11. The Efficacy of Credit Insurance : A Study of the Quantitative Impact on Trade Receivables and Receivables Turnover Ratio

    OpenAIRE

    Prasad, Siddhesh

    2016-01-01

    Export Trade Credit Insurance is a financial service product that intends to cater to the risk management needs of a company. Its primary purpose is protecting a policy holding company against payment defaults, insolvencies and bankruptcies that their business part- ners (buyers) can face. This helps the company keep their Accounts/Trades Receivable and bad debt under check. The goal of this thesis is to study the impact of Credit Insurance coverage on a policy holding company’s A/R level...

  12. Rationing in the presence of baselines

    DEFF Research Database (Denmark)

    Hougaard, Jens Leth; Moreno-Ternero, Juan D.; Østerdal, Lars Peter

    2013-01-01

    We analyze a general model of rationing in which agents have baselines, in addition to claims against the (insufficient) endowment of the good to be allocated. Many real-life problems fit this general model (e.g., bankruptcy with prioritized claims, resource allocation in the public health care...... sector, water distribution in drought periods). We introduce (and characterize) a natural class of allocation methods for this model. Any method within the class is associated with a rule in the standard rationing model, and we show that if the latter obeys some focal properties, the former obeys them...

  13. Why Did Better Place Fail?: Range Anxiety, Interpretive Flexibility, and Electric Vehicle Promotion in Denmark and Israel

    DEFF Research Database (Denmark)

    Noel, Lance Douglas; Sovacool, Benjamin

    2016-01-01

    concerns, and long charging times. Yet, despite this seemingly strong combination, Better Place failed to make any progress in Denmark and Israel, the first two markets it operated in, and subsequently declared bankruptcy, selling off its collective assets for less than $500,000. Drawing from science...... anxiety resolved a psychological, not a functional, barrier of the general public to adopt electric vehicles. Before investigating these two reasons, the paper presents a short history of Better Place and explores the contours of its operations in Denmark and Israel. It then discusses why Better Place...... “failed” across both countries before concluding with implications for energy planning, policy, and analysis....

  14. Airline Deregulation and Public Policy

    Science.gov (United States)

    Morrison, Steven A.; Winston, Clifford

    1989-08-01

    An assessment of the effects of airline deregulation on travelers and carriers indicates that deregulation has provided travelers and carriers with 14.9 billion of annual benefits (1988 dollars). Airport congestion, airline safety, airline bankruptcy, and mergers are also analyzed and found in most cases to have reduced benefits. But, these costs should not be attributed to deregulation per se, but to failures by the government to pursue appropriate policies in these areas. Pursuit of policies that promote airline competition and efficient use of airport capacity would significantly increase the benefits from deregulation and would provide valuable guidance for other industries undergoing the transition to deregulation.

  15. Russia's parliamentary elections and energy

    International Nuclear Information System (INIS)

    Matveeva, Anna

    1999-01-01

    This article examines the effects of Russia's parliamentary elections on the Russian energy sector and gives details of Russia's legislation concerning Production Sharing Agreement (PSA). The importance of party politics, use of the energy sector as a ready source of cash for electoral campaigns, the government's strengthening of its representation on the board of Gazprom, the role of foreign investors, the bankruptcy of the Siberian Far Eastern Oil Company (Sidanko), the postponement of reforms, and the wait-and-see attitude of investors especially with the forthcoming presidential and Duma elections are discussed. (UK)

  16. NEW CHALLENGES FACED BY EUROPEAN COMPANIES AND THEIR STAKEHOLDERS

    Directory of Open Access Journals (Sweden)

    BOBE Claudia-Maria

    2010-07-01

    Full Text Available The European Union is currently affected by the financial crisis that spread internationally. The member states face difficulties such as price volatility, uncertainties, liquidity issues, cases of bankruptcy, increased unemployment rate, and decreasing GDP. The present paper analyses the challenges faced under these new circumstances by the European companies and their stakeholders. By taking into consideration the threats and weaknesses faced by firms and other interested parties, we emphasize the importance that transparency and communication among companies and their stakeholder have in overcoming financial difficulties.

