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Creditors holdup, releveraging and the setting of private appropriation in a control contract between shareholders
توقیف طلبکاران، جذب مجدد و تنظیم تخصیص خصوصی در یک قرارداد کنترلی بین سهامداران-2020 Debt is analyzed in relation to the conflict between three parties, a controlling shareholder, outside
investors and creditors. We follow Jensen and Meckling’s (1976) and Myers’ (1977) intuitions that leverage may result in excess value appropriation by creditors while at the same time acting to discipline
private benefits appropriation. Creditors’ holdup refers to the appropriation by the incumbent debtholders of a large part of the additional value created by an incentivized controlling shareholder. This paper
introduces a negotiation framework between controlling and outside shareholders in which releveraging
and private benefits are decided while the process of value creation initiates a transfer of value to the
creditors. The admissible contracts of control involve a minimum jump in leverage. This result gives a
theoretical foundation for the leveraged recap decisions observed in the market and one-off variations
of the capital structure. Keywords: Creditors’ holdup | Private benefits | Controlling shareholder | Debt leverage | Releveraging | Corporate governance |
مقاله انگلیسی |
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New psychoactive substances (NPS) prevalence over LSD in blotter seized in State of Santa Catarina, Brazil: A six-year retrospective study
شیوع مواد روانگردان جدید (NPS) نسبت به LSD در بلاتر توقیف شده در ایالت سانتا کاتارینا ، برزیل : یک مطالعه گذشته نگر شش ساله-2020 Designer drugs or new psychoactive substances (NPS) are a heterogeneous group of substances obtained
through the modification of chemical structure of some natural products or drugs. NPS illegally
commercialized in blotter papers mimicking the most common form of LSD consumption, with a great
variability of colours and symbols, have largely increased worldwide, including in Brazil, becoming an
important emerging public health issue. In this study, we have evaluated the presence and profile of NPS
in blotters seized in the State of Santa Catarina, Brazil, over the period of 2011 to 2017. The state
government criminal forensics staff has performed gas chromatography-mass spectrometer (GC–MS)
analyses in order to determine the chemical composition of the blotters. During the evaluated period,
there was a considerable increase in the seizing of blotters events, from 87 in 2011, to 301 in 2016 and
reaching 277 in 2017. There was also an increase in the number of blotters seized per event. Interestingly,
while in 2011, 100% of blotters contained LSD, this number decreased to 0,1% in 2014, and achieved 17,6%
in 2017, when up to 25 different substances were detected in blotters seized. Drugs such as DOx, NBOMe,
fentanyl, mescaline derivatives, triptamines, cathinones, and synthetic cannabinoids were detected and
became the major substances found in blotters. In some cases, more than one substance was found in the
same blotter, characterizing a new mixture scenario. The presence of several new psychoactive
substances in blotters is a reality in forensic toxicology. In Brazil, it might be related to the fact that most
of these substances were not considered illegal by Brazilian legislation by the time they emerged. Keywords: Paper blotters | Chemical profile | LSD | New psychoactive substances (NPS |
مقاله انگلیسی |
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Short selling around the expiration of IPO share lockups
فروش کوتاه درطی انقضای توقیف های سهام IPO-2018 We are the first to examine daily short selling activity around the expiration of IPO share lockups. We find that short selling increases before the lockup expiration date and declines afterward, and the level of short selling is higher in stocks of venture capital (VC)- and private equity (PE)-backed IPOs than other IPOs. Unlike VC-backed IPO stocks, PE-backed IPO stocks do not experience a negative return or a trading volume jump on the lockup expiration date. PE investors do not reduce percentage ownership in the IPO firm as much as VC investors do after lockup expirations. Short selling in PE- and VC-backed IPO stocks prior to the lockup expiration date can predict PE and VC ownership reduction but not the stock returns after the lockup expires. In contrast, short selling in stocks of the IPO firms without a PE or VC investor can predict stock returns after the lockup expires.
