Página 5 dos resultados de 1926 itens digitais encontrados em 0.003 segundos

A Execução de créditos trabalhistas na falência: limites da competência da Justiça do Trabalho

Souza, Marina Lima Silveira de
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Outros
Português
Relevância na Pesquisa
27.01%
Este trabalho trata dos limites da competência da Justiça do Trabalho para processar os créditos oriundos das reclamações trabalhistas em face da decretação de falência do devedor principal. Através da análise das disposições da Nova Lei de Recuperação de Empresas e Falência à luz da Constituição da República Federativa do Brasil, serão demonstrados os motivos pelos quais o Juízo Trabalhista não é competente para executar créditos das empresas falidas ou mesmo daquelas que fazem parte do seu grupo econômico ou foram condenadas subsidiariamente nos processos de conhecimento. Os principais motivos dessa limitação são evitar a violação da igualdade de tratamento entre credores, bem como garantir a unicidade, universalidade e indivisibilidade da competência do juízo falimentar.; This paper discusses the limits of the jurisdiction of Labor Courts to execute awards due by the main defendant in cases of bankruptcy. Based on the provisions foreseen under the New Reorganization and Bankruptcy Act and under the Brazilian Federal Constitution, this study will demonstrate the reasons why Labor Courts do not have jurisdiction to execute awards against bankrupt defendants nor those belonging to its economic group. The main reasons for such limitation are to avoid any violation of equal treatment between creditors...

Bankruptcy resolution : an empirical investigation of debtor-in-possession financing, exit financing and corporate governance

Ferreira, Pedro Miguel Oliveira Teixeira Santos
Fonte: Universidade Católica Portuguesa Publicador: Universidade Católica Portuguesa
Tipo: Dissertação de Mestrado
Publicado em 17/06/2013 Português
Relevância na Pesquisa
27.01%
This dissertation investigates the impact of debtor-in-possession (DIP) financing and exit financing on the resolution of corporate bankruptcy. In order to accomplish the objective this study uses a large sample of bankrupt firms that filed for chapter 11 in the United States over the period 1998-2009. The analysis shows that the presence of post-petition financing is associated with an improvement of the odds of reorganization, with successful emergence from bankruptcy and an increase of the time spent in bankruptcy, effectively buying time to negotiate a successful restructuring. It also studies the effect on corporate governance by investigating top management turnover.

A eficácia dos modelos de previsão de falência: aplicação ao caso das sociedades portuguesas

Peres, Cândido Jorge
Fonte: Instituto Politécnico de Lisboa Publicador: Instituto Politécnico de Lisboa
Tipo: Dissertação de Mestrado
Publicado em /01/2014 Português
Relevância na Pesquisa
27.01%
Mestrado em Controlo e Gestão e dos Negócios; O crescimento do número de insolvências em Portugal, fruto dos tempos difíceis que se vivem no país, fizeram crescer o interesse pela previsão de “falência” empresarial. Neste estudo temos por objectivo validar a eficácia dos modelos existentes e a sua capacidade de disponibilizar informação útil para a tomada de decisão, permitindo a escolha efectiva de um que consubstancie a melhor alternativa para a previsão de “falência” empresarial até 6 anos antes desse facto. Desta forma seleccionamos, de entre as Sociedades portuguesas, sujeitas a revisão legal de contas, duas amostras: - uma de 47 empresas que eram consideradas saudáveis, de acordo com Aziz e Dar (2006), apresentavam Capitais Próprios superiores a zero, entre 2005 e 2009 e que em 2011 foram consideradas “falidas” (Capitais Próprios inferiores a zero); - outra, emparelhada, com 28 empresas que apresentaram em todo o período analisado Capitais Próprios superiores a zero, concedendo assim aos modelos em análise uma potencialidade plena de previsão. À amostra foram aplicados 12 modelos, a saber, Z de Altman (1968), Kanitz (1974), Elizabetsky (1976), Gordon e Springate (1978), Altman, Baidya e Dias (1979) Z4 e Z5...