  17. Financial Shortages Patterns - an Overview on Emerging Economies

    Directory of Open Access Journals (Sweden)

    Ioana-Veronica ALEXA

    2010-12-01

    Full Text Available The hereby paper tackles the onset and evolution of the global financial crisis, providing an overview of the partially foreseeable causes and extremely severe consequences. The aim of the paper is to analyze how the collapses of the US sub-prime mortgage market and the reversal of the housing boom in other industrialized economies led to a ripple effect on the world economy. In Europe, bankruptcy stroke and a number of major financial institutions collapsed, while others needed rescuing. The paper concludes that the global economy has proven to be extremely brittle and in need of coherent actions in order to insure recovery.

  18. Transfer of financial risk and alternative financing solutions.

    Science.gov (United States)

    Levitt, Jeffrey C

    2004-01-01

    The high cost of health care in the United States has created a number of alarming economic and social problems. It has contributed to a greater number of underinsured and uninsured individuals living in the United States, and forced people to either ration or not purchase the care they need. Accumulated medical debt is grossly disproportionate to the US median AGI, and accounted for at least 25 percent of all personal bankruptcies. For patients, a guaranteed loan program specifically for medical procedures and treatments with below market interest rates would help alleviate bankruptcies related to medical debt by lowering payments and extending the loan maturities. A guaranteed loan program would also improve the debt charge-off rate for medical providers that carry patient receivables and reduce the risk of their balance sheets. This might hold or reduce the rate at which health care inflation grows. The health care loan program could model the current student loan programs and produce significant economic and societal benefits.

  19. The Criteria for Determining the Business Failure

    Directory of Open Access Journals (Sweden)

    Luminiţa TULEAŞCĂ

    2012-03-01

    Full Text Available The business failure represents a current problem in any economic and social context and, for this reason, the legislator has been concerned with the regulation of the criteria based on which to accurately determine the failure of a business man when the case. The liquidity test and the balance sheet test, or the insolvency and insolvability are the criteria for determining the business failure usually materialized by undergoing the bankruptcy procedure. The legislator’s option for one or another of these criteria represents a structural option depending on the legal culture of each state however, considering the economic causes and effects of the insolvability and insolvency, that tends to remove the unilateral, exclusivist options. This paper illustrates significant option differences between the criteria for determining the business failure in the member states of the European Union which is the most used criterion and, if these criteria can be equally used in the banking and insurance sector. Last but not least, the paper illustrates the meanings of insolvency and insolvability in different matters and different laws and the need to eliminate the reserve that the Romanian doctrine manifests towards the insolvability concept as a cause for bankruptcy.

  20. Relationship of saving habit determinants among undergraduate students: A case study of UiTM Negeri Sembilan, Kampus Seremban

    Science.gov (United States)

    Syahrom, N. S.; Nasrudin, N. S.; Mohamad Yasin, N.; Azlan, N.; Manap, N.

    2017-08-01

    It has been reported that students are already accumulating substantial debt from higher education fees and their spending habit are at a critical stage. These situations cause the youngsters facing bankruptcy if they cannot improve their saving habit. Many researches have acknowledged that the determinants of saving habit include financial management, parental socialization, peer influence, and self-control. However, there remains a need for investigating the relationship between these determinants in order to avoid bankruptcy among youngsters. The objectives of this study are to investigate the relationship between saving habit determinants and to generate a statistical model based on the determinants of saving habit. Data collection method used is questionnaire and its scope is undergraduate students of UiTM Negeri Sembilan, Kampus Seremban. Samples are chosen by using stratified probability sampling technique and cross-sectional method is used as the research design. The results are then analysed by using descriptive analysis, reliability test, Pearson Correlation, and Multiple Linear Regression analysis. It shows that saving habit and self-control has no relationship. It means that students with less self-control tend to save less. A statistical model has been generated that incorporated this relationship. This study is significant to help the students save more by having high self-control.

