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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....... Knowledge on how members undergoing bankruptcy construe and make sense of their narrations of organizational death is important because when organizations die, members live on and in their afterlife their past forms and guides their present and future. In this inductive study, we focus on a small and local...... 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. Corporate Bankruptcy Tourists

    NARCIS (Netherlands)

    Couwenberg, Oscar; Lubben, Stephen J.

    2015-01-01

    Foreign corporations facing financial distress have a choice: resructure in their home jurisdiction or file for bankruptcy in the United States. And some number of foreign corporations do file bankruptcy petitions in the United States. But besides the occasional anecdotal account, how frequently thi

  3. 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.

  4. Bankruptcy as Implicit Health Insurance

    OpenAIRE

    Neale Mahoney

    2012-01-01

    This paper examines the interaction between health insurance and the implicit insurance that people have because they can file (or threaten to file) for bankruptcy. With a simple model that captures key institutional features, I demonstrate that the financial risk from medical shocks is capped by the assets that could be seized in bankruptcy. For households with modest seizable assets, this implicit “bankruptcy insurance” can crowd out conventional health insurance. I test these predictions u...

  5. 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 acc

  6. Bankruptcy Law and Corporate Investment Decisions

    NARCIS (Netherlands)

    Tarantino, E.T.

    2009-01-01

    This paper contributes to the debate on optimal bankruptcy reform by providing a set of results that challenge the wisdom that "soft" bankruptcy codes have necessarily positive effects. The model hinges on the key idea that "soft" bankruptcy allows a poor performing entrepreneur to renegotiate the t

  7. 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

  8. Bankruptcy Cascades in Interbank Markets

    Science.gov (United States)

    Tedeschi, Gabriele; Mazloumian, Amin; Gallegati, Mauro; Helbing, Dirk

    2012-01-01

    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. PMID:23300760

  9. 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.

  10. 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 s

  11. Bankruptcy Problem Allocations and the Core of Convex Games

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    William Olvera-Lopez

    2014-01-01

    Full Text Available A well-known result related to bankruptcy problems establishes that a vector is a bankruptcy allocation if and only if it belongs to the core of the associated O’Neill’s bankruptcy game. In this paper we show that this game is precisely the unique TU-game based on convex functions that satisfies the previous result. In addition, given a bankruptcy problem, we show a way for constructing bankruptcy games such that the set of bankruptcy allocations is a subset of their core or their core is a subset of the set of bankruptcy allocations. Also, we show how these results can be applied for finding new bankruptcy solutions.

  12. A simple model of bank bankruptcies

    Science.gov (United States)

    Aleksiejuk, Agata; Hołyst, Janusz A.

    2001-10-01

    Interbank deposits (loans and credits) are quite common in banking system all over the world. Such interbank co-operation is profitable for banks but it can also lead to collective financial failures. In this paper, we introduce a new model of directed percolation as a simple representation for contagion process and mass bankruptcies in banking systems. Directed connections that are randomly distributed between junctions of bank lattice simulate flows of money in our model. Critical values of a mean density of interbank connections as well as static and dynamic scaling laws for the statistics of avalanche bankruptcies are found. Results of computer simulations for the universal profile of bankruptcies spreading are in a qualitative agreement with the third wave of bank suspensions during The Great Depression in USA.

  13. Bankruptcy risk model and empirical tests.

    Science.gov (United States)

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

    2010-10-26

    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.

  14. Bankruptcy around the World: Explanations of its Relative Use

    NARCIS (Netherlands)

    S. Claessens; L.F. Klapper

    2005-01-01

    The law and finance literature highlights the role of investor rights in financial development, firm corporate governance, and financing patterns. For a panel of 35 countries, we investigate how bankruptcy use relates to countries’ creditor rights and judicial efficiency. Bankruptcies are higher in

  15. Who Invests in Home Equity to Exempt Wealth from Bankruptcy?

    NARCIS (Netherlands)

    Corradin, S.; Gropp, R.; Huizinga, H.P.; Laeven, L.

    2010-01-01

    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 towards home equity. Using US household data from the Survey of Income and P

  16. 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.

  17. 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.

  18. 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

  19. Bankruptcy and Financial Distress Prediction in the Mobile Telecom Industry

    OpenAIRE

    Kpodoh, Bright

    2010-01-01

    Background and Problem Discussion: Signs of eminent business failure are usually evident long before official bankruptcy of any form, be it re-organization or liquidation. A number of methods have been developed over the years to assess the financial health of corporations, either using financial ratios directly or using bankruptcy prediction models based on grounded financial theories and ratios. Purpose: The purpose of this thesis is to test Altman’s Z-score prediction model using sample da...

  20. A Real Options Analysis on Corporate Endogenous Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    XianghuaLiu; ChulinLi

    2004-01-01

    This paper adopts the real options approach to study the decision-making of corporate endogenous bankruptcy and debt reorganization in a risk-neutral framework, while understanding corporate bankruptcy and debt reorganization as the options held by equity holders and the creditor. After obtaining the values of contingent claims on the corporate assets, the paper analyzes the bankruptcy decisions of different levered corporate. With standard debt contract and under absolute priority rule, the bankruptcy times maximizing the equity value are not consistent with those maximizing the corporate value: the high levered corporate will inefficiently bankrupt early while the low levered corporate will inefficiently bankrupt late. If debt reorganization or creditor concession isn't allowed, liquidation often leads to the loss in value. But if strategic default or deviation from absolute priority rule is allowed, the decision maximizing the equity value will be consistent with that maximizing the corporate value. Debt reorganization has significant economic implication: for high levered corporate or low levered corporate, with debt reorganization or deviation of the absolute priority rule permitted, postponed or hastened bankruptcy can be avoided, hence,the bankruptcy trigger chosen by equity holders to maximize the equity value is efficient decision without value losses.

  1. 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.

  2. The Lehman Brothers effect and bankruptcy cascades

    Science.gov (United States)

    Sieczka, P.; Sornette, D.; Holyst, J. A.

    2011-08-01

    Inspired by the bankruptcy of Lehman Brothers and its consequences on the global financial system, we develop a simple model in which the Lehman default event is quantified as having an almost immediate effect in worsening the credit worthiness of all financial institutions in the economic network. In our stylized description, all properties of a given firm are captured by its effective credit rating, which follows a simple dynamics of co-evolution with the credit ratings of the other firms in our economic network. The dynamics resembles the evolution of Potts spin-glass with external global field corresponding to a panic effect in the economy. The existence of a global phase transition, between paramagnetic and ferromagnetic phases, explains the large susceptibility of the system to negative shocks. We show that bailing out the first few defaulting firms does not solve the problem, but does have the effect of alleviating considerably the global shock, as measured by the fraction of firms that are not defaulting as a consequence. This beneficial effect is the counterpart of the large vulnerability of the system of coupled firms, which are both the direct consequences of the collective self-organized endogenous behaviors of the credit ratings of the firms in our economic network.

  3. 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.

  4. 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.  

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

    NARCIS (Netherlands)

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

    2014-01-01

    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,

  6. 29 CFR 4043.68 - Bankruptcy or similar settlement.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Bankruptcy or similar settlement. 4043.68 Section 4043.68 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION PLAN TERMINATIONS REPORTABLE EVENTS AND CERTAIN OTHER NOTIFICATION REQUIREMENTS Advance Notice of Reportable Events §...

  7. Non-Statistical Methods of Analysing of Bankruptcy Risk

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    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.

  8. How Does Personal Bankruptcy Law Affect Start-ups?

    NARCIS (Netherlands)

    Cerqueiro, G.M.; Penas, M.F.

    2011-01-01

    We analyze the effect of changes in U.S. state personal exemptions on the financing structure and performance of a representative sample of start-ups. An increase in the amount of borrower’s personal wealth protected in bankruptcy reduces the availability of bank credit to all start-ups. Owners of u

  9. BANKRUPTCY AND THE ALTMAN MODELS. CASE OF ALBANIA

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    Numani Eni

    2015-07-01

    To classify bankrupt and non-bankrupt firms, this study is based on the Albanian legislation on bankruptcy (Law no. 8901, according to which bankruptcy proceedings may be opened in case of a state of insolvency, when the firm is overburdened with debts or when the earnings after tax of the firm is negative for a period of 3 years. According to the Albanian legislation on bankruptcy, 24 (from 80 firms involved in the study result legally bankrupt. The first revised model (The 1983 model of Altman predicts accurately these firms by 75%. Regarding the non-bankrupt firms (according to Albanian legislation on bankruptcy inaccuracy in the forecast is even higher than in the case of bankrupt firms. From 56 non-bankrupt firms involved in the study, 23 are classified as insolvent company under the first revised model of Altman, while these firms are not bankrupt. In case of application of the second revised model of Altman (The 1993 model the results are consistent with the results of the first model in terms of bankrupt firms. Meanwhile, what is striking is the significant reduction in the percentage of Type II error (from 41% to 23%.

  10. Ethical Considerations in Filing Personal Bankruptcy: A Hypothetical Case Study

    Science.gov (United States)

    Landry, Robert J., III

    2012-01-01

    A great deal of research by legal studies scholars pertains to employment law, international law, and corporate governance, as well as other fields including ethics and international law. The fields typically addressed are very important and rightfully receive considerable attention in the scholarship and textbooks. However, bankruptcy as a…

  11. INSOLVENCY AND BANKRUPTCY AS AN INDEPENDENT ECONOMIC CATEGORY

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    Zhminko N. S.

    2013-10-01

    Full Text Available Due to Russia’s current approach to the identity definition of bankruptcy and insolvency, many problems in the identification of reliable financial information about the organizations are revealing. Therefore, in most cases, the assignment of organizations, located in the pre-crisis state, belongs to the crisis bankrupts, rehabilitation of which mistakenly considered impossible and inexpedient

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

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    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.

  13. Business Bankruptcy Prediction Based on Survival Analysis Approach

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    Ming - Chang Lee

    2014-04-01

    Full Text Available This study sampled companies listed on Taiwan Stock Exchange that examined financial distress between 200 3 and 20 09 . It uses the survival analysis to find the main indicators which can explain the business bankruptcy in Taiwan. This paper use s the Cox P roportional H azard M odel to assess the usefulness of traditional financial ratios and market variables as predictors of the probability of business failure to a given time. This paper presents empirical results of a study regarding 12 financial ratios as predictors of business failure in Taiwan. It showed that it does not need many ratios to be able to anticipate potential business bankruptcy. T he financial distress probability model is constructed using Profitability, Leverage, Efficiency and Valuation ratio variables. In the proposed steps of business failure prediction model , it used detail SAS procedure. The study proves that t he accuracies of classification of the mode in o verall accuracy of classification are 87.93%

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

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    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.

  15. Minimizing Lifetime Poverty with a Penalty for Bankruptcy

    OpenAIRE

    Asaf Cohen; Young, Virginia R.

    2015-01-01

    We provide investment advice for an individual who wishes to minimize her lifetime poverty, with a penalty for bankruptcy or ruin. We measure poverty via a non-negative, non-increasing function of (running) wealth. Thus, the lower wealth falls and the longer wealth stays low, the greater the penalty. This paper generalizes the problems of minimizing the probability of lifetime ruin and minimizing expected lifetime occupation, with the poverty function serving as a bridge between the two. To i...

  16. Financial Distress and Bankruptcy Prediction: Evidence from Ghana

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    Solomon SAMANHYIA

    2016-12-01

    Full Text Available The frequent cases of corporate failures within the financial sector necessitates the need to employ models to predict forehand the financial distressed or bankruptcy state of the financial sector. This study aims at predicting financial distress and bankruptcy on selected listed banks on the stock exchange of a developing West African country, Ghana. Data used for the study spanned from 2008 to 2014. The Altman Z-Score and Boone Indicator were the main means of analysis. The study concluded that poor corporate governance contributes to financial distress and that smaller board size negatively affects corporate performance. The study also concludes that, in a high competitive industry, firms become more efficient and their performance enhanced and thus less likely to be financially distressed. Merging the listed banks indicates financial stability of listed banks albeit one distressed bank. Adoption of best corporate governance standards, enhancing competition through effective corporate strategies and the Central Bank ensuring that banks have enough deposit insurance funds in stock to mitigate the effect of bankruptcy are some of the policy suggestions from the study.

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

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    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.

  18. ANALYSIS OF ROMANIAN SMALL AND MEDIUM ENTERPRISES BANKRUPTCY RISK

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    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

  19. 76 FR 34590 - Bankruptcy Filing Date Treated as Plan Termination Date for Certain Purposes; Guaranteed Benefits...

    Science.gov (United States)

    2011-06-14

    ... nonforfeitable as of the bankruptcy filing date are guaranteed. Thus, for example, early retirement subsidies and... guaranteed. Participants who retired under a subsidized early retirement benefit (or a disability or other... retirement benefit or an early retirement subsidy after the bankruptcy filing date but before the...

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

    NARCIS (Netherlands)

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

    2016-01-01

    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 fin

  1. Analytical review on the major Issues of the new bankruptcy (law)legislation

    Institute of Scientific and Technical Information of China (English)

    WANG Xinxin

    2006-01-01

    The bankruptcy law is an integral part of the legal system of societies with market economy.After many years of preparation,the draft of the new bankruptcy law in China was submitted to the Standing Committee of the National People's Congress twice and is waiting for the third approval to be enacted.Drawing on the experiences of other countries,the new bankruptcy law tries to carry out the concepts of market economy,eliminate the residual influences of planned economy that existed in the old law,protect lawful rights and interests of creditors and debtors,and maintain the order of socialist market economy.This thesis analyzes and researches on the major and controversial issues that emerged during the legislation of the new bankruptcy law from the aspects such as the principle of the legislation,criteria of bankruptcy,preservation or abolishment of policy-related bankruptcy,protection of the employees' fights and interests of bankrupt enterprises,the creditors' committee system,the trustee system,reorganization system to prevent bankruptcy,and the legal obligations of bankrupt,and so on.It also gives a comprehensive introduction to the innovation and modification of the new bankruptcy law.

  2. Costs and Recovery Rates in the Dutch Liquidation-Based Bankruptcy System

    NARCIS (Netherlands)

    O. Couwenberg (Oscar); A. de Jong (Abe)

    2007-01-01

    textabstractWe present evidence on the efficiency of the resolution of financial distress in bankruptcy in The Netherlands. We employ a unique data set based on the files of the trustees and court offices, which includes the characteristics of the firms before and in the bankruptcy procedures, the d

  3. The prediction of bankruptcy of small- and medium-sized industrial firms

    NARCIS (Netherlands)

    Pompe, Paul P.M.; Bilderbeek, Jan

    2005-01-01

    Using large amounts of data from small- and medium-sized industrial firms, this study examines several aspects of bankruptcy prediction. We have tested a hypothesis on the predictive power of different ratio categories during the successive phases before bankruptcy, and one on the relationship betwe

  4. 22 CFR 213.34 - Debts that have been discharged in bankruptcy.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Debts that have been discharged in bankruptcy... Suspension or Termination of Collection Action § 213.34 Debts that have been discharged in bankruptcy. USAID... General Counsel's office if he believes that any claims or offsets may have survived the discharge of...

  5. 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.

  6. 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,...

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

    CERN Document Server

    Martin, A; 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 of a business. One of the best bankruptcy prediction models is Altman Z-score model. Altman Z-score method uses financial rations to predict bankruptcy. From the financial ontological model the relation between financial data is discovered by using data mining algorithm. By combining financial domain ontological model with association rule mining algorithm and Zscore model a new business intelligence model is developed to predict the bankruptcy.

  8. A hybrid model for bankruptcy prediction using genetic algorithm, fuzzy c-means and mars

    CERN Document Server

    Martin, A; Saranya, G; Gayathri, P; Venkatesan, Prasanna

    2011-01-01

    Bankruptcy prediction is very important for all the organization since it affects the economy and rise many social problems with high costs. There are large number of techniques have been developed to predict the bankruptcy, which helps the decision makers such as investors and financial analysts. One of the bankruptcy prediction models is the hybrid model using Fuzzy C-means clustering and MARS, which uses static ratios taken from the bank financial statements for prediction, which has its own theoretical advantages. The performance of existing bankruptcy model can be improved by selecting the best features dynamically depend on the nature of the firm. This dynamic selection can be accomplished by Genetic Algorithm and it improves the performance of prediction model.

  9. 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.

  10. Debtor education, financial literacy, and pending bankruptcy legislation.

    Science.gov (United States)

    Wiener, Richard L; Baron-Donovan, Corinne; Gross, Karen; Block-Lieb, Susan

    2005-01-01

    This paper reports on an evaluation of a financial education-training program for residents of New York who had filed for bankruptcy. Over 400 individuals divided into three groups (trained debtors, untrained debtors, and non-debtors) completed identical questionnaires approximately three months apart. Trained debtors took the pretest before training and the post-test after training. Results revealed that trained debtors' financial knowledge increased after training compared with untrained and non-debtors. Trained debtors showed more negative attitudes towards unnecessary spending compared with the other two groups and reported less intention to buy than non-debtors reported. Self-reported behaviors showed significant changes in the desired direction for trained debtors' use of credit cards (i.e. number owned, purchases, and balance amount), paying bills, budgeting, and borrowing from predatory lenders. Implications for pending legislation are discussed.

  11. A New Hybrid Algorithm for Bankruptcy Prediction Using Switching Particle Swarm Optimization and Support Vector Machines

    OpenAIRE

    2015-01-01

    Bankruptcy prediction has been extensively investigated by data mining techniques since it is a critical issue in the accounting and finance field. In this paper, a new hybrid algorithm combining switching particle swarm optimization (SPSO) and support vector machine (SVM) is proposed to solve the bankruptcy prediction problem. In particular, a recently developed SPSO algorithm is exploited to search the optimal parameter values of radial basis function (RBF) kernel of the SVM. The new algori...

  12. Accounting Ratios and Bankruptcy Prediction: Woolworths Geoup PLC as A Case Study

    OpenAIRE

    Okuguni, Anthony I

    2012-01-01

    ABSTRACT This research attempts to ascertain the predictive ability of accounting ratios using Woolworths Group plc. This was achieved by carrying out Financial Ratio Analysis, Altman Z-score, Robertson R-ratio and Trend Analysis of Woolworths Group plc. In addition, the causes of bankruptcy at Woolworths Group plc would be ascertained. Finally the research would use mathematical models to ascertain the predictability of bankruptcy at Woolworths Group plc. The main findings of this re...

  13. 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.

  14. ANALYSIS MODEL USING ROBU MIRONIUC IN PREDICTING RISK OF BANKRUPTCY ROMANIAN COMPANIES

    Directory of Open Access Journals (Sweden)

    ŞTEFĂNIŢĂ ŞUŞU

    2014-08-01

    Full Text Available Bankruptcy risk and made the subject of many research studies that aim to identify the time of the bankruptcy, the factors that compete to achieve this state, and the indicators that best expresses this orientation (the bankruptcy. The threats to enterprises require knowledge managers 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 non-scoring. Analysis by scoring methods is usually carried out by banks in the analysis of creditworthiness, when a company asks for a bank loan. Each bank has its own analysis, including a feature-score calculated internally based on indicators defined in its credit manual. To have a national comparability, however, a scoring system should be based on more data in the situation of "public data" or available to all stakeholders. In this article, in order to achieve bankruptcy risk prediction model is used Robu-Mironiuc on the passage benchmarking 2009-2013. The source of information is the profit and loss account and balance sheet of the two companies listed on the Bucharest Stock Exchange (Turism Covasna and Dorna Turism companies. The results of the analysis are interpreted while trying to formulate solutions to the economic and financial viability of the entity.

  15. 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.

  16. 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).

  17. 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. 

  18. 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.

  19. 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.

  20. Costs and recovery rates in the Dutch liquidation-based bankruptcy system

    NARCIS (Netherlands)

    O. Couwenberg (Oscar); A. de Jong (Abe)

    2008-01-01

    textabstractWe present evidence on the efficiency of the resolution of financial distress in bankruptcy in The Netherlands. Direct costs average 16%, firm recovery 37% and bank debt recovery 80%. The direct costs are lower in larger firms and in firms with more bank debt. Costs increase with the tim

  1. One Debt-Financing Option May Increase Risk of College Bankruptcies

    Science.gov (United States)

    Basken, Paul

    2008-01-01

    A common type of variable-rate financing has suddenly increased the risk of bankruptcy for an unknown number of colleges, said two experts at credit-rating agencies. The threat affects mostly less-wealthy colleges that have used variable-rate bonds either to get a better price when borrowing or because they lacked bond ratings and had little other…

  2. 75 FR 44890 - Operation, in the Ordinary Course, of a Commodity Broker in Bankruptcy

    Science.gov (United States)

    2010-07-30

    ... unanticipated events. United States futures customers in the Refco \\7\\ and Lehman \\8\\ bankruptcies were well protected: Due to the timing of the filing (late in the day on Friday), and, in Lehman, action by the...\\ See S.I.P.C. v. Lehman Brothers, Inc., No. 08-8119, Docket No. 3 (S.D.N.Y. Sept. 19, 2008); see...

  3. On the History of Bankruptcy Crime in German%德国破产刑法历史之考察

    Institute of Scientific and Technical Information of China (English)

    行江

    2014-01-01

    德国破产罪行规定最早产生于16世纪中期。17世纪和18世纪判例中体现的欺诈破产与简单破产的不同,最终在1794年《普鲁士国家的普通邦法》中得到确认。1851年的《普鲁士刑法典》第一次在刑法典中规定了破产罪行,从而在历史上占有重要地位。1877年德国《破产法》中破产罪行规定,直接把1871年《帝国刑法典》中相应内容移换到其中。1976年第一次经济犯罪对策法改革之后,又将破产罪行规定在刑法典中。此后破产罪行一直规定在刑法典中。1999年《破产法施行法》对破产罪行的修改,奠定了现行破产刑法的基础。%The earliest provisions of bankruptcy offence originated in Germany in the 16th Century. In the 17th and 18th century the differences between the fraudulent bankruptcy and simple bankruptcy in case were confirmed in the Prussian General Land law in 1794. The bankruptcy offenses were first provided in the Prussian Penal Code in 1851 which occupied an important position in Germany history. The bankruptcy crime in the Imperial Penal Code of 1871 was receipted completely by The Imperial Bankruptcy Act of 1877. By the First law to combat economic crime in 1976, the bankruptcy crimes were reintegrated into the Criminal Code and bankruptcy crimes have been specified always in the Criminal Code. Bankruptcy crimes were modified by the Implementation of bankruptcy Act in 1999 which was the foundation of the existing bankruptcy crimes.

  4. 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.

  5. The Great Gatsby---A Story of the Bankruptcy of the American Dream

    Institute of Scientific and Technical Information of China (English)

    余彦

    2014-01-01

    The Great Gatsby is regarded as one of F.Scott Fitzgerald’smost famous works.This paper concentrate on the bankruptcy of the American dream in the 1920s which is conveyed in this story.This thesis referred to the main experience of the author,studying the bankruptcy of Gatsby’s American dream in The Great Gatsby.This paper also referred the hostorical background of the Jazz Age and peple’ s American dream in the 1920s.Through the analysisof major characters’ s personalites of the novel, wecan draw the conclusion that Gatsby’ s destiny has a great connection with Fitzgerald himself and the death of Gatsby is doomed by the specific money social environment which is full of selfishness, greed and moral degeneration.

  6. A HYBRID MODEL FOR BANKRUPTCY PREDICTION USING GENETIC ALGORITHM, FUZZY C-MEANS AND MARS

    Directory of Open Access Journals (Sweden)

    A.Martin

    2011-05-01

    Full Text Available Bankruptcy prediction is very important for all the organization since it affects the economy and rise manysocial problems with high costs. There are large number of techniques have been developed to predict thebankruptcy, which helps the decision makers such as investors and financial analysts. One of thebankruptcy prediction models is the hybrid model using Fuzzy C-means clustering and MARS, which usesstatic ratios taken from the bank financial statements for prediction, which has its own theoreticaladvantages. The performance of existing bankruptcy model can be improved by selecting the best featuresdynamically depend on the nature of the firm. This dynamic selection can be accomplished by GeneticAlgorithm and it improves the performance of prediction model. .

  7. MODELING OF A STRUCTURED PLAN OF ACCOUNTS IN PROCEDURES OF INSOLVENCY AND BANKRUPTCY

    Directory of Open Access Journals (Sweden)

    Chalenko R. V.

    2014-02-01

    Full Text Available The article details the problems of constructing a structured plan of accounts in bankruptcy and insolvency proceedings. The proposed model is based on two principal positions, first structured chart of accounts has its own dimension, and secondly, it is built on the principles of architectonics. Architectonics constructing structured chart of accounts allows you to integrate managerial, strategic, transactional accounting and making accounting transparent and efficient

  8. Trademark Protection in Bankruptcy Proceedings: A Closer Look at Lubrizol and its Progeny

    Directory of Open Access Journals (Sweden)

    Endia Vereen

    2015-02-01

    Full Text Available When the worlds of bankruptcy and intellectual property licenses converge, licensees are placed in potentially dangerous positions. The seminal case on this issue, Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., stands for the proposition that when a licensor rejects an intellectual property license as "executory," the licensee no longer has the right to rely on provisions within the agreement with the debtor for continued use of the technology. To countermand the negative effects of Lubrizol, Congress amended the Bankruptcy Code, but intentionally omitted trademarks from the definition of intellectual property. This omission has produced a string of conflicting case law, leaving trademark licensees in a precarious position with few options for recourse. This Note discusses the Intellectual Property Bankruptcy Protection Act and trademark protection specifically, and details the circuit split created by Sunbeam Products, Inc. v. Chicago American Manufacturing. This Note focuses on the implications of the circuit split, and concludes by providing some suggestions for how courts can resolve this issue in the future.

  9. Bankruptcy Reorganization in China and the United States:Cautions for the Comparativist

    Institute of Scientific and Technical Information of China (English)

    William J.Woodward

    2010-01-01

    <正>In the late 1930’s Americans developed their first comprehensive law of bankruptcy reorganization.In larger cases,that law provided for the appointment of a trustee and seizure of control of the business from the business’s prior control group.In 1978,that was all changed;the prototype in the United States now leaves the "debtor in possession" charged with operating the business for the benefit of the business’s creditors.In this and many other ways,America’s law differs substantially from China’s relatively-new bankruptcy law.This article briefly looks at some of the stronger differences between the two systems and gives some background to how and why the American system evolved from the older model to the newer one.While we might easily identify many fundamental differences between the American and Chinese systems,drawing normative policy recommendations from those differences is a much more challenging task.One might,of course,be tempted to do so anyway.But the differing cultural,legal,and economic contexts within which bankruptcy reorganization exists suggests that one so tempted should proceed very cautiously and,perhaps,with an extra measure of modesty as well.

  10. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

  12. ESTIMATION OF CHAIN REACTION BANKRUPTCY STRUCTURE BY CHANCE DISCOVERY METHOD- WITH TIME ORDER METHOD AND DIRECTED KEYGRAPH

    Institute of Scientific and Technical Information of China (English)

    Shinichi GODA; Yukio OHSAWA

    2007-01-01

    Chain reaction bankruptcy is regarded as common phenomenon and its effect is to be taken into account when credit risk portfolio is analyzed. But consideration and modeling of its effect leave much room for improvement. That is mainly because method for grasping relations among companies with limited data is underdeveloped. In this article, chance discovery method is applied to estimate industrial relations that are to include companies' relations that transmit chain reaction of bankruptcy.Time order method and directed KeyGraph are newly introduced to distinguish and express the time order among defaults that is essential information for the analysis of chain reaction bankruptcy. The steps for the data analysis are introduced and result of example analysis with default data in Kyushu,Japan, 2005 is presented. The structure estimated by the new method is compared with the structure of actual account receivable holders of bankrupted companies for evaluation.

  13. Bankruptcy fraud to protect the legal interests%虚假破产罪保护的法益探析

    Institute of Scientific and Technical Information of China (English)

    刘宇佳

    2015-01-01

    In order to punish bankruptcy fraud behavior, bankruptcy fraud is published. But the Legal interest of it is not clear. We should judge its legal interests from illegal considering logic, crime essence, etc.%虚假破产罪为惩罚破产诈欺行为,其保护法益众说纷纭.有个人法益说也有社会法益说,然虚假破产罪究竟保护的何种法益,需从违法逻辑、犯罪实质等方面综合考虑.

  14. On the Predictability of Risk Box Approach by Genetic Programming Method for Bankruptcy Prediction

    Directory of Open Access Journals (Sweden)

    Alireza Bahiraie

    2009-01-01

    Full Text Available Problem statement: Theoretical based data representation is an important tool for model selection and interpretations in bankruptcy analysis since the numerical representation are much less transparent. Some methodological problems concerning financial ratios such as non-proportionality, non-asymetricity, non-scalicity are solved in this study and we presented a complementary technique for empirical analysis of financial ratios and bankruptcy risk. Approach: This study presented new geometric technique for empirical analysis of bankruptcy risk using financial ratios. Within this framework, we proposed the use of a new ratio representation which named Risk Box measure (RB. We demonstrated the application of this geometric approach for variable representation, data visualization and financial ratios at different stages of corporate bankruptcy prediction models based on financial balance sheet ratios. These stages were the selection of variables (predictors, accuracy of each estimation model and the representation of each model for transformed and common ratios. Results: We provided evidence of extent to which changes in values of this index were associated with changes in each axis values and how this may alter our economic interpretation of changes in the patterns and direction of risk components. Results of Genetic Programming (GP models were compared as different classification models and results showed the classifiers outperform by modified ratios. Conclusion/Recommendations: In this study, a new dimension to risk measurement and data representation with the advent of the Share Risk method (SR was proposed. Genetic programming method is substantially superior to the traditional methods such as MDA or Logistic method. It was strongly suggested the use of SR methodology for ratio analysis, which provided a conceptual and complimentary methodological solution to many problems associated with the use of ratios. Respectively, GP will provide

  15. An Early Warning System for Bankruptcy Prediction: lessons from the Venezuelan Bank Crisis

    CERN Document Server

    Trigo, Loren; Gonzalez, Felix; Llamozas, Jose

    2007-01-01

    During 1993-94 Venezuela experienced a severe banking crisis which ended up with 18 commercial banks intervened by the government. Here we develop an early warning system for detecting credit related bankruptcy through discriminant functions developed on financial and macroeconomic data predating the crisis. A robustness test performed on these functions shows high precision in error estimation. The model calibrated on pre-crisis data could detect abnormal financial tension in the late Banco Capital many months before it was intervened and liquidated.

  16. The Improvement Project in Postponement of Bankruptcy Process: An Evaluation from the Business Point of View

    Directory of Open Access Journals (Sweden)

    Mahmut Ozdevecioglu

    2010-07-01

    Full Text Available It is inevitable for the capital companies and cooperatives in Turkey to go bankrupt in case the assets of the company are insufficient to meet the obligations. However, the law enacted in 2004 has enabled the bankruptcy to be postponed. The company requesting the adjournment of bankruptcy should not only fulfill the legal requirements but also present the court a convincing and serious improvement project. The main objective of this study is to discuss how to prepare such a plan from the point of view of business manager. The improvement project is a financial project based on objective and solid data which contains precautionary measures envisaged to rescue the company. In general the project should incorporate financial and administrative measures. Financial measures include direct and indirect cash inflows from sources like finding new partners, selling personal assets of existing partners and focusing on high profit margin products to ensure that the assets can cover the liabilities. The administrative measures in the field of accounting, finance and human resources contribute to the healing process indirectly. This paper explains the financial and administrative measures in detail.

  17. The analysis of ranges of variability of selected ratios from a group of assets productivity ratios three years before the declaration of bankruptcy by companies in Poland

    Directory of Open Access Journals (Sweden)

    Pawel Antonowicz

    2014-10-01

    Full Text Available This article shows the research results concerning the development of the variability of five selected ratios from the group of assets productivity in companies with extremely different financial and economic positions. The research was conducted on a test sample of 380 business entities: 190 companies subject to bankruptcy in the years 2007-2011 and 190 “healthy” companies. The research shows a different usefulness of various ratios of the financial analysis considered as one-dimensional bankruptcy predictors used to predict and early detect symptoms of companies threatened with bankruptcy.

  18. Evaluating and comparing the ability to predict the bankruptcy prediction models of Zavgren and Springate in companies accepted in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ghodratollah Talebnia

    2016-07-01

    Full Text Available Recent bankruptcy of large companies at international level and volatilities of securities in Iran have highlighted the necessity of evaluating the financial power of companies. One of the evaluating tools is using bankruptcy prediction models. Bankruptcy prediction models are one of the tools for estimating the future condition of companies. The aim of this research is to present theoretical foundations and compare the results of investigating two models of Zavgren (1985 and Springate (1978 in Iran’s exchange market through main and adjusted coefficients according to statistical techniques of Logit and Multiple Discriminant Analysis (MDA. The data was gathered and tested from 2009 to 2013. The results indicated that the adjusted Springate Model was more efficient than other models in the bankruptcy year.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  2. The Prediction of Bankruptcy Using Backpropagation Algorithm for “IO” Model Analysis

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    Ciprian Dragota

    2007-01-01

    Full Text Available The basic question which every bank it putswhen a client or a future client whishes to take a bank loanis: “The future debtor it’s capable to refund the loan atmaturity? (Installments plus the interest“. To answer atthis question the bank makes an assessment in which assetsand liabilities are analyze. There is also assessed the creditrating, the cash flow, the securities and, very important,bankrupt risk analysis.For the last one, to calculate bankrupt risk analysis,banks use some models (knows as “Z” score. Few of themare financials methods (like Altman, Canon & Holder,Yves Colonques etc. Nevertheless, these models are beendevelop for a specific situation and for a western economywhich is functional and very articulated. For our economy,we propose a new model that is been build with the specificeconomic dates and inputs, the model we called “IO”model.Without pretending to be able to penetrate over thecomplexity of the phenomenon, this study is trying to do apractical and experimental analysis of bankruptcy usingback propagation algorithm applied to the ”IO” model.

  3. BANKRUPTCY RISK – CENTRAL POINT IN THE FINANCIAL – ACCOUNTING DIAGNOSIS

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    Gheorghe HOLT

    2009-12-01

    Full Text Available In an competitional economy, the existence and the viability of an affair are tied up by risk in the measure in how the present and the futures results are unther the influence of unespected events. This explain and justify the interes of the financial analists in elaborating an valuation and estimate diagnosis of this inerent phenomen. The most important utilization of the bankruptcy point analysis refers to the business operating and financial risks evaluation. For this reason it is necessarly to approach the problems involving the estimation mode of the risks degree in order to discover the facts that generate them. The operating risk is evaluated through the degree operating leverage, calculated as the sensitivity of operating profit to the sales variability. It is demonstrated that the level of this risk is determined by the expenses structure in fixed costs and variable costs. It is greater when the fixed costs weight is more important. Secondly, the financial risk is evaluated through the financial coefficient leverage, calculated as the sensitivity of net profit to the operating profit variability. The level of risk is determined by the financial expenses. It is greater when the business is financed by debts and smaller when the equity is more important.

  4. Association between the transition from unemployment to re-employment after abrupt bankruptcy and the depressive symptoms.

    Science.gov (United States)

    Nagatomi, Kaori; Ishitake, Tatsuya; Hara, Kunio; Shigemoto, Akira; Hoshiko, Michiko; Tsuji, Yoshiyasu; Yamaguchi, Yoshie; Tamaki, Hideki; Furumura, Mitsuyo; Muramoto, Junko

    2010-01-01

    The study aimed to examine the effects of long-term unemployment and the transition from unemployment to re-employment after abrupt bankruptcy on the mental health of unemployed Japanese. The cases of 96 men and 54 women who were laid off by a large shoemaking company because of sudden bankruptcy in 1998, were examined for one year. The mental health of these individuals was evaluated using a 'self-rating questionnaire for depression (SRQ-D)'. The respondents were categorized by employment transition status into four groups: (1) still employed full-time, (2) unemployment to full-time employment, (3) unemployment to part-time employment, and (4) still unemployed. The prevalence rate of depressive symptoms in the 'still unemployed' group was significantly higher (adjusted odds ratio (OR) = 4.33) than in the still employed group. Moreover, high levels of depressive symptoms were observed in the individuals in the 'unemployment to part-time employment' group (adjusted OR = 4.93). There was no significant risk of depressive tendency among individuals in the 'unemployment to full-time employment' group. The results suggest that the negative effect of re-employment to part-time employment on depressive symptoms is similar to that in long-term unemployment.

  5. Results of research on development of an intellectual information system of bankruptcy risk assessment of the enterprise

    Science.gov (United States)

    Telipenko, E.; Chernysheva, T.; Zakharova, A.; Dumchev, A.

    2015-10-01

    The article represents research results about the knowledge base development for the intellectual information system for the bankruptcy risk assessment of the enterprise. It is described the process analysis of the knowledge base development; the main process stages, some problems and their solutions are given. The article introduces the connectionist model for the bankruptcy risk assessment based on the analysis of industrial enterprise financial accounting. The basis for this connectionist model is a three-layer perceptron with the back propagation of error algorithm. The knowledge base for the intellectual information system consists of processed information and the processing operation method represented as the connectionist model. The article represents the structure of the intellectual information system, the knowledge base, and the information processing algorithm for neural network training. The paper shows mean values of 10 indexes for industrial enterprises; with the help of them it is possible to carry out a financial analysis of industrial enterprises and identify correctly the current situation for well-timed managerial decisions. Results are given about neural network testing on the data of both bankrupt and financially strong enterprises, which were not included into training and test sets.

  6. 26 CFR 301.6871(b)-1 - Claims for income, estate, and gift taxes in proceedings under the Bankruptcy Act and...

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Claims for income, estate, and gift taxes in proceedings under the Bankruptcy Act and receivership proceedings; claim filed despite pendency of Tax Court... Receiverships Jeopardy § 301.6871(b)-1 Claims for income, estate, and gift taxes in proceedings under...

  7. 考虑破产风险约束的多项目投资组合决策模型%Multi-project Portfolio Model with Bankruptcy Risk

    Institute of Scientific and Technical Information of China (English)

    徐维军; 罗伟强; 张卫国

    2013-01-01

    The premise of the expected returns for investors is the investment decision does not lead to bankruptcy . So controlling the probability of bankruptcy is essential .According to the credibility measure theory and the Roy’ s definition, we obtain the mathematic equation of bankruptcy risk control when the future cash flow is being the fuzzy variables .Under the effect of the bankruptcy factors in the investment process , we propose a multi-project portfolio decision model with bankruptcy risk control .Finally, we use the genetic algorithm to solve our proposed model , and a numerical example of project portfolio is given to illustrate the feasibility and the effectiveness of the proposed approaches .%项目投资决策不导致破产事件的发生,是投资者获得预期收益的前提,故控制破产事件发生的概率至关重要。鉴于此,本文基于可信性测度理论,根据Roy的定义给出了未来现金流量隶属三角模糊变量的控制破产风险的数学表达式,并构建了项目投资过程中受到破产风险因素影响的具有破产风险约束的多项目投资组合决策模型。最后,运用遗传算法对模型进行求解,并给出算例演示本文模型的实用性和有效性。

  8. Selected Ratio and Bankruptcy Early-Warning Method Analysis of Competitiveness of Wood Sector Companies Listed on Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Justyna Biernacka

    2012-09-01

    Full Text Available This paper presents the analysis of economic conditions of wood sector companies listed on the Warsaw Stock Exchange. Among many measures of ratio analysis, the three most frequently used groups of indicators - profitability, debt and liquidity were selected. For a comprehensive presentation of the situation of each company, the Mączyńska & Zawadzki’s model was used as the bankruptcy early warning method. Two furniture industry companies, two wood-based panel industry companies, two pulp and paper industry entities, a representative of sawmilling industry and a company of wood-based panels and furniture industry were analyzed. The analysis showed that companies with stabile position in the market have the best economic conditions, and these were namely the pulp and paper industry and furniture industry.

