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Previsão de insolvência de empresas brasileiras usando análise discriminante, regressão logística e redes neurais; Bankruptcy prediction in brazilian companies with discriminant analysis, logistic regression and artificial neural networks

Castro Junior, Francisco Henrique Figueiredo de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 16/09/2003 Português
Relevância na Pesquisa
37.01%
Estudos com o objetivo de prever insolvência de empresas e que fazem uso de técnicas estatísticas modernas são conduzidos desde a década de 1960. Esta linha de pesquisa, que inicialmente usou técnicas univariadas, e em seguida incorporou as análises multivariadas, hoje emprega largamente técnicas que fazem uso de inteligência artificial e que necessitam uma grande capacidade de processamento computacional. Esta evolução trouxe melhorias contínuas aos resultados alcançados e hoje é possível afirmar que os demonstrativos financeiros de empresas quando analisados adequadamente são uma fonte importante de informação para a previsão de insolvência. Esta pesquisa teve como principal objetivo desenvolver e comparar modelos estatísticos usando as técnicas de Análise Discriminante Linear, Regressão Logística e Redes Neurais Artificiais a fim de investigar qual delas oferece os melhores resultados. A amostra foi composta por 40 empresas, divididas em dois grupos: o primeiro com empresas formalmente insolventes segundo os critérios da legislação brasileira, e o segundo com empresas sem tais problemas. Foram usadas inicialmente 16 variáveis para predição e empregou-se um critério de seleção de variáveis baseado nos melhores subconjuntos possíveis ao invés do stepwise. Foi tomado especial cuidado com os pré-requisitos das técnicas...

Contribuição ao estudo da curadoria de bens na execução: o Curator Bonorum da Bonorum Venditio; Contribution to the study of trusteeship in bankruptcy: the curator bonotum of the bonorum venditio

Groff, Fábio de Carvalho
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 07/06/2010 Português
Relevância na Pesquisa
37.18%
Dentre os personagens históricos ligados à execução, o curator bonorum é talvez o mais desconhecido, ou o menos estudado. Mas esse aparente "desinteresse" acerca da figura é incompatível com sua importância. Diversos são os textos doutrinários que apontam o curator como o antecessor histórico do síndico da falência, no direito anterior, e, nos dias atuais, do administrador judicial. No presente trabalho, apresenta-se a trajetória do curator bonorum e a influência que a curadoria teve no desenvolvimento dos meios de execução. Abordam-se, nesse sentido, a visão peculiar do romano sobre seu patrimônio, a importância da formação dos fundos de propriedade e os antecedentes da execução patrimonial. Demonstra-se também que o procedimento da bonorum venditio, costumeiramente ligado ao período clássico do direito romano, não foi exatamente substituído pela bonorum distractio, pois esta fazia, de certa forma, parte daquela. Com isso se procura comprovar que a atuação do curator, especialmente a que tinha por fim evitar a ruína do devedor, modificou os rumos da execução e do concurso de credores, inclusive de como se os conhecem ainda hoje. Em proposição aparentemente inédita, demonstrar-se-á que a mudança de enfoque dos modelos executivos posteriores às implicações de cunho fisico contra a pessoa...

Cessão fiduciária de crédito e o seu tratamento nas hipóteses de recuperação judicial e falência do devedor-fiduciante; Fiduciary assignment of credit and approach in judicial recovery and bankruptcy of debtors.

Teixeira, Fernanda dos Santos
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 27/04/2010 Português
Relevância na Pesquisa
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O objetivo primordial da presente dissertação é estudar o instituto da cessão fiduciária de créditos e de títulos de crédito, previsto no artigo 66-B da Lei nº 4.728, de 14 de julho de 1965, com a redação dada pela Lei nº 10.931, de 02 de agosto de.2004, e popularmente conhecida como trava bancária, com vistas a identificar as posições da doutrina e jurisprudência quanto ao seu tratamento nas hipóteses de recuperação judicial e falência do devedor-fiduciante. Isto porque, o parágrafo 3º do artigo 49 da Lei nº 11.101, de 09 de fevereiro de 2005 (Lei de Recuperação de Empresas LRE) exclui dos efeitos da recuperação judicial os proprietários fiduciários de bens móveis e imóveis. A maior parte da doutrina e da jurisprudência defende que os titulares de créditos cedidos fiduciariamente estão compreendidos na definição de proprietário fiduciário de bem móvel prevista no referido parágrafo 3º do artigo 49 da LRE e, portanto, estão excluídos dos efeitos da recuperação judicial do devedor-fiduciante. Por outro lado, parte minoritária da doutrina e da jurisprudência defende que o parágrafo 3º do artigo 49 da LRE não menciona expressamente os titulares de crédito cedidos fiduciariamente e, sendo o referido parágrafo exceção à regra de que todos os credores estão sujeitos à recuperação judicial do devedor...