  1. RISK ANALYSIS IN MILK PROCESSING

    Directory of Open Access Journals (Sweden)

    I. PIRVUTOIU

    2008-05-01

    Full Text Available This paper aimed to evaluate Risk bankruptcy using “Score Method” based on Canon and Holder’s Model. The data were collected from the Balance Sheet and Profit and Loss Account for the period 2005-2007, recorded by a Meat processing Plant (Rador Commercial Company .The study has put in evidence the financial situation of the company,the level of the main financial ratios fundamenting the calculation of Z score function value in the three years The low values of Z score function recorded every year reflects that the company is still facing backruptcy. However , the worst situation was recorded in the years 2005 and 2006, when baknruptcy risk was ranging between 70 – 80 % . In the year 2007, the risk bankruptcy was lower, ranging between 50-70 % , as Z function recorded a value lower than 4 .For Meat processing companies such an analysis is compulsory at present as long as business environment is very risky in our country.

  2. Potensi Kebangkrutan Pada Sektor Perbankan Syariah Untuk Menghadapi Perubahan Lingkungan Bisnis

    Directory of Open Access Journals (Sweden)

    Dwi Nuraini Ihsan

    2016-01-01

    Full Text Available Potential Bankruptcy On Islamic Banking Sector Facing Business Environmental Changes This research aims is to evaluate the soundness of Islamic banks and to predict the bankruptcy potency from the Islamic banks. The methods that used on this paper are RGEC method and the modified altman z-score analysis. The RGEC is represents by NPF, LR, risk profile, ROA, NCOM, and CAR. The altman z-score is represents by the ratio of networking capital to total asset, retained earning to total asset, earning before interest and tax to total asset, and book value of equity to book value of debt. The result shown that the Islamic bank’s soundness used RGEC methods is fit into healthy category in 2010-2014 periods.  The altman z-score also show that the Islamic banks fit into safe zone in 2010-2014 periods.DOI: 10.15408/etk.v14i2.2268

  3. Corporate Negative Equity: The Evidence from the European Union

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    Natalia Mokhova

    2016-01-01

    Full Text Available After the Global Financial Crisis the frequency of reported losses of companies has increased significantly in countries of the European Union. Moreover, the financial leverage of companies have increased and even exceeded 100% in several countries. The reason of this development is negative equity that companies find themselves to report. At first sight negative equities are caused by accumulated losses from prior periods. However, there are some other reasons that can result in increasing negative equities in companies. They remain adequate as long as a company is able to pay its bills. Nevertheless, a company with negative equity is exposed to risks. This paper investigates whether the corporate negative equity is a sign of the future failure of a company. We examine non-financial manufactured companies from selected countries of the European Union within the period 2005–2012 from database Amadeus (Czech Republic, Slovakia, Hungary, Poland and Germany. By the means of comparison between negative and positive equities we applied descriptive statistics and Pearson correlation analysis. We find that in all surveyed countries the size positively influences the equity of companies. Other factors as profitability and growth opportunities do not influence the corporate equity. In addition the binary logistic regression analysis has been conducted based on the evidence from Czech companies. Our results indicate that negative equities are not a sign of bankruptcy or insolvency of a company. But the low profitability or low business activities (that are predictors of bankruptcy might lead to negative equities in the balance sheet.

  4. Mining multi-dimensional data for decision support

    Energy Technology Data Exchange (ETDEWEB)

    Donato, J.M.; Schryver, J.C.; Hinkel, G.C.; Schmoyer, R.L. Jr. [Oak Ridge National Lab., TN (United States); Grady, N.W.; Leuze, M.R. [Oak Ridge National Lab., TN (United States)]|[Joint Inst. for Computational Science, Knoxville, TN (United States)