A Bankruptcy Problem Approach to Load-shedding in Multiagent-based Microgrid Operation

Kim, Hak-Man; Kinoshita, Tetsuo; Lim, Yujin; Kim, Tai-Hoon
Fonte: Molecular Diversity Preservation International (MDPI) Publicador: Molecular Diversity Preservation International (MDPI)
Tipo: Artigo de Revista Científica
Publicado em 28/09/2010 Português
Relevância na Pesquisa
27.01%
A microgrid is composed of distributed power generation systems (DGs), distributed energy storage devices (DSs), and loads. To maintain a specific frequency in the islanded mode as an important requirement, the control of DGs’ output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, which is intentional reduction of electricity use, is a critical problem in islanded microgrid operation based on the multiagent system. Therefore, effective schemes for load-shedding are required. Meanwhile, the bankruptcy problem deals with dividing short resources among multiple agents. In order to solve the bankruptcy problem, division rules, such as the constrained equal awards rule (CEA), the constrained equal losses rule (CEL), and the random arrival rule (RA), have been used. In this paper, we approach load-shedding as a bankruptcy problem. We compare load-shedding results by above-mentioned rules in islanded microgrid operation based on wireless sensor network (WSN) as the communication link for an agent’s interactions.

Self-Adaptive MOEA Feature Selection for Classification of Bankruptcy Prediction Data

Gaspar-Cunha, A.; Recio, G.; Costa, L.; Estébanez, C.
Fonte: Hindawi Publishing Corporation Publicador: Hindawi Publishing Corporation
Tipo: Artigo de Revista Científica
Publicado em 23/02/2014 Português
Relevância na Pesquisa
27.01%
Bankruptcy prediction is a vast area of finance and accounting whose importance lies in the relevance for creditors and investors in evaluating the likelihood of getting into bankrupt. As companies become complex, they develop sophisticated schemes to hide their real situation. In turn, making an estimation of the credit risks associated with counterparts or predicting bankruptcy becomes harder. Evolutionary algorithms have shown to be an excellent tool to deal with complex problems in finances and economics where a large number of irrelevant features are involved. This paper provides a methodology for feature selection in classification of bankruptcy data sets using an evolutionary multiobjective approach that simultaneously minimise the number of features and maximise the classifier quality measure (e.g., accuracy). The proposed methodology makes use of self-adaptation by applying the feature selection algorithm while simultaneously optimising the parameters of the classifier used. The methodology was applied to four different sets of data. The obtained results showed the utility of using the self-adaptation of the classifier.

Bankruptcy Decision Making

Baird, Douglas G.; Morrison, Edward R.
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Artigo de Revista Científica Formato: text/html
Português
Relevância na Pesquisa
27.01%
When a firm encounters financial distress, there is a significant possibility that, at some point, the firm itself should be shut down and its assets put to better use. But Chapter 11 and indeed all market‐mimicking reorganization regimes other than a speedy auction entrust the shutdown decision to a bankruptcy judge who lacks information and expertise, as well as the ability to control the timing of her decisions. Understanding the costs of entrusting the shutdown decision to a bankruptcy judge is central to assessing any law of corporate reorganizations. This article models the shutdown decision as the exercise of a real option. The model suggests that the shutdown decision may loom so large in the early parts of the bankruptcy case that it erases any significant difference between Chapter 11 and many alternative market‐mimicking regimes. All these regimes take more time than mandatory auctions and thus increase the cost of taking the shutdown decision away from a market actor. Moreover, the real option itself gives parties an incentive to withhold information. Only a system of mandatory auctions both limits the amount of time the shutdown option resides with an inexpert decision maker and forces insiders to give that decision maker sufficient information to value the option while it is in her hands.

Bankruptcy and Entrepreneurship: The Value of a Fresh Start

Ayotte, Kenneth
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Artigo de Revista Científica Formato: text/html
Português
Relevância na Pesquisa
27.01%
This article considers bankruptcy law design in a setting that is appropriate for entrepreneurial firms. These firms are characterized by a dependence on an owner-manager who is essential to the firm and must be given incentive through an ownership stake to maximize the value of the project. In a relationship-lending environment, the banks that fund entrepreneurs cannot capture the gains from providing the entrepreneur with this stake, and this leaves the entrepreneur emerging from bankruptcy with a larger debt burden than is socially efficient. In this setting, a “fresh-start” bankruptcy policy provides greater debt relief than the bank would approve voluntarily, and this generates greater social surplus. The results suggest the value of separate procedures for small business bankruptcies that allow some mandatory debt relief to preserve ex post incentives.