  9. An analysis on the bankruptcy legal system of commercial bank of our country%我国商业银行破产法律制度分析

    Institute of Scientific and Technical Information of China (English)

    肖霄

    2009-01-01

    伴随着中国市场经济的发展,金融市场化改革的不断深化和金融市场的日益开放,我国的商业银行确实存在破产的现实可能性,完善我国商业银行破产法律制度有着很强的紧迫性.本文在对商业银行破产的可能性和特殊性进行分析的基础上,深入探讨了我国目前商业银行破产制度存在的缺陷,并尝试性地提出了完善我国商业银行破产法律制度的对策,以期对我国商业银行破产法律制度的构建提供一些帮助.%With the development of market economy in our country,the deeping of the financial market reform and the opening of the financial market,the possibility of the bankruptcy of commercial bank in our country is existent,the perfection of the bankruptcy leal system of commercial bank of our country is very important.Based on the possibility and the particularity analysis of this prob-lem,this paper discussed the defects of bankruptcy legal system of commercial bank of our country at present,proposed some mea-sures to fulfill the relevant laws and rules,accelerates the construction of the bankruptcy legal system of commercial bank of our country.

  10. 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.

  11. Fixing the “Undue Hardship” Hardship: Solutions for the Problem of Discharging Educational Loans Through Bankruptcy

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    Adam J. Williams

    2008-04-01

    Full Text Available Imagine John Smith, soon to be John Smith, Esquire. He has completed his last round of finals and is anxiously awaiting graduation from law school. In the time between finals and graduation, when many third-year law students are taking a brief mental vacation before bar exam preparation gets into full swing, John thinks he has found the ultimate loophole. John files a bankruptcy petition, which shows his non-existent current income, minimal assets, and education loans totaling over $100,000. Given John’s apparent insolvency, the court discharges his student loans so that John can have a fresh start and attempt to get back on his feet. John is pleased because he has a great job lined up for after graduation, and getting rid of this debt will make his life better. Luckily for the taxpayers who would then be responsible for John’s federally guaranteed student loans, Congress essentially eliminated such a possibility decades ago, and college students across the country can rest easy knowing that their loans will be fully intact upon graduation.

  12. 破产法中法院审判职能的理性回归与改革路径探析%Bankruptcy Court Judge in the Function of the Rational Return and Reform Path in this Pape

    Institute of Scientific and Technical Information of China (English)

    陈义华

    2012-01-01

    本文认为,新破产法对法院的职能定位存在着公权越位和私权错位的立法失误。当前破产法中法院职能应向"去行政化"与"去民事化"方向改革,以实现破产审判职能的理性回归。在"去行政化"改革方面,可以在现行司法行政体系内设置破产管理人监管处(科)的司法行政管理部门,并推行破产管理人执业许可制度;在"去民事化"改革方面,在破产管理人的选任和报酬确定上,则应实行以债权人会议决定为主、人民法院指定为辅的立法模式。%The functional orientation of new bankruptcy law exists offside public rights and proprietary dislocation of legislative faults. The current in the law the function of the bankruptcy court should be Toward reform to "go administration is changed" and "to the civil",in order to realize the bankruptcy reform trial function the rational return.In terms of reform to "go administration is changed" , should be in judicial administrative system installed in bankruptcy administrator supervision (division) in the judicial ad- ministrative departments,and promote bankruptcy administrator practice license system;In terms of reform to "to the civil" ,should determine the creditors" meeting decided to give priority to,the people's court to designate as the auxiliary legislation mode in bankruptcy administrator of the selection and reward.

  13. 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.

  14. Insurance Calculation of Bankruptcy Probability of Constant Interest Rate Model under Dependent Negative%负相依下带常数利率模型的破产概率的保险计算

    Institute of Scientific and Technical Information of China (English)

    李明倩

    2014-01-01

    本文研究了负相依索赔条件下带常数利率的风险模型在随机区间上的破产问题,最终得到了该模型破产概率的渐进表达式。%This paper studies the risk model under conditions of constant interest rates negatively correlated claims in the bankruptcy issue random intervals, and finally get the asymptotic expression of the model the probability of bankruptcy.

  15. Deposit Insurance Pricing Method Considering Bankruptcy Externalities%考虑银行破产外部效应的存款保险定价模型

    Institute of Scientific and Technical Information of China (English)

    吕筱宁; 秦学志

    2014-01-01

    运用存款保险的期望损失定价方法和Shapley值法,建立了考虑银行违约/破产外部效应的存款保险定价模型。模型中度量的破产成本不仅考虑了银行破产清算过程中其自身资产价值的损失,还考虑了银行违约/破产的负外部效应---可能增加其他银行的破产损失,据此确定的存款保险保费反映了各银行对系统总破产成本的边际贡献。为验证模型效果,构造了三种情景进行模拟分析,结果表明:存款保险保费与银行系统对破产银行资产的收购能力负相关,且负相关程度随经济形势的恶化而加剧;保费与整个银行系统参保银行数目之间也呈负相关关系。%It is generally considered that the overall costs of bank failures are higher than those in other indus-tries.This is due to the existence of negative externalities of bank failures , which may lead to additional loss of the default banks ’ assets .This paper establishes a pricing model of deposit insurance with consideration of bank -ruptcy externalities .It is taken into account that each default bank ’ s bankruptcy cost involves not only its assets loss caused by liquidation but also the externalities that may increase other banks ’ bankruptcy cost .Expected loss pricing method is used to calculate the net premium of deposit insurance while the additional premium is de -termined utilizing Shapley value .The total premium accordingly reflects each bank ’ s marginal contribution to the total bankruptcy cost of the whole banking system .Three scenarios are constructed to test the model .The results show that it is negatively correlated between the premium and the banking system ’ s acquisition ability of the bankruptcy assets , and this correlation becomes more significant when the economic situation deteriorates .Mean-while, the number of insured banks in the banking system impacts the premium negatively .

  16. Ohlson´s Model and its Prediction Ability in Comparison with Selected Bankruptcy Models in Conditions of Czech SMEs

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    Dana Kubíčková

    2015-12-01

    Full Text Available In this paper are presented the results of a study examining the ability of Ohlson’s Logit model assessing and predicting the financial condition development of SMEs in comparison with the other models outcomes. Ohlson´s model was created using logit regression, which allows in the evaluation of the financial situation involve qualitative and discrete variables. The aim of the study is to determine whether the method used to derive the model influences the final assessment of the financial condition and indication of bankruptcy. The solution is based on the comparison of the resulting assessment of these four models, value of which were calculated on the same sample of Czech firms. As compared models were selected Z-score model, derived in the terms of US enterprises, IN05 model, which was derived in the conditions of Czech companies and Taffer´s model, derived in the conditions of UK firms. The sample consisted of 1996 small and medium firms in the manufacturing industry in Czech Republic. Data were obtained from the database of Albertina for the period of the years 2012 and 2013. It was found that the assessment of the firm´s financial situation matches in case of the results of Ohlson´s model and Taffler´s model, greater differences were found between the resulting values of Ohlson´s and Taffler´s model on one side and IN05 and Altman's model on the other side. Ohlson´s model and the Taffler´s model confirmed a good financial situation of companies in about 90 per cent of firms, Altman´s model and IN05 model in about 40 per cent of firms. The influence of the method used to derive the model on the assessment of the financial condition of companies was not proven.

  17. 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.

  18. A study on the risk warning of internal control in enterprise bankruptcy liquidation%企业破产清算内部控制的风险预警研究

    Institute of Scientific and Technical Information of China (English)

    袁帅

    2012-01-01

    破产清算是企业的特殊状态。本文在研究企业破产清算内部控制的基础上,利用风险管理的理论和方法,尝试构建了集风险识别、风险评估、风险应对和风险监控于一体的企业破产清算内部控制的风险预警机制。%Bankruptcy liquidation is a special status of the enterprise operation,but now,there are few researches on the risk warning of internal control in bankruptcy liquidation.Based on a study on the internal control of the bankruptcy liquidation,this paper constructed risk warning mechanism for internal control in bankruptcy liquidation integrated with risk identification,risk assessment,risk response and risk monitoring by risk management theories and methods.

  19. Bankruptcy Proceedings and the Violation of Shareholders’ Rights in the Context of Special Legal Protection Conferred by Copyright Law in Romania

    Directory of Open Access Journals (Sweden)

    Anca Popescu-Cruceru

    2012-02-01

    Full Text Available Insolvency law creates a privileged position of the creditor, which is provided with a lever to manipulate the property while the debtor can deprive shareholders of the wording of any application or appeal, and thus violating the management of property rights, arising from the right ownership’ on the social shares. The lack of Romanian legislation gives no possibility of the shareholder to protect his property rights in case the company loses its legal personality while it still has assets with a non-concluded legal regime until the bankruptcy procedure is closed. Therefore, as the same problem appears in case a company which acts as a shareholder in another legal entity lose its legal personality, it has to give effectiveness to the related civil norms of inheritance, other than the remaining assets will remain without owner.

  20. 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

    Directory of Open Access Journals (Sweden)

    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.

  1. 最小化破产概率的最优投资%Optimal investment for minimizing the probability of bankruptcy

    Institute of Scientific and Technical Information of China (English)

    罗琰; 杨招军

    2011-01-01

    本文研究基于最小化破产概率准则的最优投资问题.不同于Merton问题中消费是内生决策变量,本文假设投资者单位时间内必须消费不少于一个固定数量的财富,因而投资者有可能最终破产.在三类不同存贷约束条件下,通过求解模型相对应的Hamilton-Jacobi-Bellmen (HJB)方程,都获得了最优投资策略及最优值函数(破产概率)的闭式解.结果表明,最优投资策略为财富的分段线性函数,而存贷约束特别是不允许贷款约束增加了投资者的破产风险.%In this paper we study the problem of optimal investment based on the criteria of minimizing probability of bankruptcy. Different from Merton problem which consumption is a decision variable, there is a positive probability of ruin because investor is forced to pay more than a fixed quantity of money per unit time. Under three different saving and borrowing constraints we get closed-form expressions of the optimal strategy and the optimal value function (ruin probability) by solving the corresponding Hamilton-Jacobi-Bellmen (HJB) equation in each case. The results indicate that the optimal strategy is a piecewise linear function, and Saving-Borrowing constraints, especially borrowing constraints, will increase bankruptcy risk to investor.

  2. 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.

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

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    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.

  4. 破产重整中出资人权益调整之思考%Consideration of Equity Adjustments of Investors in Bankruptcy Reorganization

    Institute of Scientific and Technical Information of China (English)

    宋琪

    2012-01-01

    破产重整中,出资人的股东权利和正常运营状态下有所不同,应适当保护中小股东的股权,尊重出资人和债权人的意思自治。赋予出资人在重整程序中享有重整申请权,重整计划草案表决权,重整相关事宜知情权和重整监督权。%In bankruptcy reorganization,the rights of shareholders of investors are different from those in normal operating condition,so the equity of minority shareholders should be protected appropriately,and autonomy should be respected according to investors and creditors.The investors should be given the application rights to restructure,the vote rights for restructuring draft plan,the right to know related matters of restructuring,and the right of supervision for restructuring.

  5. 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.

  6. A Study on the Factoring Decisions When Bankruptcy Costs Exist%存在破产成本的保理决策研究

    Institute of Scientific and Technical Information of China (English)

    张晓建; 沈厚才; 李娟; 陈一凡

    2013-01-01

    基于由供应商、保理商和零售商组成的供应链,建立了无追索权保理和有追索权保理的决策模型.在这些模型的基础上,求解最优的保理折扣率,并给出分散决策和集中决策模式下的保理选择算法.最后,通过算例和数值分析研究了零售商的破产管理成本和运作资金对保理折扣率的影响,以及供应商和保理商对保理的选择.%In this paper,decision models of non-recourse factoring and recourse factoring are developed respectively in a supply chain which includes a supplier,a factor and a retailer.Base on the models,the optimal discount rate of factoring is found,and then the factoring choice scenarios in the decentralized decision-making mode and the centralized decision-making mode are given.Finally,it studies the influence of the retailer's administrative cost of bankruptcy and the retailer's working capital on the discount rate of factoring as well as the factoring choice of the supplier and the factor by numerical example and sensitivity analysis.

  7. On the Shareholders Protection Mechanisms in the Non-bankruptcy Liquidation%非破产清算中股东权利保护的不足与完善

    Institute of Scientific and Technical Information of China (English)

    夏思宇

    2014-01-01

    随着公司制度的日益完善,传统的公司非破产清算中注重对债权人利益保护,兼顾对股东权益进行保护的理念受到挑战。这种“重债权人,轻股东”的观念,既不利于各方利益的平衡制约,也不利于市场经济的蓬勃发展。因此,如何完善公司非破产清算制度,适当弱化对债权人利益的关注,强化对股东,尤其是中小股东权益的关怀,是我们目前更应当去研究的问题。本文通过对我国现行非破产清算法律制度所存在的问题的分析,从解释论层面对股东权利进行了完善和明确,并从立法论层面试图赋予股东在清算阶段的某些权利,以期能更好地保护股东的权利,实现非破产清算过程中各方利益主体的平衡保护。%As the company system has improved steadily, the traditional non-bankruptcy liquidation focuses on the protection of the interests of the creditors, taking into account the concept of protection of shareholders' equity to be challenged. The concept of "creditors, light shareholders" is detrimental to the constraints of the balance of interests, is not conducive to the rapid development of the market economy. Therefore, as to how to improve the company non-bankruptcy liquidation system, the appropriate weakening of concern for the interests of creditors, and how to strengthen the shareholders, especially the care of the interests of minority shareholders, we should study the problem. In this paper, the analysis of the problems in our current legal system of non-bankruptcy liquidation, the shareholders' rights were perfected and clearly explained on the theory level, and attempt to confer certain rights of shareholders in the liquidation phase of the Legislation of level, to better to protect the rights of shareholders, to achieve non-bankruptcy the main balance protection of the interests of all parties in the process of liquidation.

  8. 论破产法上债务人高管人员民事责任的追究%On prosecution of civil liabilities of debtor's senior managers in bankruptcy law

    Institute of Scientific and Technical Information of China (English)

    甘培忠; 赵文贵

    2009-01-01

    The Enterprise Bankruptcy Law has designed the regime for debtor's senior managers to bear civil liabilities, while the framework design concerning the prosecution mechanism of civil liabilities is still unclear. How to establish a prosecution mechanism of civil liabilities of debtor's senior managers in line with the purposes of the bankruptcy regime is a substantial issue during the implementation of Enterprise Bankruptcy Law. The realization of the civil liabilities regime of debtor's senior managers depends on the establishment and operation of a relatively well-developed prosecution mechanism of civil liabilities. The focus of the prosecution mechanism of civil liabilities is to determine the subject of prosecution of civil liabilities, the way to realize civil liabilities, and the special hearing proceedings and authorities of the court. Taking steps to clarify and improve the prosecution mechanism of civil liabilities focusing on the subjects of prosecution (debtor's senior managers) and authorities of the court, is the essence and systematic safeguard of realizing the civil liabilities regime of debtor's senior managers in the Enterprise Bankruptcy Law.%设计了债务人高管人员承担民事责任的制度,但有关责任追究机构的框架设计尚不甚清晰.如何建立一个符合破产制度目的的债务人高管人员民事责任追究机制,是在实施过程中所面临的一个现实问题.破产债务人高管人员的民事责任制度的实现有赖于一个较为完善的民事责任追究机制的确立和运行.民事责任追究机制的中心是确定民事责任的追究主体和实现方式以及法院的特殊审理程序与职权.逐步明确和完善以债务人高管人员民事责任追究主体和法院职权为核心的责任追究机制,是实现所设计的债务人高管人员的民事责任制度的核心与制度保障.

  9. Analysis on the Bankruptcy Risk of Chinese Commercial Banks Based on ZSCORE Index%基于ZSCORE指数的中国商业银行破产风险分析

    Institute of Scientific and Technical Information of China (English)

    张静娴

    2014-01-01

    随着金融市场的开放,银行业竞争的加大,以及存款保险制度即将推出的可能性,提高我国商业银行的风险管理水平,保障其破产风险尤为重要。为分析我国商业银行破产风险与绩效及资本结构的关系,为破产风险管理提供建议,以我国2000年到2012年21家商业银行为样本面板数据,引入ZSCORE指数衡量商业银行破产风险的大小,ZSCORE值越大,破产风险越小。然后建立破产风险-资本结构绩效固定效应模型。通过回归分析发现,模型剔除了效率比率,仅核心资本充足率,资产收益率和资产结构比率与银行破产风险显著相关,且均正相关。即保持银行经营绩效,负债比率不变时,不能通过优化资本结构而提高银行稳定性水平;或是资本结构及负债比率不变时,银行的高收益暗示着高风险。%With the open of financial market, the cruel competition in banking, and the launching possibility of deposit insurance system, improving the level of risk management in commercial banks especially the bankruptcy risk becomes more and more important. In order to analysis the relationship between bankruptcy risk, performing and capital structure and to offer suggestion to bankruptcy risk management, this paper adopted the sample of 21 commercial banks in China over the period 2000 to 2012 and applied the ZSCORE index in order to weigh how much risk do the banks bankruptcy. Then built the fixed effect model of bankruptcy risk-capital structure and performance model. Empirical results found that the model rejected the efficiency ratio, while the core capital adequacy ratio, ROA, asset structure ratio were all have negative correlation with the stability of banks.Which meaned if we remained the ROA and the ratio of liability unchanged, we could not improve the banks’ stability degree by optimizing the capital structure;Or if we remained the capital structure and the ratio of

  10. 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

  11. GT Advanced Technologies Inc. Bankruptcy

    OpenAIRE

    Souply-Pierard, Fernand

    2014-01-01

    GT Advanced Technologies (GTAT), une société américaine de haute technologie produisant du saphir synthétique (fournisseur d’Apple), a fait faillite ce lundi 6 octobre 2014 et s’est placée sous la protection du chapitre 11 de la loi américaine sur la faillite. Cette faillite était-elle prévisible ?

  12. 关于银行业金融机构破产的相关问题研究%A research of Related Issues of Banking Financial Institution Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    岳大巍

    2011-01-01

    In 2008 the global financial crisis triggered by the U.S. subprime mortgage crisis brought the world economy into the abyss. And the Bank bankruptcy issues become a hot topic in financial circles at home and abroad. With the continuous development of financial innovation, deepening of the banking sector openness and of China's economic restructuring, the bank will face a more complex environment and more severe challenges. Risk and crisis may come at any time, therefore, the importance of bank failures become more prominent. This paper intends to do some research of the relevant issues of bank bankruptcy.%2008年美国次贷危机引发的全球金融危机将世界经济带入了谷底,银行破产问题成为国内外金融界热议的话题,备受瞩目。随着金融创新的不断发展,银行业开放程度的加深以及我国经济转型的深入,银行将面对更加复杂的环境,面临更加严峻的挑战,风险和危机需要重点关注,因此,银行破产问题的重要性愈发凸显。本文拟就银行破产有关问题做简单探讨。

  13. Computation of Interval Probability for Bankruptcy Procedure in Term Life Insurance With Uncertain Environment%不确定环境下定期人寿保险的破产概率区间的计算

    Institute of Scientific and Technical Information of China (English)

    万中; 胡朝明; 尹伟

    2011-01-01

    In this paper, a new model is constructed by taking uncertain environment into consideration for the bankruptcy risk problems in term life insurance, where the mortality rate is regarded as an interval parameter and the net insurance policy is a random parameter. Formula for computing the interval probability of bankruptcy is obtained, an approximation method owing to Poisson distribution is studied. Since some important aspects have been taken into consideration in the new formulation, such as the accumulating interest of initial reserve, the entry of new customers at any time, the design of new grouping fashion and the uncertain environment, the result obtained in this paper is more practical than the existing models.%针对实际问题存在的不确定因素,研究了含不确定参数的定期人寿保险的破产模型,其中死亡率和净年保单数分别用区间数和随机参数刻画.推导了破产概率区间的计算公式,且用泊松分布近似时得到其近似计算方法.该模型的建立既考虑了初始准备金的利息积累和任何时刻的新投保人的加入,并采用了新的分组方式,又考虑了实际问题中的不确定因素,因而能够更加真实地刻画了实际过程,比传统模型更具实用性.

  14. The consequences of the proposed amendment of the Dutch Bankruptcy Code for the supply and transport of natural gas and electricity in a liberalized market; De gevolgen van de voorgenomen wijziging van de Faillisementswet voor de levering en transport van gas en elektriciteit in een geliberaliseerde markt

    Energy Technology Data Exchange (ETDEWEB)

    Keijsers, P.; Hartendorp, R.C. [Sectie Energy and Utilities, Clifford Chance LLP, Amsterdam (Netherlands)

    2003-06-01

    Pursuant to the legislative proposal to amend the Bankruptcy Act, suppliers of energy can no longer terminate or suspend agreements for the supply of energy in case of bankruptcy of such customer. In addition, default under such an agreement relating to the period prior to bankruptcy is no ground to dissolve such an agreement. Furthermore, (a request for) bankruptcy or seizure of assets may no longer lead to termination by operation of law, unless approved by the receiver. The above applies as well to moratorium of payment. This legislative proposal will probably enter into force at some point during this year. The background of the legislative proposal is that suppliers of energy are 'essential suppliers' who should not be able to abuse their monopolistic position to suspend delivery of energy in order to force payment of unpaid bills relating to the period prior to bankruptcy. There is no justification for such a restriction to only apply to energy companies instead of to all 'essential suppliers'. If the regime were to apply to energy companies, it should only apply to network managers: these parties are the only energy-related parties who remain essential suppliers. In principle, the gas and electricity itself can also be obtained from other parties than the current supplier, although certain problems may arise in relation to switching supplier. In addition, the legislative proposal will probably lead to a situation where energy companies will require security or terminate the agreement in an earlier stage, as soon as they realise that there are problems with the payment of invoices for the supply/transport of electricity. The costs in relation thereto and in relation to the obligation to continue the supply during bankruptcy, may lead to higher costs of energy distribution companies which will probably be included in the terms for the supply of electricity. [Dutch] Onlangs heeft de Tweede Kamer het wetvoorstel met betrekking tot de

  15. 试论证券投资者保护基金有限责任公司在证券公司破产中的作用%On the Role of the Securities Investor Protection Fund Corporation in the Securities Companies Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    王欣新; 亢力

    2012-01-01

    In August 2005, China Securities Investor Protection Fund Corporation (SIPF) was founded. After its establishment, it took part in a large number of cases about risk treatments and bankruptcy proceedings of securities companies, and played an important role in protecting the interests of investors, promoting the withdrawal from the market orderly of the securities companies, maintaining the stability of the financial market and so on. But because there are lack of specific rules about the status of SIPF in bankruptcy proceedings of securities companies, especially in the aspect of meeting of creditors, SIPF faces some difficulties when it performs its duties. This article is written on the basis of SIPF's research project "The Role of the SIPF in Creditors' Meeting", and is written in the view of how to strengthen the influence of the SIPF in the securities companies' bankruptcy. This article introduces the special background of the establishment of the SIPF, the nature and the practical effect in the risk treatment and bankruptcy of the securities companies. Besides, it researches the main problems occurring in the process of SIPF' s participation of the securities companies bankruptcy, studies the special effects and experiences other similar a- gencies playing in the process of securities companies bankruptcy, and analyses the effects that the SIPF makes in the creditors' meetings combined with practice of bankruptcy of the securities corporations, and then the article will give some legislative proposals about the improvement of relative legal institutions.%我国于2005年8月成立了中国证券投资者保护基金有限责任公司,公司成立后参与大量证券公司的风险处置与破产程序,对保护投资者利益,推动证券公司有序退市,维护资本市场稳定发挥了重要作用。但因立法对保护基金公司在证券公司破产程序中的地位尤其是在债权人会议中的特殊地位及权利义

  16. The Warning of KD Company Bankruptcy to the Sustainable Development of Chinese Enterprises%KD公司破产对中国企业持续发展的警示

    Institute of Scientific and Technical Information of China (English)

    丁承学

    2013-01-01

    Through the analysis of internal and external environmental factors which causes Kodak company bankruptcy , the article pointes out that Chinese enterprises should learn from the lessons of Kodak company , always pay attention to the changes of internal and external environment , maintain a sense of crisis , improve constantly the corporate governance mech-anism , innovate constantly in the aspects of technology , culture and business model , and promote the sustainable develop-ment of enterprises.%通过对造成KD公司破产的内外部环境因素分析,指出中国企业要吸取教训,时刻关注企业内外部环境变化,保持危机感,不断完善公司治理机制,在技术、文化、商业模式等方面不断创新,以促进企业持续发展。

  17. 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

  18. On the Treatment of Trademark License Contract in the Bankruptcy Procedure: Administrator as the Main Angle of View%论破产程序中商标使用许可合同的处理——以管理人为主要视角

    Institute of Scientific and Technical Information of China (English)

    王华

    2012-01-01

    商标使用许可合同往往存在一定的风险,尤其是当许可使用合同的一方当事人面临破产时,将导致许可合同的法律效力不稳定,影响合同的履行。破产程序中商标使用许可合同的处理是否得当,不仅关乎破产程序能否顺利进行,而且关乎商标使用许可合同双方当事人的权益保护。必须充分考虑商标作为知识产权的特殊性。强调对管理人选择权的限制,在破产法相关规定的基础之上作出合理的变通,既注重各方当事人的利益平衡.又注重商标知识产权价值的发现与保持。%There is a certain risk in the trademark license, especially when a party of the contract is facing bankruptcy, which will cause legal effect of the license contract instable. Whether the treatment of a trademark license contract is proper in the process of bankruptcy, not only concerns the bankrupt procedure to proceed smoothly, but also concerns the protection of the parties' rights of the trademark license contract. We must consider the particularity of the trademark as the intellectual property, emphasize the limit on the administrator's right of choice on the basis of making reasonable accommodation in bankruptcy law, paying attention to the balance of interests of the parties, and discovering and maintain the value of trademarks as the intellectual property.

  19. 个人破产的文化基础探微--再访成中英教授%A Cultural Probe into Personal Bankruptcy--An Interview with Chungying Cheng

    Institute of Scientific and Technical Information of China (English)

    郭兴利; 成中英

    2015-01-01

    definitely deduced from culture but that laws should at least not violate cultural spirits or values. Moreover, under the guidance and regulation of laws, a society can actualize its cultural qualities. Credit, the most important necessity for the development of a society, is supposed to be the basis of personal bankruptcy. Schools of Confucianist, Legalist and Military Strategist all attach great importance to credit. The Confucian believes that, to achieve creditability in communication, people should consider circumstances and exclude all kinds of untrustworthy possibilities and relationship. In traditional Chinese values of“Four teachings”,“Five constant virtues”and“Five relations”, credit was ranked the last indicating that credit results from the development of other values instead of implying the priority of other values. Legalist believes that credit is built on faithfulness and therefore they calls for faithfulness. The monarch cannot disclose the governing method to his people, not because he doesn��t believe in his subjects, but that it’s the governor��s secret. Military Strategist believes in strategy, which does not mean they don’t believe in faithfulness. It’s a harmless and even beneficial strategy they pursue. In an open and transparent society, laws will become increasingly important. The social order should be based on laws, and the political authority must maintain the dignity of the law, which is very favorable for credibility construction. Controlling on power is very important for credibility construction, while the connivance of a few power abusers will lead to the collapse of social credibility. Personal bankruptcy agrees with the notion of compromise in traditional Chinese culture, but doesn��t fit in with such notions as forgiveness, salvation, assisting the weak and poor, concealing one��s wickedness and boast of one’s goodness, son��s obligation to pay his father��s debt, or traditional views of

  20. 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.

  1. 侵权债权在破产程序中的优先受偿顺位建构——基于“给最少受惠者最大利益”的考量%Subject: Construction of the Priority of Tort Claims in Bankruptcy Proceeding

    Institute of Scientific and Technical Information of China (English)

    林一

    2012-01-01

    破产法的公平理念以及侵权债权的非自愿属性,决定侵权债权具有从现行破产法所规定的普通破产债权中分立出来,并优先于一般交易债权受偿的正当性。基于侵权债权类型化以及罗尔斯的公平的正义理念——给最少受惠者最大利益,侵权债权在区分人身侵权债权和财产侵权债权的基础上,应做以下受偿顺位安排:破产费用和公益债务之外,人身侵权债权——工资债权和社会保险费用——劳动补偿金债权——财产侵权债权——国家税收——一般交易债权。人身侵权债权甚至有可能优先于担保债权,如果担保债权的设立发生于人身侵权债权产生之后。社会强制责任保险费用债权视其保障范围可以先于人身侵权债权或财产侵权债权。%It is reasonable that a tort claim separates from the general unsecured credit of bankruptcy and has priority over a con- sensual credit in the bankruptcy distribution, which is determined by the principle of justice in the bankruptcy law and the char- acter of the involuntariness of tort creditors. Base on the categorizing of tort claims and a theory of justice created by John Rawls giving the most benefits to the lest beneficiary, tort claims would be separated into the physical tort claim and the property tort claim, and be liquidated, after the costs for bankruptcy proceeding and community liabilities being repaid in priority, according to the following distribution sequence proposal: the physical tort claim - the salary claim and the social insurance premiums - the labor compensation claim - the property tort claim - the tax fee - the unsecured consensual credit. The physical tort claim even may be prior to the secured claims if it occurred before the secured debt being engaged. Social compulsory liability insurance premiums may have precedence over the physical tort claim or the property tort claim which is decided by the scope it

  2. Convexity and marginal contributions in bankruptcy games

    OpenAIRE

    Leobardo Plata-Perez; Joss Sanchez-Perez

    2011-01-01

    En este trabajo analizamos dos definiciones naturales de convexidad para los juegos de bancarrota, una de ellas fue introducida por Aumann y Maschler (1985). En particular, mostramos que la convexidad, entendida como contribuciones marginales crecientes, no se satisface en el juego presentado por estos autores. Ademas proponemos un juego alternativo para capturar situaciones de bancarrota y caracterizamos el antinucleo de este juego; usando la teoria de la dualidad para juegos cooperativos pr...

  3. 从A123破产看美国支持新兴产业政策的失灵%Policy Malfunction of the U.S. in Supporting Emerging Industry:Analysis on the Case of A123 Systems Inc. Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    王佳存

    2014-01-01

    This article analyses the policy malfunction of the U. S. government in supporting emerging industry development from the case of A123 Systems Inc. bankruptcy. As a lithium-ion battery manufacturer, the company was much supported by America’s emerging industry policy and received a huge grant from the federal government. Due to the constraints of the country’s Energy Act, the company experienced from glory to bankruptcy in 2012. A123’s failure shows that the government’s emerging industry support policy should prioritize product innovation and improve the product technology while obeying the market rules.%2009年,美国政府宣布在经济复苏法案中拨款24亿美元支持电动汽车电池产业的发展,生产锂电池的A123系统公司获2.49亿美元拨款。A123虽获美国政府新兴产业政策的大力支持,但在美国能源法案关于资金用途的约束下,从辉煌走向崩塌,于2012年申请破产。A123的破产启示我们:政府培育新兴产业的政策要在尊重市场规律的前提下突出产品创新,提高产品的技术含量和成熟度;在新兴产业的发展过程中,最关键的是产品的技术含量,而对资金、人力资源起基础配置作用的是市场,若忽视产品的技术完善,背离市场规律,尽管政府扶持政策力度很大,也会出现政策失灵。

  4. Lessons for China in Detroit Bankruptcy:Accelerating Transforming the Government Functions, and Insisting the Bottom Line of Risk%底特律破产对我国加快政府职能转变,守住风险底线的警示

    Institute of Scientific and Technical Information of China (English)

    张宏伟; 孙旭华

    2014-01-01

    美国底特律由盛到衰、申请破产保护的经历震惊全球,当前世界经济正在深度调整,国内外发展环境十分复杂,对发展仍处于可以大有作为的重要战略机遇期的中国来说,一个负责任的政府理应认真吸取其教训,在加快转变政府职能,强化政府宏观调控职能,适时实现产业转型,坚决纠正“土地财政”暴露出的政府角色错位及职能异化问题,及时化解官民冲突等重大矛盾和风险,预防和控制债务规模,守住不发生系统性区域性风险底线,同时加快政府会计制度改革,尽快建立政府综合财务报告制度,不断强化政府会计监督职能、审计职能的发挥和外部监督的效用,持续健康推进新型城镇化发展等方面展现出应有的担当。%T he issue of Detroit, experiencing from success to decline and its filing for bankruptcy protection, has shocked the worldwide. Currently, the global economy is undergoing a deep adjustment, and the development environment is extremely complicated not only in China but also all over the world. As China has a great potentiality in development, the government should learn lessons studiously from Detroit bankruptcy to the responsibility. Specifically, the government ought to make improvement in some fields, including accelerating transforming the functions of government, strengthening the government’s macro-control functions so as to realize the industrial transformation timely and rectify. In addition, the government should resolutely rectify the problem called, ’land finance’, which reveals the wrong role of the government and functional dissimilation problems in order to solve conflicts between officer and the citizen and other major contradictions and risks on time. Preventing and controlling the debt scale and insisting the bottom line of preventing the occurrence of systemic regional risk are all important. In the meantime, the reform of

  5. 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.

  6. Revelation of a Case Study:Bankruptcy of American Aggressive Investment Bank Lehman Brothers%美国激进型投资银行经营模式破产的启示——以雷曼兄弟为例

    Institute of Scientific and Technical Information of China (English)

    黄璇

    2012-01-01

    美国投资银行经营模式的不断创新和发展,在有力地推动了美国经济尤其是虚拟经济发展之后,激进型经营模式却把投资银行推向了绝界。以雷曼兄弟公司为代表的独立投资银行破产是内外原因综合作用的结果,表明了激进型经营模式和监管制度的失败。我国要引以为鉴,在推动投资银行改革创新经营模式的同时,积极构建科学的公司治理结构,始终保持稳定向好的宏观经济形势。%The innovation and development of the American aggressive investment banks,after have greatly driven the development of American economy,especially the virtual economy, but its operating mode pushed the investment bank to the hopeless situation.The bankruptcy of the independent investment bank,among which Lehman Brothers was a case,is a comprehensive result of internal and external causes,which marked the failure of aggressive operating mode and supervision system.The experience reminds us to promote the operating mode and innovation of investment bank in China,meanwhile,to positively construct scientific enterprise management structure,and always to keep a steady macro economic situation.

  7. 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.

  8. 17 CFR Appendix A to Part 190 - Bankruptcy Forms

    Science.gov (United States)

    2010-04-01

    ...'s estate—schedule of trustee's duties For the convenience of a prospective trustee, the Commission.... Attempt to estimate short-fall in customer segregated funds. a. If there is a substantial short-fall of customer segregated funds, the trustee should: i. Contact the DSRO and attempt to effectuate a...

  9. 17 CFR Appendix B to Part 190 - Special Bankruptcy Distributions

    Science.gov (United States)

    2010-04-01

    ..., but not be limited to, the application or enforcement of statutes, rules, regulations, interpretations, advisories, decisions, or orders, formal or informal, by a federal, state, or provincial executive... each currency to U.S. Dollars: Customer Claim Conversion rate Claim in US$ A $100 1.0 $100 B €50 1.0...

  10. Bankruptcy, medical insurance, and a law with unintended consequences.

    Science.gov (United States)

    Koch, Thomas G

    2014-11-01

    Congress passed the Emergency Medical Treatment and Active Labor Act (EMTALA) in 1986, guaranteeing a standard of medical care to anyone who entered an emergency room. This guarantee made default a more reliable substitute for medical insurance. I construct a tractable structural model of the medical insurance market and find that repealing EMTALA would increase the fraction of the population with insurance while decreasing its price.

  11. 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.

  12. On the bankruptcy of private higher education institutions in China

    Institute of Scientific and Technical Information of China (English)

    ZHOU Guoping; XIE Zuoxu

    2007-01-01

    In recent years,closing down private higher education institutions (HEIs)has become a serious problem in China.It seems that doubt is cast on the rationality of private HEIs and severe competition contributes a lot to their development.Many problems in the process of self-development are caused by both internal and external factors.From the perspective of sustainable development and the healthy development of students,priority should be given to the evolution of an idea to provide a positive environment for the development of private HEIs.This paper is an effort to deal with the statement that higher education in China is a seller's market and aims to do an objective estimate of the development space for private HEIs.In addition,it shows a clear understanding of establishing the prediction system for relevant issues of private higher education to guarantee the sound development of private HEIs.

  13. A theory of international bioethics: multiculturalism, postmodernism, and the bankruptcy of fundamentalism.

    Science.gov (United States)

    Baker, Robert

    1998-09-01

    The first of two articles analyzing the justifiability of international bioethical codes and of cross-cultural moral judgments reviews "moral fundamentalism," the theory that cross-cultural moral judgments and international bioethical codes are justified by certain "basic" or "fundamental" moral priniciples that are universally accepted in all cultures and eras. Initially propounded by the judges at the 1947 Nuremberg Tribunal, moral fundamentalism has become the received justification of international bioethics, and of cross-temporal and cross-cultural moral judgments. Yet today we are said to live in a multicultural and postmodern world. This article assesses the challenges that multiculturalism and postmodernism pose to fundamentalism and concludes that these challenges render the position philosophically untenable, thereby undermining the received conception of the foundations of international bioethics. The second article, which follows, offers an alternative model -- a model of negotiated moral order -- as a viable justification for international bioethics and for transcultural and transtemporal moral judgments.

  14. MEASURING THE RISK OF BANKRUPTCY IN THE COMMERCIAL SECTOR IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Batrancea Larissa-Margareta

    2011-12-01

    Full Text Available In this paper, the author presents ways to evaluate the rating of commercial entities based on logit model. On this basis were determined the ranges of financial security and was set the probability of failure of these firms in Romania.

  15. 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.

  16. 34 CFR 682.402 - Death, disability, closed school, false certification, unpaid refunds, and bankruptcy payments.

    Science.gov (United States)

    2010-07-01

    ... shall review the borrower's request and supporting sworn statement in light of information available... the borrower's eligibility to receive the loan was falsely certified as a result of a crime of... FFEL Program loan as a result of the crime of identity theft committed against the individual, as...

  17. 42 CFR 62.11 - When can a scholarship program payment obligation be discharged in bankruptcy?

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 1 2010-10-01 2010-10-01 false When can a scholarship program payment obligation... HEALTH AND HUMAN SERVICES FELLOWSHIPS, INTERNSHIPS, TRAINING NATIONAL HEALTH SERVICE CORPS SCHOLARSHIP AND LOAN REPAYMENT PROGRAMS National Health Service Corps Scholarship Program § 62.11 When can...

  18. Large deviations for generalized compound Poisson risk models and its bankruptcy moments

    Institute of Scientific and Technical Information of China (English)

    HU Yijun

    2004-01-01

    We extend the classical compound Poisson risk model to the case where the premium income process, based on a Poisson process, is no longer a linear function.For this more realistic risk model, Lundberg type limiting results on the finite time ruin probabilities are derived. Asymptotic behaviour of the tail probabilities of the claim surplus process is also investigated.

  19. 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 a

  20. Bankruptcy by catastrophes for major multi-nationals: stock exchange sensitivity for three catastrophes

    NARCIS (Netherlands)

    Van Gulijk, C.; Ale, B.J.M.

    2012-01-01

    This paper investigates the effect of major catastrophes have on stock exchange values for the major multi-nationals. The paper demonstrates that the Sharpe analysis is more sensitive in identifying effects than just following the daily stock values for assessing market response. It was found that m

  1. Impact of bankruptcy through asset portfolios. Network analytic solution unveils 1990s Japanese banking crisis

    Science.gov (United States)

    Sakamoto, Y.; Vodenska, I.

    2016-09-01

    We investigate the Japanese banking crisis in the late 1990s with a simple network based mathematical model, which allows us to simulate the crisis as well as to obtain new perspective through analytic solution of our network model. We effectively identify the actual bankrupted banks and the robustness of the banking system using a simulation model based on properties of a bi-partite bank-asset network. We show the mean time property and analytical solution of the model revealing aggregate time dynamics of bank asset prices throughout the banking crisis. The results disclose simple but fundamental property of asset growth, instrumental for understanding the bank crisis. We also estimate the selling pressure for each asset type, derived from a Cascading Failure Model (CFM), offering new perspective for investigating the phenomenon of banking crisis.