    1998-06-01

    While it is widely recognized that data can be a valuable resource for any organization, extracting information contained within the data is often a difficult problem. Attempts to obtain information from data may be limited by legacy data storage formats, lack of expert knowledge about the data, difficulty in viewing the data, or the volume of data needing to be processed. The rapidly developing field of Data Mining or Knowledge Data Discovery is a blending of Artificial Intelligence, Statistics, and Human-Computer Interaction. Sophisticated data navigation tools to obtain the information needed for decision support do not yet exist. Each data mining task requires a custom solution that depends upon the character and quantity of the data. This paper presents a two-stage approach for handling the prediction of personal bankruptcy using credit card account data, combining decision tree and artificial neural network technologies. Topics to be discussed include the pre-processing of data, including data cleansing, the filtering of data for pertinent records, and the reduction of data for attributes contributing to the prediction of bankruptcy, and the two steps in the mining process itself.

  5. PROFITABILITY EVALUATION METHODS – A STRATEGY FOR ROMANIAN COMPANIES TO AVOID INSOLVENCY.

    Directory of Open Access Journals (Sweden)

    SABĂU CĂTĂLIN

    2015-03-01

    Full Text Available Addressing economic strategies for determining the stability and financial position of the companies has become a very topical issue in recent years due to the financial crisis manifested worlwide in 2008 and which led to the start of insolvency proceedings for a considerable number of Romanian companies , which often resulted in bankruptcy for the firms concerned. Beside the international macroeconomic context, another issue that we consider essential and which led to the bankruptcy of Romanian companies is the lack of emphasis on financial analysis and diagnostic methods in determining a company's profitability and financial prospects of development in the short, medium and long term. Precisely for this reason a large number of Romanian companies fall prey to unsustainable financial commitments, often have low liquidity and the rate of equity return (ROE is below the industry average thus denoting a lack of real competitive capabilities. This article seeks to highlight the positive contribution that can be implemented in the awareness of management regarding stability and the financial position of the company wchich is evaluated in order for the managers to make the necessary arrangements in time for the recovery, efficiency and sustainable implementation of a medium and long term business plan by analyzing the concepts of capitalization and upgrading but also but also by analyzing the evaluation method based on determining the beneficiary capacity; cash flow and discounted cash flow method.

  6. Data mining for assessing the credit risk of local government units in Croatia

    Directory of Open Access Journals (Sweden)

    Silvija Vlah Jerić

    2017-01-01

    Full Text Available Over the past few decades, data mining techniques, especially artificial neural networks, have been used for modelling many real-world problems. This paper aims to test the performance of three methods: (1 an artificial neural network (ANN, (2 a hybrid artificial neural network and genetic algorithm approach (ANN-GA, and (2 the Tobit regression approach in determining the credit risk of local government units in Croatia. The evaluation of credit risk and prediction of debtor bankruptcy have long been regarded as an important topic in accounting and finance literature. In this research, credit risk is modelled under a regression approach unlike typical credit risk analysis, which is generally viewed as a classification problem. Namely, a standard evaluation of credit risk is not possible due to a lack of bankruptcy data. Thus, the credit risk of a local unit is approximated using the ratio of outstanding liabilities maturing in a given year to total expenditure of the local unit in the same period. The results indicate that the ANN-GA hybrid approach performs significantly better than the Tobit model by providing a significantly smaller average mean squared error. This work is beneficial to researchers and the government in evaluating a local government unit’s credit score.

  7. Creating the networking enterprises - logistics determinants

    Directory of Open Access Journals (Sweden)

    Ewa Kulińska

    2014-06-01

    Full Text Available Background: The article describes the determinants of creating network enterprises with peculiar consideration of logistic factors which are conditioning the organization of processes, exchange of resources and competences. On the basis of literature analysis, there is proposed a model of creating network enterprises. A model is verified in the application part of the thesis. Methods: Within the publication a literature review of submitted scope of the interest was presented, as well as the empirical research. A research substance attaches the enterprises created on the basis of the reactivation of organizations which has collapsed due to bankruptcy proceeding. The research was based upon direct interviews with employees of the net-forming entities. Results and conclusions: Results of the research shows that taking up the cooperation and net-cooperation was the only possibility for new entities to come into existence, that were  based upon old assets and human resources liquidated during bankruptcy proceeding. There was indentified many determinants of enterprises network cooperation, however due to the research a conclusion draws, that basic factors of creating network cooperation are those which are profit-achieving oriented.

