Página 12 dos resultados de 1926 itens digitais encontrados em 0.003 segundos

Cultura organizacional: uma análise da microempresa familiar informal

Teixeira, Thiciane Mary Carvalho; Valentim, Marta Lígia Pomim
Fonte: Universidade Estadual Paulista Publicador: Universidade Estadual Paulista
Tipo: Artigo de Revista Científica Formato: 447-464
Português
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Analyze possible relationships between the bankruptcy and the family structure of informal micro-enterprises in Fortaleza city, Brazil. The analysis began with a research among micro-entrepreneurs who were beneficiaries of PROFITEC loans in bankruptcy and non-bankruptcy situation in 1997-1999 period. Evaluate whether the overlap of family and professional relationship inside the organizational structure of those micro-enterprises is a factor leading to bankruptcy. The comparative analysis divides the micro-enterprises into two groups: one that which had complied with the loan obligations (abiding firms) and another which had not (non-abiding firms). The analysis pointed out the familiar structure as having positive and negative influences over organizational work in both groups. The research also realized that those groups of family informal micro-enterprises do not recognize the professional problems related to the family, giving room for managerial conflicts related to the compliance, work time and use of profit. We cannot say that family structure of the informal microenterprises is the decisive cause for non-abidance, since there are also family firms which have the same disadvantages of both groups, but are complying with their obligations. The personal relationships in the informal family firms...

Falência empresarial: estudo aplicado ao caso português

Jardim, Cristiana Filipa Pereira
Fonte: Universidade de Aveiro Publicador: Universidade de Aveiro
Tipo: Dissertação de Mestrado
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Ao longo dos anos, surge cada vez mais a necessidade de compreender o fenómeno de Falência em Portugal e as suas consequências para a estrutura económica do país. Este estudo observa quais os principais indicadores económicos, internos e/ou externos, que explicam a falência empresarial portuguesa. Foi considerado o período de 1990-2009 e foram analisados modelos de regressão linear com dados time series. Os resultados mostraram que as variáveis IPC, Novas Empresas e a Dummy Subprime têm impactos positivos na Taxa de Falência. Foi realizado um Teste de Causalidade Granger que revelou o IPC e o IDE tem impacto nos dados presentes da Taxa de Falência.; Over the years, it arises the necessity of understanding the phenomenon of bankruptcy in Portugal and its consequences for the country’s economic structure. This study observes the main economy indicators, internal and/or external, that explain the Portuguese corporate bankruptcy. It was considered the period 1990-2009 and linear regression models with time series data were analyzed. The results showed that the variables CPI, New Business and Dummy Subprime have a positive impact on bankruptcy rate. It was conducted a Granger Causality Test that revealed that the CPI and FDI have an impact on the data of the present Bankruptcy Rate.; Mestrado em Economia

Health, Poverty, and Surgery in the US and Around the World

Shrime, Mark G.
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
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Health improvement and financial ruin are often inexorably linked. Nearly 30% of the global burden of disease is surgical [1], and over 30 million annual cases of financial ruin are attributable to accessing surgery [2]. In resource-poor countries, where 70% of all healthcare spending is out-of-pocket [3], catastrophic expenditure for medical care is extremely common [4-6]. In the United States, even those with health insurance face financial catastrophe: nearly two-thirds of bankruptcy is medical, and fully 75% of medically bankrupt individuals were insured at the time of their catastrophic medical bill [7]. Financial ruin is most pronounced among the global poor, among patients with life-threatening conditions, and, increasingly, among the elderly [2, 8-10]. As a result, although the World Health Organization [11], the United Nations [12], and the World Bank [13] have all called for financial risk protection in healthcare, medical impoverishment persists, sometimes forcing individuals into a choice between physical health and financial health. Some choose the former and are willing to incur financial ruin to get care: they sell their assets, borrow, decrease consumption, or, catastrophically, face impoverishment in the pursuit of health [4-6...

(In) Constitucionalidade do artigo 2º, I, da Lei 11.101/05 numa interpretação sistemática com o artigo 173, § 1º, da Constituição Federal