  2. WILCOX COUNTY, ALABAMA--A STUDY OF SOCIAL, ECONOMIC, AND EDUCATIONAL BANKRUPTCY. REPORT OF AN INVESTIGATION.

    Science.gov (United States)

    BROADUS, JAMES; AND OTHERS

    THE REQUEST FOR THIS INVESTIGATION BY THE SPECIAL COMMITTEE OF THE NATIONAL EDUCATION ASSOCIATION COMMISSION ON PROFESSIONAL RIGHTS AND RESPONSIBILITIES RESULTED FROM THE FIRING OF NINE NEGRO TEACHERS IN WILCOX COUNTY. THE STUDY ITSELF IS MORE INCLUSIVE, INCORPORATING THE FINDINGS AND CONCLUSIONS OF SEPARATE STUDIES IN POVERTY, SCHOOL FINANCE,…

  3. Bankruptcy Prediction of the Electrical Firms within Iranian Electricity Exchange: Empirical Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    S. M. Mazhari

    2013-06-01

    Full Text Available Electricity exchange is known as the trajectory of power industry restructuring which facilitates achieving a direct fair market and accomplishing the privatization. However, little knowledge about market participants and their decisions may increase the investment risk and affect the economic boom cycle. As the Iranian electricity stock has started working in 2011 and the subscription has been made, it will start its services in near future; so, it would be very helpful to inform the investors about what may happen, and how to direct their portfolio into the satisfactory corridor. One way to arrive capital investment security is to predict insolvency of a business unit. Predicting the possibility of a company’s insolvency not only can prevent losing the principle and capital interest of investing, but also facilitates the most important decision makings. This paper proposes a new model for insolvency prediction of the Iranian electrical firms within future electricity exchange via an artificial bee colony algorithm. To do so, 118 firms among the electrical and energy industrial firms listed in Tehran Stock Exchange (TSE are assumed; they are used as training data to find a suitable linear classifier. The introduced algorithm is conducted on 40 test firms and obtained results are discussed in several scenarios.

  4. 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…

  5. Towards a sovereign bankruptcy procedure and greater restraint in IMF crisis lending. An interim assessmen

    Directory of Open Access Journals (Sweden)

    Curzio Giannini

    2003-06-01

    Full Text Available The paper reviews the area of the international financial architecture relating tosovereign crisis resolution. It is argued that shifting part of the burden of crisisresolution onto creditors may encourage debtor countries to take early action to counter an unsustainable debt path. Collective action clauses, the sovereign debt restructuring mechanism, and ceilings on IMF loans, are all necessary components of a new and better crisis resolution framework.

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

    NARCIS (Netherlands)

    A. Chen; M. Suchanecki

    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 t

  7. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  8. Reinterpreting the great US department store bankruptcies of the 1980s - a catalyst to strategic structural change

    OpenAIRE

    Wood, S.

    2008-01-01

    Purpose –The financial restructuring of the US department store industry is commonly interpreted as a time of corporate excess, value-destruction and ultimately collapse. This research aims to re-analyse these events using qualitative methods to understand the background to the leveraged transactions and to review the implications that their failure had for the longer term strategy and structure of the US department store industry. Design/methodology/approach – The research is based on two ex...

  9. A Tentative Discussion about Personal Bankruptcy and Finance Management%试论个人破产与财务管理

    Institute of Scientific and Technical Information of China (English)

    华金秋

    2003-01-01

    本文首先探讨个人破产的历史渊源,然后论述我国当前实施自然人破产制度的必要性,再次提出完善和发展我国个人破产制度的具体对策,最后,探讨个人破产过程中的相关财务问题.

  10. Logistic模型下的变利息力的破产问题%Research of Bankruptcy with Variable Premium Rate in Logistic Model

    Institute of Scientific and Technical Information of China (English)

    张瑜; 努尔古丽·艾力; 张艳

    2012-01-01

    破产理论主要是针对保险公司如何估计所面临的风险,讨论在较长时间内保险公司发生盈余或破产的概率,这对于保险公司正常运作及充分考虑所面临的风险具有重要的意义。文章主要研究了在Logistic模型下变利息力的风险模型,应用利息理论,将变利率问题转换为常利率问题。%Ruin theory is the quantitative theory that various risks the insurance companies confront are estimated, which discusses the profit and ruin probability in the long time. It is of great significance for insurance companies to work regularly and consider the risks fully. This paper mainly researches the risk model with vary interest, and changes the problem of vary interest into one of constant interest based on the knowledge of interest theory.

  11. 货币的中介本质与拜金主义的破产%The Mediation Nature of Currency and the Bankruptcy of Money Worship

    Institute of Scientific and Technical Information of China (English)

    刘然

    2011-01-01

    Money worship is the chronic illness of the era of commodity economy society. The critique about it cannot stay at the surface, such as intense words or phenomenon list. The key is to grasp the nature of currency. The nature of currency is often covered by the formula of capital G-W-G and G-W-G'in real life, becoming the aim itself. We should adopt the method of history, from capital to money, from money to goods, and then reaching the products and the indistinctive labor in products. The essence of the currency shows in W-G-W. Currency is the mediation of commodities exchange. The objective Of commodities exchange is to satisfy the need of the people. According to the theory Of mediation, although mediation has the character of both sides of the Contradiction, possessing the advantage, it can be categorized as the factors of contradiction. Its status is under the contradiction. Fetishism covers the human relationship in the first level with the things relationship in the second level. Money worship covers the things relationship with money relationship in third level, then covering the human relationship.%拜金主义批判的关键是抓住货币的本质。货币的本质在现实生活中往往被资本的公式G—W—G和G-W-G’所掩盖,成为目的本身。从资本回归货币,再从货币回归商品。货币的本质在W—G—W的公式中获得显现,货币是物物交换的中介,物物交换的目的是为了满足人的需要。按照中介理论,中介虽然兼具矛盾双方的特点,具有优势,但是中介可以归为矛盾双方的因素,地位在矛盾双方之下。拜物教是用第二个层次的物与物的关系掩盖了第一个层次的人与人的关系;货币拜物教,即拜金主义,用第三个层次的金钱关系掩盖了物与物的关系,进而掩盖了人与人的关系。

  12. General Considerations on a Report of Research about the Company’s Risk Assessment and Forecast for Bankruptcy Evaluation and Prognosis

    Directory of Open Access Journals (Sweden)

    Maria Alexandra Ivan

    2010-03-01

    Full Text Available The research rapport is a synthesis concerning the conclusions of an already done research. This is a project laying at the basis of the theoretical, methodological and practical aspects of the process. The research project implies the existence of specific knowledge and skills acquired by means of personal experience. The research proposal has to include the stages as provided in the present paper. This plan is just an option which will be further improved in order to make an action schedule.

  13. 联合国国际贸易法委员会《破产法立法指南》评介及其对我国破产立法的借鉴%Evaluation of Bankruptcy Legislation Guide of United Nations Commission on International Trade Law and its Affect on China' s Bankruptcy Legislation

    Institute of Scientific and Technical Information of China (English)

    石静霞

    2005-01-01

    1999年,联合国国际贸易法委员会(United Nations Commission on Intemational Trade Law,下称UNCITRAL)关注到各国建立高效的公司破产制度的迫切需要,决定在破产法的统一方面做些努力。自当年12月起,UNCITRAL授权其下属的第五工作组(即破产法工作组)草拟文件,内容包括对破产法制度的关键目标及核心内容的全面陈述、实施这些目标和内容的各种方法以及关于这些方法优劣性的讨论。①该工作组于2001年7月完成立法指南草案的第一稿,之后通过召开会议的方式继续完善草案。UNCITRAL于2004年6月25日通过该指南。

  14. The Advantage and Disadvantage of Bankruptcy Restructuring in the Bank Disposing Bad Loans%破产重整在银行不良资产处置中的利弊

    Institute of Scientific and Technical Information of China (English)

    张世君

    2008-01-01

    如何处置银行的不良资产并防范信贷风险,已经成为一个世界性的热点问题。中国银行业由于受到经济政策、法制环境,以及自身经营等多方面因素影响,也存在相当数量的不良资产并仍在继续产生和积累,如果不能及时处置,就有可能孕育成较大的金融风险,影响国民经济的健康发展。因此,积极探索有效的不良资产处置途径,提高资产回收率,减少坏账损失,防范金融风险是当前中国各类商业银行亟待解决的重大课题。

  15. 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.

  16. 广州飞龙世界游乐城关闭的原因与启示%THE BANKRUPTCY OF GUANGZHOU FLYING DRAGON WORLD RESORT: ITS REASONS AND IMPLICATIONS

    Institute of Scientific and Technical Information of China (English)

    徐君亮; 梁明珠

    2001-01-01

    Guangzhou Flying Dragon World Resort, located in Panyu of Guangzhou, is the first theme park ever established in Guangzhou. After its operations in Jan. 1, 1995, promotion and publicity through media made it a popular theme park throughout Guangzhou, Hong Kong and Macau due to the magnitude in the construction and operations of the scenery. However, after 4 years of operations, it was closed by the Court of Panyu of Guangzhou. From the aspects of Tourism Science and the practice in tourism industry, it is considered that the reasons of its failure are as follows: 1) the construction of the scenery digressed from its theme because of craving for large scale and completeness, thus more fund being invested; 2) the policy makers were too optimistic about the market positioning resulting in great deal of equipment remaining wasteful which made economic return go from bad to worse; 3) lack of ability in making good use of its advantages, hence the snake products did not meet the demands of the international markets; 4) the financing by loans made operation in the red, as a result of which the resort went bankrupt. We therefore raise some implications for the construction of future theme parks.%广州番禺“飞龙世界游乐城”是广州市首座主题公园,在1995年元月开业前后,各种新闻媒体曾作过大量宣传,实际景点建设、经营运作声势浩大,一度名扬粤港澳。但在营业4年后,却被广州番禺法院封闭停业了。文中从旅游科学和旅游业实践的角度,通过实地调查研究,认为其失败的主要原因是:(1)景点建设背离主题,贪大求全;(2)市场定位盲目乐观,大量设施空置;(3)经营管理上未能扬长避短,蛇系列产品未能适销对路进入国际市场;(4)投资机制上靠贷款建设,经营严重亏损。并从中得到几点启迪,供今后创办主题公园借鉴。

  17. A Mathematical Model Analysis on the Impact of the Capital Adequacy Requirement on Bankruptcy Probability%资本充足监管与银行破产概率的数理模型分析

    Institute of Scientific and Technical Information of China (English)

    陈海勇; 姚先国

    2006-01-01

    本文通过建立银行资本和风险关系的数理模型、资本充足监管约束下的银行资本和风险数理模型,用数理推导的方法静态比较了银行资本充足监管对银行破产概率的影响,最后用实证验证了数理推导的结果.

  18. Brief Analysis of Constitution and Assumed Liability of Civil Liability of Bankruptcy Trustee%浅析破产管理人民事责任的构成及责任的承担

    Institute of Scientific and Technical Information of China (English)

    邵宇

    2007-01-01

    破产管理人是破产程序中一个重要的组织,在破产程序中担任着和解、整顿和清算的职能,破产程序能否在公正、公平和高效率的基础上顺利进行和终结,与破产管理人的活动密切相关.

  19. Several provisions of the Supreme Court for the application of Bankruptcy Law%最高人民法院公布《企业破产法》相关司法解释

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    @@ 2006年8月27日全国人大常委会通过的对完善我国社会主义市场经济体制具有重要意义.该法确立了包括会计师事务所、律师事务所、破产清算事务所为法定主体的管理人制度.

  20. 《关于审理企业破产案件若干问题的规定》有关条款介绍%Introduction of Provisions of Regulations relating to Trying Bankruptcy Cases

    Institute of Scientific and Technical Information of China (English)

    钟法

    2002-01-01

    @@ 最高人民法院《关于审理企业破产案件若干问题的规定》(以下简称《规定》)已于今年7月18日由最高人民法院审判委员会第1232次会议通过,于7月30日予以公布,自2002年9月11日起施行.

  1. 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.

  2. Rethinking of the Crisis of American Citibank N.A. Bankruptcy and Mode of All-round Bank%美国花旗集团破产危机及对全能银行模式的反思

    Institute of Scientific and Technical Information of China (English)

    杨梦

    2009-01-01

    2008年,美国的"次贷"危机演变为一场全面的金融危机,华尔街的投资银行纷纷进入破产保护,仅存的高盛和摩根斯坦利宣布向全能银行转型.然而,作为全能银行领袖的美国花旗集团却已深陷破产边缘.人们在关注金融危机进一步发展动向的同时,全能银行经营模式在防范风险、提高经营效率等方面具有怎样的优劣再次成为人们关注的热点.本文通过对花旗集团激进的全能扩张路径的阐述,分析其激进扩张的负面效应,探讨未来全能银行的发展模式,这对中国银行业未来的发展具有重要的启示作用.

  3. 13 CFR 120.540 - Liquidation and litigation plans.

    Science.gov (United States)

    2010-01-01

    ... collection litigation, such as judicial foreclosures, bankruptcy proceedings and other state and federal... litigation where factual or legal issues are in dispute and require resolution through adjudication; (ii)...

  4. APOLOGIJA NOVOM HRVATSKOM INSOLVENCIJSKOM PRAVU

    Directory of Open Access Journals (Sweden)

    Dejan Bodul

    2016-03-01

    Full Text Available Bankruptcy Act was first put into service in May 1996. (NN 44/96 and has been changed (supplemented seven times (NN 44/96, 29/99, 129/00, 123/03, 82/06, 116/10, 25/12 and 45/13 - further BA. The BA was passed on 5. 10. 1994 and it was based on the Germany's Insolvency Act (Insolvenzordnung. (Bundesgesetzblatt, 1994., I, page. 2866; last change Bundesgesetzblatt, 2011., I, page. 2854. and the end of Force settlement, bankruptcy and liquidation act (NN br. 53/91 and 54/94 has represented a thorough change of the way bankruptcy process was conducted in Croatia. Each of the changes in the law was made in order to fix “acute problems” in practice and to enhance the system of the bankruptcy protection; this was supposed to be achieved through increase functionality, speeding up of the process and decrease of the bankruptcy cost. However since the time after of passing of the BA was time of economic prosperity, consequently there was no awareness of the fact that bankruptcy should have other functions except collections of debt from the debtors which are unable to pay. The whole process just leads to the liquidation of the companies. But, frequent financial crisis have forced a radical change in the bankruptcy legislature, considering that the bankruptcy procedure has not improved and that it was possible to undergo a bankruptcy procedure without a bankruptcy plan. There was a clear need for a new legislative framework, Financial conduct and pre-bankruptcy settlement act FCPS, (NN 108/12, 144/12, 81/13 and 112/13 (71/15 and 78/15. Although the passing of the FCPS in 2012. has significantly changed the bankruptcy procedure in Croatia, in its two year application a whole set of problems in terms of the meaning of the particular elements of the law which was tried to be solved with the passing of the new Bankruptcy act (NN 71/15. Since the „new“ BA has differently defined the rules and responsibilities of the trustee in bankruptcy, there was a

  5. 75 FR 39462 - Conservatorship and Receivership

    Science.gov (United States)

    2010-07-09

    ... Claims in some of the largest and most storied corporate bankruptcies ever. See, e.g., In re Enron Corp.... 2005).\\6\\ \\6\\ In the Enron and WorldCom bankruptcies, among others, these principles were applied to... rendered their options worthless. See Enron, 341 B.R. at 163-69 (option holders ``would `share' in...

  6. 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.

  7. 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.

  8. 26 CFR 301.9100-14T - Individual's election to terminate taxable year when case commences.

    Science.gov (United States)

    2010-04-01

    ...) Assume that husband and wife are calendar-year taxpayers, that a bankruptcy case involving only the husband commences on March 1, 1982, and that a bankruptcy case involving only the wife commences on... husband had not made an election or if the wife had not joined in the husband's election, she would...

  9. 26 CFR 301.6231(a)(2)-1 - Persons whose tax liability is determined indirectly by partnership items.

    Science.gov (United States)

    2010-04-01

    ... partnership and files a joint return with Wife. Husband files for bankruptcy. Pursuant to § 301.6231(c)-7... partnership as of the date the partnership items of Husband converted to nonpartnership items. Example 2. Wife...)(ii) of this section, the partnership items of Wife are not affected by Husband's bankruptcy....

  10. OPTIONS-GAME ANALYSIS FOR FIRM WITH INSURED DEBT

    Institute of Scientific and Technical Information of China (English)

    Mei Zhengyang; Li Chulin

    2005-01-01

    The strategic model for insured bond of firm is a new model which is developed based on options pricing model and game theory. When firm's bond was insured against bankruptcy, some interesting results about endogenous bankruptcy and optimal capital structure are obtained.

  11. 47 CFR 27.4 - Terms and definitions.

    Science.gov (United States)

    2010-10-01

    ... Purpose Bankruptcy Remote Entity that is formed to build and operate the shared wireless broadband network... interoperable wireless broadband network operating on the 758-763 MHz and 788-793 MHz bands and the 763-768 MHz... of Commerce) Network Assets Holder. The Network Assets Holder is a Special Purpose Bankruptcy...

  12. 12 CFR 226.47 - Content of disclosures.

    Science.gov (United States)

    2010-01-01

    ... for bankruptcy, the consumer may still be required to pay back the loan. (4) Cost estimates. An... consumer files for bankruptcy, the consumer may still be required to pay back the loan. (vii) An estimate... TRUTH IN LENDING (REGULATION Z) Special Rules for Private Education Loans § 226.47 Content...

  13. Debtor rights, credit supply, and innovation

    NARCIS (Netherlands)

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

    2016-01-01

    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 pro

  14. 42 CFR 505.7 - Terms of the loan.

    Science.gov (United States)

    2010-10-01

    ... promissory note, loan agreement, or a form approved by CMS and accompanied by any other documents CMS may... deferred for 60 months beginning with the day of award notification from CMS. The loan repayment period is 20 years. (c) Bankruptcy protection. In the event a loan recipient files for bankruptcy protection...

  15. 浅议从信托关系定位破产管理人%Shallow re-debate the market intermediary market regulation legal adjustment

    Institute of Scientific and Technical Information of China (English)

    朴巍

    2011-01-01

    About bankruptcy administrator in the bankruptcy process in the problems of the legal status, has always been a dispute about, the debate, because the common law of the trustee in bankruptcy dispute, so few status within many scholars believe that our country can draw lessons from British and American bankruptcy legislation view with the trust relationship, for the basis for bankruptcy administrator positioning.%若于破产管理人在破产程序中的法律地位问题,历来争议颇多,众说纷纭.由于英美法上的破产管理人的信托人地位鲜有内部争议,因此很多学者认为我国可以借鉴英美破产立法观点,以信托关系为基础为破产管理人定位。

  16. 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.

  17. 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.

  18. 76 FR 41539 - Self-Regulatory Organizations; NYSE Amex LLC; Order Approving a Proposed Rule Change Amending...

    Science.gov (United States)

    2011-07-14

    ... merger, acquisition, joint venture, spinoff, dissolution, bankruptcy filing or other similar type of... of the market would provide him with an unfair advantage over off-floor market participants....

  19. 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 manageme

  20. Rough Landing

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    The future remains uncertain as smaller air carriers face developmental and competitive turbulenceAn August 26 ruling by the Wuhan Intermediate People’s Court declared the bankruptcy of East Star Airlines Co. Ltd., the first airlines

  1. 76 FR 81916 - Agency Information Collection Activities: Notice of Intent To Renew Collection, Regulations...

    Science.gov (United States)

    2011-12-29

    ... From the Federal Register Online via the Government Publishing Office COMMODITY FUTURES TRADING COMMISSION Agency Information Collection Activities: Notice of Intent To Renew Collection, Regulations Governing Bankruptcies of Commodity Brokers AGENCY: Commodity Futures Trading Commission. ACTION:...

  2. 5 CFR 5501.106 - Outside employment and other outside activities.

    Science.gov (United States)

    2010-01-01

    ... member, or as a member of a group, such as a planning commission, advisory council, editorial board, or... bankruptcy and its assets, including inventory in the warehouse, have been frozen to satisfy the claims...

  3. 16 CFR 436.4 - Table of contents.

    Science.gov (United States)

    2010-01-01

    ... Operation of the Franchise Business 16. Restrictions on What the Franchisee May Sell 17. Renewal... Affiliates 2. Business Experience 3. Litigation 4. Bankruptcy 5. Initial Fees 6. Other Fees 7. Estimated.... Franchise Agreement...

  4. 77 FR 3964 - Information Reporting by Passport Applicants

    Science.gov (United States)

    2012-01-26

    ... technology; and Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of..., Alimony, Bankruptcy, Child support, Continental shelf, Courts, Crime, Employment taxes, Estate...

  5. 75 FR 21686 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of...

    Science.gov (United States)

    2010-04-26

    ... (2010). Bankruptcy fraud is punishable by a fine, or by up to five years in prison, or both. Id. \\9\\ The... comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change...

  6. Compulsive gambling

    Science.gov (United States)

    Complications may include: Alcohol and drug abuse problems Anxiety Depression Financial, social, and legal problems (including bankruptcy, divorce, job loss, time in prison) Heart attacks (from the stress and excitement of ...

  7. 78 FR 17766 - Interagency Guidance on Leveraged Lending

    Science.gov (United States)

    2013-03-22

    ... expected distribution strategies, including alternative strategies for funding and disposing of positions... engaged in workout negotiations, or as part of a pre-packaged financing under the bankruptcy code....

  8. Asian Banks: Leading the Way to Recovery

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ The global financial crisis has rocked the American and European Union banking system leaving many Western banks teetering on the verge of bankruptcy.But in the East,Asian banks have fared well so far.

  9. 7 CFR 1927.55 - Title clearance services.

    Science.gov (United States)

    2010-01-01

    ... which under State law may become a lien superior to a previously attaching mortgage lien) or homeowner's association assessment liens; (4) Whether outstanding judgments of record, bankruptcy, insolvency, divorce,...

  10. 从安然公司破产看根治上市公司会计造假%The Analysis on Effecting a Radical Cure Accounting Fraud by the Corporations Which Have Come into the Market from Enron Company Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    罗韵轩; 彭志军

    2002-01-01

    本文就安达信会计师事务所替安然公司会计造假事件,理性反思我国上市公司会计现状;另外从会计理论与实务的角度对我国上市公司会计造假问题进行深入剖析和探讨,并提出相应的对策.

  11. 商自然人破产能力之承认与汇票持票人期前追索权的实现%On the Acceptance of Ability of Bankruptcy of Businessman and the Realization of Forward Right of Proceeding of Holder of Bill Exchange

    Institute of Scientific and Technical Information of China (English)

    盖威

    2008-01-01

    根据我国现行对票据法的有权解释,商自然人可以作为汇票的付款人进行票据支付行为.但是我国新颁布的仍然没有赋予商自然人以破产主体资格,这样势必造成商自然人作为汇票付款人.当其因经营不善等原因导致无力偿还到期债务时,汇票持票人期前追索权的行使遭遇阻碍的后果.因此赋予商自然人以破产主体资格,对于弥合法律之间衔接的漏洞.保证汇票持票人期前追索权的顺利实现,贯彻落实票据法的立法宗旨是十分必要和迫切的.

  12. The Influence to an Oligopoly's Capital Structure from the Products Market: A Model Including Bankruptcy Cost%产品市场对寡头企业资本结构的影响——考虑破产成本的模型

    Institute of Scientific and Technical Information of China (English)

    张金清; 汤丹沁

    2008-01-01

    从战略角度看,寡头企业的资本结构与产品市场密切相关,受到"有限责任效应"和破产成本效应的双重制约.企业对负债水平的选择实际是对这两种相互对立的制约因素的权衡.本文以一个典型的两阶段古诺博弈模型证明了,随着负债水平由低到高,企业的整体价值先升后降;在拐点处,企业实现了"最优资本结构".

  13. 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.

  14. Valuation of the Firm's Liabilities when Equity Holders are also Creditors

    OpenAIRE

    Marco Realdon

    2006-01-01

    This paper presents a tractable structural model whereby controlling equity holders are also among the creditors of the firm. As the firm approaches distress, equity holders can depauperate the firm and expropriate other creditors by repaying their credit before bankruptcy. The bankruptcy court's right to revoke such repayment protects arm's length creditors, reduces the cost of borrowing and induces equity holders to anticipate repayment of their credit. Equity holders decide repayment neith...

  15. 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

  16. 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.

  17. Conséquence de la crise financière ou crise d’une forme de capitalisme : la faillite des Big Three Consequence of the financial crisis or crisis of a type of capitalism: The bankruptcy of the Big Three Consecuencia de la crisis financiera o crisis de una forma de capitalismo : la quiebra de las « Big Three »

    OpenAIRE

    2011-01-01

    Les constructeurs automobiles américains n’ont pas été les victimes malheureuses de la crise financière qui les aurait empêchés de se redresser à temps. L’aggravation des inégalités sociales à partir des années 1980 a fait émerger notamment une demande de véhicules onéreux, les light-trucks. Elle s’est révélée très rentable pour GM, Ford et Chrysler et leur a permis de prospérer tout au long des années 1990 malgré la concurrence des constructeurs japonais. L’externalisation d’une part croissa...

  18. CONSIDERATIONS ON ENTITY'S RISK ANALYSIS

    Directory of Open Access Journals (Sweden)

    MIRELA MONEA

    2014-12-01

    Full Text Available In the present paper, because of the complexity of this topic, the purpose is to discuss the main aspects involved by risk analysis; starting with few conceptual approaches about risk and to outline the contributions about methods to assess different risks categories, especially methods to assess bankruptcy risk prediction (entity insolvency from economic literature. The methods used to estimate bankruptcy risk are based on the score function which helps to find if an entity is confronted with financial difficulties. The score functions are a diagnosis method elaborated relying on the discriminant analysis, allowing to assess and to predict the bankruptcy risk of the entity using a set of relevant financial ratios.

  19. Corporate Governance and Corporate Creditworthiness

    Directory of Open Access Journals (Sweden)

    Dror Parnes

    2011-12-01

    Full Text Available We examine the relation between corporate governance and bankruptcy risk as an underlying force affecting a bond’s yield. The level of corporate governance is captured by the G-index, along with the explicit groups of governance provisions. We estimate bankruptcy risk by Z-score, by cash-flow-score, by O-score, through Merton structural model default probabilities, and by S&P credit ratings. After addressing endogeneity and while controlling for firm-specific factors, based on the four objective methodologies we find that corporate governance is inversely related to bankruptcy risk. Yet, rating agencies take a mixed approach towards this association likely because of the conflicting impact of different governance provisions.

  20. The Reorganization Law in Poland

    Directory of Open Access Journals (Sweden)

    Rafał ADAMUS

    2012-03-01

    Full Text Available The aim of this paper is to present general remarks of the legal structure of the Polish reorganization law. This is a completely new institution in Poland. The Act of 28 February 2003 the Bankruptcy and Reorganization Law (J.L. No 60, item 535 as amended, the articles 492 - 521 b.r.l. is the main source of law in the commented matter. The idea of the Polish regulation derives from the Chapter 11 of the Bankruptcy Code of the United States. The statistics of the usage of the reorganization proceedings in Poland are not very impressive. In this respect some critics maintain that the legislative experiment called “reorganization proceedings” is unsuccessful. Nevertheless the Reorganization Law is a very important figure in the Polish commercial law. Reorganization proceedings seriously differ from bankruptcy proceedings

  1. Information dissipation as an early-warning signal for the Lehman Brothers collapse in financial time series

    Science.gov (United States)

    Quax, Rick; Kandhai, Drona; Sloot, Peter M. A.

    2013-05-01

    In financial markets, participants locally optimize their profit which can result in a globally unstable state leading to a catastrophic change. The largest crash in the past decades is the bankruptcy of Lehman Brothers which was followed by a trust-based crisis between banks due to high-risk trading in complex products. We introduce information dissipation length (IDL) as a leading indicator of global instability of dynamical systems based on the transmission of Shannon information, and apply it to the time series of USD and EUR interest rate swaps (IRS). We find in both markets that the IDL steadily increases toward the bankruptcy, then peaks at the time of bankruptcy, and decreases afterwards. Previously introduced indicators such as `critical slowing down' do not provide a clear leading indicator. Our results suggest that the IDL may be used as an early-warning signal for critical transitions even in the absence of a predictive model.

  2. China's Soybean Imports Will Be Decreased 2009

    Institute of Scientific and Technical Information of China (English)

    Deng Ruihong

    2008-01-01

    @@ In September 2008, Lehman Brothers' bankruptcy set off a global financial "tsunami ', with the five major U.S. investment banks fell one after another: Bear Stearns closed down as early as in March, Lehman s bankruptcy, Merrill Lynch being acquired, Goldman Sachs and Morgan Stanley restructuring of commercial banks; the process of United States' "nationalization" was forced to speed up, with Fannie Mae, Freddie Mac and the American International Group (AIG) being taken over by the government; bank insolvency and reorganization were in gradual escalation, with Washington Mutual Bank declaring bankruptcy and Wells Fargo purchasing Wachovia; starting in October, for more than a month's time, global stock market encountered a rare crash, with the major stock indexes such as Dow Jones, Nikkei and European indexes fell more than 20%.

  3. APPLYING THE PRINCIPLES OF ACCOUNTING IN

    Directory of Open Access Journals (Sweden)

    NAGY CRISTINA MIHAELA

    2015-05-01

    Full Text Available 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 principles cannot be applied to bankruptcy procedures (accounting principle on accrual basis, principle of business continuity, independence principle, intangibility principle and the principle of substance over form, some are available only in certain situations (method consistency principle and the prudence principle and others do not apply to bankruptcy (the principle of separate valuation of assets and liabilities; noncompensation principle and the principle of threshold significance.

  4. Analisis Yuridis Permohonan Pernyataan Pailit Terhadap Bank Oleh Bank Indonesia Dalam Undang-Undang No. 37 Tahun 2004 Tentang Kepailitan Dan Penundaan Kewajiban Pembayaran Utang

    OpenAIRE

    Budiarty, Ulfa

    2011-01-01

    Indonesia’s banking sector has a very strategic role in the economy. Article 24 of Law No. 23 of 1999 concerning Bank Indonesia said that the banking authority is the authority to establish rules, give and revoke licenses, supervise, and impose sanctions against the Bank. Article 2 Paragraph (3) of Law No. 37 of 2004 on Bankruptcy and Suspension of Payment gives sole jurisdiction to Bank Indonesia to apply for a declaration of bankruptcy to the Bank as a creditor. Creditors can not file a ...

  5. 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...

  6. ANALISIS KEBANGKRUTAN MENGUNAKAN MODEL Z-SCORE PADA PERUSAHAAN PERTAMBANGAN YANG TERDAFTAR DI BURSA EFEK INDONESIA

    OpenAIRE

    -, RESTMENROMPON

    2013-01-01

    2013 The purpose of this study was to determine and predict the potential for bankruptcy based on the analysis of Z-Scor e. From the analysis of the Z-Score can be used to detect potential bankruptcy. Z-Score value is the value of Z mempuyai to classify whether financially healthy company that had kebangkrutan.Penelitian detected using descriptive method to the type of case study research, where the object of research is that mining companies PT Antam Tbk, PT Bumi R...

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    Suresh Ramakrishnan

    2015-04-01

    Full Text Available 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 indicators. The results show significant relationship between probability of default and sector indicators. The results of this study may improve the default prediction models performance and reduce the costs of risk management.

  9. 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.

  10. Systems for Guaranteeing Bank Deposits

    OpenAIRE

    Florin Untaru

    2013-01-01

    The advent of the financial crisis and the latest event that occurred in Cyprus bring new light to how states intervene when commercial banks are facing the risk of bankruptcy. While until now institutions had a clear traditional role to protect depositors, currently there is a trend to transfer damage to companies and individuals that hold deposits.

  11. The fall in oil prices, the peso devaluation and increasing public debt

    Directory of Open Access Journals (Sweden)

    Daniel Libreros

    2016-05-01

    Full Text Available This article alert from now on the aftermath of the substantial increase in public debt, while deprives the population of social rights and confined to a greater degree of poverty, while preserving the wealth of the elites that have thrown the country into bankruptcy

  12. 12 CFR Appendix A to Part 203 - Form and Instructions for Completion of HMDA Loan/Application Register

    Science.gov (United States)

    2010-01-01

    ... cooperative units. b. If you cannot determine (despite reasonable efforts to find out) whether the loan or... calendar year covered by register Code 1—Fannie Mae Code 2—Ginnie Mae Code 3—Freddie Mac Code 4—Farmer Mac..., foreclosure, repossession, collection action, or judgment; and Bankruptcy. d. Code 4 for: Value or type...

  13. 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) fin...

  14. A Difficult Decision

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    The financial outlook began to look a bit more optimistic in September,as some economic indicators,such as the DOW Jones Industrial Average and the prices of physical assets,showed signs of recovery one year after the outbreak of the financial tsunami triggered by the bankruptcy of Lehman Brothers.But does the numeric

  15. 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...

  16. 76 FR 30418 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-05-25

    ... Amex or that underlies an NYSE Amex option, such as the announcement of a merger, acquisition, joint venture, spinoff, dissolution, bankruptcy filing or other similar type of event involving the issuers. The... advantage with respect to the proposed proprietary trading activity that could create a potential issue...

  17. 75 FR 20383 - Delphi Thermal Systems Currently Known as General Motors Components Holdings LLC, Lockport...

    Science.gov (United States)

    2010-04-19

    ... Employment and Training Administration Delphi Thermal Systems Currently Known as General Motors Components... workers of Delphi Thermal Systems, Lockport Operations, Lockport, New York. The notice was published in... that following a bankruptcy agreement, Delphi Thermal Systems was taken over by General Motors and...

  18. 76 FR 35141 - Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the...

    Science.gov (United States)

    2011-06-16

    ... corrects the formatting of text and charts published in the Federal Register of June 09, 2011 (76 FR 33818), regarding Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the... Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions; Correction AGENCY:...

  19. 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…

  20. 76 FR 13208 - Notice of Lodging of Settlement Agreement Under the Clean Air Act, Comprehensive Environmental...

    Science.gov (United States)

    2011-03-10

    ... Liquidation Corporation, formerly known as General Motors Corporation, Remediation and Liability Management... Agreement'') in the bankruptcy matter, Motors Liquidation Corp, et al., f/k/a General Motors Corp., et al... Doraville Facility, 3900 Motors Industrial Way, Doraville, Georgia; 6. The Fairfax Assembly Plant,...

  1. 17 CFR 190.10 - General.

    Science.gov (United States)

    2010-04-01

    ... request and to the bankruptcy court with jurisdiction over the case. (c) Disclosure statement for non-cash... construction. Contracts in security futures products held in a securities account shall not be considered to be... specified in § 1.55(f) of this chapter, to margin, guarantee, or secure a commodity contract unless...

  2. 75 FR 79393 - Notice of Lodging of Settlement Agreement Under the Comprehensive Environmental Response...

    Science.gov (United States)

    2010-12-20

    ... Liability Act Notice is hereby given that on December 14, 2010, a proposed Harvey & Knott Consent Decree and Settlement Agreement (``Harvey & Knott Settlement Agreement'') in the bankruptcy matter, Motors Liquidation... Harvey & Knott Settlement Agreement are debtors Motors Liquidation Corporation, formerly known as...

  3. 'We kept caring. And so did you' Crouse's media/PR campaign. Announcing exit from Chapter 11 protection.

    Science.gov (United States)

    Rees, Tom

    2004-01-01

    Crouse Hospital, Syracuse, N.Y., survived a bankruptcy filing and resumed operation on a firm financial basis October, 2003. Read how it publicized its recovery and thanked its loyal employees, staff and volunteers in a comprehensive media/public relations campaign.

  4. 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…

  5. Noteworthy: commercial real estate: recession takes toll, banks put at risk

    OpenAIRE

    2009-01-01

    Texas' commercial real estate market steadily worsened as recession took hold in 2009. Commercial real estate's woes don't bode well for banks already struggling with losses from residential loans. The number of distressed properties--those in foreclosure, in bankruptcy or restructured--is rising.

  6. 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...

  7. 14 CFR 314.14 - Show-cause order.

    Science.gov (United States)

    2010-01-01

    ... 14 Aeronautics and Space 4 2010-01-01 2010-01-01 false Show-cause order. 314.14 Section 314.14... REGULATIONS EMPLOYEE PROTECTION PROGRAM Determination of Qualifying Dislocation § 314.14 Show-cause order. When the Department makes a preliminary determination of whether the major cause of the bankruptcy...

  8. West Europe Report Tables of Contents JPRS-WER-86-064, 2 July 1986 JPRS-WER-86-124, 31 Dec 1986.

    Science.gov (United States)

    1987-03-30

    FRANCE Deployment of New Floating Bridge Reported ( Robert Yvon; TAM, Apr 86) ................. 44 NORWAY Poll Shows Increased Support for Armed... Robert ; LE MONDE, 17 Jun 86) . ICELAND - a - 18 Hafskip Bankruptcy Widening Into National Scandal (Marjatta Isberg; HELSINGIN SANOMAT, 14 Jun 86...Maneuvers Reported With FRG, by Henri de Bresson Reservist Exercises Near Dijon Described, by Didier Cornaille - c - 101 209 SPAIN DGA Representative

  9. 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 nat

  10. Athenian Adversity

    Institute of Scientific and Technical Information of China (English)

    JING SHIXUE

    2010-01-01

    @@ The Europeans have seen some fast changes lately-some certainly more welcome than others.The excitement surrounding the celebrations of the Lisbon Treaty's entry into force had yet to fade before another round of big news made headlines:Greece is flirting with bankruptcy.

  11. A Third Wave of Crisis

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ If we label the sub-prime mortgage crisis that broke out in the United States in March 2007 and the financial meltdown triggered by Lehman Brothers'bankruptcy in August 2008 as the first two phases of the global financial crisis,then we're,without a doubt,entering a third phase.

  12. 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%].

  13. 75 FR 32158 - New Pneumatic Off-the-Road Tires from the People's Republic of China: Extension of Preliminary...

    Science.gov (United States)

    2010-06-07

    ... response to domestic interested parties' concerns, the Department extended regulatory deadlines for Titan... Department that its concerns about the GPX bankruptcy had been resolved. In addition, both Titan and... withdrawal on March 15, 2010, and chose an additional mandatory respondent on May 5, 2010. \\1\\ Titan...

  14. Dostoevsky: a Russian panacea for Europe

    NARCIS (Netherlands)

    M. Brolsma

    2011-01-01

    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. E

  15. 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 tho

  16. Creating A New Career

    Institute of Scientific and Technical Information of China (English)

    1997-01-01

    SOBBING, the workers from the Fengfeng canvas Producing Factory in Hebei Province could not hold back their tears upon hearing the factory’s bankruptcy declared by the manager. It was November of 1992. The factory was then running at a loss due to the changing market economy. Stop production completely: we all knew what this meant.

  17. Inside We Recommend

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    The intellectual property right analysis about the dispute for iPad trademark Apple is an influential and the largest electronic communication enterprise throughout the world, while Proview Technology was one of five biggest display manufacturers and has gone into bankruptcy proceeding. Since the year 2010, these two companies stared a long-term trademark war around iPad trademark right ownership.

  18. 个人破产立法调整的效果:美国经验及对我国的启示

    Institute of Scientific and Technical Information of China (English)

    蒋贤锋

    2015-01-01

    We describe the main history of legislation on personal bankruptcy in US. We point out the testable expected goals and implications for recent legislations several times since 1978. The statistical comparison of US personal bankruptcy data suggests the goals of personal bankruptcy legislative chang-es are largely realized. At last, we draw insights from U.S. legislation for the possibly future legislation on personal bankruptcy in China.%简要介绍了美国个人破产立法的历史,指出自1978年以来几次重要修改的预期目的和可检验含义。运用美国个人破产数据进行的统计比较分析表明,个人破产立法修改的预期目的基本达到。最后,指出美国个人破产立法修改对我国未来可能的个人破产立法内容的借鉴意义。

  19. Financial Literacy: Examining the Knowledge Transfer of Personal Finance from High School to College to Adulthood

    Science.gov (United States)

    Yates, Dan; Ward, Chris

    2011-01-01

    Many states are now requiring high school students to be competent in the areas of economic and financial literacy. This is due to the recent escalation of bankruptcies, large credit card debt, and mortgage foreclosures in our society. This study examines how financial knowledge is transferred from the high school level to the college level and…

  20. 13 CFR 120.1823 - Creditworthiness.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Creditworthiness. 120.1823 Section 120.1823 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Establishment of... Bankruptcy Code, failure to adhere to the terms of a previous SISMBD Loan, excessive dependence on...