  8. Calibration of a Credit Rating Scale for Polish Companies

    Directory of Open Access Journals (Sweden)

    Aleksandra Wójcicka

    2012-01-01

    Full Text Available Increasing number of bankruptcy announcements means that even greater attention is being paid to the correct evaluation of the probability of default (PD and decisions made on the basis of it. Reliable estimation of the likelihood of a company's bankruptcy reduces risk, not only for the company itself but also for all co-operating companies and financial institutions. The financial crisis has led to a tightening up of the conditions for gaining finance from banks. However, it is not only the evaluation of PD itself that is so important but also the correct classification of companies according to their PD level ("good" or "bad" companies. There is very little consideration about possible adjustments of the credit risk scale, as usually the American scale is adopted with no changes which seems incorrect.This paper stresses the importance of correct calibration of the credit rating scale. It should not be assumed (as it was in the past that once a scale is defined it remains fixed and independent of the country. Therefore, the research carried out on Polish companies shows that the credit rating scale should be changed and the default point (i.e. "cut-off" point should be higher than in the past. The author uses a modified classification matrix based on the probability of default. The paper compares the classification of quoted Polish companies according to their credit risk level (PD with the actual occurrence of default when various default "cut-off" points are used. (original abstract

  9. Knotted pipeline

    International Nuclear Information System (INIS)

    Beer, G.; Slovak, K.

    2006-01-01

    It is too early to speculate on where the Transpetrol shares will end up. The bankruptcy trustee of Yukos, Eduard Rebgun, has so far received three offers from Gazprom, the Rusneft oil company and the Penta private equity group via its Cyprian company. All three would like to gain control over the Slovak oil transporting company. As yet, no formal request from the Slovak Republic has been delivered to Moscow. By Trend's deadline, President Ivan Gasparovic and the Minister of Economy, Lubomir Jahnatek, were still negotiating in Moscow with the Russian President, Vladimir Putin. One of the topics on the agenda was the future of the company which transports Russian oil to Europe. Both Slovakia and Russia aim to gain control over the stock and the situation is locked in stalemate The stock in question is owned by the Dutch company, Yukos Finance. And although this company is owned by the bankrupt Yukos, the property rights are in the hands of foundation, Stichting Administratiekantoor Yukos International. Yukos Finance is not in bankruptcy and it is therefore difficult to detach the Yukos shares from the company assets. (authors)

  10. EXAMINATION OF THE SOLVENCY OF ENTERPRISES DEALING WITH ACCOMMODATION SERVICE PROVIDING IN THE NORTHERN GREAT PLAIN REGION

    Directory of Open Access Journals (Sweden)

    Veronika FENYVES

    2016-07-01

    Full Text Available One of the most important characteristics of tourism, as an economic and social phenomenon is that it has become a leading sector of the Hungarian economy. The importance of this sector is faithfully reflected by the fact that tourism gives nearly 9% of the GDP. Of course, aim of the enterprises of this type is the liquidity as well i.e. to maintain the short-term solvency that is essential for the long-term successful and smooth operation. The other aim of enterprises is to be solvent for the long-term as well, furthermore, to increase the corporate value and to maximize the ownership value. In our treatise, we have carried out the financial analysis and bankruptcy prediction of those enterprises providing accommodation service which are the biggest from the point of view of employment in the Northern Great Plain region. We think that, due to seasonality, even greater emphasis shall be placed on this area where useful information can be obtained from and the results of bankruptcy model can also provide further useful information and ”problem alerts”.

