WorldWideScience

Sample records for bankruptcy

  1. Understanding Bankruptcy

    DEFF Research Database (Denmark)

    Gerstrøm, Anna; Isabella, Lynn A.

    2015-01-01

    . 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...

  2. Law Bankruptcy Legislation Passed

    Institute of Scientific and Technical Information of China (English)

    WANG PEI

    2006-01-01

    @@ After a 12-year journey of legislation, China's new corporate bankruptcy law - Law of the People's Republic of China on Enterprise Bankruptcy - was finally passed in late August. It will take effect from June 2007 and will put an end to policy bankruptcy for State-owned enterprises (SOEs) at the end of 2008.

  3. 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

  4. Predicting Bankruptcy in Pakistan

    Directory of Open Access Journals (Sweden)

    Abdul RASHID

    2011-09-01

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

  5. Computation of bankruptcy rules

    OpenAIRE

    Saavedra, Verónica; Lopez, Marcelo; Necco, Claudia Mónica; Quintas, Luis Guillermo

    2003-01-01

    We implemented a system that computes bankruptcy rules. The implemented rules are: The Talmud, the Proportional, the Truncated Proportional, the Adjusted Proportional, the Constrained Equal Awards and the Random Arrival rule. The system computes, compares and graphics the different allocations to claimants. We present some applications and examples exported by the system.

  6. RETAIL BANKRUPTCY PREDICTION

    Directory of Open Access Journals (Sweden)

    Johnny Pang

    2013-01-01

    Full Text Available This study reintroduces the famous discriminant functions from Edward Altman and Begley, Ming and Watts (BMW that were used to predict bankrupts. We will formulate three new discriminant functions which differ from Altman’s and BMW’s re-estimated Altman model. Altman’s models as well as Begley, Ming and Watts’s re-estimated Altman model apply to publicly traded industries, whereas the new models formulated in this study are based on retail companies. The three new functions will provide better predictions on retail bankruptcy and they will minimize the chance of misclassifications.

  7. Financial benefits, travel costs, and bankruptcy

    OpenAIRE

    Mikhed, Vyacheslav; Scholnick, Barry

    2014-01-01

    We are the first to show that the cost of personal bankruptcy filers traveling to their bankruptcy trustees affects bankruptcy choices. We use detailed balance sheet, income statement, and location data from 400,000 Canadian bankruptcies. To control for endogenous trustee selection, we use the location of local government offices as an instrument for the location of bankruptcy trustees (while filers interact with trustees, and trustees interact with local government, filers do not interact wi...

  8. Models to Assess the Bankruptcy Risk

    Directory of Open Access Journals (Sweden)

    Simona Valeria TOMA

    2013-08-01

    Full Text Available Closely related to financial risk assessment, one of the main concerns of the organizations should be the evaluation of bankruptcy risk, in this period of slow economic growth. Organization bankruptcies have increased in recent years worldwide. The aim of this paper is to demonstrate that the methods and models for forecasting bankruptcy of organizations, for the bankruptcy risk assessment are seeing for the health financing of an entity in financial accounting diagnosis and that the organizations requires assessment of risks accompanying the work, in which some signals fragility (vulnerable health this and other projected bankruptcy (insolvability threatens its survival (continuity. The bankruptcy risk assessment is important for profit-seeking investors because they must know how to value a company in or near bankruptcy is an important skill, but to detect any signs of looming bankruptcy is necessary to calculate and to analyse all kinds of financial rations: working capital, profitability, debt levels and liquidity.

  9. 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

  10. 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

  11. Personal Bankruptcy and Credit Supply and Demand

    OpenAIRE

    Reint Gropp; John Karl Scholz; Michelle White

    1996-01-01

    This paper examines how personal bankruptcy and bankruptcy exemptions affect the supply and demand for credit. While generous state-level bankruptcy exemptions are probably viewed by most policymakers as benefitting less-well-off borrowers, our results using data from the 1983 Survey of Consumer Finances suggest they increase the amount of credit held by high-asset households and reduce the availability and amount of credit to low-asset households, conditioning on observable characteristics. ...

  12. 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.

  13. 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

  14. Credit, Bankruptcy, and Aggregate Fluctuations

    OpenAIRE

    Nakajima, Makoto; Rios-Rull, Jose-Victor

    2014-01-01

    We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data? Yes, it does, but only if we explicitly model recessions as displaying countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure ...

  15. Credit, Bankruptcy, and Aggregate Fluctuations

    OpenAIRE

    Makoto Nakajima

    2015-01-01

    We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data? Yes, it does, but only if we explicitly model recessions as displaying countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure ...

  16. Evaluating the efficiency of a bankruptcy reform

    OpenAIRE

    Gine, Xavier; Love, Inessa

    2009-01-01

    The current financial crisis has pushed many firms to the brink of bankruptcy. A key policy question is thus whether bankruptcy laws are efficient, in the sense of allowing better firms to reorganize while liquidating unviable firms. The sixth in impact series presents lessons from a reform in Colombia that achieved this objective.

  17. 7 CFR 762.148 - Bankruptcy.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Bankruptcy. 762.148 Section 762.148 Agriculture Regulations of the Department of Agriculture (Continued) FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE... protect the guaranteed loan debt and all collateral securing the loan in bankruptcy proceedings....

  18. Assessing bankruptcy risk for Romanian metallurgical companies

    Directory of Open Access Journals (Sweden)

    S.N. Borlea

    2014-04-01

    Full Text Available In this paper it propose to evaluate the bankruptcy risk of the companies which operate within the Romanian metallurgy industry, over the period 2001-2012, highlighting the impact of financial crisis on this sector. The bankruptcy risk assessing by Altman Model gives us a pessimistic view of the Romanian metallurgical industry. A little more optimistic perspective on the risk of bankruptcy in Romanian metallurgy is provided by the Conan Holder Model according to which the best two Romanian metallurgical companies traded at BSE (ALR and ART face a low risk of bankruptcy. According to this model the financial crisis seems to have affected the first two Romanian metallurgical companies only in 2009, then in the following years the bankruptcy risk degrease, achieving satisfactory levels.

  19. The prediction of the bankruptcy risk

    Directory of Open Access Journals (Sweden)

    Gheorghe DUMITRESCU

    2010-04-01

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

  20. BANKRUPTCY RULES AND PROGRESSIVE TAXATION

    OpenAIRE

    Juan de Dios Moreno Ternero; Antonio Villar Notario

    2002-01-01

    This paper explores the relative progressivity of the main bankruptcy rules in taxation problems. A rule F is more progressive than a rule G when the after-tax income vector generated by F Lorenz dominates that generated by G. We focus our analysis on four classical rules (proportional, equal-awards, equal-losses and Talmud) and on the TAL-family, introduced in Moreno-Ternero & Villar (2002). This family depends on a parameter Theta belongs to [0,1] and encompasses the constrained equal award...

  1. Bankruptcy Remoteness and Incentive-compatible Securitization

    OpenAIRE

    G. Chiesa

    2014-01-01

    ecuritization performs two functions. One refers to the risk allocation between the bank and outside investors; the other consists of creating transferable/liquid securities. A key ingredient of liquid/claimtransferability is bankruptcy remoteness - the insolvency of the sponsor (the loan originator) has no impact on the securities. We explore the implications of bankruptcy remoteness on risk allocation and regulatory/policy issues. Under traditional banking, when debt/deposits coexist with ...

  2. The Reverse Talmud Rule for Bankruptcy Problems

    OpenAIRE

    Brink, van den, R.B.A.; Funaki, Y.; Laan, van der, G.

    2008-01-01

    Read also the publication in the 'European Journal of Operational Research' , 2013, 228, 413-417. We introduce a new solution for bankruptcy problems that satisfies weaker versions of the Exemption en Exclusion properties from the literature. Although the principles of Exclusion and Exemption are appealing, the specific conditions under which an agent receives its claim, respectively nothing, seem arbitrary and are inconsistent in the sense that there is no bankruptcy rule that satisfies both...

  3. Bankruptcy Problem Allocations and the Core of Convex Games

    Directory of Open Access Journals (Sweden)

    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.

  4. An Analysis of the Bankruptcy Reorganization Procedure in China

    OpenAIRE

    Fei Leng

    2013-01-01

    This paper analyzes the reorganization procedure introduced into the Chinese bankruptcy system in 2007. It shows that managers devote more effort during the reorganization than before the bankruptcy when the emergence value of the bankrupt firm is substantial. In addition, in the pre-bankruptcy period, managers were shown to input less effort under the new law than under the old law. Finally, the paper demonstrates that the market interest rate under the new bankruptcy law is not necessarily ...

  5. Credit Risk, Default Loss, and the Economics of Bankruptcy

    OpenAIRE

    John F. Crean

    2009-01-01

    The negotiating strategies of parties to a corporate bankruptcy are shaped by the rules and procedures of bankruptcy law. The rules have an asymmetric impact on the debtor and its creditors. To analyze the effect of this asymmetry, the paper develops a model of bankruptcy negotiation based on a binomial process for firm value. The analysis produces five novel results. First, bankruptcy rules are shown to produce incentives which lead to significant deviations from strict priority even when th...

  6. 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.

  7. 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.

  8. Bankruptcy, criminal legal aspects and disengagement from fraud

    OpenAIRE

    Кришевич, Ольга Володимирівна; Рощина, Інна Олександрівна

    2015-01-01

    The paper defines the basic principles of article concerning bankruptcy, disadvantages and differences that it conveys, differences from fraud. The experience of other states with regard to improving the national legislation on criminal liability and practice is outlined. English abstract О.V. Krishevich, I.A. Roshchina Bankruptcy, criminal legal aspects and disengagement from fraud Today the relations concerning bankruptcy and of providing creditors' property rights are important legal inst...

  9. Did bankruptcy reform cause mortgage default rates to rise?

    OpenAIRE

    Wenli Li; Michelle J. White; Ning S. Zhu

    2010-01-01

    This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other types of debt are discharged - thus loosening debtors' budget constraints. Homeowners in financial distress can therefore use bankruptcy to avoid losing their homes, since filing allows them to shift funds from paying other debts to paying their mortgages. But a major reform of U.S. bankruptcy law in 2...

  10. Did Bankruptcy Reform Cause Mortgage Default to Rise?

    OpenAIRE

    Wenli Li; Michelle J. White; Ning Zhu

    2010-01-01

    This paper argues that the U.S. bankruptcy reform of 2005 played an important role in the mortgage crisis and the current recession. When debtors file for bankruptcy, credit card debt and other types of debt are discharged--thus loosening debtors' budget constraints. Homeowners in financial distress can therefore use bankruptcy to avoid losing their homes, since filing allows them to shift funds from paying other debts to paying their mortgages. But a major reform of U.S. bankruptcy law in 20...

  11. 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

  12. 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

  13. A PREDICTIVE SYSTEM FOR DETECTION OF BANKRUPTCY USING MACHINE LEARNING TECHNIQUES

    Directory of Open Access Journals (Sweden)

    Kalyan Nagaraj

    2015-01-01

    Full Text Available Bankruptcy is a legal procedure that claims a person or organization as a debtor. It is essential to ascertain the risk of bankruptcy at initial stages to prevent financial losses. In this perspective, different soft computing techniques can be employed to ascertain bankruptcy. This study proposes a bankruptcy prediction system to categorize the companies based on extent of risk. The prediction system acts as a decision support tool for detection of bankruptcy

  14. On the Bankruptcy Situations and the Alexia Value

    OpenAIRE

    Alparslan Gök, S. Z.; Sarıarslan, A.

    2012-01-01

    The main result of this paper is to show that the three ancient bankruptcy situations from the 2000-year-old Babylonian Talmud can be solved by using the average lexicographic value (Alexia) from cooperative game theory.

  15. 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...

  16. The impact of business groups on bankruptcy prediction modeling

    OpenAIRE

    Dewaelheyns, Nico; Van Hulle, Cynthia

    2004-01-01

    The bankruptcy prediction literature generally ignores corporate ownership and assumes companies are independent economic entities. In Continental Europe this latter assumption does not hold, due to the importance of business groups. Using a sample of mostly non-quoted Belgian medium and large sized companies, we show that the predictive power of several accounting ratios that are commonly used in bankruptcy prediction models (e.g. performance, leverage, liquidity and efficiency) is different...

  17. Residential Mortgage Default and Consumer Bankruptcy: Theory and Empirical Evidence

    OpenAIRE

    Michelle White; Wenli Li

    2011-01-01

    In this paper we develop a theory where homeowners make joint decisions in financial distress as whether to file for bankruptcy or default on their mortgages. The theory models explicitly institutional details, the federal bankruptcy law and the state foreclosure laws, that govern the two default events separately and their interactions. In particular, we derive regions (defined by households asset, liability, and income positions) where homeowners default on both loans, on one of them, and o...

  18. Can orderly liquidation solve the problems of bailouts and bankruptcies?

    OpenAIRE

    Betty Joyce Nash; Sabrina Pellerin; John R. Walter

    2012-01-01

    In response to the financial crisis of 2007–09, Congress created the Orderly Liquidation Authority (OLA), a new regime for winding down systemically important financial institutions (SIFIs) that become troubled. The OLA provisions address two conflicting goals: mitigating threats to the financial system associated with bankruptcy and minimizing moral hazard associated with government bailouts. This Economic Brief compares OLA provisions to bankruptcy procedures. Although the OLA process could...

  19. Lorenz and lexicographic maximal allocations for bankruptcy problems

    OpenAIRE

    Arin, Javier; Benito Ostolaza, Juan Miguel

    2012-01-01

    This paper investigates the use of egalitarian criteria to select allocations in bankruptcy problems. In our work, we characterize the sets of Lorenz maximal elements for these problems. We show that the allocation selected by the Proportional Rule is the only allocation that belongs to all these Lorenz maximal sets. We prove that the Talmud Rule selects the lexicographic maximal element within a certain set. We introduce and analyze a new sharing rule for bankruptcy problems that shares stro...

  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. 77 FR 37101 - Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee

    Science.gov (United States)

    2012-06-20

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted....

  2. 77 FR 55525 - Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee

    Science.gov (United States)

    2012-09-10

    ... From the Federal Register Online via the Government Publishing Office ] DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted....

  3. 77 FR 2611 - Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee

    Science.gov (United States)

    2012-01-18

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted....

  4. 77 FR 47165 - Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee

    Science.gov (United States)

    2012-08-07

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted....

  5. 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.

  6. 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.

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

    OpenAIRE

    Couwenberg, Oscar; 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 details of the bankruptcy process and the outcomes. This data allows us to measure the costs and recovery rates in the Dutch liquidation-based bankruptcy system, and to investigate the determinants ...

  8. SCORING ASSESSMENT AND FORECASTING MODELS BANKRUPTCY RISK OF COMPANIES

    Directory of Open Access Journals (Sweden)

    SUSU Stefanita

    2014-07-01

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

  9. 75 FR 65381 - Hearings of the Judicial Conference Committees on Bankruptcy, Criminal Rules

    Science.gov (United States)

    2010-10-22

    ... UNITED STATES Hearings of the Judicial Conference Committees on Bankruptcy, Criminal Rules AGENCY: Advisory Committee on Bankruptcy Rules and Advisory Committee on Criminal Rules, Judicial Conference of the... on Bankruptcy Rules and the Advisory Committee on Criminal Rules have proposed amendments to...

  10. PROFITABILITY RATIO AS A TOOL FOR BANKRUPTCY PREDICTION

    Directory of Open Access Journals (Sweden)

    Daniel BRÎNDESCU – OLARIU

    2016-07-01

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

  11. 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.  

  12. Prediction Model for Bankruptcy in Micro and Small Enterprises (MSEs

    Directory of Open Access Journals (Sweden)

    Magda Gabriela Sánchez Trujillo

    2014-07-01

    Full Text Available The main purpose of this research is to validate and improve the Weighted Ratio Valuation Model (RPV model in micro and small enterprises in Central Mexico, in order to propose an alternative to financial valuation methods to anticipate bankruptcy in this sector of the economy. To achieve this objective, the study proposes the empirical application of Mosqueda 2010. The results shed important information that allowed the identification of variables that lead to bankruptcy, making risk detection more accurate, which, in turn, made it possible to validate and consolidate the model. 1024x768 Normal 0 21 false false false

  13. Forecasting risk of bankruptcy for machine-building plants

    Science.gov (United States)

    Telipenko, E.; Zakharova, A.; Sopova, Svetlana

    2015-09-01

    The paper presents an overview of well-known bankruptcy risk forecasting models, elaborated as by Russian so by foreign authors, on the basis of the data about financial and business activities of the biggest machine-building Russian plants. The authors substantiate and confirm appropriateness of a fuzzy set model to the problem of bankruptcy risk forecasting. This model is worked out on the basis of 10 most important factors, which have the greatest influence on sales proceeds as the main financial source for a production plant.

  14. 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…

  15. 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

  16. Non-Statistical Methods of Analysing of Bankruptcy Risk

    Directory of Open Access Journals (Sweden)

    Pisula Tomasz

    2015-06-01

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

  17. INSOLVENCY AND BANKRUPTCY AS AN INDEPENDENT ECONOMIC CATEGORY

    Directory of Open Access Journals (Sweden)

    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

  18. PREDICTION OF COMPANY BANKRUPTCY USING STATISTICAL TECHNIQUES – CASE OF CROATIA

    Directory of Open Access Journals (Sweden)

    Ivica Pervan

    2011-02-01

    Full Text Available Bankruptcy prediction research in Croatia is still pretty limited and due to data unavailability researches use different samples and statistical techniques that result with diverse findings regarding the variables that most accurately predict business failure. In this research the authors have decided to use a sample of differently sized bankrupted companies from manufacturing and wholesale/retail trade industry. Bankruptcy prediction model was developed on the basis of only publicly available information on bankruptcy and financial statements. The bankruptcy sample data consists of 78 companies that have declared bankruptcy in the Official Gazette during 2010. An equal number of stabile companies sample was randomly selected from the same industry sectors. All financial data were collected from the web site of FINA. The research has shown that publicly available financial statements and calculated financial ratios have informational value since they can be effectively used for prediction of companies' bankruptcy.

  19. An Analysis on Qualitative Bankruptcy Prediction Rules using Ant-Miner

    OpenAIRE

    Martin, A. (Alan); T.Miranda Lakshmi; V. Prasanna Venkatesan

    2013-01-01

    Qualitative bankruptcy prediction rules represent experts' problem-solving knowledge to predict qualitative bankruptcy. The objective of this research is predicting qualitative bankruptcy using ant-miner algorithm. Qualitative data are subjective and more difficult to measure. This approach uses qualitative risk factors which include fourteen internal risk factors and sixty eight external risk factors associated with it. By using these factors qualitative prediction rules are generated using ...

  20. Are Russian Commercial Courts Biased? Evidence from a Bankruptcy Law Transplant

    OpenAIRE

    Ariane Lambert-Mogiliansky; Konstantin Sonin; Ekaterina Zhuravskaya

    2007-01-01

    We study the nature of judicial bias in bankruptcy proceedings following the enactment of the 1998 bankruptcy law in Russia. The two main findings are as follows. First, regional political characteristics affected judicial decisions about the number and types of bankruptcy proceedings initiated after the law took effect. Controlling for indicators of firms’ insolvency and the quality of the regional judiciary, re-organization procedures were significantly more frequent in regions with politic...

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

    Directory of Open Access Journals (Sweden)

    Brindescu-Olariu Daniel

    2013-07-01

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

  2. Breaking Bankruptcy Priority: How Rent-Seeking Upends the Creditors' Bargain

    OpenAIRE

    Roe, Mark J.; Tung, Frederick

    2013-01-01

    Bankruptcy reallocates value in a faltering firm. The bankruptcy apparatus eliminates some claims and alters others, leaving a reduced set of claims to match the firm’s diminished capacity to pay. This restructuring is done according to statutory and agreed-to contractual priorities, so that lower-ranking claims are eliminated first and higher-ranking ones are preserved to the extent possible. Bankruptcy scholarship has long conceptualized this reallocation as a hypothetical bargain among cr...

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

    Directory of Open Access Journals (Sweden)

    LAURA GIURCA VASILESCU

    2010-01-01

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

  4. Business Bankruptcy Prediction Based on Survival Analysis Approach

    Directory of Open Access Journals (Sweden)

    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%

  5. The Lehman Brothers Bankruptcy D: The Role of Ernst & Young

    OpenAIRE

    Rosalind Z. Wiggins; Rosalind L. Bennett; Andrew Metrick

    2014-01-01

    For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questiona...