  1. 7 CFR 1955.11 - Conveyance of property to FmHA or its successor agency under Public Law 103-354 by trustee in...

    Science.gov (United States)

    2010-01-01

    ... under Public Law 103-354 by trustee in bankruptcy. 1955.11 Section 1955.11 Agriculture Regulations of... substantial recovery on the FmHA or its successor agency under Public Law 103-354 debt; and (3) FmHA or its successor agency under Public Law 103-354 will acquire title free of all liens and encumbrances except...

  2. 77 FR 26789 - Notice of Lodging of Settlement Agreement Under the Comprehensive Environmental Response...

    Science.gov (United States)

    2012-05-07

    ... Agreement (the ``Lower Ley Creek Non-Owned Site Settlement Agreement'') in the bankruptcy matter, In re.... The Parties to the Lower Ley Creek Non-Owned Site Settlement Agreement are the Motors Liquidation.... The Lower Ley Creek Non- Owned Site Settlement Agreement resolves claims and causes of action of...

  3. A Trip of Goodwill

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    Geithner calms fears about U.S. treasury bonds on his first visit to China since taking office TI wo days before America’s biggest and iconic carmaker General Motors announced its bankruptcy on June 1, U.S. Treasury Secretary Timothy Geithner left for meetings

  4. Banking on Reform in the Rising China

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    @@ About six years ago when China first entered the WTO and agreed to open up its retail banking market after a period of five years,many overseas media organizations held a pessimistic outlook that China s banking industry was headed towards bankruptcy.

  5. 75 FR 76502 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-12-08

    ... already a stockholder of Holdings, (c) if the transfer is by bequest, operation of law or judicial decree upon the death, legal disability, bankruptcy, or divorce/annulment/dissolution of marriage of a... Securities Act of 1933 or any state securities laws. As a result, they may be transferred only pursuant to...

  6. 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 a

  7. Burlington Industries: Modernize or Perish

    Science.gov (United States)

    Honeycutt, Earl D., Jr.

    2013-01-01

    In the 1960s, Burlington Industries was the largest textile firm in the world, and in 1973 the U. S. textile industry employed more than 1 million workers. Dynamic change came to the textile industry beginning in the 1960s, and in 2001 Burlington Industries filed for Chapter 11 bankruptcy. This case traces the dynamics of the market and the…

  8. 77 FR 38884 - Professional Transportation, Inc.-Asset Acquisition-CUSA ES, LLC and CUSA CSS, LLC

    Science.gov (United States)

    2012-06-29

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF TRANSPORTATION.... 105(a), 363 and 365 and Fed. R. Bankr. P. 2002, 6004, 6006, and 9014, and the bankruptcy court's order...., Washington, DC 20530; (3) the U.S. Department of Transportation, Office of the General Counsel, 1200...

  9. 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…

  10. 75 FR 21064 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of...

    Science.gov (United States)

    2010-04-22

    ...) make publicly available in BrokerCheck all historic customer complaints that were archived after the...., reportable customer complaints or Historic Complaints, criminal charges, terminations, bankruptcies, liens..., Historic Complaints are customer complaints that were reported on a uniform registration form that are...

  11. 17 CFR 190.09 - Member property.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Member property. 190.09... Member property. (a) Member property. “Member property” means, in connection with a clearing organization bankruptcy, the property which may be used to pay that portion of the net equity claim of a member which...

  12. Was it really only a scant few years ago that Silicon Valley was booming, dot-coms were the next big things and Nortel shares were trading at more than $100?

    Science.gov (United States)

    Menzies, David

    2003-01-01

    Alas, there's nothing like a pinch of reality to pop an overinflated hype bubble. Yet not all software vendors that have fallen on hard times in recent years have succumbed to bankruptcy. In fact, Canadian software firms--MediSolution and Ormed--are proof that turnarounds are possible.

  13. Feeling the Pinch

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Small and medium-sized enterprises need long-term remedies to help them shake off their financing problems many of China’s small and mediumsized enterprises (SMEs) are teetering on the edge of bankruptcy because of a shortage of capital. But

  14. 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...

  15. 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...... was introduced and implemented in each country. Alternatively, the formal requirement for becoming an authorised or approved auditor, the demand for continuing education and the risk of disciplinary sanctions could all drive national variance in reporting quality in favour of a higher quality in Denmark...

  16. 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...

  17. La Insolvencia Empresarial: Un Análisis Empírico para la Pequeña y Mediana Empresa

    Directory of Open Access Journals (Sweden)

    Alicia Correa Rodríguez

    2003-12-01

    Full Text Available In the field of studies on the theory of firm failure, the aim of this paper is to contribute to the general knowledge of financial indicators which more efficiently anticipate banknlptcy in the small and medium size firms, one and two years before it takes place. This paper deals mainly with methodological factors: 1 Adoption of technical bankruptcy as a criterion of firm failure, much broader than the usual case of legal bankruptcy and, 2 Application of techniques such as the logistic regression and the algorithm of induction of rules and decision trees, See5, characterized by a greater flexibility and adjustment to the accounting information characteristics, not being subject to normality restrictions of ratio distributio11S. The results obtained indicate that indebtedness, followed by economic yield and some indicators of solvency, are the variables with greater explanatory capacity for bunkruptcy diagnosis.

  18. Cascading failures and the emergence of cooperation in evolutionary-game based models of social and economical networks.

    Science.gov (United States)

    Wang, Wen-Xu; Lai, Ying-Cheng; Armbruster, Dieter

    2011-09-01

    We study catastrophic behaviors in large networked systems in the paradigm of evolutionary games by incorporating a realistic "death" or "bankruptcy" mechanism. We find that a cascading bankruptcy process can arise when defection strategies exist and individuals are vulnerable to deficit. Strikingly, we observe that, after the catastrophic cascading process terminates, cooperators are the sole survivors, regardless of the game types and of the connection patterns among individuals as determined by the topology of the underlying network. It is necessary that individuals cooperate with each other to survive the catastrophic failures. Cooperation thus becomes the optimal strategy and absolutely outperforms defection in the game evolution with respect to the "death" mechanism. Our results can be useful for understanding large-scale catastrophe in real-world systems and in particular, they may yield insights into significant social and economical phenomena such as large-scale failures of financial institutions and corporations during an economic recession.

  19. 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.

  20. 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.

  1. 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”

  2. Comparative analysis of liquidity ratios of bankrupt manufacturing companies

    Directory of Open Access Journals (Sweden)

    Sebastian Tomczak

    2014-12-01

    Full Text Available Permanent monitoring of the financial condition of the market increases the chances of survival of the company among of increasing competition in the market. Integrated models are used in the evaluation of corporate bankruptcy. The author has analyzed five liquidity ratios (which have a predictive characteristics of bankrupt and operating companies in the manufacturing sector in the period 2007-2012. In order to reflect changes in the financial condition of the examined companies, the author has analyzed the above-mentioned indicators during the year prior to bankruptcy. This article has attempted to designate the range limit of the liquidity ratios, below or above which there is over liquidity or the lack of liquidity in the manufacturing sector. The limit values were established for three analyzed indicators. However, for two liquidity ratios it was difficult to specify its limits values because of its positive values (caused by selling fixed assets by insolvent companies.

  3. Empirical analysis of Brazilian banks' capital buffers during the period 2001-2011

    Directory of Open Access Journals (Sweden)

    Vinícius Cintra Belém

    2016-04-01

    Full Text Available International literature indicates that the capital buffers held by banks result notably from the trade-off that exists between the cost of holding capital, adjustment costs, and bankruptcy costs, which all have a direct impact on banks' capital structures. The aim of this paper is to study the degree of sensitivity of Brazilian banks' capital buffers to the determining factors established in the literature, by using a sample of 121 banks, covering the period from 2001 to 2011. The empirical analysis that was carried out found that there was a significant cost of adjusting capital buffers for the Brazilian banks. At the same time, bankruptcy cost indicated a positive relationship between risk profile and capital buffers, while the cost of holding capital did not exhibit statistical significance in the analysis.

  4. A MULTIPLE INTELLIGENT AGENT SYSTEM FOR CREDIT RISK PREDICTION VIA AN OPTIMIZATION OF LOCALIZED GENERALIZATION ERROR WITH DIVERSITY

    Institute of Scientific and Technical Information of China (English)

    Daniel S. YEUNG; Wing W. Y. NG; Aki P. F. CHAN; Patrick P. K. CHAN; Michael FIRTH; Eric C. C. TSANG

    2007-01-01

    Company bankruptcies cost billions of dollars in losses to banks each year. Thus credit risk prediction is a critical part of a bank's loan approval decision process. Traditional financial models for credit risk prediction are no longer adequate for describing today's complex relationship between the financial health and potential bankruptcy of a company. In this work, a multiple classifier system (embedded in a multiple intelligent agent system) is proposed to predict the financial health of a company. In our model, each individual agent (classifier) makes a prediction on the likelihood of credit risk based on only partial information of the company. Each of the agents is an expert, but has limited knowledge (represented by features) about the company. The decisions of all agents are combined together to form a final credit risk prediction. Experiments show that our model out-performs other existing methods using the benchmarking Compustat American Corporations dataset.

  5. Using environmental bonds to regulate the risks of GM crops: problems and prospects.

    Science.gov (United States)

    Mooney, Siân; Gerard, David

    2003-01-01

    We examine the characteristics and limitations of the existing system of tort liability for addressing potential environmental damages from GM crops and consider whether environmental bonding could be used to address these risks. We find that in the case of GM crops, a bonding mechanism would complement some of the strengths of tort liability. Specifically, the bonding mechanism provides some protection against bankruptcy, and also shifts the burden of risk toward life science companies that develop the technology. These factors could encourage additional early research by life science firms. However, a bonding mechanism adds to the regulatory apparatus, and would likely increase administrative costs, over tort liability, for public and private parties. Nevertheless, an attractive possibility is that the cumulative outcomes of bonding, e.g., shifting the risk burden, providing a measure of bankruptcy protection, and introducing an additional regulatory component, would mitigate some of the political and social objections to the environmental release of GM crops.

  6. Neyðarlagadómarnir og friðhelgi eignarréttar

    DEFF Research Database (Denmark)

    Solnes, Valgerdur

    2012-01-01

    On 6 October 2008 the Icelandic legislature enacted the Emergency Act no. 125/2008 as a response to an impending collapse of the State´s banking system. Clause 6 of the act amended the Icelandic Bankruptcy Act with regard to priorities of claims filed by creditors of financial institutions subject...... 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...... creditors of the Icelandic bank Landbanki Íslands hf. who claimed they had thereby been deprived of their possessions. The Supreme Court of Iceland upheld the constitutionality of Clause 6 in the Case of the Financial Services Compenstion Scheme on 28 October 2011 (case no. 340/2011). To both illustrate...

  7. INDEBTED WORLD AND KNOWLEDGE FOR THE FUTURE

    Directory of Open Access Journals (Sweden)

    RICHARD POSPISIL

    2015-12-01

    Full Text Available For more than a decade, the amount of public debt is one of the biggest problem in advanced economies. Level of public debt is not only the very one indicator of the risk of national bankruptcy, even though it is the most important indicator. Solution of debt serv ice in indebted economies basically consists of two possible options. The first option is the way of saving of all kinds of expenses, with the exception of investments, the other option is to support economic growth with a positive impact on the relative level of public debt. At the same time it shows that bankruptcies of national economies happen in clusters and linked adjacent to each other due to financial market integration. The aim of this article is to show possible ways of solution of consequences of financial crisis and he high debt levels of advanced economies.

  8. Optimal Dividend and Dynamic Reinsurance Strategies with Capital Injections and Proportional Costs

    Institute of Scientific and Technical Information of China (English)

    Yi-dong WU; Jun-yi GUO

    2012-01-01

    We consider an optimization problem of an insurance company in the diffusion setting,which controls the dividends payout as well as the capital injections.To maximize the cumulative expected discounted dividends minus the penalized discounted capital injections until the ruin time,there is a possibility of (cheap or non-cheap) proportional reinsurance.We solve the control problems by constructing two categories of suboptimal models,one without capital injections and one with no bankruptcy by capital injection.Then we derive the explicit solutions for the value function and totally characterize the optimal strategies.Particularly,for cheap reinsurance,they are the same as those in the model of no bankruptcy.

  9. Analisis Kinerja Keuangan PT. Indonesia Asahan Aluminium (Persero) Dengan Menggunakan Metode Z-Score Model Altman, Springate, dan Zmijewski Serta Economic Value Added (EVA) Periode 2010-2014

    OpenAIRE

    Pakpahan, Yuliantri Solideo

    2015-01-01

    Methods Z-score Altman models, Springate models and Zmijewski models are the method of analysis to determine whether the financial performance at PT. Indonesia Asahan Aluminium (Persero) leads to bankruptcy or not to obtain data to support and assist in responding to problems that occur in the company and to determine the development of the company's financial performance in 2010-2014. Economic Value Added (EVA) as a method that takes into account the cost of capital as a substitute for th...

  10. The Optimal Capital Structure of Banks: Balancing Deposit Insurance, Capital Requirements and Tax-Advantaged Debt

    OpenAIRE

    John P. Harding; Xiaozhing Liang; Stephen L. Ross

    2007-01-01

    The capital structure and regulation of financial intermediaries is an important topic for practitioners, regulators and academic researchers. In general, theory predicts that firms choose their capital structures by balancing the benefits of debt (e.g., tax and agency benefits) against its costs (e.g., bankruptcy costs). However, when traditional corporate finance models have been applied to insured financial institutions, the results have generally predicted corner solutions (all equity or ...

  11. 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.

  12. The Cost of Failure: An Empirical Look at the Financial Effect of Business Failure on the Self-Employed

    Science.gov (United States)

    2005-08-01

    in size from 0.051 to 0.033. These six families are evidently quite distinctive; all of the entrepreneurs hold at least a four-year college degree...of failed entrepreneurs relative to others 74 Characterizing failure 86 Bankruptcy 87 Failure and the serial entrepreneur 88...and avenues for future research 115 7. References 123 8. Appendix A – Dropout Test Results 135 1 of 136 1 Introduction: It is an

  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. 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.

  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. 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....

  17. Risques et fragilités des réseaux interbancaires

    OpenAIRE

    Vivier-Lirimont, Sébastien

    2006-01-01

    The research considered in this dissertation concentrates on the issue of banking and interbanking system stability. It rises on the following question: what are the consequences of the existence and the architecture of interbank networks on the management of liquidity risk on the one hand, and, bankruptcy and systemic risk, on the other hand? It thus relies on recent improvements in both the theory of the stability of the banking system and network theory. We separate the issue of liquidity ...

  18. A Survey of Encroachment Disclosure in Wireless Sensor Network

    Directory of Open Access Journals (Sweden)

    Sushma J. Gaurkar

    2013-02-01

    Full Text Available In wireless sensor network (WSN security is the major issuebecause of its hostile nature. The traditional intrusion detectiontechnique and traditional access control will not providereliability and security if they do not work cooperatively. If thesecurity is compromised, there could be serious consequencesstarting from theft of information, loss of privacy and reachingeven bankruptcy of that institution. In this paper a brief surveyon some recent intrusion detection technique & access controlmechanism in wireless sensor network is presented anddiscusses them in detail.

  19. Spring 2008 Industry Study: Financial Services Industry

    Science.gov (United States)

    2008-01-01

    intervention in reaction to a significant market failure. Following the financial scandals of ENRON and WorldCom that rocked the industry in 2001...the century. Highlighting once approach is ENRON , who in 2000 recorded revenues of $111 billion, but in 2001 collapsed and filed for bankruptcy...by Odyssey Marine who was embroiled in an insider trading scandal in 2007 after the treasure- salvage ship discovered the “Black Swan” shipwreck. Each

  20. “TERRITORIAL UNITS¢ COMPETITIVENESS: A SELF-RELIANT CONCEPT OR A DERIVATIVE CONCEPT OF FIRMS¢ COMPETITION?”

    OpenAIRE

    Nikolaos Kapitsinis; Theodore Metaxas; Marie Noelle Duquenne

    2011-01-01

    Key words: competitiveness, territorial unit, firms, bankruptcy, Greece, Dubai In the modern globalized economy there are some concepts which are very important for the current socio-economic system. One of them is competition. Though in classical political economy, the economic realm, with competition as its centerpiece, seems to be carrying it over all other fields, today competition appears as the sole immanent category imbuing all aspects of everyday life. So, in current globalised econom...

  1. Cuckoo search for business optimization applications

    OpenAIRE

    Yang, Xin-She; Deb, Suash; Karamanoglu, Mehmet; He, Xingshi

    2012-01-01

    Cuckoo search has become a popular and powerful metaheuristic algorithm for global optimization. In business optimization and applications, many studies have focused on support vector machine and neural networks. In this paper, we use cuckoo search to carry out optimization tasks and compare the performance of cuckoo search with support vector machine. By testing benchmarks such as project scheduling and bankruptcy predictions, we conclude that cuckoo search can perform better than support ve...

  2. Strategic Corporate Social Responsibility in the Container Shipping Industry: A Case Study of the Triple E as part of Maersk's Sustainability Strategy

    OpenAIRE

    Mauricio Andrés Latapí Agudelo 1986

    2017-01-01

    The oversupply within the Container Shipping Industry in combination with a global trade slowdown of the last decade has set an unprecedented financial pressure on Container Shipping Liners over the world. This expressed itself in the record low shipping rates in 2016 for the Asia-Europe route and ultimately the bankruptcy of Hanjin Shipping in August 2016. Given this context, the present study analyses the relevance of Strategic Corporate Social Responsibility (SCSR) to improve the industry´...

  3. The Company Financial Diagnosis Informatic System

    OpenAIRE

    Alin Isac; Claudia Isac

    2005-01-01

    Specialists consider a financial diagnosis necessary for measuring the profitableness of invested capital and for estimating the economic and financial equilibrium, which has a certain influence on the economic, financial, and bankruptcy risk rate. Thus, the main purpose of any financial diagnosis is to point out the financial state of the company in order to identify possible causes and effects. A financial diagnosis starts with determining and interpreting a set of economic- financial indic...

  4. A "wreckers theory" of financial distress

    OpenAIRE

    Von Kalckreuth, Ulf

    2005-01-01

    In recent years, a number of papers have established a new empirical regularity. Stocks of distressed firms vastly underperform those of financially healthy firms. It is not necessary to attribute the negative excess returns of distressed firms to inefficient or irrational markets. We show that negative excess returns are the equilibrium outcome when a subset of participants is able to draw returns "in kind" from distressed companies. For firms close to bankruptcy, non-cash returns to ownersh...

  5. Assessment of Electronic Government Information Products

    Science.gov (United States)

    1999-03-30

    do not have ready access to the web. One agency webmaster indicated that the needs of their business clients, who participate on their advisory board...Courts Federal Rules of Civil Procedures CM Judicial Business of the United States Courts CM The Official Bankruptcy Forms Collection CM The Third...Slip Opinions of the Supreme Court CM U.S. Reports CM Executive Branch Department of Agriculture Agent Orange CM AgExporter CM AGRICOLA Database

  6. L'actuariat au siècle des Lumières. Risque et décision économiques et statistiques

    OpenAIRE

    Pierre-Charles Pradier

    2003-01-01

    During the 1780’s, some mathematicians addressed economic and statistical decision problems in the same way. Condorcet and Laplace in France, Tetens in Denmark applied a unique mathematical tool to compute both the bankruptcy probability of an insurance company and the estimation risk. Such analogy is clearly of mathematical nature. Tetens’ result eventually appear modest in comparison of Laplace’s accomplishment, nevertheless it shall be recalled that Laplace spent twenty years polishing the...

  7. Problem gambling: a suitable case for social work?

    OpenAIRE

    Rogers, Jim

    2013-01-01

    Problem gambling attracts little attention from health and social care agencies in the UK. Prevalence surveys suggest that 0.6% of the population are problem gamblers and it is suggested that for each of these individuals, 10–17 other people, including children and other family members, are affected. Problem gambling is linked to many individual and social problems including: depression, suicide, significant debt, bankruptcy, family conflict, domestic violence, neglect and m...

  8. Accounting Quality and Debt Concentration: Evidence from Internal Control Weakness Disclosures

    OpenAIRE

    Lou , Yun; Otto , Clemens

    2014-01-01

    This paper examines the effect of accounting quality on the degree of debt concentration (i.e., the tendency to rely predominantly on only a few types of debt) in corporate capital structures. Building on theoretical and empirical studies arguing that asymmetric information increases the renegotiation and bankruptcy costs associated with relying on multiple types of debt, the authors predict that lower quality accounting numbers induce firms to choose more concentrated debt structures. Measur...

  9. Finanční analýza podniku Omega Optix ve srovnání s největším konkurentem

    OpenAIRE

    Lafková, Simona

    2011-01-01

    Master's thesis deals with the financial analysis of the company Omega Optix in comparison with the largest competitor. The aim of the thesis is to identify the areas in which the company Omega Optix is better than the competitor and to propose actions to improve the weak points. The thesis is divided into theoretical and practical part and uses methods like horizontal and vertical analysis of balance sheet and of profit and loss report, ratio analysis, credible and bankruptcy models, compari...

  10. Asian Banks:Leading the Way to Recovery

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    The global financial crisis has rocked the American and European Union banking system leaving many Western banks teetering on the verge of bankruptcy. But in the East, Asian banks have fared well so far. But what’s the secret to their success in riding out the crisis? Karen Fawcett, Group Head of Transaction Banking of Standard Chartered Bank, gave her answers in the following article with Beijing Review. Edited excerpts follow:

  11. Endogenous credit limits with small default costs

    OpenAIRE

    Costas Azariadis; Leo Kaas

    2012-01-01

    We analyze an exchange economy of unsecured credit where borrowers have the option to declare bankruptcy in which case they are temporarily excluded from financial markets. Endogenous credit limits are imposed that are just tight enough to prevent default. Economies with temporary exclusion differ from their permanent exclusion counterparts in two important properties. If households are extremely patient, then the first–best allocation is an equilibrium in the latter economies but not necessa...

  12. THE OPTIMAL STRATEGY FOR INSURANCE COMPANY UNDER THE INFLUENCE OF TERMINAL VALUE

    Institute of Scientific and Technical Information of China (English)

    Liu Wei; Yuan Haili; Hu Yijun

    2011-01-01

    This paper considers a model of an insurance company which is allowed to invest a risky asset and to purchase proportional reinsurance. The objective is to find the policy which maximizes the expected total discounted dividend pay-out until the time of bankruptcy and the terminal value of the company under liquidity constraint. We find the solution of this problem via solving the problem with zero terminal value. We also analyze the influence of terminal value on the optimal policy.

  13. Dealing With Debt

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    As the number of people who are insolvent because of excessive consumption grows so does the call for individual bankruptcy legislation Chen Jie recently gained admission to a university to study for a master's degree after two years of a difficult life in Beijing. During that time, he earned a living through hard work while continuing to study. But he also received a court ruling requiring him to repay the debts he incurred in obtaining his bache-

  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. 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.

  16. ROMANIAN COUNTY RATING MEASUREMENT. A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Ioan BĂTRÂNCEA

    2016-06-01

    Full Text Available In the second wave of financial crisis, namely the sovereign debt crisis, the country’s most affected by this phenomenon are Greece, Italy, Spain, Portugal, Ireland and last year Cyprus joined. Future more the crisis in Greece in 2015 requires local authorities to evaluate constantly their rating in order to prevent bankruptcy. In this paper we conducted a comparative analysis using Altman method and the Stickney method and correlate the scores with ratings agencies Standard & Poor's and Moody's.

  17. The role of Corporate Governance and Corporate Social Responsibility in Business expansion : The Case of Grameen Bank

    OpenAIRE

    Hossain, Afif; Neng, Bama Nazarius

    2011-01-01

    In the past few years many businesses has suffered some serious setbacks and some banks have even undergone bankruptcy. That’s why Corporate Governance (CG) and Corporate Social Responsibility (CSR) have increasingly become very important in the recent years. This thesis investigates the role played by CG and CSR in business expansion. Further it examines what is CG and CSR and how it can bring about growth in a business. For better understanding of the theories we used a case study approach ...

  18. Worldwide Report, Telecommunications Policy, Research and Development, No. 283.

    Science.gov (United States)

    2007-11-02

    Difficulties (PRESENCIA, 20 Jun 83) 7 Briefs Telephone Exchange Near Bankruptcy 9 Swedish Purchase 9 NEAR EAST/SOUTH ASIA BANGLADESH Nationwide...service. [Text] [Cochabama LOS TIEMPOS in Spanish 22 June 83 p 7] 8796 CSO: 5500/2085 BANGLADESH NATIONWIDE DIRECT DIALING TO BEGIN IN 1984 Dhaka...satellite will be used for resources survey in agriculture, forestry, geology , hydrology and meteorology. An agreement has already been signed

  19. 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.

  20. Sovereign Debt in Advanced Economies: Overview and Issues for Congress

    Science.gov (United States)

    2013-10-28

    repay the loan .6 Proposals for creating internationally accepted bankruptcy proceedings and regulations, possibly to be overseen by the IMF , have not...turned to the International Monetary Fund ( IMF ) and other European governments for financial assistance. Some analysts and policymakers are also...2013. Figure 1. G-7 Public Debt as a Percentage of GDP, 1991 - present Source: IMF World Economic Outlook, October 2013. Concerns about high

  1. CRISIS FOCUS: Risks to Recovery

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    A sustained recovery of the global economy at a slow but steady pace should be expected in the first quarter of 2010, according to the quarterly report on global economic and financial outlook compiled by the International Finance Research Institute of the Bank of China. But three risks stand out, the report said, that threaten recovery efforts: the sovereign credit crisis, growing inflation pressures and increasing numbers of small and medium-sized U.S. banks filing for bankruptcy.

  2. Department of Defense Spacelift in a Fiscally Constrained Environment

    Science.gov (United States)

    2011-12-16

    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 ...emerged from the merger of Lockheed and Martin Marietta companies in 1995 to market Proton launch services (Lockheed and Khrunicheve- Energia joint

  3. Neuroscience Role on Marketing Insurance (Senses Impact on Reducing Marketing Costs)

    OpenAIRE

    Dehghan, Fatemeh; HASSANPOUR, Esmaeil

    2015-01-01

    Abstract. Although the insurance industry as one of the most important needs of today's population lives in the comfort and safety of bankruptcy and incurring financial losses and damage to people during his lifetime has helped but for various reasons, including lack of awareness and economic problems in developing countries, particularly low-income communities and developing and less attention has been seriously. The aim of the present study, a description of the different marketing methods ...

  4. Optimal investment policy and dividend payment strategy in an insurance company

    OpenAIRE

    Pablo Azcue; Nora Muler

    2010-01-01

    We consider in this paper the optimal dividend problem for an insurance company whose uncontrolled reserve process evolves as a classical Cram\\'{e}r--Lundberg process. The firm has the option of investing part of the surplus in a Black--Scholes financial market. The objective is to find a strategy consisting of both investment and dividend payment policies which maximizes the cumulative expected discounted dividend pay-outs until the time of bankruptcy. We show that the optimal value function...

  5. Financial applications of a Tabu search variable selection model

    Directory of Open Access Journals (Sweden)

    Zvi Drezner

    2001-01-01

    Full Text Available We illustrate how a comparatively new technique, a Tabu search variable selection model [Drezner, Marcoulides and Salhi (1999], can be applied efficiently within finance when the researcher must select a subset of variables from among the whole set of explanatory variables under consideration. Several types of problems in finance, including corporate and personal bankruptcy prediction, mortgage and credit scoring, and the selection of variables for the Arbitrage Pricing Model, require the researcher to select a subset of variables from a larger set. In order to demonstrate the usefulness of the Tabu search variable selection model, we: (1 illustrate its efficiency in comparison to the main alternative search procedures, such as stepwise regression and the Maximum R2 procedure, and (2 show how a version of the Tabu search procedure may be implemented when attempting to predict corporate bankruptcy. We accomplish (2 by indicating that a Tabu Search procedure increases the predictability of corporate bankruptcy by up to 10 percentage points in comparison to Altman's (1968 Z-Score model.

  6. Capital injections with negative surplus and delays:models and analysis

    Institute of Scientific and Technical Information of China (English)

    Zhuo JIN; George YIN

    2014-01-01

    This work develops a new model to deal with the scenario that some companies can still run business even the surplus falls below zero temporarily. With such a scenario in mind, we allow the surplus process to continue in this negative-surplus period, during which capital injections will be ordered to assist in the stabilization of financial structure, until the financial status becomes severe enough to file bankruptcy. The capital injections will be modeled as impulse controls. By introducing the capital injections with time delays, optimal dividend payment and capital injection policies are considered. Using the dynamic programming approach, the value function obeys a quasi-variational inequality. With delays in capital injections, the company will be exposed to the risk of bankruptcy during the delay period. In addition, the optimal dividend payment and capital injection strategies should balance the expected cost of the possible capital injections and the time value of the delay periods. This gives rise to a stochastic control problem with mixed singular and delayed impulse controls. Under general assumptions, the lower capital injection barrier is determined, where bankruptcy occurs. The closed-form solution to the value function and corresponding optimal policies are obtained.

  7. 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

  8. 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

  9. 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

  10. Mortality patterns following downsizing at Pan American World Airways.

    Science.gov (United States)

    Steenland, Kyle; Pinkerton, Lynne E

    2008-01-01

    There are only a small number of studies on the health effects of involuntary unemployment (e.g., downsizing), and results are contradictory. The authors studied the mortality through 2002 of 13,370 Pan American World Airways employees who were born before 1940 and whose records were available after the company's bankruptcy in 1991. The cohort was divided into those who left work voluntarily (55%), involuntarily (39%), and because of illness (6%). The mean year of first employment was 1963, the mean year of last employment was 1987, and the mean age at leaving the company was 55 years. Of those who left involuntarily, 56% left at the time of bankruptcy in December 1991 or later. Twenty-two percent of the cohort died during follow-up, which began at the time of leaving the company. Standardized mortality ratios relative to the US population for all causes for those who left voluntarily, involuntarily, and because of illness were 0.72 (95% confidence interval (CI): 0.69, 0.76), 0.69 (95% CI: 0.65, 0.74), and 2.40 (95% CI: 2.22, 2.60), respectively. Ischemic heart disease mortality showed a similar pattern. Internal analyses comparing involuntary to voluntary leavers after adjusting for age, race, sex, calendar time, and education yielded all-cause and ischemic heart disease rate ratios of 0.96 (95% CI: 0.87, 1.07) and 1.11 (95% CI: 0.93, 1.35), respectively. Subanalyses of those who left involuntarily at age >/=60 years, or those who left involuntarily at the time of bankruptcy, did not indicate any excess mortality (all-cause standardized mortality ratios = 0.69 and 0.64, respectively). These data do not indicate that mortality among those who left involuntarily was higher than for those who left voluntarily. Both groups showed a strong healthy worker effect.

  11. Robust Logistic Regression to Static Geometric Representation of Ratios

    Directory of Open Access Journals (Sweden)

    Alireza Bahiraie

    2009-01-01

    Full Text Available Problem statement: Some methodological problems concerning financial ratios such as non-proportionality, non-asymetricity, non-salacity were solved in this study and we presented a complementary technique for empirical analysis of financial ratios and bankruptcy risk. This new method would be a general methodological guideline associated with financial data and bankruptcy risk. Approach: We proposed the use of a new measure of risk, the Share Risk (SR measure. We provided evidence of the extent to which changes in values of this index are associated with changes in each axis values and how this may alter our economic interpretation of changes in the patterns and directions. Our simple methodology provided a geometric illustration of the new proposed risk measure and transformation behavior. This study also employed Robust logit method, which extends the logit model by considering outlier. Results: Results showed new SR method obtained better numerical results in compare to common ratios approach. With respect to accuracy results, Logistic and Robust Logistic Regression Analysis illustrated that this new transformation (SR produced more accurate prediction statistically and can be used as an alternative for common ratios. Additionally, robust logit model outperforms logit model in both approaches and was substantially superior to the logit method in predictions to assess sample forecast performances and regressions. Conclusion/Recommendations: This study presented a new perspective on the study of firm financial statement and bankruptcy. In this study, a new dimension to risk measurement and data representation with the advent of the Share Risk method (SR was proposed. With respect to forecast results, robust loigt method was substantially superior to the logit method. It was strongly suggested the use of SR methodology for ratio analysis, which provided a conceptual and complimentary methodological solution to many problems associated with the

  12. FRAUD- BETWEEN DELINQUENCY AND CREATIVE ACCOUNTING

    Directory of Open Access Journals (Sweden)

    Violeta Isai

    2015-05-01

    Full Text Available Nowadays, society continually changes, great technological transformations taking place and priorities changing without cease. Setting up new companies and quickly taking them into bankruptcy represents an actual tendency. Consequently, the contemporary economic environment becomes extremely competitive. Thus, economic operators have to face some choices which are not exactly within the law, in order to obtain additional advantages compared to the others, but also to keep their business going. The phenomenon of fraud is frequently encountered and it is present in any field of activity.

  13. Transforming LEGO for the Digital Economy

    DEFF Research Database (Denmark)

    Andersen, Peter; Ross, Jeanne

    2016-01-01

    To avert bankruptcy, the LEGO Group had transformed itself starting in 2004. As it entered 2016, the company was poised for a new transformation. This time the transformation builds on the strength of an enterprise platform the company developed to provide needed discipline around core business...... processes. The goal of the new transformation is “to become a digital company.” Although the company already looked digital in 2016, management felt it had not become digital—in its products and processes. This case describes the LEGO Group’s journey to become a successful digital company....

  14. Analisa Perbandingan Model Prediksi Kebangkrutan Dengan Menggunakan Model Z – Score Dan O-Score Pada Laporan Keuangan PT PLN (Persero)

    OpenAIRE

    Vincent

    2015-01-01

    In 2011, at least 17 State-owned company experience loss up to Rp.700 billon. this in turn become a bad record for indonesia economy since there a lot of State-owned company which experience loss. This study is conducted to (i) compare Altman Z-Score and O-Score model to predict bankrupcty, (ii) to determine whether PT.PLN will experience bankruptcy using the two model and (iii) to determine whether PLN’s liabilities will affect O-Score calculation. This study use PT.PLN financial statem...

  15. 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.

  16. Air and Space Power Journal. Volume 16, Number 4, Winter 2002

    Science.gov (United States)

    2002-01-01

    recent demise of companies such as Enron and Arthur Andersen (as well as Tyco, WorldCom, and a host of others) reminds us that our friends in the for...both shoes) to drop with respect to the next controversy swirling around corporate leadership. We have witnessed too many accounting scandals , cooking...bankruptcy fire sale in a matter of months?10 Yet, this happened to Enron —right before our eyes. Even after the company’s downfall, many Wall Street

  17. Le sort des créances postérieures en droit francais et droit de l'Organisation pour l'Harmonisation en Afrique du droit des Affaires (OHADA) .

    OpenAIRE

    Saley Sidibe, Harouna

    2013-01-01

    Creditors are the keystone of the firm’s activity. Indeed, they are still being the natural and primordial partner of the firm’s activity. This situation is valid similarly for in bonis Firms and for those which fell out bankrupt. According to French law, in the 6th book of the commercial law, and Organization for Harmonization of Business Law in Africa (OHADA)’s system, at the instigation of the uniform act on bankruptcy (AUPC), posterior creditors are those who enable ailing firm to elimina...

  18. 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.

  19. 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.

  20. Analysis of the tragic fate of Hengchard from the naturalistic perspective

    Institute of Scientific and Technical Information of China (English)

    夏飞华

    2011-01-01

    @@ Thomas Hardy is a great English writer in the end of 19th century and and beginning of 20th century.During that time,the booming economy and the developing national position increases people' s material pursuit.However, with the considerable improvement of the economy,many people who were not appropriate the new change went bankruptcy or became depressed, especially the rural people.The Mayor of Casterbridge, as one of a representative of Hardy' s works, was written at that period which describes a vivid picture of rural life in the 19th century in Britain.

  1. Austerity Resistant Social Policies to Protect Employment.

    Science.gov (United States)

    Gelormino, Elena; Marino, Maurizio; Leombruni, Roberto; Costa, Giuseppe

    2017-04-01

    During the worse phase of the economic downturn, few social policies resisted to the austerity measures imposed to Italy by the European Union. Among them, the most important is the Wage Supplementation Fund, to protect workers and entrepreneurs from bankruptcy and unemployment. Adopting a realist methodology we studied the social mechanisms which are the roots of some political and administrative choices in that period; the public policy decision making approach gave us a theoretical base. Some main mechanisms have been discovered: technical and economic mechanisms overcame politics, social attitudes pushed political choices, the fear of political and social instability drove all parties.

  2. Delistings in Europe and the Cost of Governance

    DEFF Research Database (Denmark)

    Vinten, Frederik; Thomsen, Steen

    2006-01-01

    We analyze delistings from European stock exchanges 1995-2005 as a function of market conditions, firm effects and governance regulation. We find that investor protection and corporate governance quality reduce the likelihood of going private, bankrupt or liquidated, but increase the likelihood...... 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...

  3. The Californian crisis: putting the de-regulations of the electricity market to the right use; La crise californienne: du bon usage de la deregulation du marche de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    Hadas-Lebel, R. [Commission de Regulation de l' Electricite, CRE, 75 - Paris (France)

    2001-02-01

    Power shortages, sudden disruptions, steep price increases and the bankruptcy of two major distributors, all this is evidence of how deep a crisis the richest state with the most population in the United States has experienced following the deregulation of the electricity market. California wanted to be a precursor in opening this market up to competition. How to explain that one of the planet's most developed regions has been trapped in a situation of the sort expected in much less developed lands? What lessons can France and the EU learn from this? (author)

  4. The Californian crisis: the good use of the electricity market deregulation; La crise californienne: du bon usage de la deregulation du marche de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    Hadas-Lebel, R. [Commission de Regulation de l' Electricite, CRE (France)

    2002-04-01

    Supply shortages and sudden power cuts, significant price increases and bankruptcy of both main State distributors: these events reveal the seriousness of the electric crisis in the richest and most populated state of the United States. California wanted to be a pioneer by opening its electric sector to competition. What has happened? How to explain that one of the most developed regions on the planet has fallen victim to a situation one would expect to find in less developed countries? What lessons can we draw from the experience for France and Europe? (author)

  5. China: Global Crisis Avoided, Robust Economic Growth Sustained (Ⅱ)

    Institute of Scientific and Technical Information of China (English)

    Gallina Andronova Vincelette; Alvaro Manoel; Ardo Hansson; Louis Kuijs

    2010-01-01

    @@ Ⅲ. Global crisis: impact and policy response The financial crisis that originated in the developed world intensified in September 2008 in the United States and began to spread globally. Since Lehman Brothers' bankruptcy,many other systemically relevant financial institutions (such as Freddie Mac, Fannie Mae, AIG, Merrill Lynch, and CitiGroup) have faced serious financing difficulties. In spreading beyond the United States and beyond the financial sector into the international money and capital markets, the previously heavy capital inflows to emerging market economies quickly and abruptly reversed. These developments did not leave China unaffected.

  6. “Now Boarding: The Flight from Physics” David Goodstein’s acceptance speech for the 1999 Oersted Medal presented by the American Association of Physics Teachers, 11 January 1999

    OpenAIRE

    1999-01-01

    All across the country, the number of students majoring in physics is said to be at its lowest point since Sputnik, 40 years ago. The most important role of the college physics course today seems to be to weed out a few poor souls who might otherwise make it to medical school or some other kind of quasi-scientific training. If the profession of teaching physics were a business, we would be filing for bankruptcy. On the other hand, our assets include nothing less than the wisdom of the ages, t...

  7. Sweden’s Bank Nationalisations

    OpenAIRE

    Fredrik Erixon

    2009-01-01

    Many banks are on the verge of bankruptcy and have received support from the government to stay afloat. Measures taken have not sufficed, and an increasing number of economists and commentators are calling for the nationalisation of banks in the United Kingdom and United States. In their advocacy, they use Sweden as an exemplar, suggesting that massive bank nationalisation was the way it fixed its collapsing banking sector in the early 1990s. This account of Sweden’s resolution policy is er...