Feature selection for bankruptcy prediction : a multi-objective optimization approach

Mendes, F.; Duarte, J.; Vieira, Armando; Gaspar-Cunha, A.; Ribeiro, Bernardete; Ribeiro, André M. S.; Neves, João Carvalho
Fonte: Springer Publicador: Springer
Tipo: Conferência ou Objeto de Conferência
Publicado em //2010 Português
Relevância na Pesquisa
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In this work a Multi-Objective Evolutionary Algorithm (MOEA) was applied for feature selection in the problem of bankruptcy prediction. The aim is to maximize the accuracy of the classifier while keeping the number of features low. A two-objective problem - minimization of the number of features and accuracy maximization – is fully analyzed using two classifiers: Support Vector Machines and Logistic Function. A database containing financial statements of 1200 medium sized private French companies was used. It was shown that MOEA is a very efficient feature selection approach. Furthermore, it can provide very useful information for the decision maker in characterizing the financial health of a company.

How does product market structure influence financial structure and bankruptcy risk?

Costa, Magali Pedro
Fonte: Universidade de Évora Publicador: Universidade de Évora
Tipo: Dissertação de Mestrado
Português
Relevância na Pesquisa
37.01%
The decision-making process is crucial to the success or failure of an organization. We can analyze financial decisions (particularly decisions regarding capital structure) and/or operational decisions (quantities and prices to be charged). These decisions are influenced by the dynamic economic and competitive environment in which firms live. The dissertation aims, using a game theoretical framework, to examine how market structure influences financial and product market decisions and consequently the bankruptcy risk .It analyzes the impact of changes at the level of demand uncertainty, in the degree of product differentiation and the asymmetry in marginal production costs on the risk of bankruptcy. The analysis is performed assuming a duopoly market where there is uncertainty in demand and where firms compete in quantities; ### Resumo: O processo de tomada de decisão é crucial para o sucesso ou insucesso de uma organização. Pode-se falar em decisões financeiras (particularmente decisões quanto à estrutura de capital) e/ou em decisões operacionais (quantidades e preços ótimos a praticar). Estas decisões são influenciadas pelo contexto económico e concorrencial dinâmico em que as empresas vivem. Esta dissertação pretende...

Estimating Bankruptcy Using Neural Networks Trained with Hidden Layer Learning Vector Quantization

Neves, João Carvalho das; Vieira, Armando
Fonte: ISEG – Departamento de Gestão Publicador: ISEG – Departamento de Gestão
Tipo: Outros
Publicado em //2004 Português
Relevância na Pesquisa
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The Hidden Layer Learning Vector Quantization (HLVQ), a recent algorithm for training neural networks, is used to correct the output of traditional MultiLayer Preceptrons (MLP) in estimating the probability of company bankruptcy. It is shown that this method improves the results of traditional neural networks and outperforms substantially the discriminant analysis in predicting one-year advance bankruptcy. We also studied the effect of using unbalanced samples of healthy and bankrupted firms. The database used was Diane, which contains financial accounts of French firms. The sample is composed of all 583 industrial bankruptcies found in the database with more than 35 employees, that occurred in the 1999-2000 period. For the classification models we considered 30 financial ratios published by Coface available from Diane database, and additionally the Beaver (1966) ratio of Cash Earnings to Total Debt, the 5 ratios of Altman (1968) used in his Z-model and the size of the firms measured by the logarithm of sales. Attention was given to variable selection, data pre¬processing and feature selection to reduce the dimensionality of the problem.

Do analysts anticipate and react to bankruptcy? Evidence

Coelho, Luís; Peixinho, Rúben
Fonte: Universidade do Algarve. Faculdade de Economia Publicador: Universidade do Algarve. Faculdade de Economia
Tipo: Parte de Livro
Publicado em 26/08/2005 Português
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Finance literature suggests that financial analysts are sophisticated agents that act as facilitators of market efficiency by releasing relevant information to the market. This paper uses a sample of four major US bankruptcies to explore if analysts are able to disclose information to the market that provides investors with material information for their investment decisions. In particular, we use a qualitative approach to analyse analysts’ reports in order to verify if these agents are able to predict financial and strategic bankruptcies before the event is publicly known. We also investigate how financial analysts react to bankruptcy shortly after it has become effective. Results show that investors cannot rely on analysts’ reports to anticipate corporate failure in both the case of financial and strategic bankruptcies. Our results also suggest that analysts react asymmetrically to strategic and financial bankruptcies shortly after this event is publicly known.