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

    OpenAIRE

    von Schedvin, E.L.

    2012-01-01

    Abstract: This thesis consists of four chapters that empirical explore issues related to bank credit supply, corporate bankruptcy risk, and firms’ leverage decisions. The first chapter explores the role of contractual externalities in loan contracts. The second chapter evaluates the extent trade credit chains between corporate firms lead to propagation of corporate failures. The third chapter explores non-linear relationships between firm failure and leverage, earnings, and liquidity. The fin...

  7. THE NUCLEOLUS OF THE BANKRUPTCY PROBLEM BY HYDRAULIC RATIONING

    OpenAIRE

    TAMÁS FLEINER; BALÁZS SZIKLAI

    2012-01-01

    In this note, we give a straightforward and elementary proof of a theorem by Aumann and Maschler stating that in the well-known bankruptcy problem, the so-called CG-consistent solution described by the Talmud represents the nucleolus of the corresponding coalitional game. The proof nicely fits into the hydraulic rationing framework proposed by Kaminski. We point out further interesting properties in connection with this framework.

  8. THE TAL-FAMILY OF RULES FOR BANKRUPTCY PROBLEMS

    OpenAIRE

    Antonio Villar Notario; Juan D. Moreno Ternero

    2001-01-01

    This paper analyzes a family of solutions to bankruptcy problems that generalizes the Talmud rule (T) and encompasses both the constrained equal-awards rule (A) and the constrained equal-losses rule (L). We study the structural properties of this family of rules and provide a characterization result. That allows us to identify the distinctive features of these three reference rules, T, A, L.

  9. THE THREE MUSKETEERS: FOUR CLASSICAL SOLUTIONS TO BANKRUPTCY PROBLEMS

    OpenAIRE

    Antonio Villar Notario; Carmen Herrero Blanco

    2000-01-01

    This paper provides a comparative analysis of some classical solutions to bankruptcy problems from an axiomatic viewpoint. These rules are the constrained equal-awards rule, the constrained equal-losses rule, the proportional rule and the Talmud rule. The purpose of this study is to facilitate the understanding of their differences and to clarify the type of situations in which each of these rules is better.

  10. Drivers of corporate bankruptcy and default : study concerning Portuguese Companies

    OpenAIRE

    Morais, José Carlos de Matos

    2013-01-01

    My purpose with this dissertation is to investigate the relevance of financial and economic variables as predictors of corporate bankruptcy (default) in Portugal. Understanding the underlying issues behind corporate distress and failure is crucial for several areas particularly: granting (or not) a bank loan, managing credit risk and pricing debt. The present financial and economic crisis stimulated a growing interest on matters related to corporate default, ratings and scoring...

  11. The Bankruptcy according the Albanian law - Effects of practice and legal framework in setting up a structured system of Bankruptcy administration

    Directory of Open Access Journals (Sweden)

    Altina Xhoxhaj

    2013-01-01

    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.

  12. ANALYSIS OF ROMANIAN SMALL AND MEDIUM ENTERPRISES BANKRUPTCY RISK

    Directory of Open Access Journals (Sweden)

    Kulcsar Edina

    2014-07-01

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

  13. The Bankruptcy according the Albanian law - Effects of practice and legal framework in setting up a structured system of Bankruptcy administration

    OpenAIRE

    Altina Xhoxhaj

    2013-01-01

    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 bankrupt...

  14. 77 FR 64829 - Notice of Filing of Proposed Settlement Agreement Resolving Bankruptcy Proofs of Claim Relating...

    Science.gov (United States)

    2012-10-23

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF JUSTICE Notice of Filing of Proposed Settlement Agreement Resolving Bankruptcy Proofs of Claim Relating to the... the United States and others, with the United States Bankruptcy Court for the District of Delaware...

  15. 75 FR 32816 - Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure

    Science.gov (United States)

    2010-06-09

    ... From the Federal Register Online via the Government Publishing Office JUDICIAL CONFERENCE OF THE UNITED STATES Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure AGENCY: Judicial Conference of the United States Advisory Committee on Rules of Bankruptcy...

  16. The Economics of Bankruptcy and the Transition to a Market Economy

    OpenAIRE

    Abel, István; Gatsios, Konstantine

    1993-01-01

    This paper looks at simple decision rules in bankruptcy procedures. It describes special issues of enterprise liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation.

  17. 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

  18. 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

  19. 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.

  20. 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...

  1. An Analysis on Qualitative Bankruptcy Prediction Rules using Ant-Miner

    Directory of Open Access Journals (Sweden)

    A. Martin

    2013-12-01

    Full Text Available Qualitative bankruptcy prediction rules represent experts' problem-solving knowledge to predict qualitative bankruptcy. The objective of this research is predicting qualitative bankruptcy using ant-miner algorithm. Qualitative data are subjective and more difficult to measure. This approach uses qualitative risk factors which include fourteen internal risk factors and sixty eight external risk factors associated with it. By using these factors qualitative prediction rules are generated using ant-miner algorithm and the influence of these factors in bankruptcy is also analyzed. Ant-Miner algorithm is a application of ant colony optimization and data mining concepts. Qualitative rules generated by ant miner algorithm are validated using measure of agreement. These prediction rules yields better accuracy with lesser number of terms than previously applied qualitative bankruptcy prediction methodologies.

  2. A New Approach to Predicting Bankruptcy: Combining DEA and Multi-Layer Perceptron

    Directory of Open Access Journals (Sweden)

    Ayan Mukhopadhyay

    2012-07-01

    Full Text Available The question of financial health and sustenance of a firm is so intriguing that it has spanned numerous studies. For investors,stakeholders and lenders, assessing the risk associated with an enterprise is vital. Several tools have been formulated to deal with predicting the solvency of a firm. This paper attempts to combine Data Envelopment Analysis and Multi-Layer Perceptron (MLP to suggest a new method for prediction of bankruptcy that not only focusses on historical financial data of firms that filed for bankruptcy like other past studies but also takes into account the data of those firms that were likely to do so. This method thus identifies firms that have a high chance of facing bankruptcy along with those that have filed for bankruptcy. The performance of this procedure is compared with MLP. The suggested method outperforms MLP in prediction of bankruptcy.

  3. 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.

  4. The effects of bankruptcy and insolvency on exploration agreements

    International Nuclear Information System (INIS)

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

  5. A New Approach for Bounding Awards in Bankruptcy Problems

    Directory of Open Access Journals (Sweden)

    Marco-Gil, M.Carmen

    2008-01-01

    Full Text Available The solution for the ‘Contested Garment Problem’proposed in the Babylonic Talmud,one of the most important sources of inspiration for solving situations where demandovercomes supply of some resources, suggests that each agent should receive at least somepart of the available amount when facing these situations. This idea has underlied thetheoretical analysis of bankruptcy problems from its beginning (O’Neill, 1982 to presentday (Dominguez and Thomson, 2006. In this context, starting from the fact that a societyestablishes its own set of ‘Commonly Accepted Equity Principles’, we propose a new lowerbound on awards de…ned, for each agent, as the minimum amount she gets according toall the admissible rules for such a society. Moreover, we analyze the recursive applicationof this new bound, since it will not exhaust the resources, in general.

  6. Using Machine Learning, Neural Networks, and Statistics to Predict Corporate Bankruptcy

    NARCIS (Netherlands)

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

    1997-01-01

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

  7. 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.

  8. 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.

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

    International Nuclear Information System (INIS)

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

  11. 39 CFR 501.4 - Changes in ownership or control, bankruptcy, or insolvency.

    Science.gov (United States)

    2010-07-01

    ... MANUFACTURE AND DISTRIBUTE POSTAGE EVIDENCING SYSTEMS § 501.4 Changes in ownership or control, bankruptcy, or... in the ownership of an affiliate which exercises control over its Postage Evidencing...

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

    Science.gov (United States)

    Sperow, E H

    2001-01-01

    Section 525(a) of the Bankruptcy Code prevents government entities from discriminating against debtors based on the debtor's bankruptcy filing. This Article analyzes how this provision is applied to healthcare providers who file for bankruptcy. Some commentators have expressed concerns that because of Section 525, the federal government is unable to deny a bankrupt provider a new Medicare provider agreement due to the debtor's failure to pay debts discharged during bankruptcy. This Article, however, argues that Section 525 does not apply to a provider agreements because it is not a "license, permit, charter, franchise, or other similar grant" as defined by the statute. Therefore, the author concludes that debtor healthcare providers should not be allowed back into the Medicare program without first paying their statutorily required debts. PMID:11571896

  13. 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,...

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

    Directory of Open Access Journals (Sweden)

    A Martin

    2011-05-01

    Full Text Available 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 Z-score model a new business intelligence model is developed to predict the bankruptcy.

  15. 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...

  16. Can bankruptcy law discriminate between heterogeneous firms when information is incomplete ? The case of legal sanctions

    OpenAIRE

    Régis Blazy

    2004-01-01

    We study conditions under which legal sanctions may lead to an efficient selection of heterogeneous investment projects. The bankruptcy code is a "primitive creditor system" and financial distress leads to an arbitration between private agreement and costly formal bankruptcy. We consider a standard debt contract between a bank and a small firm, both risk-neutral. There are two types of leveraged firms in the economy: profitable firms and non-profitable ones. Before the debt repayment time, fi...

  17. 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.

  18. 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.

  19. 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.

  20. 78 FR 49768 - Hearings of the Judicial Conference Advisory Committees on Rules of Bankruptcy and Civil Procedure

    Science.gov (United States)

    2013-08-15

    ... From the Federal Register Online via the Government Publishing Office JUDICIAL CONFERENCE OF THE UNITED STATES Hearings of the Judicial Conference Advisory Committees on Rules of Bankruptcy and Civil Procedure AGENCY: Advisory Committees on Rules of Bankruptcy and Civil Procedure, Judicial Conference of...

  1. 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. 

  2. Bankruptcy prediction using SVM models with a new approach to combine features selection and parameter optimisation

    Science.gov (United States)

    Zhou, Ligang; Keung Lai, Kin; Yen, Jerome

    2014-03-01

    Due to the economic significance of bankruptcy prediction of companies for financial institutions, investors and governments, many quantitative methods have been used to develop effective prediction models. Support vector machine (SVM), a powerful classification method, has been used for this task; however, the performance of SVM is sensitive to model form, parameter setting and features selection. In this study, a new approach based on direct search and features ranking technology is proposed to optimise features selection and parameter setting for 1-norm and least-squares SVM models for bankruptcy prediction. This approach is also compared to the SVM models with parameter optimisation and features selection by the popular genetic algorithm technique. The experimental results on a data set with 2010 instances show that the proposed models are good alternatives for bankruptcy prediction.

  3. 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).

  4. 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.

  5. Bankruptcy Law and The Cost of Credit: The Impact of Cramdown on Mortgage Interest Rates

    OpenAIRE

    Goodman, Joshua Samuel; Levitin, Adam Jeremiah

    2012-01-01

    The role of bankruptcy law in credit markets has received renewed attention in the aftermath of the housing bubble collapse. The fundamental challenge for research on this topic is to separate the impact of legal factors from other features of the credit environment. We do so by exploiting historical variation in federal judicial rulings regarding whether Chapter 13 bankruptcy filers could reduce the principal owed on a home loan to the home’s market value. The practice, known as cramdown, ...

  6. Why do spanish firms rarely use the bankruptcy system? The role of the mortgage institution

    OpenAIRE

    Miguel García-Posada; Juan S. Mora-Sanguinetti

    2012-01-01

    Taking advantage of a rich database of more than 1 million companies in Spain, France and the U.K., we propose and test a hypothesis to explain why Spain has one of the world’s lowest business bankruptcy rates, even during the current economic crisis and after controlling for market exit rates. This hypothesis is based on two premises, the low efficiency of the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the unattractiveness of...

  7. 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.

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

    Directory of Open Access Journals (Sweden)

    Kinga Bauer

    2015-06-01

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

  9. 7 CFR 1436.16 - Foreclosure, liquidation, assumptions, sales or conveyance, or bankruptcy.

    Science.gov (United States)

    2010-01-01

    ... may sell the collateral for the best price obtainable. Sales proceeds will be distributed in the... or conveyance, or bankruptcy. (a) The collateral or land securing a loan may be sold by CCC whenever... voluntarily agree to allow removal of the collateral to facilitate sale by signing an agreement for sale....

  10. 75 FR 44890 - Operation, in the Ordinary Course, of a Commodity Broker in Bankruptcy

    Science.gov (United States)

    2010-07-30

    ...\\ See S.I.P.C. v. Lehman Brothers, Inc., No. 08-8119, Docket No. 3 (S.D.N.Y. Sept. 19, 2008); see also... permission of the Commission. \\1\\ 74 FR 66598 (Dec. 16, 2009). The public comment period on the Notice ended... unanticipated events. United States futures customers in the Refco \\7\\ and Lehman \\8\\ bankruptcies were...

  11. 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…

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

    NARCIS (Netherlands)

    Couwenberg, Oscar; de Jong, Abe

    2008-01-01

    We 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 time it takes t

  13. 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

  14. On the Switching Mechanism of Bankruptcy Proceedings%论破产程序的转换机制

    Institute of Scientific and Technical Information of China (English)

    华吉红

    2012-01-01

    Compared with the old "bankruptcy law", the country's new bankruptcy law explicitly prescribed that bankruptcy settlement procedures, the restructuring procedure and the liquidation procedures are mutually independent. Considering current situation of bankruptcy law research , most scholars focus their research on a single program. There are few scholars studying bankruptcy procedure with a global vision to explore the relationship between the three bankruptcy procedures and their switching mechanism. The three Bankruptcy procedures are a unified whole. Effective programs can greatly reduce the risks faced by a party in bankruptcy when choosing a procedure, develop the function of the bankruptcy law, and safeguard the interests of the creditor and the debtor.%相较于旧《破产法》,我国新《破产法》明确规定破产和解程序、重整程序及清算程序互为独立。从破产法的研究现状来看,多数学者着眼于单个程序的研究,很少有学者用全局的眼光来研究破产程序,探寻三大破产程序之间的关系及其转换机制。破产法三大程序是统一的整体,有效的程序转换机制能够大大降低破产当事人在程序选择上面临的风险,更好地发挥破产法的功能,更有力地维护破产债权人及债务人的利益。

  15. 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

    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.%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。

  16. 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.

  17. 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.

  18. 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.

  19. PROCEDURAL AND METHODOLOGICAL ASPECTS REGARDING THE INVESTIGATION OF THE FRAUDULENT BANKRUPTCY INFRACTION

    Directory of Open Access Journals (Sweden)

    Mihai Adrian Hotca

    2008-01-01

    Full Text Available The investigation of the fraudulent bankruptcy infractions implies the thorough knowledge of the penal procedural norms, because these infractions present a particular feature due to the way they are committed, extremely elaborated and sophisticated. The revealing of the bankruptcy infractions, the collection and administration of the evidences, the doers’ identification and catching, the taking of the procedural measures and finally their holding responsible represent an activity that has to be carried on by observing the norms of the penal procedural law. The specialty authors pay more and more attention to the methodological elements regarding the criminalistic investigation of the infractions in the business domain, and it is talking about the „banditry of the business”.

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

    Directory of Open Access Journals (Sweden)

    Bruno Funchal

    2008-07-01

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

  1. A new bankruptcy method for conflict resolution in water resources allocation.

    Science.gov (United States)

    Mianabadi, Hojjat; Mostert, Erik; Zarghami, Mahdi; van de Giesen, Nick

    2014-11-01

    Growing competition over water resources has caused political disputes among stakeholders and has brought conflict resolution in the focus of negotiation processes. In these cases, bankruptcy rules for redistributing an asset when it is not sufficient to meet all claims could be applied. In this paper, we develop a new bankruptcy rule for water resources problems that considers agents' contribution to the total resources as well as their claims, which is in accordance with the UN Watercourses Convention (1997), as important factors for reallocation. Using the Euphrates River and a hypothetical case from the literature as examples, the new rule is compared with four alternative rules. The results show that the novel solution is potentially more powerful to help solving conflicts over river sharing problems. PMID:24945702

  2. 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. .

  3. Bankruptcy Problem Approach to Load-Shedding in Agent-Based Microgrid Operation

    Science.gov (United States)

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

    Research, development, and demonstration projects on microgrids have been progressed in many countries. Furthermore, microgrids are expected to introduce into power grids as eco-friendly small-scale power grids in the near future. Load-shedding is a problem not avoided to meet power balance between power supply and power demand to maintain specific frequency such as 50 Hz or 60 Hz. Load-shedding causes consumers inconvenience and therefore should be performed minimally. Recently, agent-based microgrid operation has been studied and new algorithms for their autonomous operation including load-shedding has been required. The bankruptcy problem deals with distribution insufficient sources to claimants. In this paper, we approach the load-shedding problem as a bankruptcy problem and adopt the Talmud rule as an algorithm. Load-shedding using the Talmud rule is tested in islanded microgrid operation based on a multiagent system.

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

    Directory of Open Access Journals (Sweden)

    Erma Defiana Putriyanti

    2015-10-01

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

  5. Endogenous Credit Constraints and Factor Market Rigidities: the case of Bankruptcy

    OpenAIRE

    Fischer, R.; Bonilla, C.

    2004-01-01

    We develop a simple analytical model that highlights the effect of factor rigidities and credit constraints on bankruptcies. In our model, entrepreneurs receive random shocks –positive or negative-- to their working capital, which is needed to pay workers before the output of the firm is sold. If an entrepreneur receives a shock that lowers his working capital sufficiently, she requires loans in order to pay workers and continue operating. However, if the level of working capital is too low...

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

    OpenAIRE

    Dalma Peto; Andrea Rozsa

    2015-01-01

    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...

  7. Dynamic effects of a foot-and-mouth disease outbreak: introducing farm bankruptcy risk

    OpenAIRE

    Gohin, Alexandre; Cordier, Jean; Krebs, Stéphane; Robert, Marc

    2009-01-01

    In FMD free countries, the occurrence of a FMD outbreak is a rare event with potentially large economic losses. In this paper we explore the dynamic effects of a FMD outbreak taking into account the largely neglected issue of farm bankruptcy. We find complex dynamic effects when the farm credit market suffers from information imperfections leading to farm closure. Welfare effects are also dramatically altered when these farm credit imperfections are acknowledged. Domestic consumers loose in t...

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

    OpenAIRE

    Joseph R. Mason

    2002-01-01

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

  9. The New Italian Bankruptcy Law: The Right Way to Reform Insolvency Procedures

    OpenAIRE

    Succurro Marianna

    2012-01-01

    The recent Italian Bankruptcy Reform (d.lgs. 9 gennaio 2006, n. 5) has been adopted to modify the old insolvency system, existing since 1942, in order to facilitate the resolution of firms' distress through the implementation of faster insolvency procedures and an increasing adoption of the reorganization plans. The first part of the research shows the insolvencies in some European countries over the last decade and the trend of the main Italian insolvency procedures. The second part of the p...

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

    OpenAIRE

    Trigo, Loren; Costanzo, Sabatino; 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 ...

  11. 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

  12. Beyond Failure and Forgiveness: The Debtor's Place in American Fiscal Identity, Bankruptcy, and Capitalism

    OpenAIRE

    Coco, Linda Elizabeth

    2011-01-01

    This dissertation is based on six years of original field research in the bankruptcy legal field. It explores the dominant discourses that function as controlling processes for individual fiscal agents within the American free-market system--a system based in credit structures and debt relations. The ways these individual fiscal agents are viewed impacts the behaviors, attitudes and perceptions of the place they inhabit within the social system. This dissertation demonstrates the impact of En...

  13. 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.

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

    International Nuclear Information System (INIS)

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

  15. 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.

  16. 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.

  17. Long-term Predictive Ability of Bankruptcy Models in the Czech Republic: Evidence from 2007-2012

    Directory of Open Access Journals (Sweden)

    Ondřej Machek

    2014-06-01

    Full Text Available Bankruptcy models are a common tool of financial analysis to predict the financial distress of companies. However, in the recent years, the instability and risk of the overall economic environment have underlined the need for accurate tools to predict bankruptcy and assess the overall performance of companies. In this article, we analyze the ex-ante predictive ability of selected bankruptcy and solvency models commonly used in financial analysis: Kralicek quick test, Taffler model, the IN99 and IN05 indexes, and Altman Z’-score models in the case of Czech companies from 2007 to 2012. We determined the percentage of cases when these models correctly predicted failures of companies up to five years in advance, and found that the IN05 and IN99 credibility indexes provided the best results, as well as the Altman Z’-score model. However, the predictive ability of the Taffler model and Kralicek quicktest has only been limited.