  8. 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.

  9. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    China achieved its development goals in 2009, as re- flected in the strong economic data released by the National Bureau of Statistics on January 21. The GDP was 33.5 trillion yuan ($4.9 trillion) in 2009, growing 8.7 percent year on year. The fallout of Japan Airlines’ dec- laration of bankruptcy triggered anxieties among domestic airlines whose market share was also challenged by fierce international competition and high-speed railways. The domestic economic recovery was also mirrored in the robust performance of booming Internet businesses. By LIU YUNYUN

  10. Model analysis of the link between interest rates and crashes

    Science.gov (United States)

    Broga, Kristijonas M.; Viegas, Eduardo; Jensen, Henrik Jeldtoft

    2016-09-01

    We analyse the effect of distinct levels of interest rates on the stability of the financial network under our modelling framework. We demonstrate that banking failures are likely to emerge early on under sustained high interest rates, and at much later stage-with higher probability-under a sustained low interest rate scenario. Moreover, we demonstrate that those bank failures are of a different nature: high interest rates tend to result in significantly more bankruptcies associated to credit losses whereas lack of liquidity tends to be the primary cause of failures under lower rates.

  11. 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.

  12. 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.

  13. ECONOMIC CRISIS IMPLICATIONS ON PAEDIATRIC POPULATION’S HEALTH

    Directory of Open Access Journals (Sweden)

    Alina-Costina LUCA

    2015-04-01

    Full Text Available Once the global economic crisis occurred, shortly after the collapse of Lehman Brothers, trillions of dollars were lost on the stock exchange, hundreds of banks and investment funds in the US went bankrupt and thousands of companies were forced to declare bankruptcy. Its effects were felt then, in very short time also in Romania, following that in 2009, Romania went officially in recession. Beyond the financial implications the crisis has on the whole activity, regardless of the field, the economic and financial effects of the crisis on health and health policies can have very long term consequences.

  14. THE EFFECT OF 2008 GLOBAL FINANCIAL CRISES ON THE FINANCIAL RATIOS: AN APPLICATION ON İSTANBUL STOCK EXCHANGE (ISE MANUFACTURING

    Directory of Open Access Journals (Sweden)

    Ömer İSKENDEROĞLU

    2013-12-01

    Full Text Available This study researches the effect of 2008 crisis on the financial ratios of Istanbul StockExchange (ISE manufacturing firms. On this respect several key financial ratios andAltman Z-Score is calculated for 158 ISE firms which has adequate data spanning from2007 to 2011 on a quarterly basis. The results of the analysis indicate that during the crisisperiod, is decreased with the profit. Besides Altman Z-score value reveals that there is anincrease in bankruptcy risk starting from first quarter of 2008 to end of 2009.

  15. Knight Capital Americas LLC

    DEFF Research Database (Denmark)

    Austin, Robert D.; Meister, Darren

    2015-01-01

    officer, other managers and the board of directors have done differently? What lessons does this story hold for how firms should be managed and governed? And what does it say about our ability to manage risk in large modern corporations operating in increasingly fast-moving and complex global markets?...... $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...

  16. 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.

  17. MODERN GLOBAL FINANCIAL AND ECO-NOMIC CRISIS AND ITS INFLUENCE ON SE-LECTED COUNTRIES OF THE WORLD

    Directory of Open Access Journals (Sweden)

    Shestopalova A. O.

    2013-12-01

    Full Text Available The article investigates the global monetary and financial crisis and its impact on individual countries and regions of the world. The author comes to the conclusion that the first onset of the global financial crisis began in the U.S. in January 2006, when a number of small mortgage banking institutions declared bankruptcy. Secondly, the author suggested that we should expect a second wave of global financial and economic crisis, which will lead to even more devastating consequences for individual countries and regions

  18. The Time of Shipbuilding Order Depletion

    Institute of Scientific and Technical Information of China (English)

    Reporter Xing Dan

    2012-01-01

    In 2012, shipbuilding market is facing even colder weather. Depletion of orders, deals that can only ensure cost recovery ndustry which has already bankruptcy of ship yards one after another are also torturing this had many uncertainties. Some shipbuilding enterprises are trying to survive by cutting off parts of their business, some enterprises are leaving like the horses migrating on the African grassland, only those horses that have fights with crocodiles will reach the fertile land and enjoy the next warm spring. the business. It is survived the fierce

  19. Giorgio Ambrosoli e il fallimento della Banca privata italiana di Michele Sindona. La Prima relazione del commissario liquidatore

    Directory of Open Access Journals (Sweden)

    Ottavio D'Addea

    2014-06-01

    Full Text Available At the end of the Sixties the banker Michele Sindona introduces in italian economy new tools to hide a comprehensive system based on the control of financial companies in tax havens in Europe. In 1972 he merged in Italy Banca Unione with Banca Privata Finanziaria in Banca Privata Italiana. In 1974, following Franklin National Bank failure too, also fails both the attempt of refinancing Finambro and Banca Privata Italiana. The liquidator of Banca Privata Italiana Giorgio Ambrosoli reconstructs the causes of failure reacting to crack bank to process for bankruptcy against Sindona in Italy and in the States.

  20. 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

  1. 张絅伯与青岛明华银行的兴衰关系探究%Discussion on Relationship Between Zhang Jiongbo and Qingdao Ming Wah Bank

    Institute of Scientific and Technical Information of China (English)

    柳宾

    2015-01-01

    In October of 1922 ,Qingdao Branch of Ming Wah Commercial and Savings Bank was founded .Due to its rapid development ,it became one successful model of the commercial banks in Qingdao .However ,its bankruptcy in the impact of the silver storm in 1935 also became one impor‐tant event in the financial history of Qingdao in the period of the Republic of China .As the manager , Zhang Jiongbo played an important role in the rapid development of Qingdao Ming Wah Bank ,but he also had inescapable responsibility for its bankruptcy .%1922年10月,明华商业储蓄银行青岛分行成立后,业务发展很快,一度成为青岛商业银行成功的典范,但在1935年却因经受不住白银风潮的冲击而倒闭,成为民国时期青岛金融史上的一个重大事件。作为经理,张絅伯对于青岛明华银行的快速发展作出了重要贡献,但对于银行的倒闭同样负有不可推卸的责任。

  2. 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.

  3. RISK ANALYSIS IN MILK PROCESSING

    Directory of Open Access Journals (Sweden)

    I. PIRVUTOIU

    2013-12-01

    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.

  4. 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.

  5. 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”.

  6. 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.

  7. Prediction of Financial Distress -A Case Study of Indian Companies

    Directory of Open Access Journals (Sweden)

    Amalendu Bhunia

    2011-08-01

    Full Text Available Financial distress is of crucial importance in financial management especially in the case of competitive environment. Failure is not an impulsive outcome and it grows constantly in stages. A spontaneous protective effort could be accommodated if the company is anticipated to be proceeding in the direction of potential bankruptcy and this can help alleviate the financial distress to all investors and decrease the costs of bankruptcy. This study extends a failure prediction model for Indian companies. This study hopes to accommodate some important results relevant to authorities and stakeholders. The capability to detect potential financial problems at a premature stage is absolutely essential because it helps to ensure business, financial, economic and political environment stability. The results show good performance with a highly correct categorization factuality rate of more than 80%. Two ratios were determined significant out of 64 financial ratios utilized in this analysis to discriminate among failed and non-failed companies. The significant variables are cash flow to sales and days Sales in receivable.

  8. 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.

  9. Developing new scenarios for water allocation negotiations: a case study of the Euphrates River Basin

    Science.gov (United States)

    Jarkeh, Mohammad Reza; Mianabadi, Ameneh; Mianabadi, Hojjat

    2016-10-01

    Mismanagement and uneven distribution of water may lead to or increase conflict among countries. Allocation of water among trans-boundary river neighbours is a key issue in utilization of shared water resources. The bankruptcy theory is a cooperative Game Theory method which is used when the amount of demand of riparian states is larger than total available water. In this study, we survey the application of seven methods of Classical Bankruptcy Rules (CBRs) including Proportional (CBR-PRO), Adjusted Proportional (CBR-AP), Constrained Equal Awards (CBR-CEA), Constrained Equal Losses (CBR-CEL), Piniles (CBR-Piniles), Minimal Overlap (CBR-MO), Talmud (CBR-Talmud) and four Sequential Sharing Rules (SSRs) including Proportional (SSR-PRO), Constrained Equal Awards (SSR-CEA), Constrained Equal Losses (SSR-CEL) and Talmud (SSR-Talmud) methods in allocation of the Euphrates River among three riparian countries: Turkey, Syria and Iraq. However, there is not a certain documented method to find more equitable allocation rule. Therefore, in this paper, a new method is established for choosing the most appropriate allocating rule which seems to be more equitable than other allocation rules to satisfy the stakeholders. The results reveal that, based on the new propose model, the CBR-AP seems to be more equitable to allocate the Euphrates River water among Turkey, Syria and Iraq.

  10. Good Corporate Governance and Predicting Financial Distress Using Logistic and Probit Regression Model

    Directory of Open Access Journals (Sweden)

    Juniarti Juniarti

    2013-01-01

    Full Text Available The study aims to prove whether good corporate governance (GCG is able to predict the probability of companies experiencing financial difficulties. Financial ratios that traditionally used for predicting bankruptcy remains used in this study. Besides, this study also compares logit and probit regression models, which are widely used in research related accounting bankruptcy prediction. Both models will be compared to determine which model is more superior. The sample in this study is the infrastructure, transportation, utilities & trade, services and hotels companies experiencing financial distress in the period 2008-2011. The results show that GCG and other three variables control i.e DTA, CR and company category do not prove significantly to predict the probability of companies experiencing financial difficulties. NPM, the only variable that proved significantly distinguishing healthy firms and distress. In general, logit and probit models do not result in different conclusions. Both of the models confirm the goodness of fit of models and the results of hypothesis testing. In terms of classification accuracy, logit model proves more accurate predictions than the probit models.

  11. 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.

  12. La metodología de los Rough Sets como técnica de preprocesamiento de datos: Una aplicación a las quiebras de microempresas familiares

    Directory of Open Access Journals (Sweden)

    Vázquez Cueto, M. J.

    2015-05-01

    Full Text Available Micro enterprises (MEs represent over 75 % of all enterprises in the EU, accounting for over 30 % of employment. However, since the onset of the economic crisis in 2008, this business segment has suffered high rates of bankruptcies and business closures, destroying many jobs. The construction of models that anticipate insolvency to allow sufficient time to take appropriate action is important to avoid bankruptcy of the MEs. However, it is difficult to obtain complete and relevant information for MEs, making it very difficult to be a good fit of the models for predicting corporate failure for this size of company. Applying Rough Sets technique as a method for pre - processing of the data, in the present study, we order the variables that best discriminate between solvent / insolvent in order to increase efficiency in predicting insolvency MEs. Additionally, we provide an application of the technique to family- MEs. Throughout this process, our results highlight the importance of considering non-financial variables to predict insolvency of MEs.

  13. 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.

  14. Sipuleucel-T (Provenge(®))-Autopsy of an Innovative Paradigm Change in Cancer Treatment: Why a Single-Product Biotech Company Failed to Capitalize on its Breakthrough Invention.

    Science.gov (United States)

    Jarosławski, Szymon; Toumi, Mondher

    2015-10-01

    Approved by the US Food and Drug Administration (FDA) in 2010, sipuleucel-T (Provenge(®)) was the first 'personalized' cancer vaccine for the treatment of prostate cancer in a metastatic, non-symptomatic population of 30,000 men in the USA. Sipuleucel-T is prepared individually for each patient and infused in three sessions over a period of 1 month. However, in 2015, Dendreon, the owner of sipuleucel-T, filed for bankruptcy. This opinion paper reviews the probable reasons this innovative product failed to achieve commercial success. PubMed and internet searches were performed focused on pricing, reimbursement, and market access. We found that sipuleucel-T's FDA approval was delayed by 3 years, reportedly because of the vaccine's new mechanism of action. Sipuleucel-T was cleared by the European Medicines Agency 2 years later, but other national agencies were not approached. It was priced at $US93,000 for a course of treatment, and this high price combined with the company's late securement of reimbursement for the vaccine by the US Centers for Medicare and Medicaid Services (CMS) resulted in another year's delay in accessing the market. Despite a positive recommendation by the National Comprehensive Cancer Network, sipuleucel-T's complex administration, high price, and uncertainty about the reimbursement status deterred doctors from prescribing the product. Furthermore, the vaccine's supply was limited during the first year of launch due to limited manufacturing capacity. In addition, two oral metastatic prostate cancer drugs with similar survival benefits reached the US market 1 and 2 years after sipuleucel-T. Also, even though Dendreon's market capitalization topped $US7.5 billion following the FDA's approval of sipuleucel-T, this value degraded gradually until the firm's bankruptcy 5 years later. We conclude that the bankruptcy of Dendreon was largely due to the delay in securing FDA approval and CMS coverage, as well as the high cost that had to be incurred by

  15. Implicaciones Financieras de la Legislación Concursal: una Comparativa Europea

    Directory of Open Access Journals (Sweden)

    Myriam García Olalla

    2006-12-01

    Full Text Available El análisis de la reacción de los títulos de las empresas ante declaraciones legales de insolvencia ha sido desarrollado ampliamente en la literatura financiera. En este trabajo se adopta un enfoque diferente al tradicional estudio de eventos, tratando de contrastar si la reacción de los mercados viene condicionada por la orientación de la legislación concursal que regula las situaciones de insolvencia empresarial. Para ello se realiza un análisis con una muestra que incluye empresas con problemas de insolvencia en Alemania, España, Francia y el Reino Unido entre 1990 y 2002. Los resultados permiten concluir que la valoración de los títulos de las empresas se ve condicionada por el tipo de legislación concursal. Además, se contrasta cómo las empresas bajo sistemas más orientados hacia la protección de los acreedores (Reino Unido y Alemania antes de la reforma de 1994 presentan rentabilidades negativas mayores, debido a la transferencia de riqueza que se produce desde los accionistas hacia los aportantes de fondos ajenos a la empresa.The reaction of equity returns before bankruptcy filings has been developed widely in financial literature. Traditionally, event study methodology has been used in this kind of studies despite its limitations. Therefore, we propose a different approach contrasting if the reaction of equity returns is correlated with the different bankruptcy codes among countries. We develop an analysis with a sample that includes companies with insolvency problems in Germany, Spain, France and the United Kingdom from 1990 to 2002. The results allow us to conclude that the type of bankruptcy law affects the valuation of equity. In addition, we show how the companies under creditor-oriented procedures (United Kingdom and Germany before the 1994 reform have greater negative returns, due to the wealth transference that takes place from the shareholders towards the bondholders.

  16. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    TO THE POINT: The government vowed to improve farmers’ living stan- dards and underlined several tasks to be fulfilled this year in this regard. A majority of domestic individual investors suffered losses of more than 70 percent on their investments in mainland stock markets last year. Steel manufacturers were also unlucky in 2008 and lost a total of $1.87 billion in November alone. Despite pressure from the gloomy economic situation, more than 200 enterprises in Shanghai promised no layoffs. Tainted milk producer Sanlu declared bankruptcy. Insurance premiums in China hit a record high in 2008. A Swiss bank defied global financial uncertainties and set up a joint venture financial institution with China’s Founder Securities.

  17. Debt and Taxes: Evidence from bank-financed unlisted firms

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Mateus, Cesário

    This paper analyzes the capital structure decision of non-listed bank-financed firms using a rich and unique new data set of Portuguese firms. These firms are rarely studied in capital structure contexts and differ from large listed firms in terms of agency and asymmetric information problems...... and funding sources. It is argued that the solution of agency and asymmetric information problems for large firms shows up on the balance sheet (as restrictions on debt) whereas for small firms these problems are solved by financial institutions and are therefore less apparent on the balance sheet. This makes...... in different countries to model agency costs and asymmetric information do not work well for small non-listed firms. The only significant variables (besides tax variables) for small firms are bankruptcy (collateral) variables....

  18. Atatürk'ün Ekonomik Reformları ve Türkiye Ekonomisine Etkileri (1923-2002 = Economic Reforms of Ataturk and Their Effects on Turkish Economy (1923-2002

    Directory of Open Access Journals (Sweden)

    Esat ÇELEBİ

    2002-01-01

    Full Text Available At the end of I. World War, the economy of the Ottoman Empire was at the point of bankruptcy, just as were her educational and social institutes From the very first day of new Turkish Republic, Mustafa Kemal Atatürk, founder of the Turkish Republic launched new economical reforms, along with reshaping the social and educational institutes. The present study focuses in detail on the cited reforms. Moreover, Atatürk's new economical models, and strategies were also presented. Some important economical figures for the years from 1923 to 1938 along with their impact on the Turkish economy for the years 1938-2002, are also given. To comprehand and appreciate the meaning and importance of economical reforms to the country and people, todays, general economical picture, supported with some important data, are presented, emphasising the most recent bottlenecks of the Turkish economy.

  19. Intergenerational perspectives on ageing, economics and globalisation.

    Science.gov (United States)

    Fine, Michael

    2014-12-01

    Evidence shows population ageing to be historically a product of economic development, closely associated with high living standards and national affluence. Nonetheless, fears that an aged population leads to economic stagnation and public bankruptcy are widespread. In justification for cuts to public programs and the transfer of costs and risks from the state to individuals and families, the projections of social expenditures, in particular those based on ageing, are frequently identified as overgenerous and unsustainable in many G20 countries such as Australia and New Zealand. Claims based on intergenerational research methodologies and frameworks, a relatively new and innovative approach to using data projections, have proven to be important in these policy debates. This paper explores the application of these new technologies to understanding the impact of ageing on the economy in the globalised world of the 21st century.

  20. United States Foreign Policy and the Liberal Awakening in Greece, 1958-1967

    Directory of Open Access Journals (Sweden)

    Stan Draenos

    2009-01-01

    Full Text Available This paper traces the evolution and outcome of the US opening to the Greek Center triggered by the May 1958 parliamentary elections. It focuses on the role which that opening played in the liberal awakening that took shape under the banner of the Center Union (CU party, founded in September 1961. After John F. Kennedy assumed the US presidency (January 1961, New Frontier liberals, including Andreas Papandreou, son of CU leader George Papandreou, pushed more aggressively for this opening, which was validated by the Center Union's rise to power in November 1963, the same month as the Kennedy assassination. During the Johnson Administration, US liberal policies in Greece were tested and found wanting, as Cold War fears trumped the US embrace of reform and change in Greece. The American retreat drove US policies towards bankruptcy, culminating in an uneasy acceptance of the 1967 Greek military dictatorship, wreaking permanent damage on Greek-US relations.

  1. The influence of micro economic factors on the default risk of leasing industry

    Directory of Open Access Journals (Sweden)

    Gholamreza Farsad Amanollahi

    2016-01-01

    Full Text Available The aim of this study is to establish a framework for measuring and managing credit risk for fifteen leasing companies in Iran. An analysis on the influence of internal factors on credit performance will then be performed. This will enable a leasing industry to progress towards its goals and objectives in the most direct and effective way. Credit risk consists of probability of non-return. This may be in the form of bankruptcy or a decrease in financial and credit situation of the lessee. We can assume a correlated market and credit risk. The variables are extracted from the Central Bank of Kanoon Leasing Association in Iran. Numerical analysis reveals that lessee credit risk can have a substantial impact on a lease term structure.

  2. ANALYZING THE DETERMINANTS OF THE VOTING BEHAVIOR USING A GENETIC ALGORITHM

    Directory of Open Access Journals (Sweden)

    Vizcaino-Gonzalez, Marcos

    2016-09-01

    Full Text Available Using data about votes emitted by funds in meetings held by United States banks from 2003 to 2013, we apply a genetic algorithm to a set of financial variables in order to detect the determinants of the vote direction. Our findings indicate that there are three main explanatory factors: the market value of the firm, the shareholder activism measured as the total number of funds voting, and the temporal context, which reflects the influence of recent critical events affecting the banking industry, including bankruptcies, reputational failures, and mergers and acquisitions. As a result, considering that voting behavior has been empirically linked to reputational harms, these findings can be considered as a useful insight about the keys that should be taken into account in order to achieve an effective reputational risk management strategy.

  3. NEURAL NETWORKS, FUZZY LOGIC AND GENETIC ALGORITHMS: APPLICATIONS AND POSSIBILITIES IN FINANCE AND ACCOUNTING

    Directory of Open Access Journals (Sweden)

    José Alonso Borba

    2010-04-01

    Full Text Available There are problems in Finance and Accounting that can not be easily solved by means of traditional techniques (e.g. bankruptcy prediction and strategies for investing in common stock. In these situations, it is possible to use methods of Artificial Intelligence. This paper analyzes empirical works published in international journals between 2000 and 2007 that present studies about the application of Neural Networks, Fuzzy Logic and Genetic Algorithms to problems in Finance and Accounting. The objective is to identify and quantify the relationships established between the available techniques and the problems studied by the researchers. Analyzing 258 papers, it was noticed that the most used technique is the Artificial Neural Network. The most researched applications are from the field of Finance, especially those related to stock exchanges (forecasting of common stock and indices prices.

  4. Advanced Blade Manufacturing Project - Final Report

    Energy Technology Data Exchange (ETDEWEB)

    POORE, ROBERT Z.

    1999-08-01

    The original scope of the project was to research improvements to the processes and materials used in the manufacture of wood-epoxy blades, conduct tests to qualify any new material or processes for use in blade design and subsequently build and test six blades using the improved processes and materials. In particular, ABM was interested in reducing blade cost and improving quality. In addition, ABM needed to find a replacement material for the mature Douglas fir used in the manufacturing process. The use of mature Douglas fir is commercially unacceptable because of its limited supply and environmental concerns associated with the use of mature timber. Unfortunately, the bankruptcy of FloWind in June 1997 and a dramatic reduction in AWT sales made it impossible for ABM to complete the full scope of work. However, sufficient research and testing were completed to identify several promising changes in the blade manufacturing process and develop a preliminary design incorporating these changes.

  5. CONTENTS

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    Social science has long been confronted with a problem of identity, as a branch of social science, the development of Public Administration is also influenced by this problem. Before 1930s, public administration researchers held a scientific belief identical with other social scientists, and took the establishment of a administrative science as their mission; after 1930s, the finding of Hawthorne Experiment greatly wavered the scientific' belief of public administration researchers, which contributed to the bankruptcy of the politics-administration dichotomy; in the 1950s, while public administration researchers in whole had abandoned the dichotomy, social scientists as a whole had rejoined the embrace of scientific pursuit, which produced a huge tension within public administration researchers. Since then, the community of public administration researchers had differentiated into two antithetical camps.

  6. CRIME INVESTIGATION METHODOLOGY OF MONEY LAUNDERING OFFENCES

    Directory of Open Access Journals (Sweden)

    Constantin NEDELCU

    2010-06-01

    Full Text Available As a result of the non-adoption of certain new laws specific to market economy such as: the bankruptcy law, the law of incriminating tax avoidance, the law on foreign currency transfer etc., as well as the desincrimination of offences concerning the public wealth, the crime phenomenon is increasing. To this end, the enforcement of the provisions related to offences concerning public wealth, due to the reduced amount of punishments, does not perform anymore the general necessary prevention, these being even encouraging in certain cases. Not accidentally, decision makers in the economy sector were corrupted or let themselves bribed, participating directly in the commission of certain economic offences having substantial repercussions over the state wealth, over the equity of state-owned companies in favor of private agents

  7. The Company Liquidation - A Path to Avert the Accrual of New Liabilities

    Directory of Open Access Journals (Sweden)

    Alexandra-Gabriela Rolea

    2014-12-01

    Full Text Available The economic deficit registered by almost all the countries in the world, the extension above expectations of the economic and financial downfall, the disruption or even collapse of some markets have compelled companies to leave their expectant position. The accrual of liabilities has become the main predicament for many of them and has even determined the governments and international organizations to amend the current legislation in the case of the companies having a significant impact on national economies. Overnight bankruptcies no longer terrify anyone these days, but the troubled investors need a judicious procedure of company liquidation in order to ensure the clearing of the creditors’ debts and, if applicable, the recovery of the capital that they invested. Taking into consideration these aspects, the present study approaches the most important legal, economic and accounting steps that must be followed by companies incorporated in Romania in order to perform the voluntary liquidation.

  8. Iridium: failures & successes

    Science.gov (United States)

    Christensen, CarissaBryce; Beard, Suzette

    2001-03-01

    This paper will provide an overview of the Iridium business venture in terms of the challenges faced, the successes achieved, and the causes of the ultimate failure of the venture — bankruptcy and system de-orbit. The paper will address technical, business, and policy issues. The intent of the paper is to provide a balanced and accurate overview of the Iridium experience, to aid future decision-making by policy makers, the business community, and technical experts. Key topics will include the history of the program, the objectives and decision-making of Motorola, the market research and analysis conducted, partnering strategies and their impact, consumer equipment availability, and technical issues — target performance, performance achieved, technical accomplishments, and expected and unexpected technical challenges. The paper will use as sources trade media and business articles on the Iridium program, technical papers and conference presentations, Wall Street analyst's reports, and, where possible, interviews with participants and close observers.

  9. RANKING ENTERPRISES IN TERMS OF COMPETENCES INSIDE REGIONAL PRODUCTION NETWORK

    Directory of Open Access Journals (Sweden)

    Marko Mladineo

    2013-02-01

    Full Text Available Today's economic crisis has led to bankruptcy of many successful, but usually large-sized enterprises. This brought into question the future of large-sized enterprises. However, the only alternative to largesized enterprises (LEs is networking of small and medium-sized enterprises (SMEs into Regional Production Networks (RPNet. RPNet is non-hierarchical organizational form in which every SME is autonomous. Hence, every SME of production network is capable and wiling to be part of special cooperation inside network called Virtual Enterprise (VE. For each new product a new virtual enterprise is formed from different SMEs. The question is: which SMEs will be part of new virtual enterprise? If it is possible to evaluate SME's competences, it is also possible to rank SMEs. Ranking of SMEs according to technical, organizational and human competences is multi-criteria decision analysis (MCDA problem. So, in this paper PROMETHEE method is selected to perform a ranking of SMEs.

  10. Current state and development trends of the agroindustrial complex and rural territories of Perm Region

    Directory of Open Access Journals (Sweden)

    Gennadiy Vladimirovich Klimenkov

    2011-12-01

    Full Text Available Analysis of regional agricultural sector status and rural areas of Perm in 1990-2011 years indicates a systemic crisis of agriculture in Perm region, which is largely determined by the fact that Perm region has no strategy or strategic plan and program for sustainable agricultural sector and rural areas of Perm region development, there is no scheme of territorial development and master plans of territorial development with the development of agro-industrial complex of Perm region. In these circumstances, there is a steady downward trend in production, weakening and bankruptcy of enterprises, social impoverishment of rural areas, appearance of many of irreversible processes (sale and neglect of agricultural land, demographic problems associated with low living standards, population migration, policy optimization in the areas of education and health, union of territories, policy of depopulation of territories etc.. This paper presents main recommendations for improving the situation in agriculture of Perm region.

  11. STUDI KOMPARATIF PENYELESAIAN SENGKETA EKONOMI MELALUI PENGADILAN NIAGA DAN ARBITRASE

    Directory of Open Access Journals (Sweden)

    Rilda Murniati

    2016-02-01

    Full Text Available Formally, the economics of alternative dispute resolution can be done through the Commercial Court and Arbitration. Both are different in terms of the object of dispute, the procedures for dispute resolution and legal consequences. In terms of the object of dispute the equation is the Commercial Court and Arbitration courts can be resolving disputes in the field of property rights along a predetermined interlektual in UUHKI. While the difference is the scope of Arbitration has a broad field that encompasses all economic fields of trade, finance, industry, banking, and everything related to the rights of the parties. Commercial Court only has the authority in the field of IPR and bankruptcy as well as the postponement of debt payment obligations. Keywords: Economic Dispute Resolution, Commercial Court of Arbitration

  12. Impact of edge-removal on the centrality betweenness of the best spreaders

    CERN Document Server

    Chung, N N; Zhou, J; Lai, C H

    2012-01-01

    The control of epidemic spreading is essential to avoid potential fatal consequences and also, to lessen unforeseen socio-economic impact. The need for effective control is exemplified during the severe acute respiratory syndrome (SARS) in 2003, which has inflicted near to a thousand deaths as well as bankruptcies of airlines and related businesses. In this article, we examine the efficacy of control strategies on the propagation of infectious diseases based on removing connections within real world airline network with the associated economic and social costs taken into account through defining appropriate quantitative measures. We uncover the surprising results that removing less busy connections can be far more effective in hindering the spread of the disease than removing the more popular connections. Since disconnecting the less popular routes tend to incur less socio-economic cost, our finding suggests the possibility of trading minimal reduction in connectivity of an important hub with efficiencies in ...

  13. Cimber Sterling

    DEFF Research Database (Denmark)

    Boyd, Britta; Hollensen, Svend

    2013-01-01

    The Danish family owned airline Cimber Sterling was established as Cimber Air in 1950, and started flying on some domestic routes. On 3 December 2008 Cimber Air bought parts of Sterling Airlines, which had filed for bankruptcy and the company became Cimber Sterling A/S. The airline company...... two elements of the business model, Cimber Sterling did never reach any sufficient ‘economies of scale’. In 2011, due to financial difficulties, Cimber Sterling made an agreement with Mansvell Enterprises (owned by Ukrainian billionaire Igor Kolomoisky) to inject DKK 165 million, which provided...... Mansvell with a stake of about 70% in Cimber Sterling. Mansvell’s intention is to create a leading Nordic regional airline. However, on the 3rd May 2012 Cimber Sterling was declared bankrupt after its owner (Mansvell Enterprises) decided not to continue their financial support of the company. Today...

  14. Rate of Failure of Czech Family Firms

    Directory of Open Access Journals (Sweden)

    Ondřej Machek

    2016-06-01

    Full Text Available Family business is becoming a promising area of research in post-socialist countries, including the Czech Republic. Stability belongs to frequently cited properties of family firms. The goal of this article is to test the hypothesis whether family firms tend to have a lower rate of failure than their non-family counterparts. Using a sample of 1148 family and 5972 non-family firms in the Czech Republic, we find that there is no significant relationship between family involvement and rate of failure. A possible greater stability of family businesses is not necessarily linked with a lower rate of bankruptcy. We also discuss possible reasons and policy implications.

  15. Economic Risk Assessment Taking Into Account the Volume Oscillator Indicators

    Directory of Open Access Journals (Sweden)

    Loredana Mihaela LAPADUSI

    2016-09-01

    Full Text Available Economic risk can be assessed from many points of view, but generally speaking it means the firm's inability to match workload with cost structure. Expansion of production capacity, adaptation to new technologies, diversification of products are only a few factors influencing risk. These, along with financial risk and bankruptcy risk constitute the most important category of risk which presents a great interest for the banks, shareholders, managers, business partners, etc. The purpose of this article is to provide a brief overview of tje oscillation of your company's activity from the point of view of economic risk. The main objective of this research lies in economic risk assessment by means of the margin of safety, the safety index and critical time point.

  16. Implications of Asymmetric Information in the Real Estate Crisis in US

    Directory of Open Access Journals (Sweden)

    Marta Christina SUCIU

    2011-01-01

    Full Text Available The economic crisis is now a common reality in most parts of the world, being translated in mass unemployment, collapse of the social system and an impressive number of bankruptcies. The paper focuses on the beginning of the recession in the American real estate sector by analyzing the implications of imperfect information and moral hazard as main factors that contributed to the deterioration of real estate market and also to accentuating the overall poor economic situation. In that context, asymmetric information served the interests of banks and other institutional speculators who made use of it in order to increase their profitability through market manipulation. The central aspect the paper underlines is the international contamination created by disguising toxic real estate actives and spreading them throughout the global economy through transactions with foreign business partners.

  17. Autonomous aerial sensors for wind power meteorology - A pre-project

    Energy Technology Data Exchange (ETDEWEB)

    Giebel, G. (ed.); Schmidt Paulsen, U.; Bange, J.; la Cour-Harbo, A.; Reuder, J.; Mayer, S.; van der Kroonenberg, A.; Moelgaard, J.

    2012-01-15

    Autonomous Aerial Sensors, i.e. meteorological sensors mounted on Unmanned Aerial Systems UAS, can characterise the atmospheric flow in and around wind farms. We instrumented three planes, a helicopter and a lighter-than-air LTA system to fly one week together in a well-instrumented wind farm, partly with nano-synchronised sensors (time stamped with about 100 ns global accuracy). Between bankruptcy of a partner, denied overflight rights at the main test location, denied Civil Aviation Authorities permits at the alternative location, stolen planes, and crashed UAS we managed to collect data at a wind farm in Lolland and on an atmospheric campaign in France. Planning of an offshore campaign using the developed techniques is underway. (Author)

  18. Schwarz Shipyards

    DEFF Research Database (Denmark)

    Rohrbeck, René; Bøe-Lillegraven, Siri; Scheel, Christian

    2013-01-01

    This case is designed to discuss strategy formation and strategic renewal in small and medium-sized enterprises that are challenged by external disruptive change. The case can be used to teach: external analysis, BCG-matrix, internal analysis (resources and capabilities), Porter’s-5-Forces......, industry life-cycle, Porter’s generic strategies, SWOT analysis, strategy formation and business model analysis. The case builds on an in-depth case study conducted in 2011/2012. The case has been anonymized. More specifically the case describes the triumphs and challenges of a medium-sized European...... shipyard during the past decades. After the industry crisis in the late 80s the yard management steered through an extremely adventurous period. However, due to external and internal difficulties they ultimately faced bankruptcy. Students are asked to put themselves in the shoes of the shipyard management...

  19. 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

    With almost $1 billion in funding, Better Place was poised to become one of the most innovative companies in the electric mobility market. The system Better Place proposed had two novel prongs; first, to reduce the cost of batteries, and second, to reduce range anxiety, public infrastructure...... 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...... and technology studies and the notion of “interpretive flexibility,” this paper posits several reasons to explain the failure of Better Place, including that Denmark is not as “green” as it seems nor is the Israeli market as attractive as believed, and that Better Place's solution to charging time and range...

  20. Bridging the Divide- Adventures of an academic entrepreneur

    Science.gov (United States)

    Venkatesan, Thirumalai

    2017-01-01

    Academic research and entrepreneurship are simultaneously synergistic and conflicting as careers and my talk is about the challenges of bridging these careers. After a research career at Bell Labs and Bellcore which led to the invention of the Pulsed Laser Deposition Process I started Neocera as a company to translate products arising from academic research. Leaving Bell and building the company in Maryland as a Professor at UMD was a great learning experience. Managing creative people to productize, focusing on marketing/sales and managing cash flows constituted a world significantly different from what one encounters in the academia. Survival is key and a hasty decision can be the difference between success and bankruptcy. In my talk I will discuss the various lessons I learnt from the process and how one handles the challenges to eventually make an economic and societal impact.

  1. Competitive market for multiple firms and economic crisis

    CERN Document Server

    Tao, Yong

    2010-01-01

    The origin of economic crises is a key problem for economics. We present a model of long-run competitive markets to show that the multiplicity of behaviors in an economic system, over a long time scale, emerge as statistical regularities (perfectly competitive markets obey Bose-Einstein statistics and purely monopolistic-competitive markets obey Boltzmann statistics) and that how interaction among firms influences the evolutionary of competitive markets. It has been widely accepted that perfect competition is most efficient. Our study shows that the perfectly competitive system, as an extreme case of competitive markets, is most efficient but not stable, and gives rise to economic crises as society reaches full employment. In the economic crisis revealed by our model, many firms condense (collapse) into the lowest supply level (zero supply, namely bankruptcy status), in analogy to Bose-Einstein condensation. This curious phenomenon arises because perfect competition (homogeneous competitions) equals symmetric...

  2. An Territorial Analysis Of The Industrial Sector Of Tableware Ceramic

    Directory of Open Access Journals (Sweden)

    Tiago Roberto Alves Teixeira

    2013-12-01

    Full Text Available The ceramic industry of tableware is characterized by the production of products such as dinner sets, tea and coffee, and decorative products. This sector has a great importance to the Brazilian economy (responsible for more than 20 thousand jobs. Thus this paper aims to conduct a brief analysis of the key characteristics of the sector which has been struggling against the highly competitive with large corporations and with other countries leading many Brazilian companies to bankruptcy. The methodology is based on the reading of books, theses and articles, written by authors such as Raffestin (1994, Coutinho and Ferraz (1994, Presnell (2006, Belingeri (2005 and others. The analyzes were collected in organs like IBGE, CNAE, ALICEWEB and RAIS.

  3. Griechenland eine Analyse

    Directory of Open Access Journals (Sweden)

    Frank Ehrhold

    2013-01-01

    Full Text Available During the last several years Greece has been under consistent and severe economic pressure; high national debt, trade deficit, and an undefined future has led to a persistent climate of uncertainty and presents a threat to economic recovery. As a result of the near-bankruptcy of Greece in 2010, the Greek government now receives financial relief from members of the European Monetary Union (EMU and International Monetary Fund (IMF, both of the afore-mentioned parties monitoring, with the European Central Bank (ECB and European Commission, the economic transformation process and guiding the Greek economy towards international competitiveness. Yet available data proves that Greece’s economy is still shrinking-- while unemployment rates still rise, debt to GDP ratio worsens, and private investment sinks. Furthermore, there is still controversy whether Greece will remain within the monetary union or not. Is Greece’s economy better of outside the European Monetary Union?

  4. The flavour of ideas. Synaesthesia and ideasthesia in Charles Baudelaire’s Correspondences

    Directory of Open Access Journals (Sweden)

    Zuzanna Kozłowska

    2016-03-01

    Full Text Available The article constitutes a re-reading of Charles Baudelaire’s Correspondences in the light of the controversial concept of ideasthesia. The author proposes that the sonnet operates on three levels of sensory cognition: an initial stage of rational sensory segmentation, a subsequent synaesthetic fusion of odours, sounds and colours, and finally – an ideasthetic synthesis of feeling and knowing.  The final stage of sensory processing triumphantly concludes the Symbolist quest for an elusive “beyond”, approximating the material and the ideal – the mechanism of which resembles an ideasthetic processing of sensory data. The poem mirrors the cognitive optimism characteristic of Baudelaire’s early thinking, soon to dissipate into melancholic (or Manichean cognitive bankruptcy.

  5. Crisis in the resurgent city? The rise of Copenhagen

    DEFF Research Database (Denmark)

    Andersen, Hans Thor; Winther, Lars

    2010-01-01

    development was characterized by a set of eroding processes that included de-industrialization, suburbanization, high unemployment rates, high welfare costs, an outdated housing market, strong segregation and various other factors. Copenhagen city and its city region have now been revitalized and today......Copenhagen today appears to be a resurgent city and city region. It came back to life in the mid-1990s and, until recently, has shown marked growth in key variables such as jobs, income and inhabitants, primarily as a result of the rise and spatial dynamics of its service- and knowledge......-based economy. Its resurgence is also evident in the central municipalities that 20 years ago struggled with the repercussions of a long-term urban crisis. Financially, the central city was almost doomed in the late 1980s and early 1990s, and the city of Copenhagen was close to bankruptcy. Central-city...

  6. ACCOUNTING ESTIMATION OF LIABILITIES OF ENVIRONMENTAL ACTIVITY

    Directory of Open Access Journals (Sweden)

    D. Ulianova

    2014-12-01

    Full Text Available Environmental protection is one of the main stream in business development.The purpose of this research is to identify how company should account their environmental liability. The article consists of National Accounting Standards or International Accounting Standard Company analyses as both can be used in Ukraine. This article describes options for environmental liability accounting. On the one hand, company can identify environmental liability, and book it on below-line balance account. It is called contingent liability in that case. On the other hand, such liability can be considered as object for provisions. The second option means that company not only identify its environmental liability, but also will step to step create essential amount for environmental management. Also such allocation can be included into expenses. In that way company divide potential losses between periods and secure company from the big one in some recognized period. Sometimes such outstanding liabilities can lead to bankruptcy because of huge amounts.