Zago, Felipe do Canto
Fonte: Pontifícia Universidade Católica do Rio Grande do Sul; Porto Alegre Publicador: Pontifícia Universidade Católica do Rio Grande do Sul; Porto Alegre
Tipo: Dissertação de Mestrado
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O presente estudo tem a finalidade de apresentar a grande discussão doutrinária acerca da possibilidade ou não da falência das Empresas Públicas e das sociedades de economia mista. A Lei n. º 11. 101/95 (Lei de Falências), trouxe em seu art. 2º, inciso I, a impossibilidade da falência dessas paraestatais. Todavia, na contramão dessa Lei infraconstitucional, existe sustentação hermenêutica baseada em dispositivo constitucional, no art. 173 da CF, que possibilitaria a falência dessas empresas públicas da administração indireta. É uma tentativa, com efeito, de destacar os aspectos mais relevantes desse assunto, uma vez que a discussão jurídica em comento é muito complexa, e poucos se aventuraram a debruçar-se sobre o tema. Trata-se, assim, uma questão insuficientemente apreciada pela doutrina e pela jurisprudência.; The objective of this study is to present the big doctrinal discussion about the possibility or not of bankruptcy of state and joint state and private companies. In short, the Law No. 11. 101/95 (Bankruptcy Act), set forth in its art. 2, item I, the impossibility of the bankruptcy of said state companies. However, contrary to this infra-constitutional act, there is hermeneutic support based on the constitutional provision of the art. 173 of the Constitution...

Essays in macroeconomics with informational frictions

Sanchez, Juan M. (1978 - ); Abraham, Arpad
Fonte: University of Rochester. Publicador: University of Rochester.
Tipo: Tese de Doutorado Formato: Number of Pages:xii, 172 leaves
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Thesis (Ph. D.)--University of Rochester. Dept. of Economics, 2008.; Despite the use of optimal contracts, asymmetric information affects the economy in different ways. For instance, informational frictions preclude lenders from using debt contracts that condition perfectly on the productivity of the firms (which affects growth and capital deepening), or from charging interest rates that fully capture borrowers risk (which influences credit and bankruptcy). Likewise, such frictions prevent governments from providing perfect insurance of unemployment risk. I study these issues in the following chapters. Chapter 1 answers: How does technological progress in financial intermediation affect the economy? To address this question a costly-state verification framework is embedded into a standard growth model. In particular, financial intermediaries can invest resources to monitor the returns earned by firms. The inability to monitor perfectly leads to firms earning rents. Undeserving firms are financed, while deserving ones are under funded. A more efficient monitoring technology squeezes the rents earned by firms. With technological advance in the financial sector, the economy moves continuously from a credit-rationing equilibrium to a perfectly efficient competitive equilibrium. A numerical example suggests that finance is important for growth. Chapter 2 provides a quantitative theory to evaluate the role of information for consumer debt and bankruptcy. The model allows lenders to offer contracts specifying both interest rates and borrowing limits. In equilibrium...

Improving Protection in Financial Services for Russian Consumers

Rutledge, Sue
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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Over the last decade, consumer credit in the Russian Federation has expanded from almost nothing to 9.2 percent of Gross Domestic Product (GDP) in 2008. This is an average increase of 84 percent a year for five years. Recent developments in financial markets have highlighted the need for consumer protection and financial literacy for the long-term health of the financial sector. The rapid growth of household lending has been accompanied by an increase in the number of households that have difficulty in understanding the risks and obligations that they assume, or the full range of choices available. In the United States mortgage markets for instance, complex financial contracts were sold to borrowers, some of whom had weak credit histories. The consequences were disastrous, and highlight the importance of consumer protection and financial education to prevent other similar events.

Corporate Governance Country Assessment : Czech Republic

World Bank
Fonte: Washington, DC Publicador: Washington, DC
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The Czech securities markets are rapidly evolving under political and commercial pressures. However, shortcomings remain that undercut their role in price discovery, and limit their value as risk diversification, as a source of finance and a mechanism for good corporate governance. Ownership concentration resulting from privatization in the early 1990s was accompanied by opaque deals and price manipulation, and owners often exploited control and acted against the interests of enterprises, creditors and minority shareholders. The policy recommendations may be grouped into three broad categories: legislative reform, institutional strengthening, and voluntary/private initiatives. In 2001, the Czech Republic instituted broad financial regulatory reforms. However, related party transactions, insolvency and more technical issues, such as voting by mail and shareholder meetings, still require more attention. Institutional strengthening is also vital to improve enforcement. The judiciary, Securities Commission...

International Lending, Sovereign Debt and Joint Liability : An Economic Theory Model for Amending the Treaty of Lisbon

Basu, Kaushik; Stiglitz, Joseph E.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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As the Eurozone crisis drags on, it is evident that a part of the problem lies in the architecture of debt and its liabilities within the Eurozone and, more generally, the European Union. This paper argues that a large part of the problem can be mitigated by permitting appropriately-structured cross-country liability for sovereign debt incurred by individual nations within the European Union. In brief, the paper makes a case for amending the Treaty of Lisbon. The case is established by constructing a game-theoretic model and demonstrating that there exist self-fulfilling equilibria, which would come into existence if cross-country debt liability were permitted and which are Pareto superior to the existing outcome.