  18. 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

  19. Banks, Firms, Bad Debts and Bankruptcy in Hungary 1991-4

    OpenAIRE

    Bonin, J. P.; M.E. Schaffer

    1995-01-01

    The paper examines Hungary''s experience with banking and bankruptcy reform in the period 1992-94. The first part of the paper uses enterprise-level data to show that in 1992, the same year in which the amount of classified loans in the state-owned commercial banks grew enormously, the proportion of total bank credit held by highly-unprofitable firms hardly changed. The inference from this is that the rapid growth of bad debt in 1992 was not the result of a "flow problem" (new bad lending) bu...

  20. 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.

  1. 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.

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

    Directory of Open Access Journals (Sweden)

    I.V. Zhalinska

    2015-09-01

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

  3. 75 FR 8747 - Revision of Certain Dollar Amounts in the Bankruptcy Code Prescribed Under Section 104(A) of the...

    Science.gov (United States)

    2010-02-25

    ... of 1994, Public Law 103-394, section 108(e), (1994) as amended by Bankruptcy Abuse Prevention and...,200 21,625 522(f)(3)(B)--exception to lien 5,475 5,850 avoidance under certain state laws. 522(f)(4)(B...). goods for lien avoidance purposes. 522(n)--maximum aggregate value 1,095,000......... 1,171,650...

  4. 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.

  5. The legal fate of biobanks between privacy, IPRs and crisis of a firm. A preliminary study on the case of "bio-bankruptcy" .

    Science.gov (United States)

    Ducato, Rossana; Perra, Silvia; Zuddas, Carla

    2014-01-01

    In the case of biobank bankruptcy, the current legal framework is not suitable to protect the rights of research subjects. In the paper we identify such a gap in protection and suggest some remedies to address it. PMID:25845207

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

    Science.gov (United States)

    Doughty, C.

    2015-12-01

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

  7. RESEARCH REGARDING THE USE OF DISCRIMINANT ANALYSIS FOR ASSESSING THE BANKRUPTCY RISK OF AGRICULTURAL COMPANIES

    Directory of Open Access Journals (Sweden)

    Agatha POPESCU

    2014-12-01

    Full Text Available The paper aimed to apply the discriminant analysis using Altman Z' Score model in order to predict bankruptcy risk of the agricultural companies, using a study case regarding three representative companies dealing with dairy farming in Ilfov County of Romania. The results discriminated the companies according to their financial statement and ratios and mainly Z Score values. The company F1 proved the most difficult financial statement being classified in the Distress zone every year ( Z'=1.003 in the year 2011, 1.098 in the year 2012 and 0.971 in the year 2013. For this reason, this company is bankrupt. The company F2 was situated in the "Grey zone" every year, because the financial situation is not so good, but it i able to pay a part of its debts. However, it is in danger to fail in the future, if measures to recover are not taken in time. (Z'=1.436 in the year 2011, 1.269 in the year 2012 and 1.343 in the year 2013. The company F3 registered a different situation from a year to another. In the first two years, 2011 and 2012, it was facing a difficult financial statement being placed in the "Distress zone". In the year 2013, the financial statement has recovered due to the measures taken by managers and it passed in the "Safe zone", characterized by a good financial situation and solvency, enabling it to pay all its debts.(Z'=1.126 in the year 2011, 0.928 in the year 2012 and 3.189 in the year 2013. The agricultural companies dealing with dairy farming have a low profitability, and the degree of bankruptcy risk is high. For this reason, managers have to keep under control the financial indicators any moment and take urgent measures to recover by the end of the year as their company not to fail.

  8. 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.

  9. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    Yudong Zhang

    2013-01-01

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

  12. 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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    Jonabio Barbosa Santos

    2015-08-01

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

  15. 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.

  16. DEVELOPMENT OF AN EXPERT SYSTEM FOR QUANTITATIVE BANKRUPTCY RISK ESTIMATION FOR SMALL AGRICULTURAL ENTERPRISES ON THE BASIS OF FUZZY LOGIC APPROACH

    Directory of Open Access Journals (Sweden)

    Arinichev I. V.

    2016-03-01

    Full Text Available The article presents an algorithm for constructing an expert system for quantitative bankruptcy risk estimation of small agricultural enterprises. Fuzzy logic analysis methodology in the form of fuzzy inference system was put as a basis for this development, classically including five steps: fuzzy rules base forming, fuzzification, aggregation, intensification, defuzzification. All the calculations were performed using MATLAB 2012 software package including Fuzzy module. Demand and costs of production were proposed as main factors influencing bankruptcy risk. Quantitative estimations of input parameters were determined by 100-point scale on the basis of expert estimations, and after that variables were fuzzificated in the form of trapezoid numbers as most common in fuzzy logic analysis (after triangular. Besides quantitative estimation of bankruptcy risk a surface of fuzzy inference was constructed, allowing to determine dependence between output variable’s values and input variables’ values of original bankruptcy risk model, as well as necessary values of input variables values to reach acceptable level by experts

  17. 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...

  18. 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。

  19. Optimal consumption, investment and bankruptcy protection%最优消费投资与破产保护

    Institute of Scientific and Technical Information of China (English)

    杨金强; 杨招军

    2013-01-01

    This paper considers an optimal investment problem for a risk-averse entrepreneur facing business risk to maximize the expectation of total consumption utility through consumption smoothing, real investment, bankruptcy protection and financial investment when the debt and enterprise income tax are given. We derive semi-closed-form solution for capital value, optimal business strategy and bankruptcy threshold in a non-risk-neutral world. In addition, we obtain the expected return, beta coefficient, system risk premium and idiosyncratic risk premium corresponding CAPM. Unlike the classical theory, the idiosyncratic risk premium is strictly positive once the entrepreneur is risk-averse. The conclusions and numeric results show that the risk attitude of the entrepreneur has a significant effect on the value of the capital, optimal capital structure, real investment strategy, bankruptcy threshold, idiosyncratic risk premium and expected return.%考虑一个面临经营性风险(非系统风险)的企业家,在给定的债务及企业所得税率下,如何通过消费平滑、实业投资、破产保护以及金融投资,实现消费效用最大化的公司金融问题.得到了非风险中性下企业资本价值的半闭式解及相应的最优经营策略和最优破产阈值.对应经典的资本资产定价(CAPM)理论,得出企业家的期望收益率、贝塔系数、系统风险溢价和非系统风险溢价(idiosyncratic risk premium).不同于传统观点,非系统风险溢价严格大于零.这些结论和数值计算表明,企业家的风险态度对企业资本价值、最优资本结构、实业投资策略、破产水平、非系统风险溢价、期望收益率等具有显著的影响.

  20. 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.

  1. Oil and gas farmout agreements in bankruptcy. Hearing before the Subcommittee on Economic and Commercial Law of the Committee on the Judiciary, House of Representatives, One Hundred Second Congress, Second Session on H.R. 4363, April 1, 1992

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1992-12-31

    The Economic and Commercial Law subcommittee hearing addressed the Oil and Gas Farmout Agreements in Bankruptcy. The hearing addressed H.R. 4363 and statements of witnesses and documents prepared for record are included along with the proposed legislative text.

  2. Detroit’s bankruptcy has had little cross-border impact, but Windsor, Ontario shares Detroit’s broader economic challenges

    OpenAIRE

    Anderson, Bill

    2013-01-01

    In July the city of Detroit filed for bankruptcy, the largest American city ever to do so. Just across the Detroit River lies the Canadian city of Windsor, Ontario, which has historically shared a similar reliance on automotive manufacturing, and yet has not suffered as sharp an economic downturn. Bill Anderson looks at the close links between the two cities, writing that while Windsor may have performed better economically, like Detroit, it can no longer rely on the automotive in...

  3. 曼氏金融破产警示及借鉴意义%Research and Enlightenment on MF Global Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    朱玉霞; 徐鑫

    2012-01-01

    The MF Global is the first financial bankruptcy institution caused by European debt crisis in United States,which is not only greatly shock the American f inancial circles,but also in? uenced the future development of the world finance.In this paper,the author reviews the MF Global bankruptcy history,tries to analyze the bankruptcy reason,summarizes some enlightenment.And this is of great significance to guard against the risk of debt crisis,and improve financial supervision.%美国曼氏金融公司是美国首家因欧债危机影响而破产的金融机构,其破产不仅极大地震动了美国金融界,更重要的是给世界金融的未来发展留下了思考和启示。本文对曼氏金融破产始末进行梳理,分析导致其破产的各种原因,总结出曼氏金融破产的重要启示,这对于防范欧债危机风险、加强和改善金融监管具有重要意义。

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

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

    Directory of Open Access Journals (Sweden)

    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.

  8. 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 .

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. Inadequate Pricing,Bankruptcy Risk and Insurance Regulation%不充分定价、破产风险与保险监管

    Institute of Scientific and Technical Information of China (English)

    张宗军; 吴耀峰

    2015-01-01

    In the developed insurance markets, bankruptcy of insurance company is a common-sense question. While there were still not insurance companies to bankrupt in china. Through the analysis of foreign literature and data, we discover the main cause of insurance company bankruptcy had a high degree of similarity in different markets,and inadequate pricing is the biggest incentive. On this basis, we analyze the formation process of inadequate pricing. The results show that there are the significant differences between property insurance companies and life insurance compa-nies. That could provide some inspiration to the company’s management and market regulation.%在发达的保险市场,破产是保险公司退出市场的一种常见路径,但国内至今还没有一家保险公司因破产而退出市场。本文通过对国外数据和文献的分析表明,不同市场上保险公司破产的主要诱因具有高度的相似性,且定价不充分是最大的诱因。在此基础上,本文进一步比较分析了产、寿险公司定价不充分形成过程所存在的重大差异。由此,为国内保险公司的经营管理和监管部门的政策制定提供一定的启示。

  14. 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.

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

    Directory of Open Access Journals (Sweden)

    Raúl Núñez Ojeda

    2011-01-01

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

  16. The Bankruptcy Administrator's Right of Choice in the Context of Hermeneutics%破产管理人选择权行使规则之解释论

    Institute of Scientific and Technical Information of China (English)

    张尧

    2014-01-01

    对于法院受理破产申请前成立的双方均未履行完毕的合同,破产管理人享有选择权,其有权决定继续履行或解除合同。破产管理人的选择权是对多方利益平衡和考量的结果,是由社会利益的公平实现这一价值观决定所选定的。在破产管理人选择继续履行后,对于对方当事人已履行而债务人(即破产企业)未为对待给付的部分,不能作为共益债务。同时,如果破产管理人选择继续履行合同并提供担保的,对方当事人不得继续行使不安抗辩权。而在破产管理人解除合同时,双方当事人应相互返还已经履行的部分,但无权主张履行利益的赔偿或请求承担违约金责任。%After the people's court accepts an application for bankruptcy,the administrator shall have the right of choice,which means that he has the right to rescind or continue to perform the contract that is concluded before the acceptance yet remains to be fulfilled by both the debtor and the other par-ty.The right of choice for the bankruptcy administrator is the result of balance of multiple interests and decided by the value of equity ultimately.Once the administrator decides to continue to perform the contract,the part which the debtor has not fulfilled,as the valuable consideration for what the oth-er party has performed,could not be treated as “debts incurred for the common good of creditors”. Meanwhile,where the administrator decides that performance of the contract be continued and pro-vides guaranty for the other party,the other party should not claim the precarious right to defense any more.However,if the administrator decides to rescind the contract,both parties shall mutually return what has been performed.But they can not claim for compensation for damage of performance interest or liability for liquidated damages.

  17. 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.

  18. 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.

  19. 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

  20. Essays on internal capital markets, bankruptcy and bankruptcy reform..

    OpenAIRE

    Dewaelheyns, Nico

    2006-01-01

    One of the most important recent developments in the corporate finance l iterature is the growing realization that insights from the classic US b ased finance theories are not always equally valid in other parts of the world. An extensive literature has been developed on the links between issues such as corporate governance, ownership structure or legal framew ork and all types of corporate finance decisions (leverage, dividend pol icy, firm growth, investment policy, etc., etc.). This disser...

  1. Assessing the Probability of Bankruptcy

    OpenAIRE

    Heaps, Jarom

    2015-01-01

    Knowing whether or not a company is financial stable has always been a top concern for analysts and money managers. This paper compares the effectiveness of default prediction using two different types of measures: accounting and market based. Accounting measures have been the most popular even though, according to theory, a market based measure reflects all available information. Theory goes as far to say that accounting measures can add no incremental value to a market based measure. In my ...

  2. 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

  3. 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.

  4. 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。

  5. 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

  6. A Study of Difficulty Problems in The Enterprise Bankruptcy Law in Application:Based on the Analysis of the Reorganization of Wugudaochang Company%《企业破产法》适用中的若干疑难问题研究——基于“五谷道场”重整的分析

    Institute of Scientific and Technical Information of China (English)

    余婵娟

    2011-01-01

    2007年6月1日正式实施的《企业破产法》无论是在理念还是制度方面较之1986年颁行的《企业破产法(试行)》均有显著突破。但《企业破产法》实施三年多时间以来,破产法制度并未充分发挥应有的作用。"五谷道场"作为重整成功的一个典型案例,是梳理及发现《企业破产法》在实际遭遇的问题的一个很好的切入点。从"五谷道场"重整出发,会发现《企业破产法》仍然存在一些尚待完善的地方。%The Enterprise Bankruptcy Law formally implemented on June 1,2007 has significant breakthroughs compared with the one(for trial implementation) in 1986 both in the concept and the system.However,since the Enterprise Bankruptcy has been implemented for three years,its system has not fully functioned.The successful reorganization of "Wugudaochang Company"(an instant noodle co.ltd) as a typical case is a good entry to analyzing and finding the problems of the Enterprise Bankruptcy Law in practice.Based on this company's successful reorganization,some clauses of the Enterprise Bankruptcy still need improving.

  7. 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

  8. Will the Shadow Banking Increase the Bank's Bankruptcy Risk?-An Empirical Analysis Based on Data of the Listed Banks in China%影子银行会加剧银行破产风险吗?--基于我国上市银行的实证分析

    Institute of Scientific and Technical Information of China (English)

    王家华; 王瑞

    2016-01-01

    According to the data of 16 listed banks in China from 2006 to 2014 and by using the random effect pan-el model, we conclude that there is a threshold effect between shadow banking and the bankruptcy risk of commercial banks. When the size of the shadow banking exceeds 33.7 trillion yuan,the shadow banking will increase the bankrupt-cy risk of commercial banks.After we divide the bankruptcy risk into the asset portfolio risk and the leverage risk, we find that there is a threshold effect between shadow banking and asset portfolio risk.We also find that there is a positive relationship between shadow banking and leverage risk.%本文基于我国16家上市银行2006—2014年的数据,通过采用随机效应面板模型,得出影子银行和商业银行破产风险之间存在阈值效应,当影子银行规模超过33.7万亿元时,影子银行将会增加商业银行的破产风险。将破产风险细分为资产组合风险和杠杆风险,发现影子银行和银行资产组合风险之间同样存在阈值效应,而与杠杆风险之间存在正向关系。

  9. 从雷曼兄弟破产后的10分钟谈国有企业执行力%Force of State - owned Enterprise in View after Lehman Brothers' Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    柴颖

    2011-01-01

    Today when market competition is becoming more and more ferocious, executive force, as the core competition power, has become the key factor to determine the success of the enterprise. Taking the event occurred in ten minutes after Lehman Brothers' bankruptcy as a case, we illustrated connotation of executive force; combined with problems with executive force existing in state - owned enterprise, connected with practice in terms of scientific development view, we analyzed main approach and method to elevate executive force. We into scientific systems of strategic target, behavior, supervision and construction of culture so as to provide experience of elevating executive force of state - owned enterprise.%在市场竞争愈演愈烈的今天,执行力作为企业的核心竞争力,已成为决定企业成败的关键因素。以雷曼兄弟破产后10分钟内发生的事件为案例进行分析,阐述执行力的内涵;结合国有企业存在的执行力问题,从科学发展观角度联系实际工作,剖析提升执行力的主要方法和途径。对于科学的战略目标体系、组织体系、行为体系、监督体系和执行力文化的建立等方面进行探讨,以期对提升国有企业执行力水平提供一定借鉴。

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

    Directory of Open Access Journals (Sweden)

    Caro, Norma Patricia

    2013-01-01

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

  11. 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

  12. Human Capital, Bankruptcy and Capital Structure

    OpenAIRE

    Jonathan B. Berk; Richard Stanton; Josef Zechner

    2007-01-01

    We derive a firm's optimal capital structure and managerial compensation contract when employees are averse to bearing their own human capital risk, while equity holders can diversify this risk away. In the presence of corporate taxes, our model delivers optimal debt levels consistent with those observed in practice. It also makes a number of predictions for the cross-sectional distribution of firm leverage. Consistent with existing empirical evidence, it implies persistent idiosyncratic diff...

  13. A Strategic Market Game with Active Bankruptcy

    OpenAIRE

    John Geanakoplos; Ioannis Karatzas; Martin Shubik; William D. Sudderth

    1998-01-01

    We construct stationary Markov equilibria for an economy with fiat money, one non-durable commodity, countably-many time periods, and a continuum of agents. The total production of commodity remains constant, but individual agents' endowments fluctuate in a random fashion, from period to period. In order to hedge against these random fluctuations, agents find it useful to hold fiat money which they can borrow or deposit at appropriate rates of interest; such activity may take place either at ...

  14. 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

  15. 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。

  16. The Enlightenment of Wuxi Suntech’ s Bankruptcy Against the Background of Anti-Dumping and Anti-Subsidy%欧美“双反”背景下我国出口龙头企业尚德破产启示

    Institute of Scientific and Technical Information of China (English)

    殷功利

    2014-01-01

    尚德的破产与金融危机、盲目产能扩张引起的行业恶性价格战、欧美“双反”调查及自身决策失误有关。我国应启动国内光伏应用市场,实现出口市场的多元化;加强自主创新,加强产业集中性,改变光伏企业发展模式;运用对外直接投资战略,积极应对美欧国家采取的“双反”措施,争取让其承认我国“市场经济”地位。%Wuxi Suntech’s bankruptcy is related to financial crisis, the blind expansion of production capacity caused by vi-cious industry, European anti-dumping and anti-subsidy investigation and its own decision-making errors.Enterprises should open up the domestic market of photovoltaic application , realize the diversification of export markets , strengthen the independent innova-tion, strengthen industrial concentration, change the development mode of photovoltaic enterprises, use direct foreign investment, positively respond to anti-dumping and anti-subsidy measures of the US and European countries, and try to make China’s market economy admitted .

  17. VISIÓN CRÍTICA DESDE EL ANÁLISIS ECONÓMICO DEL DERECHO AL SISTEMA DE VERIFICACIÓN DE CRÉDITOS Y REALIZACIÓN DE ACTIVOS DE LA LEY DE QUIEBRAS CHILENA A CRITICAL VIEW, FROM THE ECONOMIC ANALYSIS OF LAW, TO CLAIM'S VERIFICATION AND ADMISSION SYSTEM, AND LIQUIDATION OF ASSETS, IN CHILEAN BANKRUPTCY LAW

    Directory of Open Access Journals (Sweden)

    Raúl Núñez Ojeda

    2012-01-01

    Full Text Available En el presente artículo, los autores sostienen que, desde la perspectiva del análisis económico del derecho, las etapas de verificación de créditos y realización de activos, en el marco de una quiebra, deben perseguir como objetivo normativo, una mayor recuperación de créditos. Para tal efecto, los autores describen dichas etapas, e indican sus deficiencias, proponiendo ciertas pautas de reforma enmarcadas en el análisis económico del derecho y el derecho comparado.In this article, the authors adopt an approach based on the economic analysis of law to argue that the stages of verification and admission of claims, and of liquidation of assets, in bankruptcy cases, should aim to enhance recoveries and benefits for creditors, as a normative objective. In this regard, the authors describe these stages, pointing out the deficiencies of current law, and proposing certain guidelines for a reform framed in the economic analysis of law and in comparative law.

  18. 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.

  19. 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.

  20. Weighted Bankruptcy Rules and Transboundary Water Resources Allocation

    NARCIS (Netherlands)

    Mianabadi, H.; Mostert, E.; Pande, S.; Van de Giesen, N.C.

    2015-01-01

    One significant problem of transboundary river basins causing various challenges and disputes throughout the world is that because of increasing water resource variability and consumption, the water demand often exceeds water availability. Hence, one of the main challenges in transboundary river bas

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

    Science.gov (United States)

    2010-04-01

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

  2. 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.