  7. Singapore in Its Worst Recession for Years. The Effects of the Current Economic Crisis on the City-State’s Economy

    Directory of Open Access Journals (Sweden)

    Rolf Jordan

    2009-01-01

    Full Text Available Due to the current economic downturn, Singapore has experienced one of its most severe recessions since independence. The financial crisis, which caused a fall in prices at most of the world’s leading stock exchanges and a sharp decline in industrial production, has also had a negative impact on the city-state’s export-dependent economy. The analysis outlines the economic downturn and the decline of Singapore’s export economy since the beginning of the crisis in late 2008. Central to the analysis are questions regarding the social consequences of the current economic crisis and the amount of losses Singapore’s state-owned holding companies, Temasek and GIC, experienced when some of the world’s biggest investment banks, such as Merrill Lynch, went into bankruptcy.

  8. HISTORICAL COST AND FAIR VALUE WITHIN THE CONTEXT OF FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    DIANA ELENA BRINZA

    2011-04-01

    Full Text Available Financial crisis determined the fast extension of global financial bankruptcy upon the world, representing at the same time the first crisis of the accounting term of "fair value", under the shade of which subsists a number of standards which request to the institutions to estimate at the market value much of the assets they possess. The Council for International Standards in Accountancy (IASB revised the rules regarding the accountancy at the fair value, as a reaction before the critics which sustains that the accountancy rules at the fair value were the basis of volatility of financial market. The alternative for "fair value" – the historical cost of assets – has little admirers within the financial crisis. In the pages of the present article, we will try to achieve an incursion through specialized literature while analysing the two methods of valuation within the context of financial crisis.

  9. Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

    Science.gov (United States)

    Takaishi, Tetsuya

    2016-08-01

    We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile.

  10. THE LEGAL OBLIGATIONS OF A NEW EU MEMBER STATE

    Directory of Open Access Journals (Sweden)

    Christen Boye Jacobsen

    2004-10-01

    Full Text Available The article is centered around three assumptions:First, that the acquis communautaire, as defined by the accession acts, comprises about 20 categories and thus many more categories than the treaties, directives, and regulations.Second, the duties under the Copenhagen Criteria comprise much more than implementation of the acquis. It implies the accession to a large number of international treaties, and the introduction of law in areas where the EU has no competence such as bankruptcy, criminal law, and land registration, and the introduction of general legal reforms. This is required to meet the implicit requirement on democracy, rule of law and a modern (West-European market economy and infrastructure.Third, it is necessary to take an interest in the whole legal structures, which add up to much more than the sum of normative acts, including the basic theoretical training which the universities give under the normal law studies.

  11. First borrowing period at Ottoman Empire (1854-1876: Budget policies and consequences

    Directory of Open Access Journals (Sweden)

    Seda Ozekicioglu

    2010-10-01

    Full Text Available The financial troubles of Ottoman Empire which started in 16th century reached its ultimate point in 19th century. The Ottoman Empire searching to get rid of these troubles directed towards making some reform activities during the Tanzimat Era. Some of the money needed for these reform activities was met via the external borrowings which the Ottoman Empire had applied reluctantly and then could not preclude. During the period of 1854-1876 which was included in the Tanzimat Era and called as the first borrowing period, the Ottoman Empire signed 15 external borrowing agreements totally. However, the loans received as a result of these agreements were not used properly and then the budget deficit could not be settled. At the end of these developments, a financial bankruptcy was experienced in the Ottoman Empire in 1876.

  12. Patent production is a prerequisite for successful exit of a biopharmaceutical company.

    Science.gov (United States)

    Saotome, Chikako; Nakaya, Yurie; Abe, Seiji

    2016-03-01

    Patents are especially important for the business of drug discovery; however, their importance for biopharmaceutical companies has not been revealed quantitatively yet. To examine the correlation between patents and long-term business outcome of biopharmaceutical companies we analyze annual number of patent families and business conditions of 123 public-listed biopharmaceutical companies established from 1990 to 1995 in the USA. Our results show the number of patent families per year correlates well with the business condition: average of the bankruptcy group is significantly smaller than those of the continuing and the merger and acquisitions (M&A) groups. In the M&A by big pharma group, the acquisition cost correlates with the number of annual patent families. However, patentability and strategy of foreign patent application are not different among the groups. Therefore, the productivity of invention is the key factor for success of biopharmaceutical companies.

  13. The Locals' Opportunity Under Foreign Banks' Expansion

    Institute of Scientific and Technical Information of China (English)

    Han Guiying; Xiao Jiajun

    2009-01-01

    @@ The global financial crisis is striking the international financial market severely. Since July 2007, foreign banks and brokers have been suffering an enormous loss caused by the financial crisis. More than 160 thousand jobs have been cut this year by financial institutions like Citibank, HSBC and Morgan Stanly, etc. However, what shows a strong contrast with global job cutting is that these foreign banks are rapidly expanding their business in China. According to the data of related market,seven foreign banks have opened more than nine new branches in two months after September 17, the day that Lehman Brothers filed for bankruptcy protection. November 17, HSBC issued China UnionPay debt cards in 17 cities of China. At the same time, several new services of foreign banks were supposed to be authorized by CBRC (China Banking Regulatory Commission), including loan corporation of Citibank and credit cards of BEA.

  14. The Importance of the Discriminant Analysis for the Evolution of the Equity Prices

    Directory of Open Access Journals (Sweden)

    Dinca G.

    2014-12-01

    Full Text Available This paper aims to show the correlation between the results obtained using the discriminant analysis and the evolution of stock prices of listed Romanian companies. For this purpose, we have carried out the research on a sample of 32 issuers from categories I and II of the Bucharest Stock Exchange, pertaining to nine economic sectors, for the period 2010- 2012. Our study is based on the Anghel prediction model of bankruptcy, using the stock prices of the 32 listed companies from the first and the last day of trading for each year examined. The results obtained by applying the prediction model allow the classification of issuers into potential bankrupt and non-bankrupt firms and help investors take appropriate decisions on the stock market.

  15. Ramos` private-power policies pay off

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-11-01

    This article reports that political stability, government incentives attract foreign capital for new generating plants and T and D facilities. Teams of multinational lenders, developers, equipment vendors, engineering contractors erect critical plants in record time. As recently as the summer of 1993, the Republic of the Philippines was teetering on the brink of bankruptcy--mainly because of electricity shortages. Brownouts averaging seven hours a day were common nationwide, and Manila`s business districts were frequently blacked out for most of the day. With the nation of 67-million facing economic losses estimated at several billion dollars a year, President Fidel V. Ramos took swift, decisive action. Ramos, elected the previous year, accelerated power-sector reforms initiated by his predecessor, Corazon C. Aquino, that sought to augment the aging, unreliable generating capacity of the state-owned electric utility with private power development.

  16. The Global Economic Crisis. Challenges for SMEs in Romania

    Directory of Open Access Journals (Sweden)

    Roxana Gabriela HODOROGEL

    2011-04-01

    Full Text Available The economy of the European Union (EU has left behind the downturn and is gradually recovering. In 2010, both the EU and the Eurozone posted economic growth, mostly because Germany did better than expected. All considered, the German economy is growing at a faster pace than in the last two decades. Recession, however, has persisted in states like Greece, Romania and Latvia, and analysts expect growth rates, especially in Eastern Europe, to remain low in the next period. Recovery in this part of Europe largely depends on a pickup in the activity of small and medium-sized enterprises (SMEs, which were seriously affected by the credit crunch the economic crisis entailed. The adverse impact on most SMEs causes a decline in the development rate and a rise in the number of bankruptcies. But the growth of the German economy, however, has a beneficial effect on companies in Central and East European states as well.

  17. A study on ranking ethical factors influencing customer loyalty

    Directory of Open Access Journals (Sweden)

    Mahmood Modiri

    2013-10-01

    Full Text Available Having loyal customer is the primary objective of any business owner since loyal customers purchase on regular basis, create sustainable growth and reduce risk of bankruptcy. During the past few years, many people argue that customer loyalty must be established through ethical values. In this paper, we present an empirical investigation to detect ethical factors influencing customer loyalty. The proposed study determines five criteria including customer repurchase, interest in brand, recommending brand to others, positive attitude toward brand and cognitive loyalty to brand. These criteria have been ranked using fuzzy analytical network process. The study determines 14 different ethical values, which may play essential role on customer loyalty and using VIKOR, different ethical values are ranked. The study indicates that welcoming customers is the most important factor followed by cheerfulness, on time delivery, being informative and having appropriate standards.

  18. Agent-Based Model Approach to Complex Phenomena in Real Economy

    Science.gov (United States)

    Iyetomi, H.; Aoyama, H.; Fujiwara, Y.; Ikeda, Y.; Souma, W.

    An agent-based model for firms' dynamics is developed. The model consists of firm agents with identical characteristic parameters and a bank agent. Dynamics of those agents are described by their balance sheets. Each firm tries to maximize its expected profit with possible risks in market. Infinite growth of a firm directed by the ``profit maximization" principle is suppressed by a concept of ``going concern". Possibility of bankruptcy of firms is also introduced by incorporating a retardation effect of information on firms' decision. The firms, mutually interacting through the monopolistic bank, become heterogeneous in the course of temporal evolution. Statistical properties of firms' dynamics obtained by simulations based on the model are discussed in light of observations in the real economy.

  19. The Application of DEA Method in Evaluating Credit Risk of Companies

    Directory of Open Access Journals (Sweden)

    Anna Feruś

    2010-12-01

    Full Text Available The subject of the present article is a new procedure forecasting credit risk of companies in Polish economy environment. What favors the suggested approach is the fact that in Poland, unlike in western countries, DEA method has not yet been implemented in order to assess credit risk that companies face. The research described in the article has been conducted on the basis of comparison of suggested DEA method with currently used procedures, namely point method, discriminative analysis and linear regression. Considering the research, it can be concluded that DEA method facilitates forecasting financial problems, including bankruptcy of companies in Polish economic conditions, and its effectiveness is comparable or even greater than approaches implemented so far.  

  20. PROPOSAL FOR STRATEGIES TO BUILD MISSING FOUNDATIONS OF THE CURRENT MICROFINANCE INDUSTRY

    Directory of Open Access Journals (Sweden)

    MARTINA DRAŠAROVÁ

    2011-01-01

    Full Text Available As microfinance approaches the status of mainstream asset class, it inevitably starts to entice Socially Responsible Investment. However, precoscious capital inflow can be detrimental to all players involved. The industry is unprepared for global SRI arena. The gap between different microfinance concepts is widening, while identic terms are being used to describe different contents. The term „microfinance“ continues losing its informative value as divergent development foments nomenclative disorder. Microfinance is becoming too varied to be presented under a single term. MIVs, States and multilateral institutions must therefore in a concerted action impose basis of unified definitions, methodologies and coordinates, otherwise different concepts might mislead international public. The lack of standartized set of definitions, social impact reporting, bankruptcy procedures and evaluation infrastructure, while overstating development benefits can discredit microfinance, once SRI systems open their gates.

  1. Applications of Temporal Graph Metrics to Real-World Networks

    CERN Document Server

    Tang, John; Scellato, Salvatore; Nicosia, Vincenzo; Mascolo, Cecilia; Musolesi, Mirco; Latora, Vito

    2013-01-01

    Real world networks exhibit rich temporal information: friends are added and removed over time in online social networks; the seasons dictate the predator-prey relationship in food webs; and the propagation of a virus depends on the network of human contacts throughout the day. Recent studies have demonstrated that static network analysis is perhaps unsuitable in the study of real world network since static paths ignore time order, which, in turn, results in static shortest paths overestimating available links and underestimating their true corresponding lengths. Temporal extensions to centrality and efficiency metrics based on temporal shortest paths have also been proposed. Firstly, we analyse the roles of key individuals of a corporate network ranked according to temporal centrality within the context of a bankruptcy scandal; secondly, we present how such temporal metrics can be used to study the robustness of temporal networks in presence of random errors and intelligent attacks; thirdly, we study contain...

  2. A Markov Chain Model for Contagion

    Directory of Open Access Journals (Sweden)

    Angelos Dassios

    2014-11-01

    Full Text Available We introduce a bivariate Markov chain counting process with contagion for modelling the clustering arrival of loss claims with delayed settlement for an insurance company. It is a general continuous-time model framework that also has the potential to be applicable to modelling the clustering arrival of events, such as jumps, bankruptcies, crises and catastrophes in finance, insurance and economics with both internal contagion risk and external common risk. Key distributional properties, such as the moments and probability generating functions, for this process are derived. Some special cases with explicit results and numerical examples and the motivation for further actuarial applications are also discussed. The model can be considered a generalisation of the dynamic contagion process introduced by Dassios and Zhao (2011.

  3. Cost-shifting under cost reimbursement and prospective payment.

    Science.gov (United States)

    Foster, R W

    1985-09-01

    Cost-shifting is seen as a three-way phenomenon involving hospital interests as well as those of government and private patients. Without economies of scale, private patients are indifferent to government policies unless underpayment leads to hospital bankruptcy. In the presence of economies of scale, private patients benefit from reductions in government payment under either cost reimbursement or prospective payment. Their interest in a shift to prospective payment depends upon the hospital's location on its cost curve. Hospitals benefit from increases in payment rates in all cases, but benefit from a shift to prospective payment only if operating in a region of declining average costs. The conventional view of cost-shifting is inconsistent with profit maximization and may be inappropriate for many voluntary hospitals as well.

  4. The Spanish decentralised international cooperation in Central America in the area of municipalism and decentralisation

    Directory of Open Access Journals (Sweden)

    Mariana Haedo

    2005-05-01

    Full Text Available In an attempt to link the international dimension with the local one, this article lays out an approach to the situation of Spanish decentralised international cooperation in the area of municipalism and decentralisation in the countries of Central America. In the firstplace, it offers a characterisation of the current state of Spanish decentralised cooperation in order to thus frame the cooperation actions carried out by the Barcelona Provincial Council; the UIM (Unión Iberoamericana de Municipios together with CEMCI (Centro de Estudios Municipales y de Cooperación Internacional; and the Confederación de Fondos de Cooperación y Solidaridad. Finally, it describes bankruptcies and it recovers some of the achievements ofthis kind of cooperation specifically in reference to the field of municipalism.

  5. Corporate governance cycles during transition

    DEFF Research Database (Denmark)

    Jones, Derek C.; Mygind, Niels

    2004-01-01

    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......We begin by identifying a typical governance life-cycle, defined as changes in ownership structure, and including both the identity of the major owner and ownership concentration. The cycle is marked by key events and phases including start-up, initial growth, mature growth, and possibly a crisis...... and restructuring stage or exit stage. The governance cycle for transitional countries reflects some specific characteristics -e.g. often privatization produces specific initial ownership structures, with an unusually high proportion of insider, especially, employee ownership. Subsequently pres...

  6. THE DILEMMA OF DEMAND SIDE POLICIES VERSUS SUPPLY SIDE POLICIES FOR RELAUNCHING CAPITALIST ECONOMIES

    Directory of Open Access Journals (Sweden)

    PETRE PRISECARU

    2014-11-01

    Full Text Available The first important economic recession in this century started in USA with the burst of real estate bubble followed by the bankruptcy of some investment and commercial banks and the collapse of capital market. The financial-banking crisis spilt over the world economy and caused the second deepest economic recession in the last 80 years. The financial crisis has badly affected almost all market economies and was the result of a combination between market failures and mistakes made in macroeconomic policies. In the financial sector there was not enough regulation and supervision of corporate governance while in goods industry the pressure of over-regulation led to higher factor costs and supply contraction. The direct result of supply side policies and particularly of monetarist instruments is seen now clearly in the USA: large deficits, huge debts, reduced savings, heavy dependence on foreign money (capital and resources, relatively low domestic output and supply.

  7. Establishment of the Control Right of Creditors in Corporate Governance during Reorganization%重整期间债权人参与公司治理的控制权之建构

    Institute of Scientific and Technical Information of China (English)

    李琳

    2016-01-01

    When a corporation enters into the bankruptcy reorganization procedure, the creditors replace the shareholders as the ultimate controller, and the conflicts of interests between the creditors and the debtors become sharp;the judicial power based on efficiency considerations intervene in corporate governance.All of these have an impact on the creditors′role effect in corporate governance during reorganization.Under the existing system, creditors are seriously absent from the corporate governance, and the ultimate control of the creditors has been undermined by the court and the bankruptcy administrator.This not only is inconducive to the protection of creditors′interests, but also distorts the corporate govern-ance structure.In order to correct the corporate governance structure, and make the creditors play a role as ultimate con-troller in the corporate governance during reorganization, the creditor derivative suit should be introduced, creditors should be given the discourse right in terms of the seclection of bankruptcy administrator, creditors′control over bank-ruptcy administrator′s right of disposition of property should be strengthen, the creditors′right of deciding on the body of company management should be explicit, and creditors should be given interim supervision of debtors in the pattern of self-management.%公司破产重整时,债权人取代股东成为最终控制权人,债权人与债务人间的利益冲突加剧,司法权基于重整效率的考量介入到公司治理中,这些都决定和影响着债权人在重整期间公司治理中的角色作用。在现有制度下,我国债权人参与公司治理时严重缺位,最终控制权被法院、破产管理人架空。这不利于债权人利益的保护,扭曲了公司治理结构。为矫正公司治理结构,使债权人在重整期间公司治理中得以发挥最终控制人的作用,应引入债权人派生诉讼,赋予债权人在破产管理人选任方

  8. Laplace Transform in Bankrupcy Moments under Specific Circumstances%特定情形下破产时刻的Laplace变换

    Institute of Scientific and Technical Information of China (English)

    夏冬晴; 谢振中; 刘莹

    2012-01-01

    Risk theory is hot in the field of applied probability. In continuous time, when the interest rate , Laplace transform is determined under the situations of both negative claims and non-negative claims by using the martingale method in bankruptcy mo- ments. The calculation is simplified, and the bankrupcy probability problem is solved effectively.%风险理论是应用概率领域中的热门.在连续时间情形下,对于利率,利用鞅方法分别确定了负索赔额、非负索赔额情形下的破产时刻的Laplace变换,从而简化运算,快捷有效地求解破产概率问题.

  9. Distribution of Pig Livestock by Development Region in Romania

    Directory of Open Access Journals (Sweden)

    Diana Marin

    2010-10-01

    Full Text Available In the period under review shows a downward trend in the evolution of swine herds affecting insurance requirements for meat and meat products both regionally and throughout the country. Reduced number was due largely bankruptcy phenomenon of breeding pigs and operating a centralized private-family farms and inability to produce biological material for fattening performance due to a bad management practice. Massive reductions across the swine herd is due in large part, losing the European market and as a result of reduced meat quality and pricing is high enough in relation to the global market for pork. The most drastic decrease is found in 5 Western regions, followed by South- Muntenia were where concentrated the largest flocks of pigs.

  10. Failure factors in non-life insurance companies in United Kingdom

    Science.gov (United States)

    Samsudin, Humaida Banu

    2013-04-01

    Failure in insurance company is a condition of financial distress where a company has difficulty paying off its financial obligations to its creditors. This study continues the research from the study in identifying the determinants for run-off non-life insurance companies in United Kingdom. The analysis continues to identify other variables that could lead companies to financial distress that is macroeconomic factors (GDP rates, inflation rates and interest rates); total companies failed a year before and average size for failed companies'. The result from the analysis indicates that inflation rates, interest rates, total companies failed a year before and average sizes for failed companies are the best predictors. An early detection of failure can prevent companies from bankruptcy and allow management to take action to reduce the failure costs.

  11. Post Mortem Examination of the Collapse of Enron and the United States Sarbanes–Oxley Act 2002: Lessons for Nigeria

    Directory of Open Access Journals (Sweden)

    Mmadu, R. A.

    2013-04-01

    Full Text Available 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 that governance and incentive problems contributed to Enron’s rise and fall. It argues that though the provisions of the Act are aimed at compelling corporate governance and international best practices, inherent weaknesses and inconsistencies with superior legislations leave a big question mark on their applicability and effectiveness. The paper calls for legislative rethink if the corporate world must prevent future ‘Enrons’.

  12. Legal-accounting interfaces in law recovery procedures in São Paulo City District Court

    Directory of Open Access Journals (Sweden)

    Ivam Ricardo Peleias

    2016-08-01

    Full Text Available Judicial reorganization, based on Brazilian Law 11.101/2005, has legal and accounting connections, and is responsible for studying the presence of Accountancy and accountants in six judicial processes, in two bankruptcy and judicial reorganization courts - Fórum João Mendes Jr. – São Paulo city, Brazil. It is a descriptive research, based on documental and content analysis, with the triangulation of interviews with judges, four legal administrators and the analysis of six processes by debtor companies. Accountancy appears in the analysed processes, through the financial statements joined by debtor companies. The accountants act as court appointed experts, helping judges and legal administrators. However, they do not act as managers. It was found the timid presence of Accountancy and accountants in the analyzed processes. Judicial reorganization is deferred without a deep accountant analysis of the joined financial statements, to help the debtor companies.

  13. A MIXED BLESSING: RESILIENCE IN THE ENTREPRENEURIAL SOCIO-TECHNICAL SYSTEM OF BITCOIN

    Directory of Open Access Journals (Sweden)

    Marcel Morisse

    2016-04-01

    Full Text Available Studies of resilience highlight the tension between actions that allow a firm – and a system – to be robust and those that allows it to be flexible. Studies suggest that an entrepreneurial firm will prioritize flexibility, given resource constraints. However, what occurs when a number of firms are embedded in a common socio-technical system and an extreme event affects them collectively? This paper tests whether existing theory about resilience predicts the responses of entrepreneurs in such a system, with reference to an extreme event in the Bitcoin sociotechnical system: the much-publicized bankruptcy of Mt.Gox, a key player. It relies on indepth interviews with 8 entrepreneurs in Europe, triangulated with other data. We find that robustness is the dominant strategy for those interviewed. This is partly because the firms rely on pooled resources supplied by the collective, and partly because robustness builds trust, giving the firms a competitive advantage.

  14. Integration of real options into short-term mine planning and production scheduling

    Institute of Scientific and Technical Information of China (English)

    LI Shu-xing; KNIGHTS Peter

    2009-01-01

    Commodity prices have fallen sharply due to the global financial crisis. This has adversely affected the viability of some mining projects, including leading to the possibility of bankruptcy for some companies. These price falls reflect uncertainties and risks associated with mining projects. In recent years, much work has been published related to the application of real options pric-ing theory to value life-of-mine plans in response to long term financial uncertainty and risk. However, there are uncertainties and risks associated with medium/short-term mining operations. Real options theory can also be applied to tactical decisions involving uncertainties and risks. This paper will investigate the application of real options in the mining industry and present a methodology developed at University of Queensland, Australia, for integrating real options into medium/short-term mine planning and produc-tion scheduling. A case study will demonstrate the validity and usefulness of the methodology and techniques developed.

  15. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    TO THE POINT: The U.S. financial crisis swept across the world and shook the very foundations of the global financial system. Mainland stock markets plunged on the news of the U.S. financial catastrophe and dived to new lows. Some Chinese financial institutions disclosed that they held bonds issued by the U.S. investment bank Lehman Brothers, which declared bankruptcy. China accumulated more U.S. Treasury bonds in July after observing a U.S. dollar rebound. The domestic property market underwent a correction period after two years of housing price surges. Despite the global financial agony, China still remained attractive to foreign companies. The American conglomerate General Electric said it planned to set up five new regional headquarters in the country.

  16. Using Neutral Network in Predicting Corporate Failure

    Directory of Open Access Journals (Sweden)

    Huong G. Nguyen

    2005-01-01

    Full Text Available This study investigates the predictive power of three neutral network models: Multi-layer neural network, probabilistic neural network, and logistic regression model in predicting corporate failure. Basing on the database provided by The Corporate Scorecard Group (CSG, we combine financial ratios which deem to be significant predictors of corporate bankruptcy in many previous empirical studies to build our predictive models and test it against the holdout sample. On comparison of the results, we find that three models are good at predicting probability of corporate failure. Moreover, probabilistic neural network model outperforms the others. Therefore, neutral networks are useful and probabilistic neutral network is a promising tool for the prediction of corporate failure.

  17. RESTRICTIONS ON THE RELIGIOUS JUDICIARYS’ AUTHORITY AS A RESULT OF JUDICIAL POWER CONFLICT RULES

    Directory of Open Access Journals (Sweden)

    Rahadi Wasi Bintoro

    2015-05-01

    Full Text Available The new authorities of religious courts, particularly in Economics Sharia field still collide with other rules. This writing intends to identify the rules conflict that exist. Based on the analysis, can be identified the rule conflict relating to the authority of the judge occurs on the peace effort. Rules of conflict regarding peace with instrument PerMA No.1 year 2008 can be accessed by using the principle of lex superior derogat legi law priori, whereas with regard to the authority prosecuting Sharia Board of arbitration verdict temporarily can use the verdict of the Supreme Court of Cassation Number 56/PK/AG/2011, however this is still not final because we are not wedded to the binding force principle of precedent. The next rule of conflict is related with judgement authority to the bankruptcy matter. On this occasion, the author gives suggestions to immediately syncronize authorities prosecutes’ rules, so it can give birth to legal certainty.

  18. THE GLOBALIZATION OF THE BANKING AND FINANCIAL CRISIS ON INTERNATIONAL LEVEL

    Directory of Open Access Journals (Sweden)

    MIRELA CATALINA TURKES (VINT

    2010-01-01

    Full Text Available The very high exposure of the American banks during the past years, by investments on the real estate market and on those markets related to it, has generated the current financial crisis. Many investment banks and insurance companies have become casualties of the financial crisis, being purchased by other banks or taken over by the government in order to prevent bankruptcy. This paper presents the effects generated by the extension of the USA financial crisis into other states economies. The research consisted in presenting the assembly of the actions taken by the world states governments for saving or restructuring the financial systems. Based on country risk assessment, the paper also presents the situation of the best banks from the economies of the world countries, recently affected by this strong financial crisis.

  19. El escándalo de las quiebras en la Real Hacienda: las Cajas Reales de Oruro y Carangas, 1784-1804

    Directory of Open Access Journals (Sweden)

    María Concepción Gavira Márquez

    2011-07-01

    Full Text Available The aim of this research paper is to critically analyze the effectiveness of the Bourbon Reforms in the Viceroyalty of Río de la Plata. In 1802 the chaotic situation and multiple failures of the Royal Treasury led the Crown to send a visitor to the Viceroyalty. It had been denounced as scandalous the  bankruptcies that took place in much of the Charcas’ Cajas Reales: La Paz, Oruro, Carangas. This work deals with bankruptcies  occurred in the two Cajas located in the mining centers of Oruro and Carangas during the last two decades of the Eighteenth-century, a period associated with the Bourbon reforms and its success in the taxation of the American colonies.El objetivo de este trabajo de investigación es analizar críticamente la eficacia de las Reformas Borbónicas en el Virreinato del Río de la Plata. La situación de caos y múltiples quiebras en las instituciones de la Real Hacienda propició que en 1802 la Corona decidiera enviar un visitador al Virreinato, pues se habían denunciado como escandalosas las quiebras en gran parte de las Cajas Reales charqueñas: La Paz, Oruro, Carangas. El trabajo que presentamos aborda la quiebra que se produjo en las dos Cajas ubicadas en los centros mineros de Oruro y Carangas durante las dos últimas décadas del siglo XVIII, periodo vinculado a la reformas borbónicas y su éxito en la fiscalización de las colonias americanas.

  20. 柯达未来在哪里?%Kodak, Does it Have a Future?

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    前几天的重磅新闻,柯达已根据美国法律的第11章(Chapter 11)在美国申请破产保护。第11章中的申请破产保护与大多数其他国家所说的公司宣告破产的意思不同。在美国,破产是与第7章(Chapter 7)有关,而第11章是财务出现问题的公司采用的过程。这条章程允许他们重组运营模式,同时接受来自债权人的保护。%The big news of the past few days has been that Kodak has filed for Chapter 11 bankruptcy protection in the USA. Chapter 11 in the USA is different from filing for bankruptcy in most other countries when a company is declared insolvent. In the USA that situation is Chapter 7. Chapter 11 is a process used bycompanies with financial problems to allow them to operate in a restructuring mode while receiving protection from creditors. In this the Kodak situation differs from that of manroland where an administrator was appointed to run the company while looking at different approaches to sell of the company, break it up, sell of the assets, or close it down completely.

  1. Formalization of the model of the enterprise insolvency risk prediction

    Directory of Open Access Journals (Sweden)

    Elena V. Shirinkina

    2015-12-01

    Full Text Available Objective to improve the conceptual apparatus and analytical procedures of insolvency risk identification. Methods general scientific methods of systemic and comparative analysis economicstatistical and dynamic analysis of economic processes and phenomena. Results nowadays managing the insolvency risk is relevant for any company regardless of the economy sector. Instability manifests itself through the uncertainty of the directions of the external environment changes and their high frequency. Analysis of the economic literature showed that currently there is no single approach to systematization of methods for insolvency risk prediction which means that there is no objective view on tools that can be used to monitor the insolvency risk. In this respect scientific and practical search of representative indicators for the formalization of the models predicting the insolvency is very important. Therefore the study has solved the following tasks defined the nature of the insolvency risk and its identification in the process of financial relations in management system proved the representativeness of the indicators in the insolvency risk prediction and formed the model of the risk insolvency prediction. Scientific novelty grounding the model of risk insolvency prediction. Practical significance development of a theoretical framework to address issues arising in the diagnosis of insolvent enterprises and application of the results obtained in the practice of the bankruptcy institution bodies. The presented model allows to predict the insolvency risk of the enterprise through the general development trend and the fluctuation boundaries of bankruptcy risk to determine the significance of each indicatorfactor its quantitative impact and therefore to avoid the risk of the enterprise insolvency. nbsp

  2. CASE STUDY: THE IMPACT OF INNOVATION PROCESS ON TURNOVER OF GEO – TOPO COMPANY

    Directory of Open Access Journals (Sweden)

    Drienovski Kristina – Jana

    2014-07-01

    Full Text Available This paper presents a case study of the impact of innovation process on the turnover of the GEO - TOPO company in order to highlight the existence of less convenient situations where innovation costs are not included in income madeby the company. Thru this study the paperwork highlights the importance of company’s turnover despite the fact that this indicator is one that presents past performances. Most of the existing literature presents positive aspects of the innovation process, and for the future decisions recommends economic forecast. There are studies showing the risks of the innovation process, including the possibility of bankruptcy of the company due to the failure of the innovation process, but this work represents a practical reality, a point of arrival for the past research and a starting point for the future theories. Bibliographic documentation and research of the enterprises documents were the basis of confirmation for theories regarding the risks of innovation process and an anchor for issuing statements about the negative impact of innovation process on turnover. The results obtained in this study show the importance of turnover in future decisions of the enterprise in order to support an possible and immediate failure. This study has its limitation, because it refers to the result of a service provider SME that has introduced a process of organizational innovation. The results are accurate, this work is part of a broader research regarding the impact of innovation process on companies economic and financial performance. This research supports the entrepreneur in decisions making, comes as a backup plan to avoid bankruptcy, and proposes a closer connection between the marketing department and the accounting in an enterprise. In businesses that have outsourced accounting services, this study provides contractor necessary information for a correct decision without the need for a detailed explanation of the accounts and positions

  3. THE BANKRUPT RISK IN FEED DISTRIBUTION BRANCH IN DOLJ DISTRICT – FDR MODEL

    Directory of Open Access Journals (Sweden)

    Ovidiu CĂPRARIU

    2010-01-01

    Full Text Available Abstract:In this article, we are intending to present a score function in order to calculate the bankrupt risk for a special domain: feed distribution.All analysis models of the bankruptcy risk have at their basis a score function according to which it is determined with approximation whether the company would get bankruptcy or would have performing economic results, in a period immediately following the analysis.Having a personal analysis in feed distribution branch, I elaborated a score function for counting bankrupt risk, based on financial and non-financial studies of many companies and we called this model “Feed Distribution Risk Model” (FDR. The target was to obtain a high level of precision, so I choose the feed industry and more specific only feed distribution branch and I analyzed statistics about the evolution of the feed distribution companies in Romania and about the normal level of some financial or non-financial indicators for these companies.I have choose five feed distribution companies and I counted two international score functions and two Romanian score function with FDR function. Finally, I concluded that the three main differences between the classic models and this one are that the FDR model is for a specified branch – the feed distribution, it uses an important number of indicators and uses non-financial indicators, which explain the shareholders bonity. As directions to continue the investigations, I propose the elaboration of another models for other branches and adjust the financial information with true dates.

  4. Utility-based bandwidth allocation algorithm for heterogeneous wireless networks

    Institute of Scientific and Technical Information of China (English)

    CHAI Rong; WANG XiuJuan; CHEN QianBin; SVENSSON Tommy

    2013-01-01

    In next generation wireless network (NGWN), mobile users are capable of connecting to the core network through various heterogeneous wireless access networks, such as cellular network, wireless metropolitan area network (WMAN), wireless local area network (WLAN), and ad hoc network. NGWN is expected to provide high-bandwidth connectivity with guaranteed quality-of-service to mobile users in a seamless manner; however, this desired function demands seamless coordination of the heterogeneous radio access network (RAN) technologies. In recent years, some researches have been conducted to design radio resource management (RRM) architectures and algorithms for NGWN; however, few studies stress the problem of joint network performance optimization, which is an essential goal for a cooperative service providing scenario. Furthermore, while some authors consider the competition among the service providers, the QoS requirements of users and the resource competition within access networks are not fully considered. In this paper, we present an interworking integrated network architecture, which is responsible for monitoring the status information of different radio access technologies (RATs) and executing the resource allocation algorithm. Within this architecture, the problem of joint bandwidth allocation for heterogeneous integrated networks is formulated based on utility function theory and bankruptcy game theory. The proposed bandwidth allocation scheme comprises two successive stages, i.e., service bandwidth allocation and user bandwidth allocation. At the service bandwidth allocation stage, the optimal amount of bandwidth for different types of services in each network is allocated based on the criterion of joint utility maximization. At the user bandwidth allocation stage, the service bandwidth in each network is optimally allocated among users in the network according to bankruptcy game theory. Numerical results demonstrate the efficiency of

  5. Financial Factors of Banks' Failure: Evidence from American Banking Industry under Sub-prime Crisis%银行破产的财务因素分析:金融危机冲击下美国银行业的实证

    Institute of Scientific and Technical Information of China (English)

    杨海珍; 荆中博; 魏先华; 杨晓光

    2012-01-01

    The recent financial crisis triggered by subprime crisis has caused hundreds of commercial banks to be closed in the USA. This provides an ideal opportunity for studying the bankruptcy of banks. This paper collects the sample of closed banks in the USA and their counterparts of normal banks to study the impact of financial factors on the banks' bankruptcy. Based on the univariate analysis to test the effectiveness of financial ratios, we construct a weighted Logit model and use contribution indices obtained from the model to analyze financial ratios' effect. The empirical results show that not only ROA, capital adequacy, ratio of net loans to asset and financial derivatives have significant influence on bankruptcy, but also the change of ROA and of ratio of net loans to asset do. Especially, although financial derivatives have been regarded as one of the main causes of this financial crisis, our empirical results indicate that it has a positive impact on the banks' stability.%由次贷危机引发的金融危机对美国银行业造成数以百计的商业银行破产,为研究商业银行破产提供了绝佳的样本。本文收集了受危机冲击的美国破产的商业银行样本以及对比样本,研究美国商业银行破产的财务影响因素。本文在用单变量检验方法检验备选财务指标有效性的基础上,建立了加权Logit模型,利用模型贡献度指标分析财务因素的显著性和影响程度。实证结果表明,不仅资产回报率、资本充足率、净贷款占比和金融衍生产品投资对银行破产具有显著影响,资产回报率和净贷款占比的变化率也具有显著作用;而且资产回报率和资本充足率的影响远远大于其他因素。值得特别提出的是,尽管金融衍生产品被广泛认为是这次金融危机的主要原因之一,实证结果显示金融衍生产品投资对样本银行的稳健性具有正向影响。

  6. OVERVIEW OF THE RELEVANT INDICATORS OF DEFAULTED AND NON-DEFAULTED COMPANIES AND POSSIBILITIES OF IMPROVEMENT FOR THE RATING SYSTEMS USED BY THE ROMANIAN COMMERCIAL BANKS

    Directory of Open Access Journals (Sweden)

    Kovacs Ildiko

    2011-12-01

    Full Text Available Since the beginning of the financial and economic crises many news came to light which discussed the increasing number of non-performing loans, and the fact that as a result of the company break-downs, the bank portfolios have also gone worse and worse. In this paper our goal is to find out which internal factors influence the solvency of a company, therefore, to point out the weaknesses of the current Romanian rating systems, which as we will see, do not take into only relevant criteria when according a loan to a company. In order to conduct this study, we choose 18 indicators from several categories to predict bankruptcy. Some of the indicators mentioned above are really common in the international and the Romanian literature (e.g. ROA, ROE, ROS, assets turnover ratio, some of them are less. On a sample of 3000 Romanian companies we use the T-test statistical method to find out if an indicator is significant or not. The sample consists of companies (defaulted and non-defaulted as well which have presented their financial statements (balance, profit and loss account between 1999 and 2008. For each company a set of 18 financial indicators was calculated, but the results obtained show that only 8 of them is significant in predicting bankruptcy: ROA, assets turnover ratio, equity/total assets, general leverage, current assets to total assets, cash to total assets, total assets and sales. In the next step, by analyzing the obligatory forms used in credit lending, we conclude which indicators are used by different Romanian commercial banks. We found that only four out of seven banks calculate all of the significant indicators identified in the first part of the paper. Finally, we made a proposal about which quantitative indicators should the banks use to minimize the credit losses and to avoid the overdue payments. In addition, we consider that the banks should pay attention to the qualitative factors as well to effectively filter out non

  7. Analysis and Prospect of China's Economic Situation in 2016:Stable and Benign%2016年中国经济形势分析与展望:稳中向好

    Institute of Scientific and Technical Information of China (English)

    张立群

    2016-01-01

    通过分析研究,我们预测2016年中国经济形势总的发展态势是稳中向好。我国经济需求企稳的基础初步形成;调结构、转方式取得积极进展,但供给侧问题仍然突出;有望结束下行,转为平稳增长。要实现这种发展态势,应努力做到:坚持以保就业、防止债务风险全面爆发为底线稳增长;把启动破产退出的改革放到改革的优先位置;着力重点难点、注重制度建设;完善破产退出机制;改进基础设施投资方式,加快推动新型城镇化进程;加快完善中小城市的生存发展环境,提高其人气度,化解房地产库存。%Through analysis,we believe that the general trend of China's economic development in 2016 is steady and benign. The basis for the stable development has taken its initial shape;positive progress has been made in the structural adjustment and mode transfer,while the supply problem is still prominent;the downwardness of economic growth is expected to become stable. To achieve this trend,efforts should be made in the following aspects:maintaining stable economic development with guarantee-ing employment and preventing the outbreak of debt risk as the bottom line;starting the bankruptcy and exit reform;focusing on the key and difficult problems and system construction;perfecting the bankruptcy and exit mechanism;improving the way of in-frastructure investment and accelerating the process of urbanization;quickening the improvement of the environment for the sur-vival and development of small and medium -sized cities,enhancing the person bearing and resolve the real estate inventory.

  8. 特定金融风险时期的政府作为问题研究%Case Study of the Government Behavior in the Period of Particular Financial Risks

    Institute of Scientific and Technical Information of China (English)

    张立

    2016-01-01

    某市在本轮担保圈系统性信贷风险、关联企业濒临破产和银行竞相抽贷的市场失灵情形下,通过开展多元化施救和开放式重组,挽救多年来积累下来的企业优质资源,击破银行竞相抽贷、企业轮番破产的囚徒困境,并依据自愿和多方合作博弈,以较小代价处置区域金融风险。分析认为,地方政府在特定金融风险时期,在尊重市场规则的前提下,通过周密的规划和安排,可以在区域金融风险处置中发挥积极的组织、调控、协调和谈判等作用。%Under the condition of market failure that there is the systemic credit risk of the guarantee circle,the re-lated companies on the verge of bankruptcy and banks' competition for pulling out the loans, some city conducts a di-versified rescue plan and open merger to save the optimal resources accumulated over the years by the enterprises. Thus it broke the predicament of banks' pulling out the loans and enterprises' consecutive bankruptcy. And according to the voluntary game with multi-party cooperation,the regional financial risks are disposed at the lowest price. The analysis believes that in the period of particular financial risks and under the premise of respecting market rules, the local gov-ernment can play an active role of organization, regulation, coordination and negotiation in disposing of the regional financial risk through careful planning and arrangement.