Regulation, Renegotiation and Capital Structure : Theory and Evidence from Latin American Transport Concessions

Moore, Alexander; Straub, Stéphane; Dethier, Jean-Jacques
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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The paper examines the capital structure of regulated infrastructure firms. The authors develop a model showing that leverage, the ratio of liabilities to assets, is lower under high-powered regulation and that firms operating under high-powered regulation make proportionally larger reductions in leverage when the cost of debt increases. They test the predictions of the model using an original panel dataset of 124 transport concessions in Brazil, Chile, Colombia and Peru over 1992-2011, finding broad support for our predictions.

Subnational Debt, Insolvency, and Market Development

Canuto, Otaviano; Liu, Lili
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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State and local debt and the debt of quasi-public agencies have grown in importance as a result of fiscal decentralization, rapid urbanization, and the increasing role played by private capital. However, with debt comes the risk of insolvency. This note outlines a set of aligned fiscal incentives that should be in place, as well as the design issues to be considered in debt restructuring frameworks. This note also suggests some broad lessons extracted from several country experiences with subnational debt restructuring, insolvency frameworks, and debt market development. This note suggest a range of possible lessons to consider when designing reforms to align fiscal incentives and develop a robust subnational debt framework that can be used to effectively manage the insolvency risks that will inevitably accompany the new dynamism of subnational finance.

Mortgage Liquidity Facilities

Hassler, Olivier; Walley, Simon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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This note brings together some of the policy lessons learnt in the creation of mortgage liquidity facilities around the world. It looks at the main benefits which can be derived from the creation of a mortgage liquidity facility and the conditions under which they can operate most effectively. The note details some of the pre-conditions necessary for the creation of a liquidity facility. There is summary of some of the key techniques used in obtaining security over the mortgage collateral. Lastly two important aspects which are crucial to building confidence in mortgage liquidity facilities are how they are regulated and their corporate governance. The note brings in relevant examples from liquidity facilities which have been set up as far back as 1987 (Malaysia), from developed countries (France) and from facilities still under discussion (West Africa). Overall the note points to the valuable developmental role that mortgage liquidity facilities can play in nascent mortgage markets as an intermediary between capital markets in the primary mortgage markets. This is especially the case in markets where the mortgage lending infra-structure and environment have not developed sufficiently to allow for other more sophisticated alternatives such as securitization or covered bonds.

Doing Business 2014 Economy Profile : Small Island States

World Bank; International Finance Corporation
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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This regional profile presents the Doing Business indicators for economies in Small Island States. It also shows the regional average, the best performance globally for each indicator and data for the following comparator regions: Caribbean States, Common Market for Eastern and Southern Africa, East Asia and the Pacific, Latin America, and Southern African Development Community. The data in this report are current as of June 1, 2013, except for the paying taxes indicators, which cover the period January to December 2012. Regional Doing Business reports capture differences in business regulations and their enforcement across countries in a single region. They provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. The report sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business: starting a business...

A theoretical analysis of the stages and events experienced by financially distressed firms

Hamoto, Azad; Correia, Ricardo
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: info:eu-repo/semantics/draft; info:eu-repo/semantics/workingPaper Formato: application/pdf
Publicado em /01/2012 Português
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This paper analyses the events that start with financial distress and may eventually lead to the liquidation and/or abandonment of the assets of the firm. It develops a scheme describing the sequence of possible outcomes starting with financial distress based on the existing literature and taking into account the legal environment in terms of liability and priority rules and bankruptcy law. An analysis of the treatment of financial distress in the theoretical financial literature is also performed, showing that there is no consensus in the treatment of financial distress. The common case of assuming simultaneous default and bankruptcy is shown to lead to suboptimal bankruptcy. Other theoretical approaches are shown to address this problem in different ways such as separating default from bankruptcy or by including protective covenants. The case of separation between default from bankruptcy or liquidation highlights the importance of the interaction between the different options present in financial distress. The general case of exogenously determined default is shown to represent a special case that implies the existence of financial and credit constraints

Essays on small firms' finance and asymmetric information

Jiang, Ming-Jin
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Tese de Doutorado Formato: application/pdf
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Mi tesis se centra en el análisis de los efectos de imperfecciones del mercado de crédito causada por información asimétrica y por regulaciones sobre contratos financieros óptimos, especialmente para las pequeñas empresas (empresas emprendedoras). En particular, se proponen modelos que pueden reproducir varios hechos estilizados en los mercados de crédito. Estos modelos proporcionan implicaciones adicionales comprobables. El primer capítulo "Why are Small Firms more likely to use Convertible debt?" presenta un modelo de agente-principal bajo no verificabilidad de los rendimientos de las empresas. La no verificabilidad de los rendimientos de las empresas puede llevar las empresas a un defecto estratégica ex post. Las empresas con activos iniciales ilíquidos y heterogéneos necesitan fondos para invertir en un proyecto cuya rentabilidad depende del fondo invertido y del esfuerzo de las empresas, que no es observable para los financieros. Se demuestra que los contratos de deuda convertibles pueden mitigar la ineficiencia ex post. Por otra parte, se generaliza el modelo en dos direcciones: el riesgo moral y la aversión al riesgo de las empresas. En ambos casos, se demuestra el comportamiento óptimo de los contratos de deuda convertibles para las pequeñas empresas. En el segundo capítulo "Non-monotonic Effect of Bankruptcy Exemptions on Small Firms Finance"...