  11. Reconciliation as a tool for decision making within decision tree related to insolvency problems

    Directory of Open Access Journals (Sweden)

    Tomáš Poláček

    2016-05-01

    Full Text Available Purpose of the article: The paper draws on the results of previous studies recoverability of creditor’s claims, where it was research from debtor’s point of view and his/her debts on the Czech Republic financial market. The company, which fell into a bankruptcy hearing, has several legislatively supported options how to deal with this situation and repay creditors money. Each of the options has been specified as a variant of a decisionmaking tree. This paper is focused on third option of evaluation – The reconciliation. The heuristic generates all missing information items. The result is then focused on the comparison and evaluation of the best ways to repay the debt, also including solution for the future continuation of the company currently in liquidation and quantification of percentage refund of creditors claim. A realistic case study is presented in full details. Further introduction of decision making with uncerteinties in insolvency proceedings. Methodology/methods: Solving within decision tree with partially ignorance of probability using reconciliation. Scientific aim: Comparison and evaluation of the best ways to repay the debt, also including solution for the future continuation of the company currently in liquidation and quantification of percentage refund of creditors claim. Findings: Predictions of future actions in dealing with insolvency act and bankruptcy hearing, quicker and more effective agreeing on compromises among all creditors and debtor. Conclusions: Finding a best way and solution of repayment and avoiding of termination for both of interested parties (creditor and debtor.

  12. POLICY, PROTECTION OF POLICYHOLDER, AND LIFE INSURANCE EDUCATION TO THE SOCIETY

    Directory of Open Access Journals (Sweden)

    Hana Sri Juni Kartika

    2014-03-01

    Full Text Available Changes towards betterment of policyholder protection is not proportional to the growth of life insurance company. Policyholders encounter difficulties in asserting their rights when their life insurance companyis in financial straits and served with bankruptcy petition. Life insurance company and regulator have tore-regulate in detail every possible provision contained in a life insurance and ensure that each clausehas been incorporated in the policy, to protect policyholder. The society must be educated to the rightsand responsibility of the policyholder and the insurer, including the protection accorded to policyholders when the life insurance company is on the edge of financial distress or bankruptcy. Peningkatan perlindungan bagi pemegang polis belumlah memadai jika dibandingkan dengan pertumbuhan industri perasuransian. Pemegang polis menghadapi kesulitan untuk mendapatkan haknya ketika perusahaan asuransi menghadapi kondisi keuangan yang tidak sehat dan kebangkrutan. Perusahaan asuransi dan pembuat undang-undang harus mengatur kembali secara rinci semua klausul yang diperlukan dan memastikan bahwa klausul tersebut sudah termuat dalam polis asuransi, khususnyahal-hal yang mengatur mengenai perlindungan bagi pemegang polis asuransi jiwa. Masyarakat perlu diedukasi tentang hak dan tanggungjawab dari pemegang polis dan perusahaan asuransi selaku penjamin, termasuk mengenai perlindungan pemegang polis ketika perusahaan asuransi jiwa menghadapi masalah keuangan atau kebangkrutan.

  13. The early indicators of financial failure: a study of bankrupt and solvent health systems.

    Science.gov (United States)

    Coyne, Joseph S; Singh, Sher G

    2008-01-01

    This article presents a series of pertinent predictors of financial failure based on analysis of solvent and bankrupt health systems to identify which financial measures show the clearest distinction between success and failure. Early warning signals are evident from the longitudinal analysis as early as five years before bankruptcy. The data source includes seven years of annual statements filed with the Securities and Exchange Commission by 13 health systems before they filed bankruptcy. Comparative data were compiled from five solvent health systems for the same seven-year period. Seven financial solvency ratios are included in this study, including four cash liquidity measures, two leverage measures, and one efficiency measure. The results show distinct financial trends between solvent and bankrupt health systems, in particular for the operating-cash-flow-related measures, namely Ratio 1: Operating Cash Flow Percentage Change, from prior to current period; Ratio 2: Operating Cash Flow to Net Revenues; and Ratio 4: Cash Flow to Total Liabilities, indicating sensitivity in the hospital industry to cash flow management. The high dependence on credit from third-party payers is cited as a reason for this; thus, there is a great need for cash to fund operations. Five managerial policy implications are provided to help health system managers avoid financial solvency problems in the future.