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

Goodman, Joshua Samuel; Levitin, Adam Jeremiah
Fonte: John F. Kennedy School of Government, Harvard University Publicador: John F. Kennedy School of Government, Harvard University
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
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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, was definitively prohibited by the Supreme Court in 1993. We find evidence that home loans closed during the time when cramdown was allowed had interest rates 10-20 basis points higher than loans closed in the same state when cramdown was not allowed, which translates to a roughly 1-2 percent increase in monthly payments. Consistent with the theory that lenders are pricing in the risk of principal modification, interest rate increases are higher for the riskiest borrowers and zero for the least risky, as well as higher in states where Chapter 13 filing is more common. Though the price of credit rises slightly, we find no evidence of a change in the quantity of credit provided. The relatively small impacts of cramdown on the cost of credit suggests that the insurance benefits of bankruptcy may be relatively inexpensive.

Derivatives Markets in Bankruptcy

Roe, Mark J.
Fonte: Harvard Law School Publicador: Harvard Law School
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
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By treating derivatives and financial repurchase agreements much more favorably than it treats other financial vehicles, American bankruptcy law subsidizes these arrangements relative to other financing channels. By subsidizing them, the rules weaken market discipline during ordinary financial times in ways that can leave financial markets weaker than they would be otherwise, thereby exacerbating financial failure during an economic downturn or financial crisis emanating from other difficulties, such as an unexpectedly weakened housing and mortgage market in 2007 and 2008. Moreover, and perhaps unnoticed, because the superpriorities in the Bankruptcy Code are available only for short-term financing arrangements, they thereby favor short-term financing arrangements over more stable longer term arrangements. While proponents of superpriority justify the superpriorities as reducing contagion, there’s good reason to think that they in fact do not reduce contagion meaningfully, did not reduce it in the recent financial crisis, but instead contribute to runs and weaken market discipline. A basic application of the Modigliani-Miller framework suggests that the risks policymakers might hope the favored treatment would eliminate are principally shifted from inside the derivatives and repurchase agreement markets to creditors who are outside that market. The most important outside creditor is the United States...

Accounting conservatism and bankruptcy

Lee, S.C.; Chen, J.L.; Jiang, I.M.; Hsu, C.Y.
Fonte: Zhonghua Guanli Jixiao Pingjian Xuehui Publicador: Zhonghua Guanli Jixiao Pingjian Xuehui
Tipo: Artigo de Revista Científica
Publicado em //2012 Português
Relevância na Pesquisa
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This paper examines the relationship between accounting conservatism and bankruptcy. With 52,203 firm-year observations for 8,051 individual firms during 1986-2003, we show that accounting conservatism assists in predicting financial distress. All three different conservatism proxies (GAAP-mandated, accrual-based and market-bsed measures) provide significant and meaningful information for default forecasting. Firms with less conservatism are more likely to experience bankruptcy. Our findings support the economic role of conservatism and provide critical information regarding the debate whether conservatism should be eliminated in financial accounting.; Shih-Cheng Lee, Jiun-Lin Chen, I-Ming Jiang and Cheng-Yi Hsu

Implicaciones financieras de la legislación concursal : una comparativa europea; Financial consequences of the bankruptcy law : European comparison

López Gutiérrez, Carlos; García Olalla, Myriam; Torre Olmo, María Begoña
Fonte: Asociación Española de Profesores Universitarios de Contabilidad Publicador: Asociación Española de Profesores Universitarios de Contabilidad
Tipo: info:eu-repo/semantics/article; publishedVersion
Português
Relevância na Pesquisa
37.11%
RESUMEN. El análisis de la reacción de los títulos de las empresas ante declaraciones legales de insolvencia ha sido desarrollado ampliamente en la literatura financiera. En este trabajo se adopta un enfoque diferente al tradicional estudio de eventos, tratando de contrastar si la reacción de los mercados viene condicionada por la orientación de la legislación concursal que regula las situaciones de insolvencia empresarial. Para ello se realiza un análisis con una muestra que incluye empresas con problemas de insolvencia en Alemania, España, Francia y el Reino Unido entre 1990 y 2002. Los resultados permiten concluir que la valoración de los títulos de las empresas se ve condicionada por el tipo de legislación concursal. Además, se contrasta cómo las empresas bajo sistemas más orientados hacia la protección de los acreedores (Reino Unido y Alemania antes de la reforma de 1994) presentan rentabilidades negativas mayores, debido a la transferencia de riqueza que se produce desde los accionistas hacia los aportantes de fondos ajenos a la empresa.; ABSTRACT. The reaction of equity returns before bankruptcy filings has been developed widely in financial literature. Traditionally, event study methodology has been used in this kind of studies despite its limitations. Therefore...