  3. Essays on bankruptcy, mortgage default, and regional migration

    OpenAIRE

    Oswald, F

    2015-01-01

    This thesis is about the role of housing as a consumption good and a risky asset, and how it interacts with other choices like consumption, default, and migration over the lifecycle. In the first chapter the focus is on a quasi natural experiment in the State of Nevada, which abolished deficiency judgments for purchase mortgage loans made after October 2009. We test the effect of the law change on mortgage supply and demand, as well as on mortgage default. We find strong evidence that lenders...

  4. A Compromise Stable Extension of Bankruptcy Games : Multipurpose Resource Allocation

    NARCIS (Netherlands)

    Grundel, S.; Borm, P.E.M.; Hamers, H.J.M.

    2011-01-01

    This paper considers situations characterized by a common-pool resource, which needs to be divided among agents. Each of the agents has some claim on this pool and an individual reward function for assigned resources. This paper analyzes not only the problem of max- imizing the total joint reward, b

  5. 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.

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

    Science.gov (United States)

    Belasco, J A; Gorham, G

    1996-03-01

    As a result of the rapid changes taking place in health care, nurse leaders are more challenged than ever to assume a new and different kind of leadership. Under the current paradigm, leaders are responsible for the performance of their people. Leaders do things TO the organization and the people in it. That paradigm of leader responsibility for other people's performance, given today's circumstances, guarantees organizational failure. A radical transformation in leadership thinking must take place. The leader's job is to get the people to be responsible for their own performance. PMID:8696832

  7. 17 CFR Appendix A to Part 190 - Bankruptcy Forms

    Science.gov (United States)

    2010-04-01

    ... Order for Relief 1. Assure that the commodity broker has notified the Commission and its designated self... designated self-regulatory organization (§ 190.02(a)(1)); margin calls should be issued if necessary (§ 190... broker), you may instead request now, or at any later time, that the trustee purchase...

  8. Restoring a Fish Stock: A Dynamic Bankruptcy Problem

    OpenAIRE

    Anders Skonhoft; Elena Inarra

    2007-01-01

    Total Allowable Catch (TAC) regulating schemes have been introduced in most fisheries. TAC distribution following the Proportional Rule, based on historical catches, implies that harvesters or vessel groups which have captured more in the past and contributed to overfishing are getting larger quotas than groups that have contributed less to overfishing. In contrast to this rule a more egalitarian rule, the Constrained Equal Award Rule, is proposed for distributing the TAC. Contingent upon the...

  9. On the Bankruptcy of Private Higher Education Institutions in China

    Science.gov (United States)

    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…

  10. 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.

  11. Bankruptcy prediction : static logit and discrete hazard models incorporating macoreconomic dependencies and industry effects

    OpenAIRE

    Sheikh, Suleman; Yahya, Muhammad

    2015-01-01

    In this thesis, we present firm default prediction models based on firm financial statements and macroeconomic variables. We seek to develop reliable models to forecast out-of-sample default probability, and we are particularly interested in exploring the impact of incorporating macroeconomic variables and industry effects. To the best of our knowledge, this is the first study to account for both macroeconomic dependencies and industry effects in one analysis. Additionally, we ...

  12. 75 FR 75162 - Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies

    Science.gov (United States)

    2010-12-02

    ... best to protect customers' collateral in the event of another customer's default. This is particularly... protection of collateral posted by customers clearing swaps. DATES: Submit comments on or before January 18... comment from interested parties concerning the appropriate model for protecting the margin...

  13. 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

  14. Data Mining using Advanced Ant Colony Optimization Algorithm and Application to Bankruptcy Prediction

    OpenAIRE

    Vishal Arora; Vadlamani Ravi

    2013-01-01

    Ant Colony Optimization (ACO) is gaining popularity as data mining technique in the domain of Swarm Intelligence for its simple, accurate and comprehensive nature of classification. In this paper the authors propose a novel advanced version of the original ant colony based miner (Ant-Miner) in order to extract classification rules from data. They call this Advanced ACO-Miner (ADACOM). The main goal of ADACOM is to explore the flexibility of using a different knowledge extraction heuristic app...

  15. 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.

  16. 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.

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

    International Nuclear Information System (INIS)

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

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

    OpenAIRE

    Prantl, Susanne

    2003-01-01

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

  19. 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.

  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. 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

  2. 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…

  3. CONTROLLING IN BUSINESS MANAGEMENT DETERMINATION OF A CREDIT LIMIT BASED ON BANKRUPTCY AND SOLVENCY MODELS

    OpenAIRE

    Vochozka, Marek; Stehel, Vojtěch

    2014-01-01

    Most experts agree that profit is the main goal in business. Real income becomes more preferable. However, profit is only a virtual value, because many companies are not able to collect effectively their receivables. Their business partners do not pay for their liabilities, i. e. they do no pay for the received goods, materials and services. So the companies should implement such a system of prevention that helps them to choose collaborates, which will be able to pay their debts. One of the p...

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

    OpenAIRE

    Milovan Stanisic; Danka Stefanovic; Nada Arezina; Vule Mizdrakovic

    2013-01-01

    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 pro...

  5. Framework for evaluation risk of bankruptcy for economic entities using specific models and methods from economic analysis and information technologies

    Directory of Open Access Journals (Sweden)

    Irina Cibotariu

    2013-02-01

    Full Text Available

    Currently, there is greater interest on economic and financial analysis of the firm, due to the feeling of instability caused by the global financial crisis. Simply put, governments, and millions of individuals holding shares in the stock market as small investors were placed in an unprecedented situation. This paper aims to estimate the default risk through the use of IT.

    Keywords: financial analysis, business models, knowledge, rate of economic, expert systems


  6. "王麻子"欲借破产金蝉脱壳%"POCKMARKS WANG"INTENDING TO ESCAPE BY BANKRUPTCY

    Institute of Scientific and Technical Information of China (English)

    乔国栋; 佘慧萍

    2003-01-01

    @@ 王麻子不死不行 2003年1月23日,北京昌平区法院宣布正式受理北京王麻子刀剪厂去年5月提交的破产申请,王麻子刀剪厂提交给法院的统计数据显示,截至2002年5月31日,该厂资产总额12836689.71元,负债总额为27799845.90元,负债率达216.6%.按照"王麻子"掌门人白锡乾的说法,走到现在,可以说是三分天灾,七分人祸.

  7. Framework for evaluation risk of bankruptcy for economic entities using specific models and methods from economic analysis and information technologies

    OpenAIRE

    Irina Cibotariu; Eugenia Iancu; Tiberiu Socaciu

    2013-01-01

    Currently, there is greater interest on economic and financial analysis of the firm, due to the feeling of instability caused by the global financial crisis. Simply put, governments, and millions of individuals holding shares in the stock market as small investors were placed in an unprecedented situation. This paper aims to estimate the default risk through the use of IT.

    Keywords: financial analysis, business models, knowledge, rate of...

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

    OpenAIRE

    Maria Alexandra Ivan; Gheonea Victoria; Constandache Nicoleta

    2010-01-01

    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.

  9. Lehman Brothers Bankruptcy Process, Reasons and Enlightenment%雷曼兄弟公司破产过程、原因和启示

    Institute of Scientific and Technical Information of China (English)

    张继德

    2009-01-01

    本文时雷曼兄弟公司破产时我们的启示进行了探讨.首先,本文对信贷违约掉期、次贷担保债券凭证等概念进行了辨析;其次,概括分析了雷曼兄弟的规模、主营业务,阐述了雷曼兄弟的发展历程和死亡过程;再次,诠释了雷曼兄弟破产的原因;最后,总结提出了雷曼兄弟破产给我们的启示.

  10. Study on the Accounting Issues and Implication of Lehman Brothers' Bankruptcy%雷曼兄弟事件中的会计问题及启示

    Institute of Scientific and Technical Information of China (English)

    袁敏; 朱荣恩

    2010-01-01

    2008年9月15日美国第四大投行雷曼兄弟宣告破产,其中暴露出来的风险管理、公司治理、会计政策选择等问题受到广泛关注.本文在介绍投行的回购业务和会计处理的基础上,重点介绍了雷曼兄弟面临的资产负债表压力和回购政策选择,并在分析回购105交易的会计处理及相关问题后,从会计原则的遵循、高管的诚信、信息披露的完善和中介服务水平的提高等方面总结了雷曼事件的启示.

  11. 雷曼兄弟公司破产对中国QDII的影响%The Effect of Lehman Brothers Bankruptcy to China's QDII

    Institute of Scientific and Technical Information of China (English)

    刘漪

    2008-01-01

    2008年9月14日,在美国政府接管“两房”(房地美和房利美)仅过一周,美国五大投行之一的雷曼兄弟控股集团公司(简称“雷曼兄弟”)因陷入财务危机而无奈地宣布申请破产。受此利空消息的打击,当天全球主要股市出现普遍重跌,法兰克福、伦敦、纽约、巴黎等地股指跌幅一度超过4%,引发投资者对美国金融业的担忧和恐慌。

  12. The Relationship Between Too Big To Fail, Financial Stability and Financial Regulation-Based on the Analysis of Lehman Brothers’ Bankruptcy

    Institute of Scientific and Technical Information of China (English)

    Zhao Shuang

    2016-01-01

    Too Big To Fail was proved by the financial crisis, which swept the globe in 2008. But actually, this phenomenon is a more reflection of the significance of the financial stability and regulation. This passage will try to prove it from the case of Lehman Brothers. I will try to explain what role the government played in it, too.

  13. Thinking of constructing the legal system of personal bankruptcy%构建我国个人破产制度的法律思考

    Institute of Scientific and Technical Information of China (English)

    王英明; 叶志雁

    2008-01-01

    个人破产制度在保护债权人利益、维护市场经济秩序等方面起到非常积极的作用.它是维护交易安全,贯彻法的公平价值的保障.在我国建立个人破产制度是经济发展和法制建设的必然要求.

  14. 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。

  15. 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)

    OpenAIRE

    Belás Jaroslav; Cipovová Eva

    2011-01-01

    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 ...

  16. The credit market consequences of job displacement

    OpenAIRE

    Benjamin J. Keys

    2010-01-01

    This paper demonstrates the important role of job displacement in the household bankruptcy decision. I develop a dynamic, forward-looking model of unemployment and bankruptcy where persistent negative income shocks increase a household's likelihood of filing for bankruptcy both immediately and in the future. Consistent with the model's predictions, I find that households in the NLSY are 2.5 times more likely to file for bankruptcy in the year immediately following a job loss, at a rate of an ...

  17. Costs and Recovery Rates in the Dutch Liquidation-Based

    OpenAIRE

    Couwenberg, Oscar; de Jong, Abe

    2007-01-01

    Abstract We 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 details of the bankruptcy process and the outcomes. This data allows us to measure the costs and recovery rates in the Dutch liquidationbased bankruptcy system, and to investigate the determinants of t...

  18. Insolvency institutions and efficiency: the Spanish case

    OpenAIRE

    Miguel García-Posada

    2013-01-01

    The paper warns about the potential efficiency losses associated with low business bankruptcy rates (number of firms filing for bankruptcy as a proportion of the total stock of firms) and shows that welfare could be improved by increasing the protection of creditors in the bankruptcy system. These ideas are illustrated with the Spanish case. The paper also predicts a positive correlation between welfare and bankruptcy rates, a finding that seems consistent with the empirical evidence. The arg...

  19. АНАЛИЗ РИСКОВ, ПОРОЖДАЮЩИХ НЕСОСТОЯТЕЛЬНОСТЬ (БАНКРОТСТВО)

    OpenAIRE

    Горулев, Денис

    2007-01-01

    The author classifies various types of business failures, provides an adjusted definition of a business failure (bankruptcy), describes the concept of risk and analyzes its elements. The article examines real and nominal purposes behind the business failure (bankruptcy) procedure, provides a typological study of bankruptcy, and suggests ways and objectives for the further study of the matter.

  20. Bankruptcy Probability with Interference Item and a Poisson Process of the Premium Collection Number%带干扰的保费收取次数为Poisson过程的破产概率

    Institute of Scientific and Technical Information of China (English)

    张相虎; 陈贵磊

    2005-01-01

    在经典风险模型的基础上,研究了带有干扰项的保费收取次数是一个Poisson过程的破产概率模型.讨论了赢余过程的性质,利用赢余过程的性质,给出了有关破产概率的两个结论.

  1. Problems revealed by the Lehman Brothers bankruptcy investigation report and lessons learned%雷曼破产检查报告揭示的主要问题及借鉴意义

    Institute of Scientific and Technical Information of China (English)

    黄志强; 时欣; 赵冰

    2010-01-01

    此次国际金融危机中,雷曼兄弟是唯一一家申请破产的大型投行.美国破产法院对其进行了深入检查,揭示出其破产既有自身原因,如采取高风险的商业模式,实施逆势而动的经营策略,以及风险管理松懈等,同时也暴露出监管制度、外部约束、会计准则等方面仍存在很大不足.我国金融机构在制定经营策略、监管部门在进行风险判断时,应有更长远的对经济周期规律的认识;监管部门应就上市公司信息披露制定更严格、更详尽、更全面的规则;在风险控制方面要坚持发挥市场的基础性作用,监管应积极查找市场漏洞、弥补市场不足.

  2. 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.

  3. 我国企业资产证券化中破产隔离与真实销售研究%A Study on Bankruptcy Remoteness and True Sale of Corporate Asset-backed Securitization in China

    Institute of Scientific and Technical Information of China (English)

    束学岭; 曹崇延

    2008-01-01

    在证监会主导下,券商以专项资产管理计划为载体进行企业资产证券化试点.专项资产管理计划应用于资产证券化有其合理性和易操作性,但是由于其不具备法律主体资格,难以完全实现基础资产的真实销售;券商破产会直接影响专项计划的持续运作,导致破产隔离不彻底.为了长期发展企业资产证券化,需要在交易中引入信托概念,赋予受益凭证明确的法律性质,突破目前法律和体制的羁绊;通过建立基础资产选择标准、限制券商角色范围等措施,规范企业资产证券化各个交易环节.

  4. 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。

  5. 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.

  6. 《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.

  7. 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.

  8. 从美国航空公司的困境看美国的破产保护制度%To View the Bankruptcy Protection System of the United States from the Difficulties its Airlines are Faced with

    Institute of Scientific and Technical Information of China (English)

    韩钧; 陈志武

    2005-01-01

    破产保护与传统意义上的破产程序不同,它鼓励负债企业继续进行经营活动,允许财务上处于困境的企业进行债务重组.破产保护对于参与各方都是有益的.负债企业可以继续运营并防止破产清算,公司员工可以继续保有工作,债权人在债务重组、实现成功的破产保护之后其债权能够得到更好的保障.破产保护还有利于保护行业的健康发展,避免灾难性的倒退.在这一方面,美国破产程序中的破产保护制度对于我国正在修订之中的破产法不无借鉴意义.

  9. 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.

  10. IMPLEMENTASI KEWENANGAN BANK INDONESIA DALAM KEPAILITAN LEMBAGA PERBANKAN

    OpenAIRE

    GUDIPUNG, FERDINANDO EMANUEL

    2015-01-01

    Legal Writing entitled Implementation Authority of Bank Indonesia in bankruptcy banking institutions with normative legal normatif. Penelitian research method is research that focuses on the positive legal norms in the form of legislation on the implementation of Bank Indonesia Authority Perbankan.tujuan In Bankruptcy Institute research to find out why Bank Indonesia is not never exercise its authority in accordance with the bankruptcy of banking institutions are regulated by law and whether ...

  11. Chinese Companies Distress Prediction: An Application of Data Envelopment Analysis

    OpenAIRE

    Li, Zhiyong; Crook, Jonathan; Andreeva, Galina

    2013-01-01

    Bankruptcy prediction is a key part in corporate credit risk management. Traditional bankruptcy prediction models employ financial ratios or market prices to predict bankruptcy or financial distress prior to its occurrence. We investigate the predictive accuracy of corporate efficiency measures along with standard financial ratios in predicting corporate distress in Chinese companies. Data Envelopment Analysis (DEA) is used to measure corporate efficiency. In contrast to previous applications...

  12. Finanční analýza podniků následně procházejících konkurzem

    OpenAIRE

    Bezuchová, Alena

    2011-01-01

    The work "Financial Analysis of companies undergoing bankruptcy later" deals with the issue of bankruptcy debtor. It analyzes the situation where the company gets into financial distress and financial analysis examines indicators that best represent the financial situation and the impending decline. It continous with bankruptcy and insolvency of the debtor, and these two parts solves from both a legal and from an accounting perspective. Both parts are supplemented by short illustrative exampl...

  13. Renégociation stratégique de la dette, risque comptable et risque juridique

    OpenAIRE

    Chopard, Bertrand; Langlais, Eric

    2007-01-01

    This paper studies the influence of bankruptcy law (depending on whether the law is pro-lenders or pro-borrowers) on the borrowers propensity to demand the renegotiation of their debt, when there exist an asymmetrical information between lenders and borrowers. In the tradition of Law & Economics, we proceed to a study of impact for the main parameters of the model that capture the design of bankruptcy law, showing their influence on the probability of strategic bankruptcy and on the social we...

  14. 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

  15. 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...

  16. 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.

  17. The Experimental Analysis of Assets Drain Problem of State Owned Enterprises of China%我国国有企业资产流失问题的经验研究

    Institute of Scientific and Technical Information of China (English)

    任海松; 叶龙

    2004-01-01

    The paper conducts experimental research of asset drain in the process of bankruptcy by analyzing the relevant data of state owned bankrupt enterprises, and re-explains the problem of asset drain in the process of state owned enterprise bankruptcy of China.

  18. 78 FR 45564 - Meeting of the Judicial Conference Committee on Rules of Practice and Procedure

    Science.gov (United States)

    2013-07-29

    ... From the Federal Register Online via the Government Publishing Office JUDICIAL CONFERENCE OF THE...: Judicial Conference of the United States Advisory Committee on Rules of Bankruptcy Procedure. ACTION: Notice of Open Meeting. SUMMARY: The Advisory Committee on Rules of Bankruptcy Procedure will hold a...

  19. 77 FR 72884 - Meeting of the Judicial Conference Committee on Rules of Practice and Procedure

    Science.gov (United States)

    2012-12-06

    ... From the Federal Register Online via the Government Publishing Office JUDICIAL CONFERENCE OF THE...: Judicial Conference of the United States Advisory Committee on Rules of Bankruptcy Procedure. ACTION: Notice of open meeting. ] SUMMARY: The Advisory Committee on Rules of Bankruptcy Procedure will hold...

  20. 78 FR 41082 - Agency Information Collection Activities; Collection; Comments Requested: Application for...

    Science.gov (United States)

    2013-07-09

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF JUSTICE Agency... as a offer credit counseling brief abstract. services. Other: None. Congress passed a bankruptcy law that requires any individual who wishes to file for bankruptcy to, within 180 days of filing...

  1. Pojištění cestovních kanceláří proti úpadku

    OpenAIRE

    Kvasničáková, Markéta

    2009-01-01

    Bachelor thesis "Insurance against bankruptcy of travel agencies" deals with insurance guarantees. It defines the compulsory insurance of travel agencies through the act no. 159/1999 Sb. It also focuses on institutions providing this insurance, arranging insurance into practice, describing the situation of travel agency in bankruptcy. Finally, it evaluates the general credibility of travel agencies.

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

    NARCIS (Netherlands)

    Couwenberg, Oscar; de Jong, Abe

    2007-01-01

    Abstract We 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 deta

  3. 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.

  4. 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.

  5. The Evolution of the Constitutional System in Albania

    Directory of Open Access Journals (Sweden)

    Evis Alimehmeti

    2011-01-01

    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.

  6. Management of the taxation on tourism operators, an important component of revenues and investments in the tourism sector

    OpenAIRE

    Ylvije Borici-Kraja; Elez Osmani

    2012-01-01

    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 bankrupt...

  7. 未履行或未完全履行的双务合同在破产程序中的命运——德国支付不能法第103条%The Treatment to the Bilateral Contract Being Undischarged or Incomplete Discharged during the Bankruptcy Procedures——The 103rd Item of German Insolvency Statue

    Institute of Scientific and Technical Information of China (English)

    丁晓春

    2008-01-01

    破产程序中如何对待未履行或未完全履行的双务合同是破产程序的重要问题.破产程序的开启对合同履行产生怎样的效力,德国司法判决和学说经过长期的发展逐渐达成共识.1999年1月生效的德国支付不能法将破产管理人的选择权清晰地写进第103条,明确了合同双方履行请求权在破产程序中的命运.