  14. Cascades in multiplex financial networks with debts of different seniority

    Science.gov (United States)

    Brummitt, Charles D.; Kobayashi, Teruyoshi

    2015-06-01

    The seniority of debt, which determines the order in which a bankrupt institution repays its debts, is an important and sometimes contentious feature of financial crises, yet its impact on systemwide stability is not well understood. We capture seniority of debt in a multiplex network, a graph of nodes connected by multiple types of edges. Here an edge between banks denotes a debt contract of a certain level of seniority. Next we study cascading default. There exist multiple kinds of bankruptcy, indexed by the highest level of seniority at which a bank cannot repay all its debts. Self-interested banks would prefer that all their loans be made at the most senior level. However, mixing debts of different seniority levels makes the system more stable in that it shrinks the set of network densities for which bankruptcies spread widely. We compute the optimal ratio of senior to junior debts, which we call the optimal seniority ratio, for two uncorrelated Erdős-Rényi networks. If institutions erode their buffer against insolvency, then this optimal seniority ratio rises; in other words, if default thresholds fall, then more loans should be senior. We generalize the analytical results to arbitrarily many levels of seniority and to heavy-tailed degree distributions.

  15. The Affordable Care Act Medicaid Expansions and Personal Finance.

    Science.gov (United States)

    Caswell, Kyle J; Waidmann, Timothy A

    2017-09-01

    Using a novel data set from a major credit bureau, we examine the early effects of the Affordable Care Act Medicaid expansions on personal finance. We analyze less common events such as personal bankruptcy, and more common occurrences such as medical collection balances, and change in credit scores. We estimate triple-difference models that compare individual outcomes across counties that expanded Medicaid versus counties that did not, and across expansion counties that had more uninsured residents versus those with fewer. Results demonstrate financial improvements in states that expanded their Medicaid programs as measured by improved credit scores, reduced balances past due as a percent of total debt, reduced probability of a medical collection balance of $1,000 or more, reduced probability of having one or more recent medical bills go to collections, reduction in the probability of experiencing a new derogatory balance of any type, reduced probability of incurring a new derogatory balance equal to $1,000 or more, and a reduction in the probability of a new bankruptcy filing.

  16. Dengeleme Teorisi’nin Geçerliliğinin Panel Veri Analizi ile Test Edilmesi: BİST’de Ampirik Bir Uygulama(Testing the Validity of Trade-Off Theory by Using Panel Regression Analysis: An Empirical Application on ISE

    Directory of Open Access Journals (Sweden)

    İbrahim BOZKURT

    2014-12-01

    Full Text Available The aim of this study is to test the validity of Trade-Off theory by investigating the relationship between capital structures and market values of firms on ISE. In this study, 127.008 financial ratio, 20.664 monthly stock return, 4.704 market value and debt ratio which are belong to 168 firms traded on ISE between 2005 and 2011 is used. Firstly, efficient model predicting bankruptcy is confirmed by using balanced panel regression analysis for ISE. Secondly, by using efficient model, firms are divided two groups that consist of firms which have or not bankruptcy risk for each period and the relationship market values and debt levels of firms in each group is analyzed by using unbalanced panel regression analysis. The results of the analysis reveal that there is positive relationship between market values and debt levels of firms in terms of both groups. This result implies that Trade-Off theory is not validity on ISE.

  17. The economic results of farms in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Jaroslav Svoboda

    2014-12-01

    Full Text Available Czech agrarian sector has undergone significant changes during last ten years. Since the Czech Republic has entered the European Union in 2004, agrarian sector has had to adapt to conditions of the Common Agricultural Policy (CAP. This policy is taken as a crucial within the EU policies as it includes orientation of food production as well as a broader sense of sustainable development and employment. The paper assesses profit/loss and its efficiency of a sample of farms in the Czech Republic (about 830 farms in 2004 2010. This analysis employed methods of financial analysis both traditional ratios and systems of bankruptcy and value models. Time series is long enough to monitor results after establishing the UE and the CAP principles in the Czech Republic. The paper shows that although since 2004, revenue per employee has been increasing, the value added per worker has been static without any major changes. However, farms on average were profitable with the exception of 2009. It was verified by bankruptcy and value models that an average farm is in a relatively good financial situation (without any problems or debt and sufficiently liquid.