Assessing the Chrysler Bankruptcy

Roe, Mark J.; Skeel, David
Fonte: Michigan Law Review Publicador: Michigan Law Review
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
27.01%
Chrysler entered and exited bankruptcy in 42 days, making it one of the fastest major industrial bankruptcies in memory. It entered as a company widely thought to be ripe for liquidation if left on its own, obtained massive funding from the United States Treasury, and exited via a pseudo sale of its main assets to a new government-funded entity. The unevenness of the compensation to prior creditors raised considerable concerns in capital markets, which we evaluate here. We conclude that the Chrysler bankruptcy cannot be understood as complying with good bankruptcy practice, that it resurrected discredited practices long thought interred in the 19th and early 20th century equity receiverships, and that its potential, if followed, for disrupting financial markets surrounding troubled companies in difficult economic times is more than small.

Mauritius : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington DC Publicador: Washington DC
Português
Relevância na Pesquisa
27.01%
The Bank assessed the Mauritius insolvency and creditor rights systems pursuant to a joint IMF-World Bank initiative to develop reports on the observance of standards and codes ("ROSC"), based on the Bank Principles and Guidelines for Effective Insolvency and Creditor Rights Systems during 2002. The assessment team interviewed a cross section of country stakeholders regarding the effectiveness of the legal infrastructure, and its implementation supporting debtor-creditor relationships, corporate insolvency and credit risk management and resolution practices. Conclusions in this assessment are based largely on a review of applicable legislation and information gathered through interviews conducted by the staff team, and other inputs provided by the Steering Committee on Insolvency and Creditor Rights set up by the Government of Mauritius in January 2003. In addition, five commercial banks provided responses pertaining to credit risk management and corporate recovery practices with respect to distressed assets. Policy recommendations include: creditors rights and enforcement areas...

A comprehensive study of bankruptcy prediction: Accounting ratios, market variables, and microstructure

Fernandez, Giovanni
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
27.01%
Bankruptcy prediction has been a fruitful area of research. Univariate analysis and discriminant analysis were the first methodologies used. While they perform relatively well at correctly classifying bankrupt and nonbankrupt firms, their predictive ability has come into question over time. Univariate analysis lacks the big picture that financial distress entails. Multivariate discriminant analysis requires stringent assumptions that are violated when dealing with accounting ratios and market variables. This has led to the use of more complex models such as neural networks. ^ While the accuracy of the predictions has improved with the use of more technical models, there is still an important point missing. Accounting ratios are the usual discriminating variables used in bankruptcy prediction. However, accounting ratios are backward-looking variables. At best, they are a current snapshot of the firm. Market variables are forward-looking variables. They are determined by discounting future outcomes. Microstructure variables, such as the bid-ask spread, also contain important information. Insiders are privy to more information that the retail investor, so if any financial distress is looming, the insiders should know before the general public. ^ Therefore...

A Comprehensive Study of Bankruptcy Prediction: Accounting Ratios, Market Variables, and Microstructure

Fernandez, Giovanni
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
27.01%
Bankruptcy prediction has been a fruitful area of research. Univariate analysis and discriminant analysis were the first methodologies used. While they perform relatively well at correctly classifying bankrupt and nonbankrupt firms, their predictive ability has come into question over time. Univariate analysis lacks the big picture that financial distress entails. Multivariate discriminant analysis requires stringent assumptions that are violated when dealing with accounting ratios and market variables. This has led to the use of more complex models such as neural networks. While the accuracy of the predictions has improved with the use of more technical models, there is still an important point missing. Accounting ratios are the usual discriminating variables used in bankruptcy prediction. However, accounting ratios are backward-looking variables. At best, they are a current snapshot of the firm. Market variables are forward-looking variables. They are determined by discounting future outcomes. Microstructure variables, such as the bid-ask spread, also contain important information. Insiders are privy to more information that the retail investor, so if any financial distress is looming, the insiders should know before the general public. Therefore...

Bankruptcy Situation Model in Small Business: The Case of Restaurant Firms

Huo, Yang Hwae
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
27.11%
The purpose of this paper is to describe and discuss the current bankruptcy prediction models. This is done in the context of pros and cons of proposed models to determine the appropriate factors of failure phenomenon in cases involving restaurants that have filed for bankruptcy under Chapter 11. A sample of 11 restaurant companies that filed for bankruptcy between 1993 and 2003 were identified from the Form 8-K reported to the Securities and Exchange Commission (SEC). By applying financial ratios retrieved from the annual reports which contain, income statements, balance sheets, statements of cash flows, and statements of stockholders’ equity (or deficit) to the Atlman’s mode, Springate model, and Fulmer’s model. The study found that Atlman’s model for the non-manufacturing industry provided the most accurate bankruptcy predictions.