keywords: Short sales |Initial public offerings (IPOs)|Share lockup expiration |Venture capital (VC) |Reverse leveraged buyout (RLBO) |Private equity (PE) |
مقاله انگلیسی |
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Spillovers from good-news and other bankruptcies: Real effects and price responses
سرریزهایی از اخبار خوب و سایر ورشکستگی ها: تاثیرات واقعی و واکنش ها به قیمت-2018 We model debt restructurings that could endogenously end in bankruptcy, and study spillovers to competitors’ operating decisions, profits, restructuring outcomes and security prices. We show that while bankruptcy could cause the firm’s share price to drop, bankruptcy always signals good news about the firm. We identify the conditions under which a bankruptcy also signals good news about competitors. We demonstrate that when a firm’s bankruptcy costs are relatively small, bankruptcy raises its share price while lowering the prices of competitors’ shares and debt as well as boosting the probability that they will enter bankruptcy. When there is little information asymmetry about the firm’s prospects, or the information asymmetry is about industry prospects, bankruptcy raises competitors’ share and debt prices and lowers their probability of bankruptcy.
keywords: Restructuring |Distress |Spillover |Feedback |
مقاله انگلیسی |
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How much is too much? Large termination fees and target distress
چه قدر بزرگ؟ بهای خاتمه های بزرگ و توقیف هدف-2018 We provide evidence that large termination fees mitigate contracting problems in acquisitions of targets with high information asymmetry. Large fees are more common if targets face financial constraints or distress. Deals with large termination fees are less likely to be consummated, consistent with large fees allowing acquirers to recover bidding costs when facing a high risk of bid failure. We correct for the endogenous selection of large termination fees and present evidence that managers negotiate large fees in exchange for higher premiums. This is in contrast with prior evidence that suggests large fees result from managerial self-interest and harm target shareholders.
keywords: Merger |Acquisition |Termination fee |Information asymmetry |
مقاله انگلیسی |
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فرض بر بیگناهی
سال انتشار: 2014 - تعداد صفحات فایل pdf انگلیسی: 16 - تعداد صفحات فایل doc فارسی: 28 فرض بر بیگناهی موجب تقویت سیستم قضایی امریکا شد. این معنا اساسا از مفاهیم رعایت تشریفات قانونی و اهمیت محاکمه عادلانه نشات گرفته است. یک درک وتفاهم تاریخی آگاهانه از تعامل میان فرض بر بی گناهی و اصل کلیدی رعایت تشریفات قانونی می تواند روشنگر معنا و راهبرد فرض بر بی گناهی در عصر جدید باشد. رعایت تشریفات قانونی تماما در انگلستان و امریکا توسعه داده شد. تاریخچه مستعمرات مقدمه ای شد بر شکل گیری قانون اساسی ایالات متحده حاوی دو معنای ضمنی بسیار مهم است. اول اینکه رعایت تشریفات قانونی موجب تضمین کلی آزادی در مقابل مجازات یا بازداشت بدون یک محاکمه منصفانه است. دوم اینکه رعایت تشریفات قانونی مستلزم وجود یک ژوری در مقابل قاضی است که تعیین کننده واقعیت گناهکار یا بی گناهی متهم در حین محاکمه است. این دو اصل کلیدی به طور تاریخی اساس رعایت تشریفات قانونی و بایستی گویای این باشند که چگونه اصل فرض بر بیگناهی در مراحل مختلف محاکمه تاثیر گذار است که شامل تصمیم گیری بازداشت موقت و مجازات نیز می شود. بازگشت به تفاهم تاریخی رعایت تشریفات قانونی مستلزم عدم حقیقت یابی توسط قضات و یا تعیین مجازات به صورت انفرادی پیش از تشکیل ژوری و برگذاری محاکمه است.
کلمات کلیدی : رعایت تشریفات قانونی، اصلاحیه پنجم، اصلاحیه ششم، هیئت منصفه، فرض بر بی گناهی، حکم دادگاه، "ماگناکارتا" منشور بزرگ( يا فرمان ازادى صادره از طرف جان پادشاه انگليس در سال1215) ، بازداشت یا توقیف، دادرسی، قاضی
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