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نتیجه جستجو - bankrupt

تعداد مقالات یافته شده: 35
ردیف عنوان نوع
1 The CV effect: To what extent does the chance to reorganize depend on a bankruptcy judges profile?
اثر CV: تا چه حد شانس سازماندهی مجدد به مشخصات قضات ورشکستگی بستگی دارد؟-2020
This study explores the link between the individual profiles of French commercial judges and the bankruptcy cases they supervised between 2006 and 2012. A “Curriculum Vitae effect” prevails: the chance to reorganize after filing for bankruptcy varies with the composition of the chambers. We also confirm the existence of a limited (but not marginal) appointment bias, suggesting that bankruptcy cases are not fully randomized across judges. Several variables accounting for the judges’ profiles are found to be significant. The presence of female judges increases the chances of a successful plan (for continuation). We find a similar influence of the judges’ managerial skills and of the highest academic profiles. However, a mismatch between the judges’ profiles (mostly oriented toward big businesses) and bankrupt firms (closer to small and medium-sized enterprises) undermines the probability of reorganizing. We also focus on the two main filters for reorganization: i) the decision to open an observation period, and ii) the court supervision of such a period. Our findings provide normative recommendations to better align lay justice with litigants’ needs. The results from France can be extended to other mixed bankruptcy systems
Keywords: Bankruptcy | Lay justice | Judges | Court | CV | Bankrupt firms | Reorganization | Liquidation
مقاله انگلیسی
2 Could Chapter 11 redeem itself? Wealth and welfare effects of the redemption option
آیا فصل 11 می تواند خود را بازخرید کند؟ اثرات ثروت و رفاه گزینه رستگاری-2020
A redemption option granted to junior creditors has been advocated to accelerate Chapter 11 negotiations and rebalance junior recovery with respect to senior claims. We develop a game-theoretic, continuoustime model of the leveraged firm under Chapter 11 to assess the wealth transfers and welfare impacts of such an amendment to the bankruptcy procedure. After fitting the model to Chapter 11 current outcomes, we show that the redemption option design overcompensates junior creditors, leading to different, but not less frequent, Absolute Priority Rule violations. Since the reform shifts negotiations from a threeto a two-player game, it reduces the scope for concessions in the bargaining process and raises the risk of liquidation. Importantly, the redemption option aligns junior creditors’ interests with those of shareholders, thereby increasing the incentives for risk-shifting prior to bankruptcy.
Keywords: Chapter 11 | Bankruptcy | APR violation | Recovery | Game theory | Dynamic programming
مقاله انگلیسی
3 Earnings management, business strategy, and bankruptcy risk: evidence from Indonesia
مدیریت سود ، استراتژی تجاری و خطر ورشکستگی: شواهدی از اندونزی-2020
The purpose of this study is to examine the effect of accrual earnings management and business strategy to bankruptcy risk. Multiple Least Square (MLS) regression and robust regression of M-Estimator regression are performed on financial data of 1,068 non-financial firms listed on the Indonesia Stock Exchange (IDX). The result indicates that there is no relationship between earnings management and bankruptcy risk, while firms that implement either one of two generic business strategies of cost leadership or differentiation, significantly mitigate the risk of bankruptcy. The effect of earnings management to bankruptcy risk is essential for external stake- holders, such as investors and creditors, to assess bankruptcy risk, financial capability, and credit worthiness of a firm, while business strategy effect on bankruptcy risk benefits internal stakeholders, such as managers, in formulating strategies to deal with going concern issues.