Agency Costs, Bankruptcy Costs and the Use of Debt in Multinational Restaurant Firms

Upneja, Arun; Dalbor, Michael C.
Fonte: FIU Digital Commons Publicador: FIU Digital Commons
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
27.01%
The purpose of this paper is to understand whether multinational restaurant firms (MNRF’s) have higher agency and expected bankruptcy costs. Given this expectation, this may have an impact on the amount of debt incurred by MNRF’s. Overall, the findings are consistent with the existing literatue in terms of the positive relationship between MNRF’s and agency and bankruptcy cost. However, it was found that MNRF’s also have more total debt. This is surprising given the higher agency and bankruptcy costs. The importance of this research is that there may be considerations other than agency and bacnkruptcy costs affecting the capital structure decisions of MNRF’s.

Algunas cuestiones procesales problemáticas del concurso de acreedores

Cordón Moreno, Faustino
Fonte: Universidad de Alcalá. Servicio de Publicaciones Publicador: Universidad de Alcalá. Servicio de Publicaciones
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
27.11%
El legislador ha judicializado plenamente el concurso, excluyendo la solución de los problemas de insolvencia -o de algunos de ellos- fuera del proceso, y ha atribuido la competencia para conocer de él a unos jueces especializados, los Jueces de lo Mercantil, cuya justificación es discutible. El trabajo analiza ambas cuestiones. En primer lugar, la delimitación de las competencias de estos órganos judiciales y el régimen de su control, poniendo de manifiesto los desaciertos y las lagunas, que han dado lugar, en la práctica, al planteamiento de problemas de delimitación, en especial, en los casos de acumulación de acciones. Y también el propio instrumento procesal y las normas que para su agilización están previstas en la Ley Concursal, en especial en su Título VIII, resaltando que este objetivo ¿la "más pronta, eficaz y económica tramitación" del concurso¿ no se ha alcanzado en la práctica.; The legislature has completely judicialized bankruptcy proceedings, thus eliminating the possibility of solving insolvency problems ¿or at least some of them¿ outside such procedures, and has assigned jurisdiction over such to speciaized judges (the Commercial Judges), whose justification is of questionable merit. The paper discusses both issues. First...

Insolvencia financiera en la Unión Europea: efecto de la legislación concursal sobre la valoración del mercado

López Gutiérrez, Carlos
Fonte: Universidad de Cantabria Publicador: Universidad de Cantabria
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
27.11%
RESUMEN:El objetivo de esta tesis doctoral es analizar las repercusiones que, sobre el valor de mercado, tiene la orientación de la legislación concursal, así como su influencia sobre el reparto de ese valor entre los distintos agentes. Además se tratan de delimitar las características concretas que afectan al valor de la empresa, a través del estudio de la eficiencia de la legislación, para finalizar estudiando la evolución del riesgo de los títulos y la importancia relativa del componente sistemático y específico del mismo. A través de un análisis empírico internacional se obtiene evidencia de la relación entra la orientación de la legislación concursal y el valor de mercado, de la valoración que éste hace de los diferentes tipos de eficiencia de la normativa y de la relevancia del riesgo específico como factor principalmente afectado por los problemas de insolvencia.; ABSTRACT:The aim of this Thesis is to analyse the implications of the orientation of the bankruptcy law over the market value, and its influence in the share of this value between the stakeholders of the firm. We try to specify the characteristics that affect the value of the firm by the efficiency of the law. Finally, we study the risk and the importance of the systematic and specific component. With an international empirical analysis...

Lithuania : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Insolvency Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
27.11%
The legal environment in Lithuania to support creditor rights and debt enforcement is reasonably effective, and collateral regimes have been largely centralized and modernized. Consistent with a modern system, security interests may be granted in immoveable and moveable assets, including equipment, inventory, goods, receivables, and future property. In practice, security tends to be restricted to more reliable and liquid assets, such as immovables or fixed assets. Markets for moveable assets remain poorly developed or illiquid. Appeals remain a source of delay, and other procedures could be improved. The insolvency process in Lithuania has been almost exclusively one of liquidation, plagued by delay and procedural obstacles. A new insolvency law was adopted in July 2001, bringing to three the number of insolvency laws currently in effect. At the same time, a new Enterprise Restructuring Law became effective. As of November 2001, only a few cases had been filed under the new law, which a growing consensus of stakeholders consider to be unworkable and unfavorable to creditors. The process may be aided by the developing training guides and programs. Regulation of insolvency remains fragmented and weak...