  9. THE RELATIONSHIP BETWEEN TANGIBLE ASSETS AND CAPITAL STRUCTURE OF SMALL AND MEDIUM-SIZED COMPANIES IN CROATIA

    Directory of Open Access Journals (Sweden)

    Martina Harc

    2015-07-01

    Full Text Available The asset structure of companies should matter for financing decisions. Small and medium-sized companies in Croatia may use tangible assets as collateral, either providing more access to creditors or as a guarantee in case of bankruptcy. The aim of this paper is to investigate the relationship between tangible assets and the capital structure of Croatian small and medium-sized enterprises. Most previous studies have shown various relationships between tangible assets and leverage. This study has been conducted on a sample of 500 Croatian SMEs for the period between 2005 and 2010. The data used for the empirical analysis were taken from companies’ annual reports. The Pearson Correlation Coefficient is applied in order to examine the relationship between tangible assets and leverage measures. The results of this research indicate that tangible assets are differently correlated with short-term and long-term leverage. The relationship between tangible assets and short-term leverage is negative and statistically significant in all observed years. The relationship between tangible assets and long-term leverage is positive in all observed years and statistically significant. The results show that small and medium-sized companies use their collateral to attract long-term debt, which means that small and medium-sized companies use lower costs and the interest rate of long-term debt in relation to short-term debt. These findings correspond with the maturity matching principle, according to which long-term assets are financed with long-term financing and short-term assets are financed with short-term funds. These results suggest that tangible assets have a positive impact on the long-term debt of Croatian SMEs because tangible assets constitute a positive signal to the financial institutions, which can request the selling of these assets in case of bankruptcy. These findings are consistent with the trade-off theory which predicts a positive relation

  10. Utilização conjunta de modelagem econométrica e otimização em decisões de concessão de crédito

    Directory of Open Access Journals (Sweden)

    Rodrigo Arnaldo Scarpel

    2002-06-01

    Full Text Available Utilizamos um modelo econométrico do tipo Logit como o desenvolvido por Scarpel & Milioni (2001, concebido para atuar em previsão de insolvência de empresas, em conjunto com o modelo de programação linear inteira desenvolvido por Gehrlein & Wagner (1997. O objetivo é o de dar suporte a decisões de concessão de crédito em função da estimativa da probabilidade de solvência de empresas, de forma a minimizar a soma dos custos de oportunidade e inadimplência. Mostramos que a utilização conjunta desses modelos possibilita a eliminação das limitações encontradas quando eles são utilizados isoladamente no auxílio às decisões de concessão de crédito.We use a Logit Model such as the one developed by Scarpel & Milioni (2001, designed to forecast corporations bankruptcy, together with an Integer Programming Model developed by Gehrlein & Wagner (1997. We aim at supporting decisions of credit concession considering the corporation's solvency probability estimate and minimizing the sum of opportunity and failure to pay costs. As we show, the conjoint utilization of both models eliminates limitations found in each of them, when used in isolation.

  11. Light, distribution company in Brazil; Light, compagnie de distribution d'electricite au Bresil

    Energy Technology Data Exchange (ETDEWEB)

    Meritet, S. [Pari-9 Univ. Paris-Dauphine, Centre de Geopolitique de l' Energie et des Matieres Premieres (CGEMP), 75 - Paris (France)

    2005-08-01

    Since the publication of the Roulet Report, Electricite de France (EDF), the French group is crossing tormented hours. Despite its good financial results in 2004 with a turnover of 46.9 Mds euros its debts are around 19.7 Mds euros and are mainly due to its international investments which were not all very profitable. The first source of concern remains the Latin America markets and more particularly the Brazilian one which recorded 1.6 Md euros of losses. The future of EDF investment in Brazil, through its acquisition of the distribution company, Light, is uncertain. Within a new electric power industry framework, after currency devaluation and a rationing, Light is now in a catastrophic financial situation. The last tariff revisions given by the Brazilian authorities and the economic characteristics of the concession put the distributor at the edge of the bankruptcy. This article presents the situation of EDF group and Light at the end of 2004. The main question is the future of the Brazilian distributor in general and more particularly within the French group EDF. (author)

  12. "Getting much more than a song contest". Attempts at enacting a competitive state through project events

    DEFF Research Database (Denmark)

    Petersen, Morten Krogh; Ren, Carina Bregnholm

    In the 1960s and 70s, the large Burmeister & Wain (B&W) halls on Refshale Island in Copenhagen stood as iconic symbol of the Danish industrial society (Nielsen 2004). A few decades later, in 1996, the shipyard filed for bankruptcy and the island was left almost bare for decades. Within the last 1...... years however, the area situated only a few kilometers from the Town hall square and close to the increasingly popular Copenhagen harbor front has reinvented itself as a temporary site for a range of creative industries and city planning experiments. Also, it is the unconventional venue...... for the Eurovision Song Contest of 2014. In this paper, we explore the coming together of the ESC on Refshale Island. This seemingly ‘out of the box’ choice of venue is described by the partnership of organizers as a creative trip up. By unraveling the connections made between ESC actors, we see how the project...... see Copenhagen and Denmark getting “much more than a song contest” with this particular choice of venue. We propose to explore the ESC and the choice of Refshale Island as the ESC venue as enacting a specific issue of public concern (Marres 2012), namely the competitiveness of the Danish state. We...

  13. On Robustness of Insurance Companies Based on the Ruin Probability%基于破产概率的保险公司稳健性研究

    Institute of Scientific and Technical Information of China (English)

    姜锦宇

    2014-01-01

    Ruin probability considering the premiums and claims,is a primary indicator of studying the robustness of an insurance company.It is an important tool for risk management.When capital is un-der zero,the bankruptcy will happen.In this paper,we draw a conclusion of ruin probability from the Pa-reto distribution of investment income.On this basis,the paper analyses the parameters and explains with practice situation.%破产概率是研究保险公司稳健性最主要的指标,综合考虑了保费收入与索赔过程,对于风险管理来说是一个重要工具,当资本金小于零时,破产就会发生;在索赔额为帕雷托分布下,研究了带投资收益的保险公司破产概率,在此基础上,对破产概率进行了系统的参数分析,其中既有常数利息力度情况又有布朗运动,并联系实际情况对此作出了解释。

  14. REGARDING "TRAGIC ECONOMIC OPTIMUM" FROM HOLISTIC+ PERSPECTIVE

    Directory of Open Access Journals (Sweden)

    Constantin Popescu

    2010-12-01

    Full Text Available Communication aims to discuss the new scientific vision of "the entire integrated" as it follows the recent achievements of quantum physics, psychology and biology. From this perspective, economy is seen as a living organism, part of the social organism and together with de bright ecology. The optimum of the economy as a living organism is based on dynamic compatibilities with all common living requirements. The evolution of economic life is organically linked to the unavoidable circumstances contained in the form of V. Frankl ‘s tragic triad consisting of: pain, guilt and death. In interaction with the holistic triad circumscribed by limitations, uncertainties and open interdependencies, the tragic economic optimum (TEO is formed. It can be understood as that state of economic life in which freedom of choice of scarce resources under uncertainty has in the compatibility of rationality and hope the development criteria of MEANING. TEO means to say YES to economic life even in conditions of resource limitations, bankruptcies and unemployment, negative externalities, stress, etc. By respiritualization of responsibility using scientific knowledge. TEO - involves multicriteria modeling of economic life by integrating human demands, community, environmental, spiritual and business development in the assessment predicting human GDP as a variable wave aggregate.

  15. Crop Prices in the Austrian Monarchy (1770–1816: The Role of Crop Failures and Money Inflation

    Directory of Open Access Journals (Sweden)

    Blahovec Jiří

    2015-09-01

    Full Text Available The paper is based on data about local cereal prices in Bohemia recorded in the course of 46 years (1770-1816 by F.J. Vavák, Czech farmer living close to Prague. This information appeared in a series of his memoirs published within 1907-1938 and in 2009. The data analysis shows that annual means of prices of wheat, rye, and barley are relatively well correlated and can be used for illustration of the state monetary situation. A higher variation of the annual mean values was observed only in times of crop failure and was also related to the new harvest. The data obtained for pea differ from the data mentioned above. It was shown that the market prices were influenced mainly by crop failures caused by weather and climate and by the state monetary policies. The money purchasing power was influenced either by objective causes, like crop failures of reversible character, or by subjective changes caused mainly by inflationary monetary policies which in the case of Austria had conduced to a state bankruptcy.

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

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2015-12-01

    Full Text Available 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 representative corporate governance (CG standards into two (2 groups: India and Malaysia latest CG principles covered in group 1 and, group 2, including corporate governance principle from Thailand and Indonesia, so-called relative good CG group, while it uses ACCA and OECD and ICGN principles as reference. Second, it, through analysis, identifies differences and advantages between above set of standards which are and have been used as reference principles for many relevant organizations. Third, it establishes a selected comparative set of standards for South Asian representative corporate governance system in accordance to international standards. Last but not least, this paper covers some ideas and policy suggestions.

  17. Putting the enterprise into the enterprise system.

    Science.gov (United States)

    Davenport, T H

    1998-01-01

    Enterprise systems present a new model of corporate computing. They allow companies to replace their existing information systems, which are often incompatible with one another, with a single, integrated system. By streamlining data flows throughout an organization, these commercial software packages, offered by vendors like SAP, promise dramatic gains in a company's efficiency and bottom line. It's no wonder that businesses are rushing to jump on the ES bandwagon. But while these systems offer tremendous rewards, the risks they carry are equally great. Not only are the systems expensive and difficult to implement, they can also tie the hands of managers. Unlike computer systems of the past, which were typically developed in-house with a company's specific requirements in mind, enterprise systems are off-the-shelf solutions. They impose their own logic on a company's strategy, culture, and organization, often forcing companies to change the way they do business. Managers would do well to heed the horror stories of failed implementations. FoxMeyer Drug, for example, claims that its system helped drive it into bankruptcy. Drawing on examples of both successful and unsuccessful ES projects, the author discusses the pros and cons of implementing an enterprise system, showing how a system can produce unintended and highly disruptive consequences. Because of an ES's profound business implications, he cautions against shifting responsibility for its adoption to technologists. Only a general manager will be able to mediate between the imperatives of the system and the imperatives of the business.

  18. Franchise Value,Equity Financing and Macro-prudential Management%特许权价值、股权融资与宏观审慎管理

    Institute of Scientific and Technical Information of China (English)

    梁薇薇; 刘广伟

    2012-01-01

    2008年9月以雷曼兄弟公司申请破产保护为标志,全球金融危机随之爆发。忽略宏观审慎管理造成金融机构杠杆率过大是此次金融危机带给我们的重要教训。本文从特许权价值、Bail-in与Cocos角度阐述金融机构提高股权融资比例的必要性,并提出完善宏观审慎管理以抑制金融机构放大杠杆率的政策建议。%Since Lehman Brothers filed for bankruptcy protection in September,2008,global financial crisis broke out.The important lesson was that neglect of macro-prudential management could result in excessive money corporation leverage of financial institutions.This paper,from the perspectives of franchise value,Bail-in and Cocos,explains the necessity of financial institutions raising the proportion of equity financing,and proposes policy suggestions of improving macro-prudential management to restrain the magnification of the leverage of financial institutions

  19. The Role of Stereotypes in Intercultural Communication Between the East and the West: a Failed Dialogue?

    Directory of Open Access Journals (Sweden)

    LUCIAN DUMITRESCU

    2009-02-01

    Full Text Available A prevailing paradigm of the social sciences starting with the 90s, which is used to account for the new perspective on social-cultural changes in a world passing from the industrial order to the post-industrial and informational order, is known as globalization. This paradigm is acknowledged by several authors as the legitimate offspring of modernity, which witnessed the rise, fall and bankruptcy of the bourgeois spirit. Simultaneously, the "paternity" of globalization has been contested, as the establishment of modernity in various geographical areas of the world is the consequence of distinct actions and phenomena: the massacre of the Natives in the New World, the aggregation of local energies into Asiatic society facing external threat, the colonial regimes brought up by Western imperialism in Africa. The delineation of the way in which several cultures of the world are negotiating their significances on the stage of global culture is the objective of this article, focusing on the importance of the condition held by the essentialist discourse at a symbolic round table of the intercultural dialogue.

  20. Implications of Fraud and Error Risks in the Enterprise Environment and Auditor’s Work

    Directory of Open Access Journals (Sweden)

    Emil Horomnea

    2012-05-01

    Full Text Available The objective of this study is to identify and analyze the main correlations and implications offraud and error in the business environment and in the financial scandals occurred in the last decade. Theapproach envisages a synthesis and antithesis of the ideas found on this subject in the specialty literature, ofthe regulations issued by various international bodies. To achieve the established objectives, we used aconstructive methodology to identify criticism, presentations and developed a speech with view to a moreefficient and effective fraud and error risk management. The results of the study show that the major financialscandals and hence the global economic crisis are based largely on fraudulent maneuvers of significantproportions. By using "creative accounting" in fraud and error, famous companies have managed to distortreality for their performance and market position, misleading the users’ perception. This study is a theoreticalhaving implications for a future empirical study.The study contributes to auditing literature diversification inthe field of risk of fraud and error. An additional perspective is gained by addressing the financial crisis andsome famous bankruptcies by way of the financial auditors activity and the fraud and error risk.

  1. Wind-power installation on the Guetsch in Switzerland; Windkraftanlage Guetsch, EW Ursern, Andermatt UR

    Energy Technology Data Exchange (ETDEWEB)

    Russi, M.

    2006-07-01

    This comprehensive final report for the Swiss Federal Office of Energy (SFOE) takes a look at the 800 kW wind turbine installed in 2001/2002 by the Ursern electricity utility near Andermatt, Switzerland, at a height of 2350 meters above sea level. The original prototype wind turbine contained various components from Swiss industry, such as the generator and the inverter. Because of difficulties (cracks in rotor blades, bankruptcy of the manufacturer, etc.) this installation was replaced by an Enercon 600-kW-wind turbine in 2004. Characteristic features of this turbine, such as is its adaptation for use under turbulent wind conditions at cold locations, are discussed. The results obtained in 2005 made it obvious that the utilisation of wind energy in alpine regions is possible and that the extreme conditions at this location do not significantly affect the efficient and safe operation of such an installation. Together with the presence of a meteorological station in the vicinity, optimal operating conditions prevail at this site for further research projects in connection with icing-up of turbine blades and wind energy. The report describes the installation and de-installation of the first turbine and the installation of the present one. Initial experience gained with the installation and its certification by the 'Naturemade' eco-power programme is discussed, as is future expansion at the site.

  2. Identifying and prioritizing different factors influencing the success of advertisement during the economic depression

    Directory of Open Access Journals (Sweden)

    Aram Rashidi

    2014-04-01

    Full Text Available During the financial crisis of 2007, many businesses and banks faced unexpected circumstances and declared bankruptcy. Market mortgage crisis and the collapse of the economic system in United States created a substantial amount of damage in world economy. Within a few years, the economic downturn was transferred to developing countries such as Iran. The recession has created conditions for Iranian companies that have led them to focus more on the subject of advertising since this is the primary tool of communication and business customers business. Success and failure of many organizations and companies depend on their advertisement planning. In this study, the factors contributing to the success and effectiveness of advertising during the recession time are identified. This survey has been accomplished on investigating an Iranian dairy firm named “Kalle”. Using a questionnaire in Likert scale, the study determines the effects of various factors of advertisement on sales improvement in this firm using Pearson correlation ratio and rank them based on Freedman test. Cronbach alpha has been calculated as 0.93. According to the results, factors that contribute to the success of advertising during a recession include: Responsiveness to customers’ needs, advertising tools, content factors, the amount of money spent and availability.

  3. Central and Eastern Europe After the Boom - Time for a Stragegy Change for Foreign Multinationals?

    Directory of Open Access Journals (Sweden)

    Arnold Schuh

    2013-06-01

    Full Text Available In 2008 the global financial and economic crisis ended a six-year-long boom period with an average growth rate well above 5% in Central and Eastern Europe (CEE. Although not the originators of the crisis some CEE countries such as the Baltic States and Ukraine were among the worst hit by this economic downturn. The crisis did not only shatter the financial markets, banks and the real economy but also the growth image of CEE. The huge market potential and expected higher growth rates resulting from the catching-up process to West European standards have been the main reason for the flood of foreign direct investments into the countries of the region in the two decades before. Suddenly, foreign direct investors were confronted with stalled and even collapsing market growth, shrinking disposable household income, business customers and partners on the verge of bankruptcy and no real sign of a quick recovery. While the situation improved a little in 2011, the economic outlook and the sentiment of foreign investors have remained gloomy, at least for parts of the region. It is obvious that when faced with such a huge economic downturn companies stop geographic expansion and put the brakes on investments.

  4. Improving prediction of neural networks: a study of tow financial prediction tasks

    Directory of Open Access Journals (Sweden)

    Tarun K. Sen

    2004-01-01

    Full Text Available Neural networks are excellent mapping tools for complex financial data. Their mapping capabilities however do not always result in good generalizability for financial prediction models. Increasing the number of nodes and hidden layers in a neural network model produces better mapping of the data since the number of parameters available to the model increases. This is determinal to generalizabilitiy of the model since the model memorizes idiosyncratic patterns in the data. A neural network model can be expected to be more generalizable if the model architecture is made less complex by using fewer input nodes. In this study we simplify the neural network by eliminating input nodes that have the least contribution to the prediction of a desired outcome. We also provide a theoretical relationship of the sensitivity of output variables to the input variables under certain conditions. This research initiates an effort in identifying methods that would improve the generalizability of neural networks in financial prediction tasks by using mergers and bankruptcy models. The result indicates that incorporating more variables that appear relevant in a model does not necessarily improve prediction performance.

  5. A conservation vent is not a safe substitute for a flame arrester

    Energy Technology Data Exchange (ETDEWEB)

    Siestrup, Francisco Hubertus Grosse [Protego Leser do Brasil Ltda., Rio de Janeiro, RJ (Brazil)

    2009-07-01

    For several decades state organizations and engineering societies have published strict engineering guidelines for the design and safe management of storage tanks. Storage tanks in refineries and chemical plants can contain flammable and hazardous chemicals. Accidents in these systems resulting from explosions can cause million dollar property loss and production interruption. In severe cases lawsuits may result and companies can even be driven into bankruptcy. This article focuses on tests which have been conducted by the PROTEGO Research and Development Group in Braunschweig, Germany. Latest research, in which conservation vents have been tested in accordance to the new ISO 16852 test method, have proven that conservation vents cannot be used to substitute a flame arrester if potentially explosive atmospheres are present in storage tanks. This research was conducted during the development of ISO 28300 and the test results are considered in this standard. This paper will prove that the use of conservation vents to protect tanks from atmospheric explosion is not a reliable protection method when the vapor/air mixtures in the tank have a concentration between the Upper and Lower Explosive Limits (UEL and LEL). This is very common for Ethanol storage which is globally in evidence. (author)

  6. Hidden Owners, Hidden Profits, and Poor Nursing Home Care: A Case Study.

    Science.gov (United States)

    Harrington, Charlene; Ross, Leslie; Kang, Taewoon

    2015-01-01

    The study examined the ownership transparency, financial accountability, and quality indicators of a regional for-profit nursing home chain in California, using a case study methodology to analyze data on the chain's ownership and management structure, financial data, staffing levels, deficiencies and complaints, and litigation. Secondary data were obtained from regulatory and cost reports and litigation cases. Qualitative descriptions of ownership and management were presented and quantitative analyses were conducted by comparing financial and quality indicators with other California for-profit chains, for-profit non-chains, and nonprofit nursing home groups in 2011. The chain's complex, interlocking individual and corporate owners and property companies obscured its ownership structure and financial arrangements. Nursing and support services expenditures were lower than nonprofits and administrative costs were higher than for-profit non-chains. The chain's nurse staffing was lower than expected staffing levels; its deficiencies and citations were higher than in nonprofits; and a number of lawsuits resulted in bankruptcy. Profits were hidden in the chain's management fees, lease agreements, interest payments to owners, and purchases from related-party companies. Greater ownership transparency and financial accountability requirements are needed to ensure regulatory oversight and quality of care.

  7. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  8. LA CRISIS FINANCIERA: ¿ESTAFA, MALA GESTIÓN EMPRESARIAL, MAL MANEJO MACROECONÓMICO O UNA FALTA DE REGULACIONES? DE NUEVO LAS ENSEÑANZAS

    Directory of Open Access Journals (Sweden)

    Julio César Espinosa Rodríguez

    2012-05-01

    Full Text Available Resumen La intensificación de la crisis a nivel global, luego de la bancarrota de Lehman Brothers en septiembre del 2008, ha provocado que el actual entorno económico y financiero sea complicado para la economía mundial, el sector financiero a nivel global y para los bancos centrales. La actual crisis deriva de muchas causas; no obstante las principales son tres: primero, aspectos macroeconómicos; segundo, la inadecuada regulación de los entes encargados, y tercero, los reguladores estimularon el rápido crecimiento de los derivados en el mercado OTC. Abstract The amplification of the global financial crisis, following the bankruptcy of Lehman Brothers in September 2008, has made the present economic and financial environment a not easy time for the world economy, the global financial system and for central banks. There are many causes from the recent financial crisis. Main could be three. First, there were macroeconomic components. Second, the inadequate oversight/regulation provided by financial market regulators. And third, federal regulators have actively encouraged the rapid growth of over-the-counter (OTC derivatives and securities by all types of financial institutions.

  9. Credit Risk Evaluation of Power Market Players with Random Forest

    Science.gov (United States)

    Umezawa, Yasushi; Mori, Hiroyuki

    A new method is proposed for credit risk evaluation in a power market. The credit risk evaluation is to measure the bankruptcy risk of the company. The power system liberalization results in new environment that puts emphasis on the profit maximization and the risk minimization. There is a high probability that the electricity transaction causes a risk between companies. So, power market players are concerned with the risk minimization. As a management strategy, a risk index is requested to evaluate the worth of the business partner. This paper proposes a new method for evaluating the credit risk with Random Forest (RF) that makes ensemble learning for the decision tree. RF is one of efficient data mining technique in clustering data and extracting relationship between input and output data. In addition, the method of generating pseudo-measurements is proposed to improve the performance of RF. The proposed method is successfully applied to real financial data of energy utilities in the power market. A comparison is made between the proposed and the conventional methods.

  10. [Two traditions in the scientific learning of the world. A case study of creation and reception of quantum mechanics over the period 1925-1927, on the bases of discussion between Werner Heisenberg and Albert Einstein].

    Science.gov (United States)

    Krajniak, Wiktor

    2014-01-01

    The purpose of this article is the analyses of discussion between Albert Einstein and Werner Heisenberg in the period 1925-1927. Their disputes, relating to the sources of scientific knowledge, its methods and the value of knowledge acquired in this way, are part of the characteristic for the European science discourse between rationalism and empirism. On the basis of some sources and literature on the subject, the epistemological positions of both scholars in the period were reconstructed. This episode, yet poorly known, is a unique example of scientific disputes, whose range covers a broad spectrum of methodological problems associated with the historical development of science. The conducted analysis sheds some light on the source of popularity of logical empirism in the first half of the 20th century. A particular emphasis is placed on the impact of the neopositivist ideas which reflect Heisenberg's research program, being the starting point for the Copenhagen interpretation of quantum mechanics. The main assumption of logical empirism, concerning acquisition of scientific knowledge only by means of empirical procedures and logical analysis of the language of science, in view of the voiced by Einstein arguments, bears little relationship with actual testing practices in the historical aspect of the development of science. The criticism of Heisenberg's program, carried out by Einstein, provided arguments for the main critics of the neopositivist ideal and contributed to the bankruptcy of the idea of logical empirism, thereby starting a period of critical rationalism prosperity, arising from criticism of neopositivism and alluding to Einstein's ideas.

  11. A population-based longitudinal study of recent stressful life events as risk factors for suicidal behavior in major depressive disorder.

    Science.gov (United States)

    Wang, Yunqiao; Sareen, Jitender; Afifi, Tracie O; Bolton, Shay-Lee; Johnson, Edward A; Bolton, James M

    2015-01-01

    The purpose of this study is to investigate whether the type and number of stressful life events (SLEs) will be associated with suicidal behavior in a 3-year follow-up period in persons with major depressive disorder (MDD). Data came from the National Epidemiologic Survey on Alcohol and Related Conditions (NESARC), a nationally representative longitudinal survey of mental health in non-institutionalized adults in the United States. The survey consisted of two waves: Wave 1 (2001--2002) and Wave 2 (2004-2005), n = 34,653. Twelve past-year SLEs were assessed at baseline. These SLEs were categorized into the following groups based on previous research: Loss or victimization; Relationship, friendship, or interpersonal stress; Financial stress; and Legal problems. Only respondents with MDD at Wave 1 were included (n = 6,004). Several SLEs were strongly associated with suicide attempts, among which, "serious problems with neighbor, friend, or relative" (adjusted odds ratio [AOR] = 2.21; 95% confidence interval [95% CI]: 1.41, 3.45) and "major financial crisis, bankruptcy, or unable to pay bills" (AOR = 2.31; 95% CI: 1.45, 3.66) were the most robust predictors of suicide attempts even after adjusting for sociodemographic variables and any anxiety, substance use, or personality disorder. People with MDD who had been exposed to certain SLEs are at elevated risk for future suicide attempts, even after accounting for the demographic factors and psychiatric comorbidity.

  12. Scheduling Coordinator’s Flat Rate Service for Wind Energy Development in Poland

    Directory of Open Access Journals (Sweden)

    Zbigniew Prondziński

    2014-06-01

    Full Text Available The development of the electricity market has made the energy industry an attractive investment for many businesses. In recent years, the electricity market has been going through the process of liberalization, which has contributed to the provision of new services for investors interested in the development of the energy industry. Recently, one of the most rapidly growing sources of electricity has been wind farms. Few investors are aware of the consequences of connecting wind farms to the national power grid, as well as of the subsequent exploitation of these resources. After the Electricity Sales Contract has been concluded, investors agree to predict electrical capacity generation within the span of 24 hours with a daily advance. The specific nature of wind farm functioning makes the prediction of electrical capacity generation difficult and, consequently, the owners bear the costs of deviations on the electricity balancing market. The resulting costs may result in the lack of liquidity of the project owner and, ultimately, in bankruptcy. In such a case, the Scheduling Coordinator’s flat rate service is a solution for the owner of a wind farm. The paper presents an analysis of selected forecasting models used to predict the electrical capacity of wind farms, as well as the Scheduling Coordinator’s service.

  13. Scaling cost-sharing to wages: how employers can reduce health spending and provide greater economic security.

    Science.gov (United States)

    Robertson, Christopher T

    2014-01-01

    In the employer-sponsored insurance market that covers most Americans; many workers are "underinsured." The evidence shows onerous out-of-pocket payments causing them to forgo needed care, miss work, and fall into bankruptcies and foreclosures. Nonetheless, many higher-paid workers are "overinsured": the evidence shows that in this domain, surplus insurance stimulates spending and price inflation without improving health. Employers can solve these problems together by scaling cost-sharing to wages. This reform would make insurance better protect against risk and guarantee access to care, while maintaining or even reducing insurance premiums. Yet, there are legal obstacles to scaled cost-sharing. The group-based nature of employer health insurance, reinforced by federal law, makes it difficult for scaling to be achieved through individual choices. The Affordable Care Act's (ACA) "essential coverage" mandate also caps cost-sharing even for wealthy workers that need no such cap. Additionally, there is a tax distortion in favor of highly paid workers purchasing healthcare through insurance rather than out-of-pocket. These problems are all surmountable. In particular, the ACA has expanded the applicability of an unenforced employee-benefits rule that prohibits "discrimination" in favor of highly compensated workers. A novel analysis shows that this statute gives the Internal Revenue Service the authority to require scaling and to thereby eliminate the current inequities and inefficiencies caused by the tax distortion. The promise is smarter insurance for over 150 million Americans.

  14. THEORY AND METHODOLOGY OF GOING CONCERN AUDITING: PROBLEMS AND SOLUTIONS

    Directory of Open Access Journals (Sweden)

    Shvyreva O. I.

    2016-04-01

    Full Text Available For many consecutive years, one of the main violations on the results of external quality auditing control is the improper validation of the going concern. Our studies have shown that this problem is caused by two reasons. First, this is the normative regulation lack of signs of going concern’s violation. Secondly, this is the unreasonably high role of professional judgment of auditor in identifying and assessing the significance of features of possible liquidation (bankruptcy. The article summarizes the relevant aspects of legislative regulation of going conсern, based on the innovations of recent years. There is substantiated the assessment of the non-compliance with legislation on the net assets and share capital formation, with payment discipline, violations of other regulations influence the probability of forced entity liquidation. To solve the second problem key inadequate identification and assessment of the significance of the going concern features risks have been highlighted. The main directions of internal standardization of going concern’s auditing are suggested and substantiated. The implementation of these proposals will ensure the auditing principles of objectivity, due diligence and sustainability

  15. Prospects for the world economy

    Directory of Open Access Journals (Sweden)

    Paolo Sylos Labini

    2003-09-01

    Full Text Available Analysis here is founded on certain analogies with the Great Depression of the Thirties and four fundamental points: innovations, changes in the market forms, changes in income distribution and the sustainability of debts. The duration of prosperity depends first of all on the importance and variety of investment opportunities opened up by them, whereas crisis duration is conditioned by the size of indebtedness. The central problem in America today is precisely that of the sustainability of debts, to evaluate which criteria are studied in this paper. Full recovery will only be possible once past the stage in which firms and families contract debts primarily to repay other debts falling due and avoid bankruptcy. Proof that debts have fully reacquired the function of supporting growth will be given by the recovery of investments. In any case, the crisis is unlikely to reach the gravity of the Great Depression not only because a price fall is to excluded, but also because repetition of the mistakes in monetary policy are to be ruled out.

  16. An Urgent Need for Ethics Education for Accountants

    Directory of Open Access Journals (Sweden)

    Desti Kannaiah

    2009-06-01

    Full Text Available Social, political and technological changes have challenged traditional idea of professional practice by accountants. Accounting is both an essential practice and a vital profession in the economically developed world of today (Ronald F.Duska and Brenda Shay Duska,2003. Today, professional accountants cannot exist by technical knowledge alone; they have to posses and apply that within a framework of professional values, ethics and attitudes.(Peter Williams, 2007.  Ethics, values and principles serve as benchmarks of the accounting profession. They determine what is right and wrong, appropriate and inappropriate, on a universal basis every time. (Joe Lienandt, 2003. Enron‟s bankruptcy case, in which their auditors and consultants from the accounting firm Arthur Anderson, came under criticism for not apparently carrying out their responsibilities as accountants. The  Enron/Arthur Anderson‟s case has raised the ethical question, „what is the appropriate behaviour for accountants?‟ and „what are the accountants supposed to do?‟ This paper attempts to address the following issues: How to teach ethics to those entering the profession; How to ensure that the ethical standards and behaviour of experienced accountants are as fresh and relevant as technical knowledge.

  17. Default risk modeling with position-dependent killing

    Science.gov (United States)

    Katz, Yuri A.

    2013-04-01

    Diffusion in a linear potential in the presence of position-dependent killing is used to mimic a default process. Different assumptions regarding transport coefficients, initial conditions, and elasticity of the killing measure lead to diverse models of bankruptcy. One “stylized fact” is fundamental for our consideration: empirically default is a rather rare event, especially in the investment grade categories of credit ratings. Hence, the action of killing may be considered as a small parameter. In a number of special cases we derive closed-form expressions for the entire term structure of the cumulative probability of default, its hazard rate, and intensity. Comparison with historical data on aggregate global corporate defaults confirms the validity of the perturbation method for estimations of long-term probability of default for companies with high credit quality. On a single company level, we implement the derived formulas to estimate the one-year likelihood of default of Enron on a daily basis from August 2000 to August 2001, three months before its default, and compare the obtained results with forecasts of traditional structural models.

  18. Factors Affecting the Survival of SMEs: A Study of Biotechnology Firms in South Korea

    Directory of Open Access Journals (Sweden)

    Kwangsoo Shin

    2017-01-01

    Full Text Available Past studies examining survival factors of biotechnology firms have focused on pioneer countries, such as the USA, the UK and Germany. However, as the biotechnology industry in Asia is reaching the take-off stage and showing a high growth rate, the research on survival factors in the context of Asian latecomers is needed. The present research investigates internal and external factors affecting the survival of SMEs (Small and Medium-sized Enterprises in the biotechnology industry in South Korea. The Cox hazard model was employed to perform a robust estimation in survival analysis. The analysis of internal factors showed that the origin of a firm (i.e., having prior experience or spin-offs and the business sub-sector (i.e., platform-based affect the hazard rates of biotechnology firms. In terms of external factors, unlike strategic alliances, government R&D funding lowered hazard rates for the firm’s survival. Additionally, considering that the reasons of firm exit can be divided into bankruptcy and M&A (Mergers and Acquisitions, the different effects of origins from other firms and strategic alliance for firm survival are confirmed. The results suggest that prior experience, platform-based and constant government R&D funding contribute to the sustainable development of SMEs in the biotechnology industry.

  19. The Impact of Financial Crises and Economic Growth of East Asian Countries

    Directory of Open Access Journals (Sweden)

    Shabbir MS

    2016-04-01

    Full Text Available In last quarter of 1997, the economic crises came in the East Asian countries. However, the countries those are affected by these crises are Malaysia, South Korea, Indonesia, Japan, Philippians, Thailand and Taiwan. The reason behind these crises were due to miss management of economic system and bankruptcy because mostly bank became corrupt during these crises and real GDP effected by these crises, whereas GDP in some countries are less effected as compared by the remaining countries after the crises in 2000. But the investment ration fell during that period, whereas, a comparative analysis are done in this paper that showed the investment ratio decreased during the period but slightly recovered after the crises. We explored the growth of the Asian economy and determinants of the economic growth before and after the crises. In the first part of the paper, we review the East Asian economy before 1997 while in second part we discuss the crises development of East Asia countries after the crises. The crisis resulted in the stock market values have failed to pre-crisis values retain is supported by the result. A picture of currency and banking crises exhibited a slightly different image study in the result.

  20. RECENT ASPECTS ON TERRITORIAL DISPARITIES IN FINANCIAL BEHAVIOUR OF HOUSEHOLDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    BABUCEA ANA-GABRIELA

    2016-06-01

    Full Text Available In the recent past, the Romanian population has experienced major effect of psychological factors on the behavior of its financial, particularly with regard to accessing bank loans for consumer and real estate loans offered by commercial banks sometimes very easy, just "identity card". The financial crisis has compounded the effects of highrisk lending, leading in turn to many Romanian dramatic situations if we consider the impossibility of return of bank debt and the need to adopt legal regulations for restanţierii real estate loans. The major risk of the bankruptcy of the pension system questioned especially amid massive emigration of labor in EU countries, together with a demographic trend downward as he mostly adult population to turn to savings instruments, even if according to studies BNR, they remain mostly in the sphere of bank deposits even if they offer extremely low interest rates. Appealing to methods frequently used to substantiate regional development strategies, the paper aims at analyzing the degree of concentration among the 8 regions, namely overcrowding overall levels of spatial distributions on loans and deposits of households in lei and foreign currency around a typical values of these variables.

  1. THE EUROPEAN BANKING SYSTEM. TRACK RECORD AND ACHIEVEMENT

    Directory of Open Access Journals (Sweden)

    ADELA IONESCU

    2014-11-01

    Full Text Available The banking system of Europe has experienced two decades of turbulence. Through the 1990’s a wave of mergers, liquidations and bankruptcies has swept the sector. This wave was at its peak the last years of the 1990’s and the 2000-2004 period. Since then the number of exits from the sector has been relatively stable. It is notable that the cooperative banks suffered more than the commercials. This fact can be attributed to their smaller size, ownership structure, management efficiency etc.During the last decade a great number of events have forced the banking system in Europe to transform, to adapt to a new financial, economic, political and social environment. Two financial crisis (2001-2002 and 2008-2009, two voluntary attempts to regulate the financial system (Basel II and III, the introduction of the Euro and the establishment of the European Central Bank, several regulation attempts to create an isomorphic legal environment, financial scandals of 2001-2002, 2008 and the globalization of the financial sector are some of the events that created a new environment for the financial sector.

  2. Optimal strategies for company with fixed liabilities%债务固定的公司最优投资策略

    Institute of Scientific and Technical Information of China (English)

    杨昭军

    2001-01-01

    This paper assumes that loan rate is higher than saving rate, and deal with the issue on minimizing the discounted penalty of bankruptcy for a company which must withdraw funds continuously at a given rate per unit time. We have ac quired optimal policy which is the pathwise linear function of the companyscurrent property. By comparison, we find out the concrete influence of the rate di fference on investors. The influence is remarkable.%从贷款利率高于存款利率的实际出发,对单位时间内必须偿还固定数量债务的负债公司 ,讨论他们极小化破产罚款额贴现值的最优投资策略问题,得到最优策略是公司当前财富净 值的分段线性函数.通过比较,可看出存贷利率差异对公司行为的具体影响,影响是显著的.

  3. The influence of external factors on the credit risk in leasing industry

    Directory of Open Access Journals (Sweden)

    Gholamreza Farsad Amanollahi

    2016-03-01

    Full Text Available Credit risk consists of probability of non-return, which may be in the form of bankruptcy or a decrease in financial and credit situation of the lessee. The variables are extracted from the Central Bank. In this study the independent variables are measured with six factors that are called external factors. The external factors are size of leasing, ownership interest rate, foreign exchange, inflation, and Gross Domestic Product (GDP. The present study uses related observations from 31 leasing companies from 2008 to 2013 to find out the determinants of the credit risk. The combined evidences suggest that internal factors such as upfront prepayment, credit insurance contract, security deposits, time and period contract, collateral and guarantees, contract amount, as well as external factors such as interest rate, inflation, foreign exchange, Gross Domestic Product infrastructure, and credit risk are determinants in the policy-making process involving the industrial leasing. Furthermore, the empirical results indicate the size of leasing and ownership are not the significant determinants of credit risk. The results of this dissertation provide several implications for policy-makers in the leasing industry. Policy-makers will be better off employing different procedures for leasing activities in the leasing industry.

  4. El concurso de acreedores desde la óptica de la sociedad familiar

    Directory of Open Access Journals (Sweden)

    Pablo Arraiza Jiménez

    2011-06-01

    Full Text Available El concurso de acreedores constituye una institución mixta de derecho mercantil y procesal que tiene por objeto la salvaguarda del patrimonio social o masa con la finalidad de permitir a los acreedores de una sociedad en situación de insolvencia obtener el cobro de sus créditos en la mayor medida posible, ya sea mediante la suscripción de un convenio que tienda a permitir la supervivencia de la empresa como medio de obtención de los recursos precisos para hacer frente al pago, ya sea mediante la instauración de un proceso liquidatorio que partiendo de una disolución ordenada de la sociedad, contemple la satisfacción de los acreedores de acuerdo con un orden de prelación determinado por una jerarquización crediticia construida sobre la base de la mayor preeminencia de determinados grupos de acreedores caracterizados por la relevancia social de los sujetos que integran cada grupo. La institución del concurso de acreedores viene actualmente regulada en la Ley 22/2003 de 9 de julio, inspirada en el principio de unidad de disciplina como expresamente reconoce la Exposición de Motivos de esta Ley, la cual somete a un mismo régimen normativo a la totalidad de las situaciones concursales, con independencia de que afecten a personas físicas o jurídicas, comerciantes o no. En tal contexto, las singularidades que por su idiosincrasia interna presenta la sociedad familiar tienen su reflejo en la regulación y el desarrollo del concurso de acreedores, en cuestiones tan relevantes como la génesis y virtualidad de la decisión de instar la declaración de concurso voluntario ante el Juzgado de lo Mercantil, la calificación de los créditos de los socios, su intervención en la junta de acreedores, la solicitud de la apertura de la fase de liquidación, o la calificación del concurso.The bankruptcy constitutes a mixed institution of commercial and procedural law that takes as an object the safeguard of the social heritage or mass with the

  5. MANAGEMENT OF SPORT COMPLEXES

    Directory of Open Access Journals (Sweden)

    Marian STAN

    2015-07-01

    Full Text Available The actuality of the investigated theme. Nowadays, human evolution, including his intellectual development, proves the fact that especially the creation manpower and the employment was the solution of all life’s ambitions in society. So, the fact is that in reality, man is the most important capital of the society. Also, in an individual’s life, the practice of sport plays a significant role and that’s why the initiation, the launch and the management of sports complexes activity reveal the existence of specific management features that we will identify and explain in the current study. The aim of the research refers to the elaboration of a theoretical base of the management of the sport complexes, to the pointing of the factors that influence the efficient existence and function of a sport complex in our country and to the determination of the responsibilities that have a manager who directs successfully the activity of the sport complexes. The investigation is based on theoretical methods, such as: scientific documentation, analysis, synthesis, comparison and on empirical research methods, like: study of researched literature and observation. The results of the research indicate the fact that the profitability of a sport complex must assure a particular structure to avoid the bankruptcy risk and also, that the administration of the sport complexes activity must keep in view the reliable functions of the contemporaneous management.