  8. 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.

  9. Determining the optimal capital structure based on revised definitions of tax shield and bankruptcy cost%确定最优资本结构:基于修正的节税收益与破产成本概念

    Institute of Scientific and Technical Information of China (English)

    张志强

    2009-01-01

    经过半个世纪的研究努力,最优资本结构问题依然未得到解决.通过修正节税收益和破产成本的概念,并通过实物期权定价技术对这两者进行了重新计量,进而建立了确定最优资本结构的ZZ杠杆模型.将自变量的典型值代入模型得出的最优债务比率与世界范围内的实际调查数据基本吻合,从而一些长期难以解释的"资本结构之谜",如"财务保守行为"等,可以得到解决.而且ZZ杠杆模型可以通过简单调整,方便地适应多种决策情况,包括公司存在超常增长、破产预期、债务担保、融资交易费用以及股权收益和债权收益的个人所得税差异等.

  10. VISIÓN CRÍTICA DESDE EL ANÁLISIS ECONÓMICO DEL DERECHO AL SISTEMA DE VERIFICACIÓN DE CRÉDITOS Y REALIZACIÓN DE ACTIVOS DE LA LEY DE QUIEBRAS CHILENA A CRITICAL VIEW, FROM THE ECONOMIC ANALYSIS OF LAW, TO CLAIM'S VERIFICATION AND ADMISSION SYSTEM, AND LIQUIDATION OF ASSETS, IN CHILEAN BANKRUPTCY LAW

    OpenAIRE

    Raúl Núñez Ojeda; Nicolás Carrasco Delgado; Francisco Ortiz Rojo

    2012-01-01

    En el presente artículo, los autores sostienen que, desde la perspectiva del análisis económico del derecho, las etapas de verificación de créditos y realización de activos, en el marco de una quiebra, deben perseguir como objetivo normativo, una mayor recuperación de créditos. Para tal efecto, los autores describen dichas etapas, e indican sus deficiencias, proponiendo ciertas pautas de reforma enmarcadas en el análisis económico del derecho y el derecho comparado.In this article, the author...

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

    OpenAIRE

    王偉霖 Wei-Lin Wang

    2013-01-01

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

  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. 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,...

  14. 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.

  15. 26 CFR 301.7701-6 - Definitions; person, fiduciary.

    Science.gov (United States)

    2010-04-01

    ... estate, a joint-stock company, an association, or a syndicate, group, pool, joint venture, or other..., administrator, trustee in bankruptcy, receiver, assignee for the benefit of creditors, conservator, or...

  16. 78 FR 16159 - Application Procedures and Criteria for Approval of Providers of a Personal Financial Management...

    Science.gov (United States)

    2013-03-14

    ..., financial management, credit, consumer information, and coping with financial crisis. The elements of the... to address each individual client's financial problems, post-bankruptcy personal financial management... Financial Management Instructional Course by United States Trustees AGENCY: Executive Office for...

  17. Business fluctuations in a credit-network economy

    Science.gov (United States)

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

    2006-10-01

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

  18. 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

  19. 75 FR 25075 - Notice of Funds Availability (NOFA) Inviting Applications for Biorefineries

    Science.gov (United States)

    2010-05-06

    ... are closely related by blood, marriage, or adoption, or live within the same household, such as a... under forced or limiting conditions, such as bankruptcy. Loan agreement. The Agency approved...

  20. PROBLEMS OF OPERATING, INVESTING AND FINANCIAL RESTRUCTURING OF COMPANIES

    OpenAIRE

    Gavrilova M. A.

    2013-01-01

    This article considers the problems, principles and features of the operating, investing and financial restructuring under the Law of the Russian Federation on insolvency (bankruptcy). Suggestions on improving restructuring procedures were given in this article as well

  1. 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...

  2. Кризата – извор на претприемнички можности: адаптација на (маркетинг) стратегијата кон новите пазарни услови

    OpenAIRE

    Temjanovski, Riste; Marjanova Jovanov, Tamara

    2012-01-01

    The recession leads to an increase in the number of closed businesses and increase in the participation of bankruptcy within these closures. The closure of companies creates social costs, especially in case of bankruptcy, but on the other hand taking into account that first least efficient enterprises fail, it may have positive implications, i.e. the death of these companies creates an increase in the average productivity of labor and free space in the market for new companies or new activiti...

  3. Sequential sharing rules for river sharing problems

    OpenAIRE

    Ansink, Erik; Weikard, Hans-Peter

    2009-01-01

    We analyse the redistribution of a resource amongst agents who have claims to the resource and who are ordered linearly. A well known example of this particular situation is the river sharing problem. We exploit the linear order of agents to transform the river sharing problem to a sequence of two-agent river sharing problems. These reduced problems are mathematically equivalent to bankruptcy problems and can therefore be solved using any bankruptcy rule. Our proposed class of solutions, that...

  4. 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...

  5. Predicting default of a small business using different definitions of financial distress

    OpenAIRE

    S-M Lin; Ansell, J; G Andreeva

    2012-01-01

    The paper introduces a number of risk-rating models for UK small businesses applying an accounting-based approach, which uses financial ratios to predict corporate bankruptcy. An enhancement to these models is considered through features typical to retail credit risk modelling. A common problem of default prediction consists in the relatively small number of bankruptcies or real defaults available for model-building. In order to expand the ‘default’ group beyond bankrupt companies, the paper ...

  6. Faut-il adopter un système pro-créanciers de défaillances? Une revue de la littérature

    OpenAIRE

    Gilles Recasens

    2003-01-01

    Bankruptcy choices condition, i) the efficiency of liquidation or reorganization decisions, ii) the incen-tives delivered to the debtor-in-place and its creditors. On the one hand, there is no incompatibility between a pro-creditors system and the possibility to reach informal agreements and a high proportion of firms emerging from bankruptcy as going concerns. On the other hand, credit rationing is less severe in such systems. Finally, offering a higher protection for creditors interests, pr...

  7. Neural Networks and their application in the fields of corporate finance

    OpenAIRE

    Severin, Eric

    2008-01-01

    This article deals with the usefulness of neuronal networks in the area of corporate finance. Firstly, we highlight the initial applications of neural networks. One can distinguish two main types: layer networks and self organizing maps. As Altman al. (1994) underlined, the use of layer networks has improved the reclassifying rate in models of bankruptcy forecasting. These first applications improved bankruptcy forecasting by showing a relationship between capital structure and corporate perf...

  8. Income statements "by nature" and analysis of company performance : an application of US airlines companies

    OpenAIRE

    Stolowy, Hervé; Ding, Yuan; Baker, C. Richard

    2003-01-01

    Since September 11, 2001; and during the ensuing economic slowdown, U.S airline companies have experienced significant financial difficulties, including bankruptcies and near bankruptcies on the part of several major carriers. In an economic setting where U.S. airlines are struggling to achieve or maintain profitability, it is important for accountants, auditors and financial analysts to be able to analyze the relative performance of airline companies. In the airline industry, income statemen...

  9. Optimization of dividend and reinsurance strategies under ruin probability constraint

    OpenAIRE

    Zongxia Liang; Jicheng Yao

    2010-01-01

    This paper considers nonlinear regular-singular stochastic optimal control of large insurance company. The company controls the reinsurance rate and dividend payout process to maximize the expected present value of the dividend pay-outs until the time of bankruptcy. However, if the optimal dividend barrier is too low to be acceptable, it will make the company result in bankruptcy soon. Moreover, although risk and return should be highly correlated, over-risking is not a good recipe for high r...

  10. Begrenzung des unternehmerischen Risikos im Insolvenzverfahren

    OpenAIRE

    Gotthardt, Justus

    2014-01-01

    Eine Behandlung der wesentlichen Normen des Insolvenz- und Gesellschaftsrechts aus der Perspektive des GmbH-Gesellschafters. Dabei wird ein besonderes Augenmerk auf die Gestaltungsmöglichen und Risiken für den Gesellschafter im Insolvenzverfahren gelegt. This thesis discusses German company and bankruptcy law from a shareholders’ perspective. It focusses especially on the opportunities and risks associated with bankruptcy proceedings under German law.

  11. Prediktioner och förklaringsmodeller för konkurser i aktiebolag : en studie av tre svenska aktiebolag i konkurs

    OpenAIRE

    Svanberg, Tim

    2007-01-01

    Title: Predictions and explanation models for bankruptcy in stock-companies – A study of three failed Swedish companies Author: Tim Svanberg Supervisor: Emil Numminen Department: School of Management, Blekinge Institute of technology Course: Bachelor’s thesis in business administration, 10 credits Purpose: The purpose of the thesis is to find explanation for bankruptcy with the help of prediction models. The purpose is also to add explanation by using Behavioral analysis Method: Quantitative ...

  12. Gesamtwirtschaftliche Bestimmungsgründe der Insolvenzentwicklung in Deutschland

    OpenAIRE

    Lehment, Harmen; Blevins, Christopher; Sjøvoll, Espen

    1997-01-01

    In this paper we empirically analyze the macroeconomic detenninants of insolvencies in Germany since 1970. It is shown that the growth rate of insolvencies can be explained by changes in the rate of return to capital and by preceding changes in the money market interest rate and the inflation rate, as well as by lagged effects of preceding changes in bankruptcies. We also find that Gennan unification contributed to a rise of bankruptcy rates both in West Gennany and in East Germany.

  13. 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

  14. 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.

  15. 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 »

    Directory of Open Access Journals (Sweden)

    Michel Freyssenet

    2011-06-01

    Full Text Available 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 croissante de la production et la diversification dans les services devait en outre renforcer la profitabilité. L’éclatement de la bulle internet en 2000 révéla le mirage de la « nouvelle économie » et l’externalisation, combinée aux engagements de l’entreprise pour assurer les pensions de retraite, entraîna une hausse inexorable des coûts salariaux des Big Three et une baisse des profits dès 2005. L’accroissement de l’endettement des ménages maintint artificiellement les ventes jusqu’au dénouement final. Les Big Three ont directement contribué à ce que la crise advienne, en adhérant à la « nouvelle économie » et en mettant en œuvre ses recettes. La question est de savoir s’ils avaient une alternative.American carmakers were not unfortunate victims of some financial crisis that got in the way of their recovery. The aggravation of the social inequalities in United States as from the years 1980 gave rise to a demand for expensive vehicles, the light-trucks. It appeared very profitable for GM, Ford and Chrysler and their allowed to thrive, in spite of the competition of the Japanese constructors. The increasing outsourcing of the production and the diversification in the services were to reinforce profitability. The bursting of Internet bubble in 2000 revealed the mirage of the “new economy”. The outsourcing combined with engagements of the company to ensure the retirement pensions involved an inexorable rise of the salary costs of Big Three and a fall of the profits since 2005. The continuation of the running into debt of the households artificially maintained the sales until the final outcome. The Big Three were direct contributors to their own problems, first and foremost through their adherence to “new economy” precepts and efforts to implement its recipes. The question is whether they ever had an alternative.Los constructores de automóviles americanos no han sido las víctimas desgraciadas de una crisis financiera que les habría impedido de recuperarse a tiempo. La agravación de las desigualdades sociales a partir de los años 1980 hizo emerger una demanda de vehículos onerosos, los light-trucks. Ella se reveló muy rentable para GM, Ford y Chrysler y les ha permitido prosperar a los largo de los años 1990 a pesar de la competencia de los constructores japoneses.  La externalización de una parte creciente de la producción y la diversificación en los servicios debía por otra parte fortalecer la rentabilidad. La explosión de la burbuja Internet en 2000 reveló el milagro de la « nueva economía » y la externalización, combinada con compromisos de las empresas para asegurar pensiones y jubilaciones del personal despedido, que arrastra un incremento inexorable de los costos salariales de las Big Three y la disminución de las tasas de ganancia desde 2005. El incremento del endeudamiento de las familias mantiene artificialmente el nivel de las ventas, hasta el momento del desenlace final. Los Big Three han contribuido directamente a que la crisis arrive, al adherir a la « nueva economía » y poniendo en práctica sus recetas. La cuestión que se plantea es la de saber si ellas tenían otra alternativa.

  16. ANALISIS POTENSI KEBANGKRUTAN KAFE DAN RESTO DI KOTA MALANG DENGAN MENGGUNAKAN METODE ZMIJEWSKI

    Directory of Open Access Journals (Sweden)

    Rony Joyo Negoro Octavianus

    2016-02-01

    Full Text Available This research is conducted to evaluate the potential of bankruptcy related to cafes and restaurant in Malang city by applying Zmijewski method. The sampling method is using non-probability and also criteria sampling. The criteria of sampling method is cafes and restaurants that have been running for three years, owned the legal permit, and having the last three years financial reports, and the owner has agreed to permit the research. The X-Score resulted from seven cafes and restaurants that have been evaluated are under zero, which means they are financially healthy. However, there is a cafe and restaurant that has the probability of facing bankruptcy, but the score is still under the cut off value. The most contributing variable to be the cause of bankruptcy is the return on assets. Cafes and restaurants in Malang city will always be in a financially healthy condition if they have the ability to manage their assets and produce more profits.

  17. 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%.

  18. 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.

  19. 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.

  20. 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...

  1. Finanční analýza společnosti Severočeská energetika, a.s.

    OpenAIRE

    Urban, Pavel

    2011-01-01

    The aim of the thesis is to generally approach the financial analysis with focus on the models of summary assessment of a company (i.e. bankruptcy models and creditworthy models). In the practical part the financial analysis of the company Severočeská energetika, a.s., was performed for the period 2001 - 2006 by means of horizontal and vertical analysis of accounting statements, by means of ratio indicators and bankruptcy and creditworthy models including comparison of the results of the indi...

  2. Atamanchuk Assessment and sale of property of the bankrupt in the process of elimination: Accounting and legal aspects

    OpenAIRE

    Грабчук, Ірина Леонідівна; Зеленіна, Олена Олександрівна

    2015-01-01

    With the adoption of the new Law of Ukraine «Restoring the debtor's solvency or bankruptcy» there was a series of questions relating to the conduct likvidating procedures and recognition of the company bankrupt.Therefore there is a need to consider major changes specifically related to assessment and property sales company in recognition of its bankruptcy , to identify the main issues that delve in carrying out operations specified in practice and to make suggestions for their solution.The re...

  3. 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.

  4. The persistent effects of a false news shock

    OpenAIRE

    Carvalho, Carlos; Klagge, Nicholas; Moench, Emanuel

    2009-01-01

    In September 2008, a six-year-old article about the 2002 bankruptcy of United Airlines' parent company resurfaced on the Internet and was mistakenly believed to be reporting a new bankruptcy filing by the company. This episode caused the company's stock price to drop by as much as 76 percent in just a few minutes, before NASDAQ halted trading. After the 'news' had been identified as false, the stock price rebounded, but still ended the day 11.2 percent below the previous close. We explore thi...

  5. 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.

  6. Why Did Better Place Fail?: Range Anxiety, Interpretive Flexibility, and Electric Vehicle Promotion in Denmark and Israel

    DEFF Research Database (Denmark)

    Noel, Lance Douglas; Sovacool, Benjamin

    2016-01-01

    concerns, and long charging times. Yet, despite this seemingly strong combination, Better Place failed to make any progress in Denmark and Israel, the first two markets it operated in, and subsequently declared bankruptcy, selling off its collective assets for less than $500,000. Drawing from science...

  7. 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.

  8. 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

  9. 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.

  10. 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...

  11. Finanční analýza podniku Pegas Nonwovens, S.A.

    OpenAIRE

    Dlugošová, Lenka

    2010-01-01

    The topic of this bachelor thesis is "Financial analysis of PEGAS NONVOWENS S.A.". The main objective is to identify and analyse the overall financial situation of this company. Financial analysis is performed by implementing ratio analysis, the horizontal and vertical analysis, calculation of economic value added indicator and applying reliability and bankruptcy models. The summary contains peer analysis.

  12. 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

  13. 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.

  14. 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%].

  15. 78 FR 59718 - Notice of Lodging of Proposed Settlement Agreement Under the Comprehensive Environmental Response...

    Science.gov (United States)

    2013-09-27

    ... Interior (``FWS'') filed in the above bankruptcy action a Proof of Claim for environmental response costs, natural resource damages, and natural resource damage assessment costs pursuant to Section 107 of the... Payment of Environmental Response Costs as Chapter 7 Administrative Expenses and Updated Proof of...

  16. 世界金融危機:事実整理と危機の背景

    OpenAIRE

    平田, 英明; 墨, 昌芳; HIRATA Hideaki; Sumi, Masayoshi

    2010-01-01

    The global financial crisis following the bankruptcy of Lehman Brothers in 2008 has made the current real economic and financial situation very difficult for Japan and the rest of the world. This paper reviews the facts concerning the crisis in a time series, elucidates the causes of the crisis,and discusses the implications for monetary policy and regulatory frameworks.

  17. Posúdenie vypovedacej schopnosti predikčných modelov

    OpenAIRE

    Donocik, Erik

    2010-01-01

    This work concerns with methods used in bankruptcy forecasting. Based on paired-sample design, two firms -- failed and non-failed -- were selected for application of the ratio analysis and chosen prediction models on their accounting data. The aim is to compare the differences in failure prediction accuracy of the methods.

  18. 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

  19. 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...

  20. 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…

  1. 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 Garland Road Consent Decree and Settlement Agreement (``Garland Road Settlement Agreement'') in the bankruptcy matter, Motors Liquidation... Garland Road Settlement Agreement are debtors Motors Liquidation Corporation, formerly known as...

  2. 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.

  3. 7 CFR 1717.353 - Requirements of RUS documents.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Requirements of RUS documents. 1717.353 Section 1717... Federal Pre-emption in Rate Making in Connection With RUS Electric Borrowers in Bankruptcy § 1717.353 Requirements of RUS documents. Each borrower shall establish and adjust rates for electric service as set...

  4. 7 CFR 1717.355 - RUS required rates.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false RUS required rates. 1717.355 Section 1717.355...-emption in Rate Making in Connection With RUS Electric Borrowers in Bankruptcy § 1717.355 RUS required rates. (a) Upon the pre-emption of State Regulatory Authority as provided in this subpart, RUS...

  5. 75 FR 63732 - Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap...

    Science.gov (United States)

    2010-10-18

    ... financial crisis resulting from the failure and bankruptcy of firms such as Bear Stearns, Lehman Brothers... Organizations,'' 74 FR 18982 (April 27, 2009) (which defined ``public director''); 72 FR 6936 (Feb. 14, 2007... Release''); 71 FR 38740 (July 7, 2006) (which proposed acceptable practices for the DCM core...

  6. 76 FR 6708 - Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap...

    Science.gov (United States)

    2011-02-08

    ... market dislocations resulting from the disorderly insolvency of Lehman Brothers Inc. and its affiliates... exposure to market risk. \\7\\ For example, over two years after the bankruptcy process for Lehman Brothers... reorganization by an ad hoc group of Lehman creditors despite Lehman's filing of a plan of reorganization...

  7. Privatization: A Drain on Public Schools

    Science.gov (United States)

    Harvey, James

    2012-01-01

    According to James Harvey, the scale of the 2011 effort to privatize public education through vouchers and charters is "staggering," representing the culmination of a 30-year assault on public service in general and public education in particular. At a time when states are staring into the abyss of bankruptcy, he notes, public funds intended for…

  8. 76 FR 33817 - Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the...

    Science.gov (United States)

    2011-06-09

    ... for Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies, 75 FR 75162...'' and ``major swap participant.'' The Commission is in the process of this rulemaking. See 75 FR 80173... Options Transactions, 75 FR 67642, Nov. 3, 2011). In such a situation, all customers would share in...

  9. 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:...

  10. 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…

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

    Science.gov (United States)

    2011-04-29

    ... information. SUMMARY: Section 216 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd... regarding international coordination relating to the resolution of systemic financial companies under the Bankruptcy Code and applicable foreign law. Section 216 and Section 217 of the Dodd-Frank Act each...

  12. Pausing, Pondering, and Partnering: Communicating in Financially Challenging Times

    Science.gov (United States)

    Gross, Karen

    2009-01-01

    In times of financial distress, the communication strategies of leaders of institutions of higher education are often flawed. This is because the best approaches to helping a campus deal with financial woes are counter-intuitive and require an understanding of money as a language. But bankruptcy law, financial counseling, psychology, and…

  13. Portfolio Selection and Insurance Period

    OpenAIRE

    Aoba, Nobuko

    2001-01-01

    This paper examines market risks, portfolio selection and period of insurance in a life insurance market. Date from many countries indicate that over ninety percent of bankruptcies of life insurers are due of failures in financial risk management. Financial risk management is therefore central. ...