Fostering Entrepreneurship in Armenia

Kuriakose, Smita
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
27.11%
A dynamic and vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, improving productivity, and promoting growth. Entrepreneurial activity is pivotal to the continued dynamism of the private sector, with the generation of new businesses fostering competition and economic growth. This study uses data from the new 2012 World Bank entrepreneurship survey conducted to gauge new firm growth in the formal sector in Armenia and data from World Bank enterprise surveys to analyze innovative activity in existing firms. Armenia has by far the highest level of entrepreneurial activity among the three South Caucuses countries that were studied. Armenia's entrepreneurial culture is built largely on the very strong math and science foundation established during the Soviet era. However, several factors hinder business growth and entrepreneurship. The government could remove bottlenecks from the general business environment that impede able entrepreneurs with good ideas from starting a new venture and creating jobs. This would include strengthening the business environment to allow failure and company exit as a necessary part of entrepreneurial learning...

Chile : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington DC Publicador: Washington DC
Tipo: Economic & Sector Work :: Insolvency Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
27.11%
The legal and institutional framework governing creditor rights and insolvency proceedings in Chile reasonably complies with expectations of a modern, credit-based economy, although some shortcomings affect the full effectiveness of credit risk management and resolution: Financial institutions over-rely on real estate as collateral. Pledges are not enough developed because legislation on secured interests over movable assets is fragmented and the publicity and registration mechanism for pledges are not sufficiently reliable. Individual enforcement proceedings are lengthy and complicated, both for secured and unsecured creditors. Enforcement proceedings using executory instruments take 1 to 3 years, whereas creditors not enjoying such instruments use ordinary proceedings whose duration is even longer (3 to 5 years). Insolvency legislation is integrated into the country's broader legal and commercial system, providing a liquidation proceeding whose average duration, however, is 2 to 3 years. The Insolvency Law also governs judicial reorganization proceedings but classification of creditors for voting is not allowed...

Bankruptcy Rates among NFL Players with Short-Lived Income Spikes

Carlson, Kyle; Kim, Joshua; Lusardi, Annamaria; Camerer, Colin F.
Fonte: American Economic Association Publicador: American Economic Association
Tipo: Article; PeerReviewed Formato: application/pdf; application/pdf
Publicado em /05/2015 Português
Relevância na Pesquisa
27.11%
We test for consumption smoothing using bankruptcy data on players in the National Football League (NFL), who typically earn several million dollars during an income spike that lasts a few years. The life-cycle hypothesis predicts that players should save substantially while playing and then have little risk of bankruptcy post-NFL. However, players in our sample begin to file for bankruptcy soon after they stop playing and continue filing at a high rate through at least the first 12 years of retirement. Players' total earnings and career lengths have surprisingly little effect on the risk of bankruptcy.

The righteous bankruptcy trustee: the influence of creditors on the appointment of a bankruptcy trustee from a Netherlands perspective

Vriesendorp,RD
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/03/2008 Português
Relevância na Pesquisa
27.11%
In this contribution the topic of integrity of the bankruptcy trustee is being dealt with from a Dutch perspective, more specifically from the point of view of the creditors and their (lack of) influence on the appointment of the trustee. In this respect various questions are addressed: what does integrity or righteousness mean in the context of the appointment of a bankruptcy trustee and what do we mean when we are talking about a righteous trustee; why do we need a righteous trustee; and how do we reach our goal? After investigating the existing safeguards to prevent non-righteous persons to be enrolled or appointed as trustee, the position of the creditors is dealt with, especially with respect to their influence on the appointment of the trustee. A quick glance on various neighbouring jurisdictions, demonstrates that not much has been regulated in the Netherlands. As to the question whether or not more creditor involvement in the appointment process is required or desired, it is argued that there is no need to increase their influence because it is not to be expected that such influence will enhance the integrity of bankruptcy trustees.