  6. Role of Secondary Attributes to Boost the Prediction Accuracy of Students’ Employability Via Data Mining

    Directory of Open Access Journals (Sweden)

    Pooja Thakar

    2015-11-01

    Full Text Available Data Mining is best-known for its analytical and prediction capabilities. It is used in several areas such as fraud detection, predicting client behavior, money market behavior, bankruptcy prediction. It can also help in establishing an educational ecosystem, which discovers useful knowledge, and assist educators to take proactive decisions to boost student performance and employability. This paper presents an empirical study that compares varied classification algorithms on two datasets of MCA (Masters in Computer Applications students collected from various affiliated colleges of a reputed state university in India. One dataset includes only primary attributes, whereas other dataset is feeded with secondary psychometric attributes in it. The results showcase that solely primary academic attributes don’t lead to smart prediction accuracy of students’ employability, once they square measure within the initial year of their education. The study analyzes and stresses the role of secondary psychometric attributes for better prediction accuracy and analysis of students’ performance. Timely prediction and analysis of students’ performance can help Management, Teachers and Students to work on their gray areas for better results and employment opportunities.

  7. Contribution of Taxes to the Making-Up of Budget Revenues in the Economic Growth

    Directory of Open Access Journals (Sweden)

    Marilena Ciobănaşu

    2012-12-01

    Full Text Available A significant coordinate of tax policy aims at the source of tax revenuese and share of tax revenues collected from the public, private sector, or from individuals in the GDP. Collecting fees and taxes in Romania is marked, on one side by a business environment in difficulty (insolvency and bankruptcy cases increased, and on the other hand, by a declining tax base due to the limitation of business of economic operators in recent years. Thus, although by the tax administration policy, measures are provided for enhancing transparency, stability and predictability of the tax framework, it encounters major restrictions, a dynamic and more efficient collection being required. Occurrence and evolution of tax evasion and low level of payment voluntary compliance of taxpayers should lead to the growth of performance of tax office in achieving the role of recovery of budget revenues. As a rule, the economically advanced countries have a more developed level of direct taxes than the one of the indirect taxes, which is not also the case of developing countries. In their case, it is natural that indirect taxes should prevail because, on the one hand, it is pretty difficult to keep a record of the taxable revenues (there are many and of little value, and, on the other hand, an indirect tax collection is more convenient and requires a relatively low cost.

  8. Culture, Materiality, Memory: Collective Ownership and Action In Romanian Mutual Funds

    Directory of Open Access Journals (Sweden)

    Narcis TULBURE

    2015-12-01

    Full Text Available The paper presents the tensions between collectivist and corporatist forms of ownership for Romanian mutual funds. Drawing on my research among retail investors of funds that ended up in bankruptcy throughout the postsocialist period, I document the material practices and graphic artefacts they deploy in litigation as ways to make claims and produce evidence regarding their ongoing financial involvement and the rights to compensations. I focus specifically on the files documenting their personal histories (providing moral reasons for pursuing “speculative” investments as well as those materializing the memory of their involvement with the capital market. I conclude that material practices are constitutive of vernacular forms of financial and legal knowledge. Furthermore, they engender specific types of property that serve as premises for the defense of investor rights and as grounds for emerging forms of collective action. Methodologically, the conclusion of the paper is that qualitative methods constitute alternative approaches and a valuable complement of quantitate research methods for the behaviors of mutual fund investors illustrating some of the cultural components giving specific dynamics to the popular participation to the capital market that can be subsequently quantified.

  9. The application of data envelopment analysis method in managing companies' credit risk

    Directory of Open Access Journals (Sweden)

    Anna Ferus

    2014-04-01

    Full Text Available The subject of the present article is a new procedure forecasting credit risk of companies in Polish economic environment. What favors the suggested approach is the fact that in Poland, unlike in western countries, DEA method has not yet been implemented in order to assess credit risk that companies face. The research described in the article has been conducted on the basis of comparison of suggested DEA method with currently used procedures, namely point method, discriminative analysis and linear regression. In order to verify and compare the efficiency of various methods of company credit risk estimation the efficiency of classification of companies has also been examined. The study has involved an analyzed sample (a teaching sample as well as a test sample which was not taken in model building. Considering the research, it can be concluded that DEA method facilitates forecasting financial problems, including bankruptcy of companies in Polish economic conditions, and its efficiency is comparable or even greater than approaches implemented so far. The DEA methodology was found to be successful within the credit evaluation process, however it might not be used as a stand alone tool for this purpose, but it can offer valuable insight to the loan officer or the analyst facing the credit approval decision.

  10. Myths and realities of China’s apparel industry——from a global value chain perspective

    Institute of Scientific and Technical Information of China (English)

    谭力文; 马海燕; 刘林青

    2009-01-01

    Rising export and market shares and rampant bankruptcies coexist in China’s apparel industry.Against the backdrop of the global value chain,the by-country industrial competitiveness evaluation system based on final products is failing.Using the global value chain theory,this article investigates the international competitiveness of China’s apparel industry and introduces the case study of Nike’s global value chain,reaching the conclusion that existing evaluations have exaggerated the international competitiveness of China’s apparel industry.China’s apparel industry is at the lowest level of the global value chain,and most local enterprises have not entered the mainstream global value chain and are still internationally uncompetitive.As far as China’s current economic development level and targets are concerned,it may be too unrealistic to discuss industrial upgrading entirely from the perspective of OEM-ODM-OBM.China’s apparel producers should stick to both paths:one is the priority to strengthen manufacturing and OEM;the other is to do more learning to go beyond sub-contract manufacturing and prepare for long-term growth of OBM.Building middle and high-end apparel producers and creating local brands by virtue of China’s status as a big country is the right path for development given the industry’s present situation.

  11. 违约风险的交换期权的定价模型与解法%The Model and Valuation of Exchange Option with Credit Risk

    Institute of Scientific and Technical Information of China (English)

    涂淑珍; 李时银

    2012-01-01

    含交易对手违约风险的交换期权采用混合模型定价,借助公司价值模型中的补偿率,同时采用以强度为基础的违约函数来确定违约的发生.假定违约强度遵从均值回复的重随机Poisson过程:且违约强度过程与标的资产,企业价值都相关.利用等价鞅测度变换方法导出含有违约风险的交换期权的价格闭解.%Our hybrid framework is fully general in both intensity and recovery rate depending oil the firm value.It is therefore that a firm value model with a bankruptcy process determines the time of default. We describe the process of default via a doubly stochastic Poisson process, and assume that the intensity process A of Poisson process follows an mean-reverting process. It is supposed that default intensity process A correlates mutually with the diffuse processes of the underling asset price and the value of the firm. By applying equivalent martingale measure transformation, the closed form solution for vulnerable exchange option is given.

  12. Results for the Independent Sampling and Analysis of Used Oil Drums at the Impact Services Facility in Oak Ridge, TN

    Energy Technology Data Exchange (ETDEWEB)

    None

    2013-04-25

    The U.S. Department of Energy (DOE) requested that Oak Ridge Associated Universities (ORAU), via the Oak Ridge Institute for Science and Education (ORISE) contract, perform independent sampling and analysis of used oils contained within eight 55 gallon drums stored at the former IMPACT Services facility, located at the East Tennessee Technology Park in Oak Ridge, Tennessee. These drums were originally delivered by LATA Sharp Remediation Services (LSRS) to IMPACT Services on January 11, 2011 as part of the Bldg. K-33 demolition project, and the drums plus contents should have been processed as non-hazardous non-radiological waste by IMPACT Services. LSRS received a certificate of destruction on August 29, 2012 (LSRS 2012a). However, IMPACT Services declared bankruptcy and abandoned the site later in 2012, and eight of the original eleven K-33 drums are currently stored at the facility. The content of these drums is the subject of this investigation. The original drum contents were sampled by LSRS in 2010 and analyzed for gross alpha, gross beta, and polychlorinated biphenyls (PCBs), using both compositing and grab sampling techniques. The objective of this 2013 sample and analysis effort was to duplicate, to the extent possible, the 2010 sampling and analysis event to support final disposition decisions. Part of that decision process includes either verifying or refuting the assertion that oils that are currently stored in drums at the IMPACT Services facility originated from Bldg. K-33 equipment.

  13. Matrix suites applying when making the commercial-company-activity-andfinancial-risks-express-diagnostics

    Directory of Open Access Journals (Sweden)

    Valentina Petrovn Neganova

    2011-09-01

    Full Text Available This paper describes an original technique and peculiarities of its use for the express diagnostics of a company and analysis of financial risks. The feature of this technique is potential Russian reality accountance of optimizational transformations of statements in order to minimize taxation and refract the information field of a business system for the apperception. It is based on the conceptual principle of studies of the University of Ghent, according to which, these three cycles affect stability of the companies to the important risk - the risk of bankruptcy. It is noted that the use of matrix analysis can become an additional powerful tool for solving the conceptual verification problem of financial permanence of business systems operation in the marketplace because it allows to determine the internal nature of the underlying processes that occur within an atomic business system and to make every effort to minimize potential and actual manifestations of instability of the external and internal environment of the business system. This method satisfies the multiple set of conditions-equations: apperceptive, asymptotic and simplificational functions that form the basis of calculations for model creation. The technique can be applied by commercial banks in the analysis of the elements of their loan portfolio. Application of this technique allows analyzing the performance of a commercial company in the features of Russian life with minimal iterations.

  14. Identification and Prioritization of Supply Chain Risks in Automotive Industries Using Fuzzy Analytic Network Approach: A Case Study

    Directory of Open Access Journals (Sweden)

    Fatemeh Parsamehr

    2016-12-01

    Full Text Available Supply chains are constantly exposed to various risks. An incident or uncertain event, which, in case of happening, has positive or negative effects on the objectives of a project, is called a risk. According to this identification, analysis and prioritization of risks may have a significant role in the success of the project. The purpose of risk management is to reduce the risks of non-achievement of these objectives and to identify and benefit from opportunities. The current study’s objective is to prioritize the performance of supply chain risks in Cruise Company, based on the method of fuzzy analytic network process, taking into account the opinion of specialists and experts. Fields of study for the prioritization of the supply chain risks, consist of 5 main components, supplier risk, manufacturer risk, distributor risk, external risks and final customer risks. In order to prioritize these fields, some questionnaires were prepared and codified based on expert opinion. Afterwards, the compiled data was analyzed and investigated in Super decision software. The research result indicates that, among the main components, external risks are the first priority and final customer risks are the second priority. Among the sub-components, the inappropriate price sub-component has been allocated the first priority and, finally, the supplier bankruptcy sub-component has the last priority.

  15. The Relationship Between Governance and Economic Growth During Times of Crisis

    Directory of Open Access Journals (Sweden)

    Bassam A. AlBassam

    2013-06-01

    Full Text Available The current economic crisis has affected all aspects of life, resulting in political instability,personal financial troubles, and a growing number of business bankruptcies. Although these areserious issues, simply developing a government policy that injects an economy with money is notan appropriate means to achieve economic recovery and long-term economic development unlesscombined with an effective and efficient governing system. The present article examines whetherthe strong relationship between governance and growth exists during economic crises or onlyduring non-crisis periods. The results of the current paper demonstrate that the global economiccrisis has had an unnoticeable influence on the relationship between governance and economicgrowth. However, this study found that different levels of development of nations affect therelationship between governance and growth in various ways during times of crisis. Thus, theresults of the current paper highlight the instability in the relationship between governance andeconomic growth during the economic crisis; this unsteadiness is a sign of the need for long-termstrategies to promote global and national good governance practices that are not adverselyaffected by crises.

  16. Analysis of effects of foreign bank entry on credit interest rate behavior in Serbia

    Directory of Open Access Journals (Sweden)

    Đukić Đorđe

    2007-01-01

    Full Text Available Following foreign bank entry, credit interest rates have been extremely high in Serbia compared with a reference group of countries: Croatia, Bulgaria and Romania. This is connected with monetary authorities' poor predictions regarding the behavior of those banks in setting interest rates, creating an illusion that competition, per se, would rapidly result in decreasing interest rates; as well as undertaking monetary policy measures-such as an extreme increase in the reserve requirements rate-that contributed to unchanged or increased credit interest rates. The final outcome of poor predictions and measures undertaken by the National Bank of Serbia is limited to periodical appeals by its highest officials to citizens to consider the conditions under which they borrow from banks. However, under conditions of fully inelastic demand for bank credit and a cartel presence in the banking sector, such appeals are ineffective, merely reflecting an attempt to avoid responsibility for a possible wave of bankruptcies in the household sector. Only increasing competition among banks can lead to a significant decrease in credit interest rates in Serbia in the medium term. Empirical analysis shows that competition should be most intensive on the mortgage loan market.

  17. Ghetto poverty and pollution in Egypt: a deadly threat for western countries caused by new and infectious mutants. A cultural, social and microbiological synopsis.

    Science.gov (United States)

    Wassili, J H; Baradaeus, Cyril

    2012-10-01

    Egypt, whose soil germinated the first civilization, monotheism, refined ethics and culture of sharing the abundance of extracted natural resources among its populace became the crucible proliferating de-novo genotypes of organic and moral maladies. The enigma is these mutations are synchronized by several factors, namely; failing medical health, if there is any, abundant filth, cultural bankruptcy, over population, dogmatic militarism, societal deprivation and characterization, etc. These domineering ingredients fossilized Egypt as of 1952 coup in an irrevocable national apoptosis, together with the crippled social justice and imbalanced distribution of wealth among Egyptians, rates of bacterial and viral evolution to second generation resistant to known medical interventions are expected to exponentially accelerate. Therefore, it deemed essential to elaborate on pollution and psychosis-induced inflammations and grievous crimes evoked by dogmatic cults at the breeding source, e.g., ghettos and sporadic locations of the homeless in Cairo, Alexandria and Upper Egyptian villages. While this second generation of viral and bacterial diseases could labor plagues threatening the precariously maintained so-called social fabric of Middle Eastern countries, that are uniquely segregating its populace according to their dogmatic affiliations and soaked into intolerance, it would definitely compromise the integrity of the expensively managed medical care system of developed countries.

  18. Practitioner Profile: An Interview With Amanda Mills

    Directory of Open Access Journals (Sweden)

    Amanda Mills

    2012-01-01

    Full Text Available For more than 25 years, Amanda Mills has been working with arts organizations across Canada and with artists of all kinds to assist them in achieving financial sanity. She has taught business management at the University of Victoria and has prepared thousands of tax returns for writers, visual artists, choreographers, actors, filmmakers, broadcasters, and creative entrepreneurs. Ten years ago, bringing together her work on trauma, with twenty years of business management, Mills founded Loose Change Financial Therapy – the place where money and feelings meet. Mills has presented Loose Change workshops for social workers, teachers, psychotherapists, artists, anti-poverty activists, sex trade workers, women’s groups, and the general public.  She has been a guest on major Canadian radio and television broadcasts and profiled in many major Canadian newspapers and periodicals. Mills is also a crisis counselor and co-wrote a bestselling book on recovering from trauma. A tax professional and business manager, she is certified as a financial counselor under the Bankruptcy and Insolvency Act. Mills is also currently completing a certificate in mediation.

  19. Improved management of small pelagic fisheries through seasonal climate prediction.

    Science.gov (United States)

    Tommasi, Désirée; Stock, Charles A; Pegion, Kathleen; Vecchi, Gabriel A; Methot, Richard D; Alexander, Michael A; Checkley, David M

    2017-03-01

    Populations of small pelagic fish are strongly influenced by climate. The inability of managers to anticipate environment-driven fluctuations in stock productivity or distribution can lead to overfishing and stock collapses, inflexible management regulations inducing shifts in the functional response to human predators, lost opportunities to harvest populations, bankruptcies in the fishing industry, and loss of resilience in the human food supply. Recent advances in dynamical global climate prediction systems allow for sea surface temperature (SST) anomaly predictions at a seasonal scale over many shelf ecosystems. Here we assess the utility of SST predictions at this "fishery relevant" scale to inform management, using Pacific sardine as a case study. The value of SST anomaly predictions to management was quantified under four harvest guidelines (HGs) differing in their level of integration of SST data and predictions. The HG that incorporated stock biomass forecasts informed by skillful SST predictions led to increases in stock biomass and yield, and reductions in the probability of yield and biomass falling below socioeconomic or ecologically acceptable levels. However, to mitigate the risk of collapse in the event of an erroneous forecast, it was important to combine such forecast-informed harvest controls with additional harvest restrictions at low biomass.

  20. YOUNG ENTREPRENEURS - PROMOTERS OF ECONOMIC DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Florentina-Georgiana, COJOCARU

    2014-11-01

    Full Text Available Entrepreneurship in Romania is no longer an unfamiliar concept, but we can assert that it is a journey full of obstacles. Bureaucracy, the lack of fiscal predictability as well as the absence of an entrepreneurial culture often lead entrepreneurs to bankruptcy. A country develops itself with the help of strong economic policies dictated by the economic environment and not by the political one. The entrepreneur's policy is to make profit which has significant effects in all areas: social, educational, economic. Sustaining entrepreneurship is a solution to be taken into consideration for weighting youth unemployment, given the level reached in the second quarter of 2014 of 23.90%. This article aims to capture aspects of the current situation of entrepreneurship in Romania among young people. Based on data collected, we will analyze the unemployment rate among young people at education level and county-level compared to the number of companies founded by students, with the rate of workforce occupancy. The contribution of young entrepreneurs to economic growth can be achieved in two phases, as more companies are founded, number of employees increases, as a consequence, more young people will become entrepreneurs, so the unemployment rate among them will thus decrease.

  1. Mediterranean Way of Competitiveness

    Directory of Open Access Journals (Sweden)

    Art Kovacic

    2010-12-01

    Full Text Available The Mediterranean area have a special concept of competitiveness topic. Normally is that region not so industrial and knowledge based oriented as a North Europe.That countries can't reach the same development level as the north one. Lisbon's and Goethenburg's strategies create the main framework of development programme. Mediterranean programme is such a case. European internal market has forced the EU countries to increase competitiveness. The economic prosperity of countries is associated with their ability to generate or attract economic activities which are able to increase income by performing well on themarket. Financial crisis in the EU has changed the look on the competitiveness research. Economy in the main countries has to find way of recovery. Former giants of the financial world have found themselves suddenly facing bankruptcy.Inevitably, the crisis is also having an effect on households and businesses - economic growth has slowed sharply and in some EU countries unemployment has begun to increase for the first time in several years. Form that perspective we have to find the right solution of European competitiveness.

  2. THE CRITICAL THINKING OF SOME WESTERN EUROPEAN CORPORATE GOVERNANCE STANDARDS AFTER FINANCIAL CRISIS, CORPORATE SCANDALS AND MANIPULATION

    Directory of Open Access Journals (Sweden)

    Dinh TRAN NGOC HUY

    2013-12-01

    Full Text Available After the recent global crisis, corporate scandals and bankruptcy in US and Europe, there is some certain evidence on weak auditing, risk management, accounting and audit system. This paper chooses a different analytical approach and among its aims is to give some systematic opinions on corporate governance criteria as a benchmark for stock markets. Firstly, it classifies limited Western European representative corporate governance (CG standards into two (2 groups: The Netherlands and Belgium latest CG principles covered in group 1 and, group 2, including corporate governance principles from Italy and Austria, so-called relative good CG group, while it uses OECD and ICGN principles as reference. Secondly, it identifies through analysis the differences and advantages between the above set of standards which are and have been used as reference principles for many relevant organizations. Third, it establishes a selected comparative set of standards for Western European representative corporate governance system in accordance to international standards. Last but not least, this paper covers some ideas and policy suggestions.

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

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2016-01-01

    Full Text Available 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. First, it classifies European Group representative corporate governance (CG standards into two (2 groups: EASD and ECODA CG principles covered in group 1 and, group 2, including EFAMA Code and Corporate Practices from EBRD, so-called relative good CG group, while it uses ACCA and CFA principles as reference. Second, it , through analysis, shows differences between above set of standards which are and have been used as reference principles for many relevant organizations. Third, it establishes a selected comparative set of standards for European group representative corporate governance system in accordance to international standards. Last but not least, this paper covers some ideas and policy suggestions.

  4. MARKET WATCH

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    China’s central bank cut benchmark interest rates for the second time this year to spur economic development against the backdrop of a possible world eco-nomic recession. Despite the devastating financial crisis, most banks here posted profit increases in the first three quarters. Foreign banks operating in China doubled their profits in the first nine months year on year to more than 10 billion yuan ($1.47 billion), while domestic banks earned 237 billion yuan ($35 billion). The Industrial and Commer-cial Bank of China remained the world’s most profitable bank. The October export tax rebate increase might not be enough to help exporters on the edge of bankruptcy, who say cost surges and reduced foreign demand are the root causes of their problems. The government is conducting a survey of the salaries of staff at large state-owned enter-prises and has passed a law to safeguard the nation’s state-owned assets.

  5. The evolution of risk and bailout strategy in banking systems

    Science.gov (United States)

    De Caux, Robert; McGroarty, Frank; Brede, Markus

    2017-02-01

    In this paper we analyse the long-term costs and benefits of bailout strategies in models of networked banking systems. Unlike much of the current literature on financial contagion that focuses on systemic risk at one point in time, we consider adaptive banks that adjust risk taking in response to internal system dynamics and regulatory intervention, allowing us to analyse the potentially crucial moral hazard aspect associated with frequent bailouts. We demonstrate that whereas bailout generally serves as an effective tool to limit the size of bankruptcy cascades in the short term, inappropriate intervention strategies can encourage risk-taking and thus be inefficient and detrimental to long term system stability. We analyse points of long-term optimal bailout and discuss their dependence on the structure of the banking network. In the second part of the paper, we demonstrate that bailout efficiency can be improved by taking into account information about the topology of and risk allocation on the banking network, and demonstrate that finely tuned intervention strategies aimed at bailing out banks in configurations with some degree of anti-correlated risk have superior performance. These results demonstrate that a suitable intervention policy may be a useful tool for driving the banking system towards a more robust structure.

  6. Causes of Contractor's Business Failure in Developing Countries: The Case of Palestine

    Directory of Open Access Journals (Sweden)

    Sherif Mohamed

    2006-12-01

    Full Text Available The construction industry has unique characteristics that sharply distinguish it from other sectors of the economy. It is fragmented, very sensitive to the economic cycles and political environment, and has a significantly high rate of business failure. Business failure, collapse and bankruptcy are common terms in the industry due to the many risks inherited in how the industry operates. Throughout the world, the relative ease of entry gives rise to a large number of contracting firms competing fiercely in the market exposing many of them to business failure, Palestine is no exception. The objectives of this paper are to report on a research study which aims at exploring the causes of contractor's business failure in Palestine, and investigating their severity from the contractor's point of view. The study's results shows that the main causes of business failure are delay in collecting debt from clients (donors, border closure, heavy dependence on bank loans and payment of high interest on these loans, lack of capital, absence of industry regulations, low profit margin due to high competition, awarding contracts by client to the lowest bidder, and lack of experience in contract management. Based on these findings, recommendations to the Palestinian National Authority (PNA and local contractors are presented in this paper.

  7. FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

    Directory of Open Access Journals (Sweden)

    TAK ISA

    2010-12-01

    Full Text Available Financial information has, indisputably, an important effect in economics. To form an effective capital market, financial information must be reliable and accurate. Misleading financial information always has a negative impact on economic decision taken by users. It is known that financial information as the cornerstone of financial markets, can improve economic performance in several ways. Nowadays we are facing economic crisis due to irregularities of presentation of financial statements to users. Misunderstandings cause economic recession. Detection of fraudulent financial information, is an important issue facing the auditing profession. Currently, bankruptcy of companies around the world, leaves millions of people without jobs, this is caused by financial information which is manipulated by companies. The purpose of this paper is to analyze the effects of errors and manipulation committed in the financial information sector on the real economy. Also one of the purposes of this paper is to analyze error and fraud in financial statements how it effects the real economy and the reasons for committing fraud in financial statements. Also, several suggestions are included in this study about actions that can be taken to prevent errors and manipulation in financial information.

  8. Turning points in nonlinear business cycle theories, financial crisis and the 2007-2008 downturn.

    Science.gov (United States)

    Dore, Mohammed H I; Singh, Ragiv G

    2009-10-01

    This paper reviews three nonlinear dynamical business cycle theories of which only one (The Goodwin model) reflects the stylized facts of observed business cycles and has a plausible turning point mechanism. The paper then examines the US (and now global) financial crisis of 2008 and the accompanying downturn in the US. The paper argues that a skewed income distribution could not sustain effective demand and that over the 2001-2006 expansion demand was maintained through massive amounts of credit, with more than 50 percent of sales in the US being maintained through credit. A vector autoregression model confirms the crucial role played by credit. However legislative changes that dismantled the restrictions placed on the financial sector after the crash of 1929 and the consequent structural changes in the financial sector after 1980 enabled the growth of new debt instruments and credit. But overexpansion of credit when profits and house prices were declining in 2005/06 led to a nonlinear shift due to a new realization of the poor quality of some of this debt, namely mortgage backed securities. Bankruptcies, followed by retrenchment at the banks, then led to the bursting of the credit bubble, with the possibility of a severe recession.

  9. 全球金融危机背景下的高职院校创业、创新教育发展%Development of Entrepreneurship,Innovation Education of Vocational College under the Global Financial Crisis

    Institute of Scientific and Technical Information of China (English)

    邱丽辉

    2012-01-01

    By the United States sub-loan crisis triggered by the global financial crisis to the global economy brought huge impact,some domestic enterprises is on the brink of bankruptcy,undergraduate obtain employment poineering basic situation is not optimistic,the reform of China higher education challenge.In this paper,through the analysis of the global financial crisis under the background of higher vocational education faces the challenge,discusses the poineering education and innovation education the relationship between the higher vocational colleges,put forward clearly to cope with the global financial crisis,entrepreneurship,innovation and education countermeasures.%由美国次贷危机引发的全球金融危机给全球经济带来了极大的冲击,国内部分企业濒临破产倒闭,大学生就业创业的基本状况不容乐观,这对我国高等教育改革提出了挑战。通过分析全球金融危机背景下高职教育面临的挑战,阐述创业教育和创新教育之间的关系,并提出了高职院校应对全球金融危机开展创业、创新教育的对策。

  10. The dynamic financial distress prediction method of EBW-VSTW-SVM

    Science.gov (United States)

    Sun, Jie; Li, Hui; Chang, Pei-Chann; He, Kai-Yu

    2016-07-01

    Financial distress prediction (FDP) takes important role in corporate financial risk management. Most of former researches in this field tried to construct effective static FDP (SFDP) models that are difficult to be embedded into enterprise information systems, because they are based on horizontal data-sets collected outside the modelling enterprise by defining the financial distress as the absolute conditions such as bankruptcy or insolvency. This paper attempts to propose an approach for dynamic evaluation and prediction of financial distress based on the entropy-based weighting (EBW), the support vector machine (SVM) and an enterprise's vertical sliding time window (VSTW). The dynamic FDP (DFDP) method is named EBW-VSTW-SVM, which keeps updating the FDP model dynamically with time goes on and only needs the historic financial data of the modelling enterprise itself and thus is easier to be embedded into enterprise information systems. The DFDP method of EBW-VSTW-SVM consists of four steps, namely evaluation of vertical relative financial distress (VRFD) based on EBW, construction of training data-set for DFDP modelling according to VSTW, training of DFDP model based on SVM and DFDP for the future time point. We carry out case studies for two listed pharmaceutical companies and experimental analysis for some other companies to simulate the sliding of enterprise vertical time window. The results indicated that the proposed approach was feasible and efficient to help managers improve corporate financial management.

  11. DECISION MAKING SUPPORT INFORMATION SYSTEM IN SPHERE OF SMALL AND MEDIUM BUSINESS COMPANIES SOLVENCY

    Directory of Open Access Journals (Sweden)

    Pelipenko Y. Y.

    2015-04-01

    Full Text Available Destabilization of the economic situation in Russia at the end of 2014 and in early 2015 has influenced small and medium businesses (SMB landing at first. One of the most important reason of high lending risks and, as a result, high lending rates is absence of reliable information systems for assessment of SMB enterprise default according to total analysis of their financial activities. Thus nowadays the reliable assessment of SMB enterprises solvency is the fundamental scientific problem, which one is highly actual for each credit organization because the bankruptcy of a credit institution is depended on it. At the same time high competition at the landing market leads to necessity of individual credit conditions existing, which takes into account borrower’s and lender’s benefits. In the present work the creating of reliable information and analytical systems for assessment of SMB company default method is suggested. This one is based on integration of probabilistic and statistical classification analysis methods (discriminant analysis, logistic regression, and classification trees, heuristic procedures (neural network and interactive shell of the system using cloud technology. By the authors, there was solved the problem of small data amount, exception anomalous values and discrepancy normal distribution of sample by the generation of enterprises financial activity model database

  12. 乾隆时期扬州剧坛与戏曲禁令关系考%On the Relationship between the Yangzhou Dramatic Circle and Opera Ban in the Period of Qianlong Emperor

    Institute of Scientific and Technical Information of China (English)

    王军明

    2012-01-01

    In Qianlong dynasty, opera was banned constantly. But, Yangzhou family opera groups thrived rather than declined thanks to their special social identity--merchant and the emperor's asylum. Yangzhou was once becoming an important national theatre town when the family opera groups reached its peak and attracted many literati's extensive participation. However, Yangzhou family opera groups, which mainly relied on high investment of families, were finally decayed with the merchant class's bankruptcy and the declining of the literati.%乾隆年间戏曲禁令不断,但扬州由于家班班主商人的特殊身份和皇帝的庇护,戏剧演出不仅没有衰萎,反而借助于家班达到了它的峰顶,同时由于文人的广泛参与形成了重艺的演出格范,使扬州成为全国的戏剧演出重镇。但是,建立在商人高投入基础上的家班最终也因为商人的经济破产和文人的风流云散而日趋衰歇。

  13. Scale-invariant properties of public-debt growth

    Science.gov (United States)

    Petersen, A. M.; Podobnik, B.; Horvatic, D.; Stanley, H. E.

    2010-05-01

    Public debt is one of the important economic variables that quantitatively describes a nation's economy. Because bankruptcy is a risk faced even by institutions as large as governments (e.g., Iceland), national debt should be strictly controlled with respect to national wealth. Also, the problem of eliminating extreme poverty in the world is closely connected to the study of extremely poor debtor nations. We analyze the time evolution of national public debt and find "convergence": initially less-indebted countries increase their debt more quickly than initially more-indebted countries. We also analyze the public debt-to-GDP ratio {\\cal R} , a proxy for default risk, and approximate the probability density function P({\\cal R}) with a Gamma distribution, which can be used to establish thresholds for sustainable debt. We also observe "convergence" in {\\cal R} : countries with initially small {\\cal R} increase their {\\cal R} more quickly than countries with initially large {\\cal R} . The scaling relationships for debt and {\\cal R} have practical applications, e.g. the Maastricht Treaty requires members of the European Monetary Union to maintain {\\cal R} < 0.6 .

  14. Technical and environmental challenges for the next generation supersonic transport

    Energy Technology Data Exchange (ETDEWEB)

    Pacull, M. [Aerospatiale (France); Hume, Ch. [British Aerospace (United Kingdom)

    1994-12-31

    The next century will be marked by the entry into service of new supersonic transport. The real question concerning the next generation supersonic transport is not will it happen, but when, and how. There is a general agreement that such an airplane will result from a worldwide venture. Who will participate, to what extend and how we will put the vehicle and partners together, are an interesting concern that will need some time to resolve. The other challenges will be to design, build and market an aircraft that will be a viable product: for the passenger, who wants the service of a fast airliner with a reasonable surcharge; for the airline which wants competitive operating cost so that it will make sense to introduce such an airplane in its fleet; for the manufacturer, which not only does not want to go bankruptcy, but seeks to make a profit in the long term within the environmental constraints: no adverse impact on high atmosphere ozone; compliance with noise requirements, operations compatible with sonic boom. This paper does not try to answer all these question, but rather highlight major technical and environmental issues for the next generation supersonic transport. The topics discussed are: general specification, noise, atmospheric emissions, sonic boom, aerodynamics, structures, engine integration, systems. (authors)

  15. Determinants of capital adequacy in the Banking Sub-Sector of the Nigeria Economy: Efficacy of Camels. (A Model Specification with Co-Integration Analysis

    Directory of Open Access Journals (Sweden)

    Harley Tega Williams

    2011-10-01

    Full Text Available This study investigates the impact of banks characteristics, financial structure and macroeconomic indicators on banks Capital base in the Nigerian banking industry. The study does not account for ratio analysis in the computation of capital adequacy but rather it examines the determinant of Capital adequacy in Nigeria during the period 1980 – 2008 within an error correction framework. Co-integration technique revealed that economic indicators such as rate of inflation, real exchange rate, demand deposits, money supply, political instability, return on investment are most robust predictors of the determinants of capital adequacy in Nigeria. After the global credit crunch capital adequacy, being critical for banks, led the study to examine the relationship between bank capital base and macroeconomics variables. This implies that political stability may reduce financial distress and bankruptcy why Foreign investment will affect Banks capital in most developing economy in the period of financial crisis . However, the study also establishes that there is a negative relationship between inflation and banks capital base as inflation erode banks capital in most developing economy. This simply means that Nigerian government should regulate investment policy why banks regulators should strive to keep inflation rate at a minimum level, if possible below 5% for them to be more efficient so as to be globally competitive.

  16. THE CONSIDERATION AND PURPOSE OF BORROWING: AN EMPIRICAL EVIDENCE FROM INDONESIA LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Ventje Ilat

    2014-01-01

    Full Text Available Debt often graced in most of capital structure of companies, particularly in financial statement and became issues in context of trade off theory and pecking order theory in most studies. Debt usually related with profit matter, because it is always want to be achieved by every companies. It started when companies own equity is insufficient to create investment in company’s assets for making profit, then it make debt is one alternative fund for financing investments aimed at achieving the desired profit. The objective of this study is to give answers as empirical evidence for the questions about why companies need debt and what is the relevance capital structure theory to explain this behavioral tendency in these period of observation. Conducting path analysis with trimming model as method of analysis, the results shows that, degree of operating leverage is negatively significant to debt equity ratio and debt equity ratio is negatively significant to return on equity. The implication of this findings shows the application of pecking order theory, because most of companies depend their funding from internal, which is make them have more stable cash flow and beside that, the consideration of business risk is very important so they keep the capital structure in optimum debt that make them have low probability of bankruptcy.

  17. Large-scale structure of a nation-wide production network

    Science.gov (United States)

    Fujiwara, Y.; Aoyama, H.

    2010-10-01

    Production in an economy is a set of firms’ activities as suppliers and customers; a firm buys goods from other firms, puts value added and sells products to others in a giant network of production. Empirical study is lacking despite the fact that the structure of the production network is important to understand and make models for many aspects of dynamics in economy. We study a nation-wide production network comprising a million firms and millions of supplier-customer links by using recent statistical methods developed in physics. We show in the empirical analysis scale-free degree distribution, disassortativity, correlation of degree to firm-size, and community structure having sectoral and regional modules. Since suppliers usually provide credit to their customers, who supply it to theirs in turn, each link is actually a creditor-debtor relationship. We also study chains of failures or bankruptcies that take place along those links in the network, and corresponding avalanche-size distribution.

  18. Japanese Social Exclusion and Inclusion from a Housing Perspective

    Directory of Open Access Journals (Sweden)

    Yoshihiro Okamoto

    2016-10-01

    Full Text Available This paper examines conditions of social exclusion and attempts at social inclusion in Japan from a housing perspective. Companies, households and the government have previously supported housing in Japan. However, corporate welfare was withdrawn following the globalization of the economy from the 1990s onwards, support from families and communities declined due to a reduction in household size, and governmental housing support has shifted away from direct support. A reduction in income and unstable work left many people with unstable housing. Certain workers, such as foreigners performing dispatched labour, could not maintain continuous work under the influence of the Lehman Brothers’ bankruptcy in 2008. Household size has shrunk according to changes in the industrial structure, and the number of households that cannot sustain housing is increasing. Such vulnerable households—elderly people, the handicapped, low-income earners and single parents—can become excluded from the rental housing market. On the other hand, governmental measures are promoting local dwellings and maintaining the condition for a dwelling service. Activities, such as local community support of the homeless have been initiated by various Non-profit Organisations (NPOs and NPO activities are increasingly exemplifying measures to achieve social inclusion.

  19. Kodak's Experience Shows that China's Patent Giants should be"Part-time"Patent Troll as Soon as Possible--Domestic enterprises patent Taijiquan odds uncertain, after the sale of Kodak patents, OLED, digital equipment upgrades patent war fear%柯达公司的经验说明,我国专利巨头应当尽早“兼职”当“专利楚奥”--国内企业专利太极拳胜算未卜,柯达专利出售后,OLED、数码设备专利战恐升级

    Institute of Scientific and Technical Information of China (English)

    中国高技术产业发展促进会知识产权战略研究课题组

    2014-01-01

    由于经营不善,市值曾超过300亿美元的柯达公司跌价99%,被迫进入破产保护程序。柯达通过启动专利自救,但是其前景并不明朗。柯达公司的经验说明,对柯达这种温和的专利持有者,包括中国在内的亚洲企业打专利谈判的“太极拳”能避免经济损失。我国专利巨头更应当尽早兼职当“专利楚奥”,拓展专利业务收入,不能白白供养专利。%Due to poor management, Kodak's market capitalization has more than 30 billion U.S. dollars decline in value of 99%, was forced into bankruptcy protection. Kodak patent by initiating self-help, but the outlook is uncertain. Kodak's experience shows that such a mild Kodak patent holders, including China, Asian companies to fight patent negotiations,"tai chi"to avoid economic losses. China's patent giants should be"part-time"Patent Troll as soon as possible and expand patent revenues, not in vain dependent patent.

  20. Jane Doe: a cautionary tale for case reports.

    Science.gov (United States)

    Putnam, Frank W

    2014-12-01

    Historically, clinical case reports have played an essential role in the professional communication of medical and psychiatric knowledge. Case reports continue to play important roles in the initial identification of new syndromes or unusual variants of established conditions. Case reports and case series also serve to alert clinicians to preliminary evidence of the efficacy of novel treatments or adaptations to new populations. The Jane Doe Case provides a seminal example of the ethical/medico-legal dilemma arising from a patient's right to confidentiality versus the principle of independent review/replication as a necessary requirement for scientific credibility. As a result of being the subject of dueling case reports concerning the validity of her delayed recall of childhood sexual abuse, Jane Doe's identity was revealed. Consequently, she suffered significant emotional distress, bankruptcy, and the end of her career as a naval officer and aviator. Current medical journal guidelines call for protection of confidentiality of the patient's identity; yet, scientific credibility requires the possibility of an independent outside review if there are legitimate reasons to question facts or claims advanced in a case report. A potential solution is proposed as a starting point for resolving the dilemma posed for case study subjects and authors by the conflicting requirements of patient confidentiality and, if warranted, the possibility of an independent scientific review.