  18. GUARANTEE ON ALL THE ASSETS OF THE DEBTOR IN INSOLVENCY PROCEEDINGS

    Directory of Open Access Journals (Sweden)

    Roxana Anca Adam

    2013-11-01

    Full Text Available Unsecured creditors in the insolvency of the debtor's creditors are those who do not have collateral security against the debtor's assets and who are not accompanied by liens privileges whose claims are current at the opening proceedings and claims us for current activities during observation. In the matter of the bankruptcy secured creditors set for secured debts are claims receiving collateral on the debtor's property, whether it is the primary obligor or third party guarantee to persons benefiting from collateral. The secured creditor's secured claim in the insolvency procedure is given by the value of collateral assessment arising after the opening of insolvency proceedings the debtor. These special legal provisions contained in the bankruptcy, derogating from the common law, they often generate different practical situations and have created jurisprudence. In judicial practice of insolvency have encountered situations where the creditor security budget, which requires to be entered in the final table of the debtor in the category of secured creditors, the debt claim, warranty claims for his claim is the universality of the debtor's assets. The study on which we focused includes analysis of these categories of claims in insolvency proceedings and the solutions adopted in judicial practice.

  19. KSP Polonia Warszawa’s Financial Problems – Analysis of Liquidity and Debt

    Directory of Open Access Journals (Sweden)

    Elżbieta Marcinkowska

    2013-01-01

    Full Text Available Financial liquidity is one of the most important areas of running business operations. Each entity must keep it at an adequate level. Lack of financial liquidity is the main factor leading to bankruptcy of companies. The analysis of liquidity and debt verifies the ability of an entity to pay current liabilities and also confirms the company’s ability to survive on the market. Based on the results of the analysis of liquidity and debt the management should therefore prepare liquidity management strategy. The article is based on the available financial statements of KSP Polonia Warszawa Sportowa Spółka Akcyjna and presents an analysis of its liquidity and debt. The results of this analysis for years 2008-2010were very alarming and indicative of the upcoming bankruptcy of the club. In July this year, an application was filed with the court confirming insolvency of the club and, by virtue of a decision issued by PZPN (Polish Football Association, Polonia Warszawa, so far playing in the Ekstraklasa (Polish top division, will start the next season in the 4th division. It will take the club many years to regain its position.

  20. MANAGEMENT ANALYSIS AS MEANS OF IMPROVING THE BUSINESS PROCESSES AT THE TOURIST ENTERPRISE: A CASE STUDY

    Directory of Open Access Journals (Sweden)

    Glyusa Rafaelovna Bakieva

    2016-12-01

    Full Text Available In modern conditions of the Russian economy is particularly important for the sustainable functioning of the entire domestic tourism industry and the individual tourist enterprises. The need to improve strategic management of the enterprise is confirmed by a series of bankruptcies of travel companies of Russia: "Neva", "Ideal tour", "Expotour", "Wind Rose. World", "Labyrint" and others. By March 2015, according to the Association of tour operators of Russia (ATOR, the number of tour operators in outbound tourism in The Unified State Register decreased for 30% in comparison with March 2014. For tour operators specializing in outbound tourism, the annual turnover of which does not exceed 250 million rubles, the amount of financial guarantees is 30 million rubles. If the turnover is more than 250 million rubles, the financial guarantee shall be not less than 12% of the total sales. For domestic and outbound tourism financial guarantees amount to 500 thousand rubles. Thus, for most of the tour operators with small volumes, set low thresholds of financial security. This is the first reason of bankruptcy. Russian tour operators have the ability to dump at any time of the year in the expectation that in peak season they will cover losses incurred.