Keywords: Earnings management | Business strategy | Bankruptcy risk | Accounting | Industry management | Business management | Strategic management | Risk management | Business
مقاله انگلیسی
4 Enterprise architecture breakthrough for telecommunications transformation: A reconciliation model to solve bankruptcy
موفقیت معماری سازمانی برای تحول ارتباطات از راه دور: یک مدل سازش برای حل ورشکستگی-2020
Observations of communication service providers (CSPs) over the past five years have revealed that text services have reduced radically by around 75%, followed by voice services and the average revenue per user (ARPU). This condition signifies that telecommunications companies are being affected by digital disruption. A fundamental analysis of current business processes is thus necessary for future telecommunications success. In the area of corporate strategic management, studies on conversion of the Internet of Things (IoT)-based industry as a new customer are gaining popularity. This research analyzes the breakthrough operational activities through a customer-centric approach as well as end-to-end CSP business activities towards a new customer reconciliation model. The customer-centric activities address problem to solution and complaint to solution. In the future, CSPs are expected to have large numbers of newly registered customers from IoT-based industries. The strategic mechanism for transforming leaps from old business processes into new ones is a novel research subject using the business process management (BPM) method. Business process analysis has been facilitated by the Internationa Telecommunication Union (ITU) telecommunications standards body developed by TMForum as the global telecommunications industry association. This transformation involves development of organizational structure, business activities, technical specifications, information and communication flow, and operational schemes, modeled under the enterprise architecture strategic notation, whose result is a breakthrough enterprise archi- tecture design for future telecommunications companies. The design contributes to strategic management knowledge on how collaboration between the telecommunications industry and other IoT-based industries is determined for real operations. This research presents a transformation scheme that can solve the potential problem of bankruptcy in the telecommunications industry through a case study of a smart city in the IoT-based industry.
Keywords: Electrical engineering | Industry | Industrial engineering | Internet of things | Process modeling | Operations management | Industry management | Strategic management | Telecommunication companies | Business process management (BPM) | Enterprise architecture | Internet-of-things (IoT)
مقاله انگلیسی
5 Limited liability and investment: Evidence from changes in marital property laws in the US South, 1840–1850
مسئولیت محدود و سرمایه گذاری: شواهدی از تغییر در قوانین مالکیت زناشویی در جنوب ایالات متحده ، 1840-1840-2020
We study the impact of marital property legislation passed in the US South in the 1840s on households’ investment in risky, entrepreneurial projects. These laws protected the as- sets of newly married women from creditors in a world of virtually unlimited liability. We compare couples married after the passage of a marital property law with couples from the same state who were married before. Consistent with a simple model of household borrowing that trades offagency costs against risk sharing, the effect on investment was heterogeneous. It increased if most household property came from the husband and de- creased if most came from the wife.
Keywords: Bankruptcy | Household finance | Economic history
مقاله انگلیسی
6 Predicting the risk of financial distress using corporate governance measures
پیش بینی خطر پریشانی مالی با استفاده از اقدامات حاکمیت شرکتی-2020
Corporate governance is an important determinant of corporate performance. Poor corporate governance can damage the interests of shareholders, and may lead to business collapse. This paper expands the literature on credit risk management by assessing the effectiveness of aspects of corporate governance for predicting financial distress in a dynamic discrete-time survival analysis model. It is a comprehensive, up-to-date and thorough study, which uses a large range of corporate governance measures, financial ratios and macroeconomic variables in a panel data structure over a 17-year period. Furthermore, the paper addresses the relationship between government ownership and the risk of financial distress in China. The results suggest that although corporate governance alone is not sufficient to accurately predict financial distress, it can add to the predictive power of financial ratios and macroeconomic factors. In addition, the model provides insights into the role of state ownership, independent directors, institutional investors and some personal characteristics of the Chair of the board. Implications are made regarding them and the debt and bankruptcy problem in China and Asia.
Keywords: Corporate governance | Credit risk | Survival analysis | Financial distress | Ownership structure
مقاله انگلیسی
7 Deep learning models for bankruptcy prediction using textual disclosures
مدل های یادگیری عمیق برای پیش بینی ورشکستگی با استفاده از افشای متن-2019
This study introduces deep learning models for corporate bankruptcy forecasting using textual disclo- sures. Although textual data are common, it is rarely considered in the financial decision support models. Deep learning uses layers of neural networks to extract features from textual data for prediction. We con- struct a comprehensive bankruptcy database of 11,827 U.S. public companies and show that deep learning models yield superior prediction performance in forecasting bankruptcy using textual disclosures. When textual data are used in conjunction with traditional accounting-based ratio and market-based variables, deep learning models can further improve the prediction accuracy. We also investigate the effectiveness of two deep learning architectures. Interestingly, our empirical results show that simpler models such as averaging embedding are more effective than convolutional neural networks. Our results provide the first large-sample evidence for the predictive power of textual disclosures.