  14. 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

  15. 7 CFR 1980.497 - General administrative.

    Science.gov (United States)

    2010-01-01

    ... Law 103-354 Office) for advice on how to interact with the OGC on liquidations and property management... inventory and accounts receivable. (iv) Litigation is pending or threatened: e.g., bankruptcy, other... the docket a letter with recommendations and indicating any special items, documents or problems...

  16. 15 CFR 904.108 - Factors considered in assessing civil penalties.

    Science.gov (United States)

    2010-01-01

    ... of doing business. A civil penalty may be decreased if the respondent establishes that he or she is... time, borrow money, liquidate assets, or reorganize his or her business. NOAA's consideration of a... or contribute to the bankruptcy or other discontinuation of the respondent's business. (e)...

  17. 78 FR 802 - Heart of Texas Railroad, L.P.-Acquisition and Operation Exemption-Gulf Colorado & San Saba...

    Science.gov (United States)

    2013-01-04

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF TRANSPORTATION...\\ According to the Company, on July 3, 2012, the Seller filed a voluntary Chapter 11 bankruptcy petition, and, on July 31, 2012, Ronald Hornberger was appointed the Chapter 11 Trustee of the Seller's...

  18. 76 FR 34385 - Program Integrity: Gainful Employment-Debt Measures

    Science.gov (United States)

    2011-06-13

    ... diverse, innovative, and fast-growing group of institutions. By pioneering creative course schedules and... bankruptcy is very rare. The common consequences of default include large fees--collection costs that can add... programs. On October 29, 2010, the Department published regulations (75 FR 66832) (Program Integrity...

  19. 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。

  20. ACCOUNTING FOR DEBT RESTRUCTURING IN THE CURRENT CRISIS: ITALIAN EXPERIENCE BY ITALIAN LEGAL CONDITIONS

    OpenAIRE

    Provasi, Roberta; Riva, Patrizia

    2013-01-01

    Since 2007 a financial crisis has hit economies generating inevitable consequences on Italian Companies solvency level. This paper identifies some intermediate solutions purely contractual arrangements for debt rescheduling between debtor and creditors introduced by the Bankruptcy Reform, which considers: recovery and resolution planning ,restructuring agreement, pre-insolvency agreements with creditors. To solve the crisis it is required the adoption of appropriate...

  1. 7 CFR 1280.402 - Assessments.

    Science.gov (United States)

    2010-01-01

    ..., bankruptcy, receivership or incapacity to act. In the event of a producer's, feeder's, seedstock producer's... producer, feeder, or seedstock producer shares the proceeds received for the lamb or lamb products sold, each such producer, feeder, or seedstock producer is obligated to pay that portion of the...

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

    Directory of Open Access Journals (Sweden)

    Yelena Pavlovna Gurova

    2014-12-01

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

  3. 28 CFR Appendix A to Part 58 - Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under...

    Science.gov (United States)

    2010-07-01

    ... employee, vendor, tenant issues and other similar problems. Case Administration: Coordination and... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Guidelines for Reviewing Applications for... Administration DEPARTMENT OF JUSTICE (CONTINUED) REGULATIONS RELATING TO THE BANKRUPTCY REFORM ACTS OF 1978...

  4. 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,...

  5. 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...

  6. '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.

  7. 7 CFR 774.17 - Loan application.

    Science.gov (United States)

    2010-01-01

    ... claim in the AgriBiotech bankruptcy proceedings; (c) If the applicant is a business entity, any legal documents evidencing the organization and any State recognition of the entity; (d) Documentation of compliance with the Agency's environmental regulations contained in 7 CFR part 1940, subpart G; (e) A...

  8. The economics of asset securitization

    OpenAIRE

    Ronel Elul

    2005-01-01

    Ronel Elul explains why asset-backed securities exist and discusses some reasons for their common structure. Elul notes that despite well-developed theories on the what and why of securitization, more research is needed. In particular, additional research could uncover the effect that government regulation and bankruptcy law have on securitization.

  9. 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

  10. 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…

  11. Karma United

    DEFF Research Database (Denmark)

    Saliev, Kamolidden; Hockerts, Kai

    2013-01-01

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

  12. Life after Death

    DEFF Research Database (Denmark)

    Hollensen, Svend; Boyd, Britta; Bogers, Marcel

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

  13. A new analysis of a simple model of fair allocation

    OpenAIRE

    Juan D. Moreno-Ternero

    2012-01-01

    In a recent article, Fragnelli and Gagliardo [Cooperative models for allocating an object, Economics Letters 117 (2012) 227-229] propose several procedures to solve a basic problem of fair allocation. We scrutinize their proposal and contextualize it into recent developments of the literature on bankruptcy problems. Our analysis supports two of the procedures they propose; namely, the Shapley and Talmud rules.

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

    Science.gov (United States)

    Trimpey, Jack

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

  15. 78 FR 53778 - Notice of Intent To Prepare an Environmental Impact Statement for the Blythe Solar Power Project...

    Science.gov (United States)

    2013-08-30

    ... Bankruptcy in April 2012. In mid-October 2012, NextEra Blythe Solar Energy Center, LLC (NBSEC), purchased the... along with other areas with high potential for renewable energy development. The BLM published the Final... proposing to construct, operate, maintain, and decommission the BSPP ] using solar photovoltaic...

  16. 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.

  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. 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

  19. 20 CFR 422.602 - Terms used in this subpart.

    Science.gov (United States)

    2010-04-01

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

  20. 7 CFR 774.22 - Loan closing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 7 2010-01-01 2010-01-01 false Loan closing. 774.22 Section 774.22 Agriculture Regulations of the Department of Agriculture (Continued) FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE... interest in the bankruptcy claim, and protect the Government's interest, in accordance with...

  1. 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...

  2. 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.

  3. 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”

  4. Risk diagnosis in the context of economic crisis

    Directory of Open Access Journals (Sweden)

    Suciu, G.

    2010-12-01

    Full Text Available The economic crisis has turned into a global phenomenon and it was hard to believe that Romania would not experience its negative effects. Initially emerged in the USA, it extended and now includes almost all countries. The diagnosis of risk under the conditions of economic crisis is more difficult to establish than in normal conditions. In this article we are trying to explain the conditions that led to the emergence, apparition and deepening of the economic crisis, its impact on Romania and Romanian companies, how a correct diagnosis can be established in terms of economic, financial and bankruptcy risk. Eventually we have established some causes that lead to bankruptcy of many SMEs (small and medium-sized enterprises as well as measures that should be taken to overcome the current crisis.

  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. 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.

  7. A study on management of corporate cash in consumer durable sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-02-01

    Full Text Available Cash plays essential role in modern business and economy and it is the life blood of all businesses. Therefore, cash management is the art of managing a company’s short-term resources for its ongoing activities, mobilizing funds and optimizing liquidity. Inefficient cash management may lead the company to bankruptcy. In this paper, we highlight different perspectives in which we can control the corporate cash including Cash Conversion Cycle, Cash Holding and Creditworthiness. The term Cash Conversion Cycle can be considered as a length of time between purchase of raw-materials and collection of cash from debtors. Cash holding is one of the most important financial decisions that the manager of the concerned organization has to make for the organizations. In this paper, we try to interlink among different items to control cash so that bankruptcy could be prevented and profitability would be improved by investigating on five companies from Consumer Durable sector.

  8. 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.

  9. 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.

  10. Identity after Death

    DEFF Research Database (Denmark)

    Gerstrøm, Anna

    2015-01-01

    Purpose: The purpose of this paper is to explore how legacy organizational identity and death relate to each other and, thereby, contribute to closing the gap in knowledge on organizational identity constructions in times of death. Design/methodology/approach: The paper opted for an exploratory...... of the financial industry. Findings: The paper finds that members of a dead organization construct a bankruptcy narrative that is also a legacy organizational identity narrative including a legacy organizational identity transformation and several identities that have positive and negative aspects...... and are conflicting but integrated into a coherent narrative. Furthermore, the paper provides empirical insights on how members of a dead organization draw upon their legacy organizational identity to justify their (lack of) past interpretations and responses to an unfolding bankruptcy. Finally, it provides empirical...

  11. 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.

  12. 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.

  13. 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.

  14. Hodnotenie a analýza stratégie spoločnosti Linea Nivnice a.s.

    OpenAIRE

    Juhászová, Bibiána

    2014-01-01

    The aim of this thesis entitled "Evaluation and analysis of the financial strategy of the company Linea Nivnice as" is to analyze the financial situation of the company Linea Nivnice between 2009 and 2013. The work is divided into theoretical and practical part. The theoretical part describes the theoretical background, methods and procedures for analyzing financial strategy as horizontal and vertical analysis, balance rules, ratios, economic value added, creditworthy and bankruptcy models, P...

  15. 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...

  16. Role insolvenčního správce v konkurzu a v oddlužení

    OpenAIRE

    ŠINDELÁŘOVÁ, Jaroslava

    2016-01-01

    The topic of the master thesis is the role of insolvency administrator in bankruptcy and dischargeofdebts. The thesis defines the role of an insolvency administrator in an entire process of aninsolvency proceeding, from administrator nomination to the end of the procedure. The first part of thesis describes the historical development of the legislation of insol-vency proceeding and its characteristic. The second part of the thesis is focused on the figure of the insolvency administrator and a...

  17. Target market risk evaluation

    OpenAIRE

    Anda Gheorghiu; Anca Gheorghiu; Ion Spanulescu

    2010-01-01

    After the shocking series of bankruptcies started in 2008, the public does not trust anymore the classical methods of assessing business risks. The global economic severe downturn caused demand for both developed and emerging economies' exports to drop and the crisis became truly global. However, this current crisis offers opportunities for those companies able to play well their cards. Entering new markets has always been a hazardous entrepreneurial attempt, but also a rewarding one, in the ...

  18. Risk Aversion and Incentive Compatibility with Ex Post Information Asymmetry

    OpenAIRE

    Hellwig, Martin

    1998-01-01

    The paper extends Diamond’s (1984) analysis of financial contracting with information asymmetry ex post and endogenous ”bankruptcy penalties” to allow for risk aversion of the borrower. The optimality of debt contracts, which Diamond obtained for the case of risk neutrality, is shown to be nonrobust to the introduction of risk aversion. This contrasts with the costly state verification literature, in which debt contracts are optimal for risk averse as well as risk neutral borrowers.

  19. Identifying And Prioritizing Effective Factors On Advertisement Success During Downturn Case study: “Ma Insurance Company”

    OpenAIRE

    NAEINI, Ali Bonyadi; MOHAMMADIAN, Mahmoud; RASHIDI, Aram

    2015-01-01

    Abstract. Financial and credit recession during 2008, made many banks and financial institutions in the world to bankruptcy and this impact specifically within developing countries was significant. Bank and insurance company are the institutions regarding severely competitive structure dominating on them have tried utilizing extensive media advertisement more than before during such period. Also, regarding relatedness of extensive range of organizations and families’ commercial activities wit...

  20. Why Firms Purchase Property Insurance?

    OpenAIRE

    Daniel Aunon-Nerin; Paul Ehling

    2007-01-01

    We investigate whether corporate finance incentives aect the extent of corporate hedging with property insurance. Using a database that contains detailed insurance information, we show that rms buy property insurance to reduce the expected costs of distress. Further, we document a scale effect: large rms purchase less insurance per unit of property. This is consistent with the notion that expected bankruptcy costs fall as firm size increases. We also show that the dividend payout ratio exerts...

  1. CLASSIFYING CREDIT CARD ACCOUNTS FOR BUSINESS INTELLIGENCE AND DECISION MAKING: A MULTIPLE-CRITERIA QUADRATIC PROGRAMMING APPROACH

    OpenAIRE

    YONG SHI; YI PENG; GANG KOU; ZHENGXIN CHEN

    2005-01-01

    A major challenge in credit card portfolio management is to classify and predict credit cardholders' behaviors in a reliable precision because cardholders' behaviors are rather dynamic in nature. This is crucial for creditors because it allows them to take proactive actions and minimize charge-off and bankruptcy losses. Although the methods used in the area of credit portfolio management have improved significantly, the demand for alternative and sophisticated analytical tools is still strong...

  2. Comparative Business Failures of Foreign-Controlled Firms in the United States

    OpenAIRE

    Jiatao Li; Stephen Guisinger

    1991-01-01

    We explore the comparative business failures of foreign-owned or controlled firms and domestically owned firms. Original data are collected regarding foreign-controlled firms in the U.S. that filed for bankruptcy protection, were involuntarily liquidated or ceased operations mainly due to poor financial performance during the 1978-1988 period. Our results show that foreign-controlled firms fail less often than domestically owned firms. The patterns of foreign-controlled business failures and ...

  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. Why India choked when Lehman broke

    OpenAIRE

    Ila Patnaik; Ajay Shah

    2010-01-01

    India has an elaborate system of capital controls which impede cap- ital mobility and particularly short-term debt. Yet, when the global money market fell into turmoil after the bankruptcy of Lehman Broth- ers on 13/14 September 2008, the Indian money market immediately experienced considerable stress, and the operating procedures of mon- etary policy broke down. We suggest that Indian multinationals were using the global money market and were short of dollars on 15 Septem- ber. They borrowed...

  5. Job Loss and Immigrant Labor Market Performance

    OpenAIRE

    Bratsberg, Bernt; Raaum, Oddbjørn; Røed, Knut

    2016-01-01

    While integration policies typically focus on labor market entry, we present evidence showing that immigrants from low‐income countries tend to have more precarious jobs, and face more severe consequences of job loss, than natives. For immigrant workers in the Norwegian private sector, the probability of job loss in the near future is twice that of native workers. Using corporate bankruptcy for identification, we find that the adverse effects of job loss on future employment and earnings are ...

  6. Strategic Options for Azure Dynamics in Hybrid and Battery Electric Vehicle Markets

    OpenAIRE

    Finlay, James Gordon

    2012-01-01

    Azure Dynamics provides electric vehicle powertrain technology to commercial truck fleets in North America and Europe. Azure Dynamics is a firm in distress and fighting for survival, having filed for bankruptcy protection in March 2012. An analysis of commercial trucking markets reviews factors driving vehicle electrification and provides a market segmentation to find segments best suited to Azure’s technology. Porter’s Five Forces methodology is used to assess target market attractiveness an...

  7. - DETERMINACIÓN DE LAS CARACTERÍSTICAS DE LOS PROCESOS DE ABSORCIÓN Y QUIEBRA MEDIANTE MODELOS DE ELECCIÓN MÚLTIPLE

    OpenAIRE

    Ana María Gallego; María Ascensión Gómez

    2000-01-01

    Recent studies have extensively used logit or probit models to examine hypothesis on merger motives and corporate bankruptcy. In this paper we analyze some methodological issues of using binary choice models in this framework and it is proposed an alternative methodology: The Multinomial Logit Model. Also, we provide an approach to interpreting and testing model coefficients. The method focuses on partial derivatives providing a better understanding of the directional effects of model coeffic...

  8. Ekonomické a sociální aspekty předlužování domácností spotřebitelskými úvěry v České republice po roce 2000

    OpenAIRE

    Švec, František

    2015-01-01

    The thesis deals with the issue of excessive debt of households. In the first part the analysis of development of indebtedness of households was made and it was found out, that consumer loans are the most risky. Consumer loans are associated with the highest ratio of defaulting loans and are the leading cause of bankruptcies of individuals in the Czech Republic. The following chapter analyzes institutional environment of credit market and detects current weaknesses. These weaknesses consist i...

  9. Zhodnocení ekonomické situace společnosti ELMART s.r.o.

    OpenAIRE

    Lhotský, Roman

    2014-01-01

    LHOTSKÝ, R. The evaluation of economy situation of the company ELMART s.r.o., Bachelor thesis. Brno: Mendel University in Brno, 2014. The main aim of this bachelor's thesis is to measures to improve financial situation of the company ELMART s.r.o. on provided accounting statements for the accounting period 2008-2012 by using selected methods of financial analysis. To assess the future indicators of are used including absolute, differential and ratio. To predict future developments bankruptcy ...

  10. Finanční analýza společnosti MOCCA, s.r.o.

    OpenAIRE

    Dvořáková, Iva

    2012-01-01

    The bachelor thesis deals with the financial analysis of the company MOCCA, spol. s.r.o. in years 2006 -- 2010. Thesis is divided into two main parts. The methodological one includes the description and explanation of financial analysis methods that were used in the practical section. The practical part introduces readers with the company, after that there is applied horizontal and vertical analysis of accounting statements together with ratio indicators, bankruptcy and solvency models, all i...

  11. Finanční analýza vybraného podniku

    OpenAIRE

    Vacík, Jakub

    2013-01-01

    Content of this paper is a financial analysis of the company Keramika Soukup a.s., where elaboration puts emphasis on its practical utility. It focuses both on current situation and predictable progress using methods that are described in the theoretical part. All calculations, evaluations and conclusions are then presented in the application part. In addition to standard methods such as absolute and ratio indicators or value and bankruptcy models, it was proceeded in order to clarify potenti...

  12. ANALISIS POTENSI KEBANGKRUTAN KAFE DAN RESTO DI KOTA MALANG DENGAN MENGGUNAKAN METODE ZMIJEWSKI

    OpenAIRE

    Rony Joyo Negoro Octavianus; Yusitha Karina

    2016-01-01

    This research is conducted to evaluate the potential of bankruptcy related to cafes and restaurant in Malang city by applying Zmijewski method. The sampling method is using non-probability and also criteria sampling. The criteria of sampling method is cafes and restaurants that have been running for three years, owned the legal permit, and having the last three years financial reports, and the owner has agreed to permit the research. The X-Score resulted from seven cafes and restaurants that ...

  13. Legal process and economic development : a case study of Indonesia

    OpenAIRE

    Cheryl W. Gray

    1989-01-01

    Westeners often complain that laws are not enforced in developing countries."Good"laws are on the books, but in reality individuals and firms evade them with impunity. For example taxes are uncollected, bankruptcy laws unenforced, environmental controls ignored and trade restrictions evaded. Furthermore, corruption often flourishes in government despite repeated condemnation by public leaders. This paper tries to unravel the nature of legal processes in developing countries and explain how an...

  14. 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.

  15. Social Investment, Economic Growth and Labor Market Performance: Case Study—Romania

    OpenAIRE

    Ramona Olivia Ștefănescu-Mihăilă

    2015-01-01

    A few years have passed since the financial crisis began with the bankruptcy of the American Lehman Brothers bank and few dare predict the moment when we will overcome the crisis. Chaotic human resource policy in the Romanian economy and complex taxation have lowered our chances to overcome it. Excessive income tax, massive layoffs, not always dictated by real needs in the private sector, hesitation in the government regarding the reorganization of an oversized public sector and the low produ...

  16. Social Investment, Economic Growth and Labor Market Performance: Case Study—Romania

    OpenAIRE

    Ramona Olivia Ștefănescu-Mihăilă

    2015-01-01

    A few years have passed since the financial crisis began with the bankruptcy of the American Lehman Brothers bank and few dare predict the moment when we will overcome the crisis. Chaotic human resource policy in the Romanian economy and complex taxation have lowered our chances to overcome it. Excessive income tax, massive layoffs, not always dictated by real needs in the private sector, hesitation in the government regarding the reorganization of an oversized public sector and the low produ...

  17. Finanční analýzy firmy Travel Service, a.s.

    OpenAIRE

    Siegel, Daniel

    2016-01-01

    This bachelor thesis is focused on financial analysis of the company Travel Service, a.s. concerning the period from 2011 to 2014. The thesis is divided into two basic parts, methodical and practical. Methodical part contains explanation of the subject and importance of financial analysis, absolute method and financial ratio analysis and also complex models which include credit scoring models and bankruptcy models. Practical part consists of analysed company introduction, of the outline of it...

  18. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    OpenAIRE

    Negrea Laura Georgeta; Matis Dumitru; Mustata V. Razvan

    2011-01-01

    The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, "Cash Flow is King", while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy...