Valoración económica de la eficiencia de los sistemas concursales: un análisis empírico internacional.; Economic valuation of the efficiency of bankruptcy systems: an international empirical analysis.

López Gutiérrez, Carlos; García Olalla, Myriam; Torre Olmo, María Begoña
Fonte: AECA Publicador: AECA
Tipo: info:eu-repo/semantics/article; publishedVersion
Português
Relevância na Pesquisa
37.01%
RESUMEN. La valoración que el mercado realiza de los problemas de insolvencia empresarial se ve condicionada por las características de la legislación concursal, siendo tradicional la distinción entre normativas orientadas a la protección del deudor o de los acreedores. Sin embargo, resulta necesario atender también al propósito perseguido con cada medida concreta establecida en la legislación para tratar de solucionar las difi cultades fi nancieras. En el presente trabajo se realiza una aproximación considerando los diferentes tipos de efi ciencia de la normativa concursal, el carácter antagónico que, en ocasiones, tienen entre sí, y la valoración que el mercado realiza de cada uno de ellos a través de un análisis internacional en los principales países de la Unión Europea.; ABSTRACT. The market valuation of corporate insolvency problems is conditioned by the attributes of bankruptcy laws, with different codes traditionally being oriented toward protecting the debtor or the creditor. Nevertheless, it is also necessary to address the objective of each concrete measure established in the legislation to try to resolve fi nancial distress. This study carries out an approximation, taking into account the different types of effi ciency in bankruptcy regulations...

On the Role of Industry-Level Structural Constraints and the Timing of Accounting Reports in Bankruptcy Predictions

Chiu, Wan-Chien; Peña Sánchez de Rivera, Juan Ignacio; Wang, Chih-Wei
Fonte: SSRN Publicador: SSRN
Tipo: info:eu-repo/semantics/draft; info:eu-repo/semantics/workingPaper Formato: application/pdf
Publicado em /07/2011 Português
Relevância na Pesquisa
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This study uses a hazard model with data on 3392 corporate bankruptcies by U.S. public companies during 1983–2008 to determine the effect of industry-based structural constraints on bankruptcy predictions. The probability of bankruptcy is significantly higher for firms in highly concentrated industries and with relatively stronger customer dependency. Most bankruptcy predictions reflect the variation of a firm’s characteristics relative to its industry, but industry-specific characteristics have negligible impacts. The investigation also includes a comparison of the relative performance of accounting and market-based variables, in terms of both in-sample fit and out-of-sample forecasting accuracy. For yearly data, the best model includes both accounting and market-based variables. However, for monthly market data and quarterly accounting reports, the best model features only market data. The usefulness of accounting measures in bankruptcy prediction models thus may be contingent on sampling frequency.; We acknowledge financial support from MCI grant ECO2009-12551.

Avoiding Customer and Taxpayer Bailouts in Private Infrastructure Projects: Policy toward Leverage, Risk Allocation, and Bankruptcy

Ehrhardt, David; Irwin, Timothy
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
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Many private infrastructure projects mix regulation that subjects the private company to considerable risk, a government or regulator that is reluctant to see the company go bankrupt, and high leverage on the part of the company. If all goes well, equityholders make a profit, debtholders are repaid, customers pay no more than they expected, and the government is not called on to bail the company out. If all goes badly enough, however, the prospect of bankruptcy will loom. Unwilling to see the company go bankrupt, however, the regulator will have to permit an unscheduled price increase, or the government will have to inject taxpayers' money into the firm. In other words, the combination means customers and taxpayers bear more risk than would appear from the regulations governing the private infrastructure project. The authors examine how these problems have played out in five cases. Then they describe how governments and regulators can quantify the extent of the problems and, using option-pricing techniques, value the customer and taxpayer guarantees involved. Finally...