Enforceability of Labor Law : Evidence from a Labor Court in Mexico

Kaplan, David S.; Sadka, Joyce
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
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The authors analyze lawsuits involving publicly-appointed lawyers in a labor court in Mexico to study how a rigid law is enforced. They show that, even after a judge has awarded something to a worker alleging unjust dismissal, the award goes uncollected 56 percent of the time. Workers who are dismissed after working more than seven years, however, do not leave these awards uncollected because their legally-mandated severance payments are larger. A simple theoretical model is used to generate predictions on how lawsuit outcomes should depend on the information available to the worker and on the worker's cost of collecting an award after trial, both of which are determined in part by the worker's lawyer. Differences in outcomes across lawyers are consistent with the hypothesis that firms take advantage both of workers who are poorly informed and of workers who find it more costly to collect an award after winning at trial.

Out-of-Court Debt Restructuring

Garrido, Jose M.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
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This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.

Bulgaria Policy Note : Financial Sector

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
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This report describes developments in the banking sector. The banking sector has remained stable throughout the ongoing financial crisis, although profitability is declining. Indicators suggest that banks are generally sound. It next describes the state of funding of bank operations, including wholesale bank funding. In response to financial stress, The Bulgarian National Bank's (BNB) actions have helped to ensure financial stability in the banking sector. In order to boost confidence, deposit insurance has increased. External funding dynamics are generally good. Foreign currency mismatches are substantial, and the corporate sector has high direct foreign currency exposure, mostly in euros. Short-term external debt (deposits and borrowings) of banks almost doubled within a year in 2008, and account for close to 80 percent of banks' external debt. Regarding recent trends in credit to the enterprise sector, going forward, demand for banking credit, and especially investment finance, will fall, in line with the economic downturn. In equity market developments...

A Global View of Business Insolvency Systems

Westbrook, Lawrence; Booth, Charles D.; Paulus, Christoph G.; Rajak, Harry
Fonte: Washington, DC: World Bank and Brill Publicador: Washington, DC: World Bank and Brill
Tipo: Publications & Research :: Publication; Publications & Research
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The purpose of this book is to provide a coherent overview of the insolvency systems found around the world. Its intended audience includes academics, judges, lawyers, and policymakers. Its focus is on businesses rather than natural persons. The authors hope to give the reader a sense of some of the principal approaches to managing the general default of a business debtor. The authors will discuss the nature of the costs and benefits arising from the various policy choices legislators have made. In the process, they will emphasize the close interrelationship among various elements of an insolvency regime so that these elements can be viewed as part of an overall system and not just as a series of policy decisions about particular rules, such as the method of initiation of an insolvency case or the balance struck in setting the boundaries of an avoidance power. The organization of the book reflects our view of insolvency laws as complete systems, including not only the 'insolvency' or 'bankruptcy' code of a jurisdiction but also closely related laws and the institutional framework in which those laws are applied. The book takes a systematic approach to a variety of topics related to credit and insolvency regulation. The functional analysis starts with the study of debt enforcement...

Three Essays on Macroeconomic and Financial Stability

Li, Mei
Fonte: Quens University Publicador: Quens University
Tipo: Livro Formato: 659520 bytes; application/pdf
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This thesis studies several issues in the field of macroeconomic and financial stability. In Chapter 2, I argue that systemic bankruptcy of firms can originate from coordination failure in an economy with investment complementarities. I demonstrate that in such an economy, a very small uncertainty about economic fundamentals can be magnified through the uncertainty about the investment decisions of other firms and can lead to coordination failure, which may be manifested as systemic bankruptcy. Moreover, my model reveals that systemic bankruptcy tends to arise when economic fundamentals are in the middle range where coordination matters. High financial leverage of firms greatly increases the severity of systemic bankruptcy. Optimistic beliefs of firms and banks can alleviate coordination failure, but can also increase the severity of systemic bankruptcy once it happens. Chapter 3 studies how coordination failure in a country's new technology investment dampens a country's economic growth. I establish a two-sector Overlapping Generation model where capital goods are produced by two different technologies. The first is a conventional technology with constant returns. The second is a new technology exhibiting increasing returns to scale due to technological externalities...

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

Securato, José Roberto; Carrete, Liliam Sanchez; Savoia, José Roberto Ferreira
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 01/12/2004 Português
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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...