  19. Swaziland’s Survival

    Institute of Scientific and Technical Information of China (English)

    Trevor; Maisiri

    2011-01-01

    As Swaziland teeters on the edge of bankruptcy,its bailout package may be a litmus test for regional unity THE Kingdom of Swaziland is wilting under a crippling budget deficit that the International Monetary Fund(IMF) has pegged at 14.3 percent of the country’s GDP. This is within the same range as the Greek budgetary shortfalls ultimately giving precedence to the

  20. Book review: wrong: nine economic policy disasters and what we can learn from them by Richard S. Grossman

    OpenAIRE

    Grodecka, Anna

    2014-01-01

    In recent years, the world has been rocked by major economic crises, most notably the collapse of Lehman Brothers, the largest bankruptcy in American history, which triggered the breathtakingly destructive sub-prime disaster. What sparks these vast economic calamities? Why do our economic policy makers fail to protect us from such upheavals? Anna Grodecka reviews Richard S. Grossman’s contribution to the literature, and finds this an insightful and accessible read, especially recommended for ...

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

    International Nuclear Information System (INIS)

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

  2. Tinjauan Yuridis Hak Pekerja Atas Boedel Pailit Yang Sudah Dibebani Hak Tanggungan

    OpenAIRE

    Basril

    2014-01-01

    According to Article 95, paragraph 40 of Law No.13/2003 on Labour Force in a company, a company the goes bankrupt or is liquidated based on legal provisions, the wages and other rights of employees become a debt which has to be paid beforehand. Besides employees, hyphothecation holders , who are mentioned in Article 21 of Law No. 4/1996 on Hyphotecation, have also to be paid beforehand on boedel bankruptcy. When the mortgagor goes bankrupt, the hyphotecation holders still ha...

  3. Hak Eksekutorial Kreditur Preferen Dalam Kepailitan Debitor

    OpenAIRE

    Siregar, Dian Puspita Sari

    2011-01-01

    Settlement of debt and credit againt creditor who hold the guarantee right within the provisions of law 37/ 2004 mention that every creditor holder pawning, fiducia guarantee, mortgage right, hypoteek or collatetal right for other material is allowable to executie the right as there is no any bankruptcy. Provisions of such the article in line with the recognition of separatist right holder guarantee as determined by KUHPerdata. Execution right of preference starting since debtor’s bankruptc...

  4. The Effect of Cost of Capital and Corporate Governance on the Performance of UK Quoted Companies

    OpenAIRE

    Zhang, Weilin

    2010-01-01

    This study investigates the effect of cost of capital (represented by interest expenses, dividends, interest tax shields, gearing, and Z-score for probability of bankruptcy) and corporate governance characteristics (board size, board composition, role duality, top five largest shareholdings, and management ownership) on corporate performance of 35 UK listed companies during and after the current economic crisis from 2007 to 2009. Management ownership is found to be significantly related to co...

  5. Green Paper 'Entrepreneurship in Europe': Reaction

    OpenAIRE

    EIM

    2003-01-01

    Early 2003, the European Commission published the Green Paper 'Entrepreneurship in Europe' on the promotion of entrepreneurship. Amongst others, think tanks and research institutions were invited to react. EIM's reaction is bundled in this report. The report comprises concrete policy recommendations on e.g. mediation between business angels and enterprises, tax credits granted to spin-off enterprises, one-stop shops for start-ups, counterbalancing the effects of bankruptcies, reduction of hug...

  6. Retrospectives: Schumpeter, David Wells, and Creative Destruction

    OpenAIRE

    Michael Perelman

    1995-01-01

    Joseph A. Schumpeter's celebrated theory of creative destruction was anticipated by David Wells's Recent Economic Changes (1989). In some respects, Wells's treatment is superior to that of Schumpeter. Unlike Schumpeter, who believed that monopolistic competition could maximize economic growth, Wells held that cartels or trusts were necessary to prevent capital-intensive firms from competing themselves into bankruptcy and sending the economy into a depression.

  7. Finanční analýza podnikatelského subjektu a jeho postavení na regionálním trhu

    OpenAIRE

    Kulhánková, Pavla

    2013-01-01

    The dissertation covers processing of financial analysis and analysis of the competing firm Papos, v.o.s. for the years 2006 - 2011. These analyses are used to identify the financial condition of the firm and its competitive position. Within the financial analysis, absolute, ratio and differential coefficients have been covered. Besides, Z-score and Index 05 bankruptcy models have been used. For the competition analysis, Porter five forces model has been completed, together with an analysis o...

  8. The Impact of Financial Crisis over the Audit Reports Issued for Listed Companies in Romania

    OpenAIRE

    Paunescu Mirela

    2014-01-01

    The current global financial crisis began in 2007 and is considered one of the worst financial crises national economies had suffered. Romanian economy still struggles to pass over this crisis and it is not the only one not recovering from the recession. Romanian companies suffered and reported important losses due to the downturn. Many entities declared bankruptcy while others found the power to stay in business. The going concern assumption is an essential principle used to prepare financia...

  9. Republic of Lithuania; Statistical Appendix

    OpenAIRE

    International Monetary Fund

    2002-01-01

    The report provides the details of the IMF's projections and estimates of Lithuania on key economic and financial indicators; major privatization transactions; balance of payments; bankruptcy cases; gross domestic product by expenditure at current prices and current prices; gross value added by sector at current prices; summary of consolidated general government operations during 1998–2002; monetary authorities; deposit money banks; indicators of financial sector vulnerability; interest rat...

  10. How to predict and avert economic crisis

    OpenAIRE

    Yong Tao

    2010-01-01

    Our study shows that many firms would accumulate at zero output level (namely, Bankruptcy status) if a perfectly competitive market reaches full employment (namely, those people who should obtain employment have obtained employment). As a result, appearance of economic crisis is determined by two points; that is, (a). Stock market approaches perfect competition; (b). Society reaches full employment. The empirical research of these two points would lead to early warning of economic crisis. Mor...

  11. Finanční analýza společnosti ROLUX žaluzie, s.r.o.

    OpenAIRE

    Vachovcová, Alena

    2012-01-01

    The goal of this thesis is a financial analysis of the company ROLUX žaluzie, s.r.o.. The introductory part is dedicated to a detailed description of the basic methods and procedures of financial analysis based on company financial statements, presentation of prediction (bonity and bankruptcy) models and the Benchmarking diagnostic system of the Ministry of industry and trade of the Czech Republic - the INFA model. The practical-analytical part includes the application itself of the presented...

  12. Interactions entre les acteurs du processus global d'audit et gouvernance de l'entreprise : une étude exploratoire

    OpenAIRE

    Bertin, Elisabeth; Godowski, Christophe

    2010-01-01

    International audience Following recent financial scandals and bankruptcies, a real culture of audit has developed. The recent legislative developments (SOX, LSF, 8th European Directive) suggest an interaction between audit committee, internal auditor and external auditor. It constitutes a means to make this global audit process more efficient and to add some value to governance process. This contribution attempts to clarify, in the French context, the precise role of every actor and to ch...

  13. Interactive behavior in conflict situations

    OpenAIRE

    Quant, M.

    2006-01-01

    This thesis deals with interactive behavior in conflict situations. The first chapters consider several issues in relation to bankruptcy theory. Thereafter, several operations research problems are modeled within the framework of cooperative game theory. The main focus is on what is optimal for a group of cooperating players and how to divide cost savings or benefits achieved by cooperation. Finally, the last chapter is about non-cooperative game theory, treating properness and protectiveness...

  14. Corporate governance and its increased role in the period of global financial crisis with the focus on European region

    OpenAIRE

    Korlyakova, Darya

    2011-01-01

    In this thesis we analyzed methods contributing to corporate government improvement in order to enhance companies' efficiency, thereby preventing their bankruptcy during times of crisis. In the theoretical part we defined corporate governance, described its elements, influential factors and models. Particular attention was paid to the concept of effective governance and recommendations aimed at its achievement. Overall it was discovered that to be successful company should have such corporate...

  15. LEAN MANAGEMENT: AWARENESS, IMPLEMENTATION STATUS, AND NEED FOR IMPLEMENTATION SUPPORT IN VIRGINIAâ S WOOD INDUSTRY

    OpenAIRE

    Fricke, Christian

    2010-01-01

    During the last decades, the U.S. wood products (NAICS 321) and furniture manufacturing (NAICS 337) industries have been greatly affected by economic cycles, rising production and transportation costs, changing buyer habits, and, arguably, most powerfully, increasing global competition. As a result, tens of thousands of jobs were lost and a large number of companies in the industry experienced bankruptcy, closed operations, or relocated to other countries. However, theories exist stating th...

  16. Special purpose vehicles and securitization

    OpenAIRE

    Gary Gorton; Nicholas S. Souleles

    2005-01-01

    This paper analyzes securitization and more generally “special purpose vehicles” (SPVs), which are now pervasive in corporate finance. The first part of the paper provides an overview of the institutional features of SPVs and securitization. The second part provides a model to analyze the motivations for using SPVs and the conditions under which SPVs are sustainable. The authors argue that a key source of value to using SPVs is that they help reduce bankruptcy costs. Off-balance sheet financi...

  17. Market Efficiency after the Financial Crisis: It's Still a Matter of Information Costs

    OpenAIRE

    Gilson, Ronald; Reinier H. Kraakman

    2014-01-01

    Compared to the worldwide financial carnage that followed the Subprime Crisis of 2007–2008, it may seem of small consequence that it is also said to have demonstrated the bankruptcy of an academic financial institution: the Efficient Capital Market Hypothesis (“ECMH”). Two things make this encounter between theory and seemingly inconvenient facts of consequence. First, the ECMH had moved beyond academia, fueling decades of a deregulatory agenda. Second, when economic theory moves from academi...

  18. Corporate Financial Policies With Overconfident Managers

    OpenAIRE

    Ulrike Malmendier; Geoffrey Tate; Jonathan Yan

    2007-01-01

    Many financing choices of US corporations remain puzzling even after accounting for standard determinants such as taxes, bankruptcy costs, and asymmetric information. We propose that managerial beliefs help to explain the remaining variation across and within firms, including variation in debt conservatism and in pecking-order behavior. Managers who believe that their company is undervalued view external financing as overpriced, especially equity financing. As a result, they display pecking-o...

  19. Debt, Taxes, and Liquidity

    OpenAIRE

    Patrick Bolton; Hui Chen; Neng Wang

    2014-01-01

    We analyze a model of optimal capital structure and liquidity choice based on a dynamic tradeoff theory for financially constrained firms. In addition to the classical tradeoff between the expected tax advantages of debt and bankruptcy costs, we introduce a cost of external financing for the firm, which generates a precautionary demand for liquidity and an optimal liquidity management policy for the firm. An important new cost of debt financing in this context is an endogenous debt servicing ...

  20. L\\'evy insurance risk processes with parisian type severity of debt

    OpenAIRE

    Pardo, Juan Carlos; Perez, Jose Luis; Rivero, Victor

    2015-01-01

    In this article, we introduce a new definition of bankruptcy for a spectrally negative L\\'evy insurance risk process. More precisely, we study the Gerber-Shiu distribution for a ruin model where at each time the surplus goes negative, an independent negative random level is considered. If a negative excursion of the surplus exceeds such random level then the insurance company goes out of business. Our methodology uses excursion theory and relies on the description of the excursion measure awa...

  1. Law And Economics In Germany

    OpenAIRE

    Kirstein, Roland

    1997-01-01

    Law and economics in Germany was dominated by regulation, competition, and ?German Ordnungspolitik? until the early 1970s. Since then, German scholars have published a broad body of work in German and in the English language, covering fields like contract law, environmental law, labor law, public law, bankruptcy law, constitutional economics and legal procedure. Also in the 1970s, teaching activities were started at German universities. In addition to this, several (bi)annual conferences on l...

  2. “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...

  3. Essays on corporate default process: UK and France

    OpenAIRE

    Nigam, Nirjhar

    2011-01-01

    The thesis has been conducted upon a unique and primary database manually collected through courts and various reliable sources (governmental and non-governmental offices). This is the major strength of this thesis. With such a database, we built individual statistics on the corporate bankruptcies process in for two major European countries (France and United Kingdom). The collected data deals with the causes of financial default, the recovery rates of creditors, the process of decision makin...

  4. 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-

  5. External Mechanisms of Corporate Governance

    OpenAIRE

    Radygin Alexandr; Entov Revold; Mejeraoups I.

    2007-01-01

    The aim of this research paper is to analyze those external corporate governance mechanisms, which either play a practical role or give an idea about the specifics of the Russian model. In the context of general institutional issues first of all market mechanisms are analyzed, which are “in built” into a modern system of corporate governance: financial arkets, corporate control market, bankruptcies. For the 2000’s, issues of improvement of the norms of voluntary regulation of corporate govern...

  6. 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:

  7. Shandong Heavy Industry Co.,Ltd.Aims to the Top Leader in the World

    Institute of Scientific and Technical Information of China (English)

    Liu Ye

    2009-01-01

    @@ The financial crisis plunged a lot of enterprises into straitened circumstances.Some globally famous enterprises even went into bankruptcy.However,the newly reorganized Shandong Heavy Industry expected its revenue of over 60 billion RMB and the increasing profit as 40% this year.Mr.Tan Xuguang,the president of Shandong Heavy Industry,deemed that his company would enter into global heavy industry club of hundreds billion RMB within three or five years.

  8. 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.

  9. 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 ...

  10. Chinese Textile industry Should Gear Up for Changes

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    Since the inception of last year,forecast on the"shuffling"of the textile industry has been spread widely.What’s more,some latest reports of Financial Medias on the bankruptcy of garment enterprises that used to run with main business of export or OEM in Guangdong province dealt a heavier blow on people’s nerve.It is said that Chinese textile industry are suffering"painful period"now……

  11. The simultaneous relation between audit report type and business termination : evidence for non-listed companies in a non-litigious audit environment.

    OpenAIRE

    Gaeremynck, Ann; Willekens, Marleen

    1999-01-01

    This study provides evidence on the relationship between audit report type and subsequent business termination in an environment where firms are closely held and the audit environment is non-litigious. The results show that an endogenous relationship exists between bankruptcy and audit report type, and between voluntary liquidation and audit report type. A non-clean opinion is typically given to firms with financial difficulties, which in turn become more severe after the receipt of a non-cle...

  12. Should We Abolish Chapter 11? Evidence from Canada.

    OpenAIRE

    Fisher, Timothy C G; Martel, Jocelyn

    1999-01-01

    Chapter 11 has been severely criticized over the last decade. Some American jurists arguing in favor of revising Chapter 11 have raised the possibility that the Canadian reorganization system might be a good alternative. This article examines data on firms undergoing reorganization under the Canadian bankruptcy system and argues that there are fruitful lessons to be learned from the Canadian experience with court-supervised reorganization. Canadian reorganization plans have very high rates of...

  13. Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers

    OpenAIRE

    Ali Hortaçsu; Gregor Matvos; Chad Syverson; Sriram Venkataraman

    2010-01-01

    The financial decisions of durable goods makers can impose spillovers on their consumers. Namely, durable goods provide a consumption stream that frequently depends on services provided by the manufacturer (e.g., warranties, parts, and maintenance). Manufacturer bankruptcy, or even the possibility thereof, threatens this service provision and can substantially reduce the value of its products to their current owners. We test this hypothesis in one of the largest durable goods markets, automob...

  14. CRIME INVESTIGATION METHODOLOGY OF MONEY LAUNDERING OFFENCES

    OpenAIRE

    Constantin NEDELCU

    2010-01-01

    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, th...

  15. Analýza vývoje derivátových trhů v průběhu finanční krize

    OpenAIRE

    Zikmund, Michal

    2011-01-01

    The aim of my final thesis is the derivatives markets development analysis during financial crisis. Through basic problems with derivatives accounts of Lehman Brothers we can assess needs of standardization and transparency in area of derivatives instruments with such result which has minimal impact for liquidity on derivatives market. In the next step, there was analyzed year 2008 alone because of bankruptcy announcement of Lehman Brothers and therefore was analyzed impact on derivatives pro...

  16. Ekonomická analýza společnosti Vinselekt Michlovský, a.s.

    OpenAIRE

    Figurová, Nela

    2014-01-01

    The aim of the thesis is to evaluate the economic situation of the joint-stock company VINSELEKT MICHLOVSKÝ and identify strengths and weaknesses of money management. Methods of financial analysis and intercompany comparison are described in the theoretical part, namely vertical and horizontal analysis of absolute indicators, balance principles, analysis of financial ratios, economic value added, economic standards, bankruptcy and solvency models. The practical part of the thesis contains int...

  17. Bringing Islamic Banking into the Mainstream is not an Alternative to Conventional Finance

    OpenAIRE

    Karwowski, Ewa

    2010-01-01

    The latest economic crisis shook the previously firm belief in the prosperity-bringing financial sector around the globe. For many months after the catalytic bankruptcy of Lehman Brothers, the economy was in apparent freefall. News about plunging equity, housing, and commodity markets, dried out inter-bank lending, nose-diving industrial production and trade, and rising unemployment have characterized our daily routine. But between all this doom and gloom some parts of the deeply shaken finan...

  18. Corporate restructuring and corporate auctions

    OpenAIRE

    Boone, Audra L.; Mulherin, J. Harold; Claremont Institute for Economic Policy Studies

    2002-01-01

    We study 298 firms that announce the intent to consider restructuring during the 1989 to 1998 period. We find that the actions taken subsequent to the initial restructuring consideration are equally divided between (i) being acquired, (ii) divesting one or more subsidiaries, or (iii) either terminating the process or declaring bankruptcy. There is a greater completion rate in the second half of the sample, which suggests that economywide factors influence the restructuring decision. For the a...

  19. Legal environment, capital structure and firm growth: international evidence from industry data

    OpenAIRE

    Utrero González, Natalia

    2002-01-01

    This paper investigates the effects that economic regulations have on firm growth. There is substantial evidence of a positive relationship between the level of financial development and economic growth. Little is known, about the role played by the legal structure affecting firm decision making on growth. We analyse banking regulation, disclosure requirements, company and bankruptcy laws, accountancy norms and rules about market competition. We find evidence that the efficiency of the legal ...

  20. Macroeconomic Effects of Stock Market Fluctuations

    OpenAIRE

    Spanò Marcello

    2005-01-01

    This work contributes to discussion of the effects of share price fluctuations on aggregate output, employment and the dynamic behaviour of an economy with capital market imperfections. Greenwald and Stiglitz (1993) show that firms' capital structure may strongly affect aggregate output and employment as a consequence of undiversifiable bankruptcy costs. This paper extends the original model by introducing an efficient stock market which evaluates equities on the basis of the firm's expected ...

  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. Investors' horizons and the Amplification of Market Shocks

    OpenAIRE

    Cristina Cella; Andrew Ellul; Mariassunta Giannetti

    2010-01-01

    After negative shocks, investors with short trading horizons are inclined or forced to sell their holdings to a larger extent than investors with longer trading horizons. This may amplify the effects of market-wide shocks on stock prices. We test the relevance of this mechanism by exploiting the negative shock caused by Lehman Brothers’ bankruptcy in September 2008. Consistent with our conjecture, we find that short-term investors sell significantly more than long-term investors around and af...

  3. Political-Legal Institutions and the Railroad Financing Mix, 1885-1929

    OpenAIRE

    Daniel A. Schiffman

    2001-01-01

    During the 19th Century, U.S. railroads relied primarily on debt issues to finance their growth. This policy contributed to major financial crises, beginning in 1857, 1873 and 1893. Nevertheless, railroads failed to reduce their leverage over 1900-1929, and suffered severe consequences during the Great Depression. In order to explain this puzzle, I focus on several key political-legal developments that originated around 1885. These are: (a) Changes in the bankruptcy process; (b) the emergence...

  4. The Decision Behavior of Taiwan Firms Investing in China: Evidence from Different Industries

    OpenAIRE

    Szu-Hsien Lin; You-Jie Chen; Tz-Li Wang; Hung-Chih Wang; Ya-Chiu Angela Liu

    2012-01-01

    The main purpose of this paper is to explore Taiwanese firms' risk behavior when investing in China. Firms' investment decision-making in relation to risk propensity may be affected by its (1) aspiration performance, (2) looming bankruptcy, (3) sound operating resource, and/or (4) investment behavior within an industry. There is no reason to believe that a consensus of risk behavior is shared among various industry sectors. Nevertheless, little empirical evidence exists on this issue in the a...

  5. 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....

  6. Steel Policy: The Good, the Bad, and the Ugly

    OpenAIRE

    Gary Clyde Hufbauer; Ben Goodrich

    2003-01-01

    While the US steel industry has been in distress for decades, the "steel crisis" of 1999-2001 was particularly acute. More than 30 steel producing and steel processing firms fell into bankruptcy between 1997 and 2001, and most of the failures occurred after President Bush took office. During his presidential campaign, Bush promised steelworkers that he would not neglect them. As the crisis worsened, the steel industry and the United Steel Workers of America (USWA) pressed the Bush administrat...