Systemic Financial Distress and Auction-Based Bankruptcy Reorganization; International Review of Economics and Finance

Hausch, Donald B.; Ramachandran, S.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Journal Article; Journal Article
Português
Relevância na Pesquisa
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Most bankruptcy procedures try to reorganize a financially-distressed firm's debts to a serviceable level through negotiations overseen by courts. Markets are an alternative to such negotiations. This paper develops a market-based approach that is appropriate if claimants are severely cash-constrained and there is merit in having existing owners-managers remain in control. This approach was developed in response to the 1997 Asian Crisis, where the sheer numbers of over-indebted firms, creditors with poor incentives, and inexperienced courts stymied negotiated resolution. The scheme, however, can be applied to other crisis settings that exhibit particular characteristics. One such setting could be the resolution of external sovereign debts, a situation where creditors obviously cannot take possession of a country. The scheme arranges creditors in a queue to be serviced in sequence from the firm's operating cash flows. Creditors bid for their position in this queue, and those accepting a greater proportionate reduction in the face value of their claims are placed ahead of the others. Any existing hierarchy of claims is honored by having claimants bid for their positions within the relevant segment of the queue. No one in the queue (including owners who are last) is paid anything until the (reduced) debts of the first in line are fully discharged using the firm's operating cash surpluses. The queue then moves up and the next claimant in line is serviced. The paper shows that...

Using a Bayesian model for bankruptcy prediction : a comparative approach

He, Zhanpeng
Fonte: Brock University Publicador: Brock University
Português
Relevância na Pesquisa
37.23%
The purpose of this study is to examine the impact of the choice of cut-off points, sampling procedures, and the business cycle on the accuracy of bankruptcy prediction models. Misclassification can result in erroneous predictions leading to prohibitive costs to firms, investors and the economy. To test the impact of the choice of cut-off points and sampling procedures, three bankruptcy prediction models are assessed- Bayesian, Hazard and Mixed Logit. A salient feature of the study is that the analysis includes both parametric and nonparametric bankruptcy prediction models. A sample of firms from Lynn M. LoPucki Bankruptcy Research Database in the U. S. was used to evaluate the relative performance of the three models. The choice of a cut-off point and sampling procedures were found to affect the rankings of the various models. In general, the results indicate that the empirical cut-off point estimated from the training sample resulted in the lowest misclassification costs for all three models. Although the Hazard and Mixed Logit models resulted in lower costs of misclassification in the randomly selected samples, the Mixed Logit model did not perform as well across varying business-cycles. In general, the Hazard model has the highest predictive power. However...

Interactions between corporate governance, bankruptcy law and firms' debt financing: the Brazilian case

FUNCHAL, Bruno; GALDI, Fernando Caio; LOPES, Alexsandro Broedel
Fonte: Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
37.01%
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.

Creditor's protection and bank loans: lack of competition hamprers bankruptcy reform's effects

Andrade, Rodrigo Augusto Silva de
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
37.01%
This dissertation investigates how credit institutions’ market power limits the effects of creditor protection rules on the interest rate and the spread of bank loans. We use the Brazilian Bankruptcy Reform of June/2005 (BBR) as a legal event affecting the institutional environment of the Brazilian credit market. The law augments creditor protection and aims to improve the access of firms to the credit market and to reduce the cost of borrowing. Either access to credit or the credit cost are also determined by bank industry competition and the market power of suppliers of credit. We derive a simple economic model to study the effect of market power interacting with cost of lending. Using an accounting and operations dataset from July/2004 to December/2007 provided by the Brazilian Central Bank, we estimate that the lack of competition in the bank lending industry hinders the potential reducing effect of the BBR on the interest rate of corporate loans by approximately 30% and on the spread by approximately 23%. We also find no statistical evidence that the BBR affected the concentration level of the Brazilian credit market. We present a brief report on bankruptcy reforms around the world, the changes in the Brazilian legislation and on some recent related articles in our introductory chapter. The second chapter presents the economic model and the testable hypothesis on how the lack of competition in the lending market limits the effects of improved creditor protection. In this chapter...

Interactions between corporate governance, bankruptcy law and firms' debt financing: the Brazilian case

Funchal,Bruno; Galdi,Fernando Caio; Lopes,Alexsandro Broedel
Fonte: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração Publicador: ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/09/2008 Português
Relevância na Pesquisa
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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.

Convexity and marginal contributions in bankruptcy games

Plata-Pérez,Leobardo; Sánchez-Pérez,Joss
Fonte: Universidad de Guadalajara Publicador: Universidad de Guadalajara
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2011 Português
Relevância na Pesquisa
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In this paper we analyze two natural convexity definitions for cooperative bankruptcy games, one of them was introduced by Aumann and Maschler (1985). In particular, we show that convexity in the sense of increasing marginal contributions is not satisfied by the game introduced by these authors. Furthermore, we propose an alternative game that captures the situation of bankruptcy problems and characterize the anticore of such game; and using duality theory of cooperative games, we show that the core, anticore and its Shapley value coincide with the one studied by Aumann and Maschler (1985).