Keywords: Decision support systems | Deep learning | Bankruptcy prediction | Machine learning | Textual data
مقاله انگلیسی
8 The real effects of credit default swaps
تاثیرات واقعی معاملات اعتباری پیش فرض-2018
We examine the effect of introducing credit default swaps (CDSs) on firm value. Our model allows for dynamic investment and financing, and bondholders can trade in the CDS market. The model incorporates both negative and positive effects of CDSs. CDS markets lead to more liquidations, but they also reduce the probability of costly debt renegotiation and reduce costly equity financing. After calibrating the model, we find that firm value increases by 2.9% on average with the introduction of a CDS market. Firms also invest more and increase leverage. The effect on firm value is strongest for small, financially constrained, and low productivity firms.
keywords: Credit default swaps |CDS |Empty creditor |Restructuring |Bankruptcy
مقاله انگلیسی
9 Supply chain coordination under vendor managed inventory-consignment stocking contracts with wholesale price constraint and fairness
هماهنگی زنجیره تامین تحت قراردادهای فروش مدیریت شده امانتی سهامی با محدودیت و مساعدت قیمت عمده فروشی-2018
In the retailing industry, dominant retailers usually set constraints on a suppliers wholesale price and obtain most of the supply chain profit. This unfair profit allocation may cause bankruptcy of small suppliers due to low margins. This paper investigates the supply chain coordination under a vendor managed inventory-consignment stocking contract with wholesale price constraint and fairness considerations. First, we derive the retailers optimal wholesale price constraint (WPC) and the suppliers optimal production quantity. Then, we derive the supply chain coordination condition by considering the fairness of profit allocation between the retailer and the supplier. Our analyses show that increasing the fairness preference not only restricts the retailers utility function and WPC, but also increases the suppliers expected profit and production quantity. Furthermore, supply chain coordination can be achieved only when the retailer has a large fairness preference. Through a simulation study of multiple-period decision-making problems, we illustrate the benefits and motivation for the retailer to consider fairness in profit allocation when production cost and market demand are uncertain.
keywords: Supply chain coordination |Wholesale price constraint |Fairness |VMI-CS contract
مقاله انگلیسی
10 Going-concern opinion decisions on bankrupt clients: Evidence of long-lasting auditor conservatism?
گزینه های تصمیم گیری تجاری مناسب درباره مشتریان ورشکسته: شواهدی از محافظه کاری بلند مدت حسابرس؟-2018
Geiger, Raghunandan, and Rama (2005) examine auditor going-concern decisions prior to client bankruptcy in the periods surrounding the enactment of the Sarbanes-Oxley Act (2002) at the start of this century and find evidence of improved conservatism. Feldmann and Read (2010) replicate and extend Geiger et al. (2005) and find that the proportion of going-concern opinions (GCOs) increases sharply in the post-SOX period (2002 − 2003) relative to the pre-SOX period (2000 − 2001). They show, however, that the improvement in conservatism is largely transitory and that the GCO ratio quickly declines over time, ultimately returning to its pre-SOX level by 2006. In this paper, we examine the prior audit opinions that auditors issued for a sample of 340 U.S. public companies that filed for bankruptcy during the years 2006–2015, a period that includes the recent Great Recession (hereafter, GR). Our analysis sheds light on whether the enormity of the GR resulted in a long-lasting change toward conservatism in auditor going-concern decisions on bankrupt clients. Controlling for confounding factors, we find that auditors were significantly more likely to issue GCOs to subsequently bankrupt clients following the onset of the GR. Finally, controlling for confounding factors, we find no significant change in the propensity of auditors to issue a GCO during the two post-GR recovery periods compared to going-concern decisions during the GR.
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مقاله انگلیسی
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