  7. A Survey of Encroachment Disclosure in Wireless Sensor Network

    OpenAIRE

    Sushma J. Gaurkar; Piyush k. Ingole

    2013-01-01

    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 contr...

  8. From Romanticism to New Age : the Evolving Perception of a Church Ruin

    OpenAIRE

    Coomans, Thomas

    2012-01-01

    By September 1, 1796, the Directoire had decided to dissolve all religious orders in France and the territories under French rule. Hundreds of abbeys, monasteries and convents, with all their lands and goods, became state property. They were sold the following month to raise money in order to avoid state bankruptcy and finance the war effort. While most churches in dissolved communities were completely destroyed or recycled, Villers became a ruin —one of the finest ruins of a medieval church ...

  9. Sailing the Information Ocean with Awareness of Currents: Discovery and Application of Source Dependence

    OpenAIRE

    Berti-Equille, Laure; Sarma, Anish Das; Xin,, Y.; Dong,, C.; Marian, Amelie; Srivastava, Divesh

    2009-01-01

    The Web has enabled the availability of a huge amount of useful information, but has also eased the ability to spread false information and rumors across multiple sources, making it hard to distinguish between what is true and what is not. Recent examples include the premature Steve Jobs obituary, the second bankruptcy of United airlines, the creation of Black Holes by the operation of the Large Hadron Collider, etc. Since it is important to permit the expression of dissenting and conflicting...

  10. Theoretical and numerical Analysis on Optimal dividend policy of an insurance company with positive transaction cost and higher solvency

    OpenAIRE

    Zongxia Liang; Jicheng Yao

    2010-01-01

    Based on a point of view that solvency and security are first, this paper considers regular-singular stochastic optimal control problem of a large insurance company facing positive transaction cost asked by reinsurer under solvency constraint. The company controls proportional reinsurance and dividend pay-out policy to maximize the expected present value of the dividend pay-outs until the time of bankruptcy. The paper aims at deriving the optimal retention ratio, dividend payout level, explic...

  11. 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...

  12. Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans

    OpenAIRE

    Sandeep Dahiya; Manju Puri; Anthony Saunders

    2003-01-01

    This article examines the information content of the sale announcement of a borrower's loans by its lending bank. We find significant negative stock returns for the borrower on the loan sale announcement, particularly for subpar loan sales, where the bank's information advantage is greatest. Further, a large proportion of these borrowers file for bankruptcy after the loan sale. The evidence supports the hypothesis that the news of a bank loan sale conveys negative certification, which is vali...

  13. SELECTED METHODOLOGICAL APPROACHES TO THE PYRAMID DECOMPOSITION OF RETURN ON ASSETS FOR THE FINANCIAL NEEDS OF CORPORATE GOVERNANCE

    OpenAIRE

    Ratislav Kotulic; Miroslava Rajcaniova

    2011-01-01

    The most important factor often determining the prosperity or bankruptcy is the ability of the firm to make correct decisions in financial management questions. Like every decision, the decisions on the level of financial management must be based on detailed financial analysis. Pyramid systems of financial and economic indicators are therefore inevitable and extremely important tools of the financial analysis. They are able to capture the different processes and relations in the enterprise. T...

  14. SOME ASPECTS CONCERNING MERGERS OF PUBLIC LIMITED LIABILITY COMPANIES IN EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    DUMITRU COTLEŢ

    2007-01-01

    Full Text Available This paper presents some aspects of European Union reglementation regarding merger operatin betwen two or more public limited liability companies. The Member States need not made a merger in cases where the company or companies which are being acquired or will cease to exist are the subject of bankruptcy proceedings, proceedings relating to the winding-up of insolvent companies, judicial arrangements, compositions and analogous proceedings. Romania as a new Member State of European Union should apply European Union reglementation.

  15. 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...... discourses on social order critique and forward-looking pragmatic agenda-setting discourses. In conclusion, this study suggests that the brand in crisis facilitates processes of utopic thinking in a liminal discursive space....

  16. Foreign family business and capital flight. The case for a fraud to fail

    OpenAIRE

    Giovanni Favero

    2013-01-01

    The research here proposed is a micro-analysis of a business ending in bankruptcy in the aftermaths of the first oil shock, concerning the Italian subsidiary of a German wareenamelling group established in the town of Bassano in 1925. Following the budget reports and the interviews with the former entrepreurs, the company flourished until the 1960s, when managerial and entrepreneurial successions emphasized the growing difficulties deriving from growing labour costs. A tentative reorganizatio...

  17. Bayesian Kernel-Based Classification for Financial Distress Detection

    OpenAIRE

    van Gestel, T; Baesens, B.; J. A.K. SUYKENS; D. VAN DEN POEL; D.-E. BAESTAENS; BM. WILLEKENS

    2004-01-01

    Corporate credit granting is a key commercial activity of financial institutions nowadays. A critical first step in the credit granting process usually involves a careful financial analysis of the creditworthiness of the potential client. Wrong decisions result either in foregoing valuable clients or, more severely, in substantial capital losses if the client subsequently defaults. It is thus of crucial importance to develop models that estimate the probability of corporate bankruptcy with a ...

  18. FRAUD RISK MANAGEMENT

    OpenAIRE

    Ionuţ Şerban

    2009-01-01

    This paper aims to highlight certain aspects of the fraud risk faced by all organizations, regardless of the specific activity. Also, in this work are presented some practical examples in order to show how the risk of fraud is managed. The implications of this risk can be unlimited and may lead to bankruptcy when the organization affected. In general, the risk of fraud is more threatening in times of crisis and also threatens the financial stability of organization.

  19. After Sales Marketing Strategies of Real Estate Companies: An Empirical Study

    OpenAIRE

    S. Kippes

    2013-01-01

    The Lehmann bankruptcy, the financial crisis in Greece and the ongoing problems of the Euro brought about a situation in Germany, in which people started to shift their assets into properties. In addition to an undersupply of properties in the major cities, the situation is getting increasingly severe, because owners of housing stock in these locations tend to stick to their properties, because they see a lack of other highly secure options to reinvest their money as they see properties as a ...

  20. Shanghai and Globalization through the Lens of Film Noir: Lou Ye’s 2000 Film, Suzhou River

    OpenAIRE

    Hongwei Lu

    2010-01-01

    In the 1990s, the film industry in China decentralized with the bankruptcy of the state-owned studio system. Privatized independent film companies took over where the government had left off and a more independent film culture emerged. Although obstacles such as political censorship, financial pressures, and Hollywood infiltration were still in the way for Chinese filmmakers, privatization of the film industry was under way. As a result of this process, new film productions of controversial s...

  1. A Response Regarding the Matter of the Man with Three Wives

    OpenAIRE

    Aumann, Robert J.

    2010-01-01

    A response to criticism of the paper "On the Matter of the Man with Three Wives," Moriah 22 (1999), 98- 107 (see also Rationality Center DP 102, June 1996). The Moriah paper is a non- mathematical account, written in Hebrew for the Rabbinic public, of "Game- Theoretic Analysis of a Bankruptcy Problem from the Talmud," by R. Aumann and M. Maschler, J. Econ. Th. 36 (1985), 195- 213. The current response appeared in Hama'yan 50 (2010), 1- 11.

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

    OpenAIRE

    Wu, Yanbin; Ding, Jianxiong

    2014-01-01

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

  3. An Antitrust Economic Analysis of Stop & Shop's Proposed Acquisition of the Big V Shop Rite Supermarket Chain

    OpenAIRE

    Cotterill, Ronald W.

    2002-01-01

    In early 2002, the Royal Ahold subsidiary, Stop & Shop Supermarkets, offered to purchase the Big V supermarket chain, which was in bankruptcy court after three successive, unsuccessful leveraged buyouts over the past ten years. At a later date, Pathmark Supermarkets joined the offer to purchase. Big V was Wakefern Food Corporation?s largest member. The acquisition was a horizontal merger in at least three local markets, Newburgh NJ, Poughkeepsie NY, and Trenton NJ. This research was conducted...

  4. Ekonomická analýza společnosti Heineken Česká republika, a.s.

    OpenAIRE

    Lamač, Karel

    2012-01-01

    The goal of this diploma thesis is to evaluate economic situation of Heineken Czech republic, a.s., for the period 2007 - 2011. Theoretical part of the thesis delineates a theoretical background of tools of economic analysis, which contains PEST analysis, Porter's five forces analysis, SWOT analysis, horizontal and vertical analysis, balance rules, ratio analysis, creditworthy and bankruptcy models, economic normal and comparison with competition. Practical part rests on application of chosen...

  5. Predicting financial distress using corporate efficiency and corporate governance measures

    OpenAIRE

    Zhiyong, Li

    2014-01-01

    Credit models are essential to control credit risk and accurately predicting bankruptcy and financial distress is even more necessary after the recent global financial crisis. Although accounting and financial information have been the main variables in corporate credit models for decades, academics continue searching for new attributes to model the probability of default. This thesis investigates the use of corporate efficiency and corporate governance measures in standard sta...

  6. 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.

  7. Development of a financial health indicator based on companies’ annual accounts

    OpenAIRE

    David Vivet

    2011-01-01

    This document describes the development of a financial health indicator based on companies' financial statements. This indicator is conceived as a weighted combination of variables, which is obtained through a model discriminating between failing firms and non-failing firms. The definition of failure is based on a legal criterion, namely that a company is considered to have failed if it has faced bankruptcy or judicial administration in the past. Based on the model results, companies are posi...

  8. Efficient stocks administration in the frame of the present economic crisis

    OpenAIRE

    Mihai Deju; Simona Dragomirescu

    2010-01-01

    The economic-financial crisis made its presence felt through more or less shy signals. All companies from the international and national market started to feel the crisis’s negative effects, several declaring bankruptcy, or diminishing temporary their activity. The consequences are multiples: the unemployment’s rate increase, the decreasing of the purchase power and reducing the goods demand from the luxury ones up to the one for consumption etc. Under these circumstances, companies have to a...

  9. The Commitment Role of Equity Financing

    OpenAIRE

    Fahn, Matthias; Merlo, Valeria; Wamser, Georg

    2014-01-01

    Existing theories of a firm’s optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for firms that show a strong commitment towards their workforce and are popular among employees. We demonstrate that such financing behavior may be driven by implicit arrangements made between a firm and its m...

  10. 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.

  11. Priorities of statutory claimants

    International Nuclear Information System (INIS)

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

  12. 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

  13. 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

  14. 定期人寿保险的破产概率和调节系数%Ruin probability and accommodation coefficient of term life insurance

    Institute of Scientific and Technical Information of China (English)

    刘洋; 王永茂

    2012-01-01

    为了研究定期人寿保险中破产风险的问题,设计出一种7年期的定期人寿保险的险种.因为每个被保险人的死亡概率与年龄的大小密切相关,所以对所有的被保险人按照年龄进行分组,通过研究每个小组的破产模型,计算出破产概率,从而推导出破产模型的总破产概率.通过对风险破产理论知识的灵活运用,计算出本模型的调节系数,最后得到一个破产概率的上界.对于保险公司设计相应的财务预警系统,以及保险监管部门设计某些监管指标系统等问题有直接的参考和指导作用.%In order to study the bankruptcy risk in term life insurance, this study has developed a T-year term life insurance product. Because the death probability of each insured person is closely related with one's age, all the insured persons are grouped according to their age. According to the study of each group's bankruptcy model, the ruin probability is calculated and the ruin probability of the ruin model is derived. Also, through the application of the knowledge and theory on the bankruptcy risk, the model adjustment coefficient and the upper bound of ruin probability are obtained. These are useful for insurance company to design a corresponding financial early-warning system. They can be referenced for insurance supervision department in designing some regulatory index systems.

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

    Directory of Open Access Journals (Sweden)

    Montserrat Manzaneque

    2016-01-01

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

  16. 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

  17. Russia's parliamentary elections and energy

    International Nuclear Information System (INIS)

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

  18. Spinning Giant in Anyang asks for Strategic Investment in Reconsolidation

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    @@ According to a recent public announcement issude by Anyang municipal government,its largest cotton textile company,also the Everest in cotton spinning sector in Henan province,is now on the brink of bankruptcy oving to drooped business from global economic recessionl. Changtai Textile Group,having 400,000spindles in spinning capacity and 540,000square meters of plant area,three industrial parks,eight subsidiary companies,two ginners,was once the city honor for its giorious past,an undeniable contribution to local 5600 jobs,adorable taxpayer ,and one of the top 50 in the national cotton textile industry.

  19. 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.

  20. 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.

  1. Contact education, old and new media: Reflections on a peace-building initiative in Norway

    OpenAIRE

    Oddgeir Tveiten

    2008-01-01

    In 2001, a peace foundation was set up in Southern Norway, where a regional WW II Gestapo headquarters became a non-profit venue with a vision of becoming a nationally recognized peace education center. The first two years saw regular threats of bankruptcy and little recognition. Then, the vision took hold – Archbishop Desmond Tutu of South Africa came to visit twice, and a joint venture agreement was signed with the UNESCO-listed Robben Island Heritage Museum in Cape Town. Several other alli...

  2. 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.

  3. Design and implementation of an electrocardiographical signal acquisition and digital processing system orientated to the detection of paroxysmal arrhythmias

    Science.gov (United States)

    Iriart Braceli, Agustín; Exequiel Morani, Jorge

    2011-12-01

    This article describes the design, technical aspects and implementation of a device capable of acquiring electrocardiograph signals; visualize them in real time over a graphic liquid crystal display (GLCD), and the storage of these ECG registers on a SD memory card. It also details a noise suppression algorithm using the Wavelet Transform. This system was specially developed to cover some bankruptcy that presents actual Holters or ECG regarding the detection of paroxysmal arrhythmias. The contribution of this work is settled on its portability and low production cost. The filtering method used provides an ECG signal without any significant noise and appropriate to the diagnosis of cardiac pathologies.

  4. 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)

  5. 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)

  6. Delistings in Europe and the Cost of Governance

    DEFF Research Database (Denmark)

    Vinten, Frederik; Thomsen, Steen

    2006-01-01

    of exit by merger or acquisition. Taking into consideration that corporate governance policy may be endogenously determined, the estimated policy effects turn out to be highly sensitive to model specification, but our best estimates produce qualitatively similar results. We conclude that the evidence...... 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...

  7. Hedging contingent claims on defaultable assets

    Science.gov (United States)

    Beumee, Johan G. B.

    2001-02-01

    Following the JLT model (Jarrow, Lando and Turnbull), this paper represents a defaultable asset as a continuous stochastic process plus a Poisson jump modelling the bankruptcy event. It is shown that if the recovery condition is known beforehand, a contingent claim can be hedged by a position in the defaultable asset and a risk-free instrument. In addition, the claim must satisfy a jump-diffusion equation and a risk-neutral representation is obtained using this equation. Examples include the price of a risky zero-coupon bond with a fixed recovery value and the prices of risky Call/Put options on corporate instruments (instrument terminates upon default).

  8. Traditional and Modern Techniques of Transferring the Benefit of the Credit Insurance Contract in International Trade

    OpenAIRE

    Gavrilã Simona Petrina

    2011-01-01

    Credit, the key word in today's society, considered as a control element of the market economy has its reverse: the risk. The risk is itself diverse: the risk of non-payment, the risk of late payment due either to bankruptcy to the debtor or natural, political, etc. events. If, in general, banks have at hand means pertaining to bank management or the use of complex financial techniques to prevent internal risks, to prevent the risk of non- payment and the risk of late payment, one of the most...

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

    International Nuclear Information System (INIS)

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

  10. Shareholders, creditors approve utility reorganization plan

    International Nuclear Information System (INIS)

    Shareholders and all classes of secured creditors of Public Service Company of New Hampshire voted overwhelmingly last month to approve Northeast Utilities' Chapter 11 reorganization plan for PSNH, the utility announced. PSNH filed for bankruptcy protection in January 1988. Under the reorganization plan, Connecticut-based NU would acquire the utility for $2.3 billion. While PSNH's preferred and common stockholders voted to accept the proposal, holders of warrants to purchase PSNH common stock rejected the plan. Except for the votes of a group of independent power producers, PSNH's unsecured creditors also voted to accept the plan

  11. B&O

    OpenAIRE

    Iskandar, Shaimaa; Mughrabi, Saleh; Mohammad, Shahid; Cokcetin, Muhammed

    2014-01-01

    Abstract - English This project revolves around B&O’s strategic position on the Danish market and how they can increase their market share. The motivation for analyzing B&O’s strategic position is that B&O is heading towards bankruptcy and needs to change their marketing perspective on the Danish market. The project is hermeneutically inspired, which means that most of the collected data in the project will be interpreted for further analysis. In the project there will be referrals t...

  12. Liquidation Triggers and the Valuation of Equity and Debt

    OpenAIRE

    Dan Galai; Alon Raviv; Zvi Wiener

    2003-01-01

    Net-worth covenants, as introduced by Black and Cox (1976), provide the firm’s bondholders with the right to force reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many bankruptcy codes stipulate an automatic stay of assets that prevent bondholders from triggering liquidation and thus impact many positive net-worth covenants. To consider this impact on a corporation’s capital structure we develop a general model of liqui...

  13. The fiduciary duties of healthcare directors in the "zone of insolvency".

    Science.gov (United States)

    Peregrine, Michael W; Schwartz, James R; Burgdorfer, James E; Gordon, David C

    2002-01-01

    Directors of healthcare organizations normally owe fiduciary duties to their shareholders or, in the case of nonprofits, to the charitable mission of the organization. As an organization descends to bankruptcy, however, the board's duties may shift. At some point, the board may be imposed with different and often conflicting obligations to the corporate enterprise as a whole, with a primary criterion being the interests of creditors. In this article, the authors analyze the murky areas of the Zone and give guidance as to when the board's duty may shift-and as to how directors should proceed both in determining their duties and in working to fulfill them. PMID:12125883

  14. 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.

  15. Finančná analýza spoločnosti Nestlé Česko, s.r.o.

    OpenAIRE

    Gréková, Zuzana

    2015-01-01

    The topic of this bachelor´s thesis is financial analysis of the company Nestlé Česko s. r. o. for the period from 2010 to 2013. The main goal of the thesis is to evaluate the financial situation of the company using financial ratios and to evaluate the financial health of the company using bankruptcy and credit scoring models. This thesis is divided into two parts: theoretical and practical part. The theoretical part defines the goal of financial analysis, the sources of financial analysis a...

  16. RULES ON BUSINESS ETHICS. SOX STANDARD

    OpenAIRE

    Cristiana Drumea

    2008-01-01

    The Sarbanes-Oxley law, officially named „Public Company Accounting Reform and Investor Protection Act” was adopted in 2002 in the United States in order to review the accounting practices and to rebuild community’s confidence in the Public Companies Financial Reports. What were the events that triggered the implementation of such ruling? The answer lays in the over-displayed cases of corporate frauds as Enron, WorldCom and other famous bankruptcy scandals, all of them having the same roots i...

  17. Défaut de paiement stratégique et loi sur les défaillances d'entreprises

    OpenAIRE

    Chopard, Bertrand; Langlais, Eric

    2009-01-01

    We compare the influence of bankruptcy law on the risk of default and the rate of liquidation by banks. We show that it depends on whether it is pro-creditors or pro-debtors oriented, and on the intensity of competition between banks. Then , we analyse the various tools at the disposal of public authority in order to accomdate the transition from a pro-creditors regime to a pro-debtors one. In a sense, our results suggest that there may exist a kind of consistency between the aims assigned to...

  18. Access to credit for SMEs: theories and evidence

    OpenAIRE

    Arca, Pasqualina

    2015-01-01

    In this thesis we focus on firms’ access to credit under different sources of asymmetric information. In Chapter 1 we analyze how the institution of debt discharge of bankruptcy law affects loan contracts. In particular we evaluates the effects of debt discharge on access to credit and cost of credit by taking into account its impact on the role of collateral as a signaling device. In the theoretical model we take explicitly into account the fact that borrowers can undo the effects of exem...

  19. 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

  20. A Specific Model for Assessing the Financial Performance:Case study on Building Sector Enterprises of Galati County - Romania

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2011-11-01

    Full Text Available In this paper is designed a specific model for assessing the financial performance, based on models of bankruptcy risk, for enterprises acting in the building sector from Galati County - Romania. The main purpose of the paper is designing and development a model for evaluation financial performance that important for ranking enterprises. To choose model variables was used discriminate analysis on 22 variables proposed that separate objectively performant by non-performant enterprises. The proposed model with five variables was tested using the initial sample of enterprises obtaining an average success ratio of 81.82%.