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"Asset stripping" the declining mental hospital.

Fottrell, E; Spy, T; Mearns, G; MacLean, I; Fogarty, M
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Publicado em 12/01/1980 Português
Relevância na Pesquisa
26.08%
A psychogeriatric day hospital was developed from a long-stay back ward of a large mental hospital whose population of patients had decreased by half. Women in the 70-80 age group with varying degrees of dementia benefited most from such facilities. In view of the current cut-back in Government spending one of the greatest assets in providing a comprehensive service for the elderly mentally infirm may well be found in the declining mental hospital.

Property Rights Violations as a Structural Driver of Women’s HIV Risks: A Qualitative Study in Nyanza and Western Provinces, Kenya

Dworkin, Shari L.; Grabe, Shelly; Lu, Tiffany; Hatcher, Abbey; Kwena, Zachary; Bukusi, Elizabeth; Mwaura-Muiru, Esther
Fonte: PubMed Publicador: PubMed
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.08%
While access to and control over assets can minimize women’s HIV risk, little is known about the processes through which property rights violations increase the sexual transmission of HIV. The current study focused on two rural areas in Nyanza and Western Province, Kenya where HIV prevalence was high (23.8–33 %) and property rights violations were common. The current work drew on in-depth interview data collected from 50 individuals involved in the development and implementation of a community-led land and property rights program. The program was designed to respond to property rights violations, prevent disinheritance and asset stripping, and reduce HIV risk among women. In our findings, we detailed the social and economic mechanisms through which a loss of property rights was perceived to influence primary and secondary prevention of HIV. These included: loss of income, loss of livelihood and shelter, and migration to slums, markets, or beaches where the exchange of sex for food, money, shelter, clothing, or other goods was common. We also examined the perceived influence of cultural practices, such as wife inheritance, on HIV risk. In the conclusions, we made recommendations for future research in the science-base focused on the development of property ownership as a structural HIV prevention and treatment intervention.

Mergers, Acquisitions and Restructuring: Types, Regulation, and Patterns of Practice

Coates, John C
Fonte: Harvard John M. Olin Center for Law, Economics, and Business Publicador: Harvard John M. Olin Center for Law, Economics, and Business
Tipo: Research Paper or Report
Português
Relevância na Pesquisa
26.08%
An important component of corporate governance is the regulation of significant transactions – mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming) reviews how M&A and restructuring are regulated by corporate and securities law, listing standards, antitrust and foreign investment law, and industry-specific regulation. Drawing on real-world examples from the world’s two largest M&A markets (the US and the UK) and a representative developing nation (India), major types of M&A transactions are reviewed, and six goals of M&A regulation are summarized – to (1) clarify authority, (2) reduce costs, (3) constrain conflicts of interest, (4) protect dispersed owners, (5) deter looting, asset-stripping and excessive leverage, and (6) cope with side effects. Modes of regulation either (a) facilitate M&A – collective action and call-right statutes – or (b) constrain M&A – disclosure laws, approval requirements, augmented duties, fairness requirements, regulation of terms, process and deal-related debt, and bans or structural limits. The paper synthesizes empirical research on types of transactions chosen, effects of law on M&A, and effects of M&A. Throughout...

“No Way Out” : The Lack of Efficient Insolvency Regimes in the MENA Region

Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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26.43%
This paper provides a comparative summary of the payout phase of insolvency systems in the MENA Region. Countries in the region generally have weaker restructuring and liquidation systems than those in most other regions. The paper summarizes many of the weaknesses common across the region.

Exiting a Lawless State

Hoff, Karla; Stiglitz, Joseph E.
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.48%
An earlier paper showed that an economy could be trapped in an equilibrium state in which the absence of the rule of law led to asset-stripping and the prevalence of asset-stripping led to the absence of a demand for the rule of law, highlighting a coordination failure. This article looks more carefully at the dynamics of transition from a non-rule-of-law state. The article identifies a commitment problem as the critical feature inhibiting the transition: the inability, under a rule of law, to forgive theft. This can lead to the perpetuation of the non-rule-of-law state, even when it might seem that the alternative is Pareto-improving.

Exiting a Lawless State

Hoff, Karla; Stiglitz, Joseph E.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.75%
An earlier paper showed that an economy could be trapped in an equilibrium state in which the absence of the rule of law led to asset-stripping, and the prevalence of asset-stripping led to the absence of a demand for the rule of law, highlighting a coordination failure. This paper looks more carefully at the dynamics of transition from a non-rule-of-law state. The paper identifies a commitment problem as the critical feature inhibiting the transition: the inability, under a rule of law, to forgive theft. This can lead to the perpetuation of the non-rule-of-law state, even when it might seem that the alternative is Pareto-improving.

Two Decades of Reform : The Changing Organization Dynamics of Chinese Industrial Firms

Yusuf, Shahid; Nabeshima, Kaoru
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
26.08%
Since the early 1980s, China has begun gradually integrating with the global system. In doing so the country has moved toward its own unique brand of market socialism, which recognizes private ownership, and is adopting market institutions and pursuing industrial change within the framework of an urban economic environment. The process of transition has now permeated every corner of Chinese life and no organization has been left untouched. Yet industrial organization in China-especially in the state sector-has been slow to shed many of the distinctive structural characteristics of the old line Maoist era state enterprises. The main prong of the industrial strategy in support of urban change is ownership reform that transforms state-owned enterprises into corporate entities with majority state ownership or places them wholly in private hands, in the process also bolstering the incentives for and the dynamism of the private sector. While the central government spearheads the ownership reform initiative, in the majority of cases the actual implementation is in the hands of municipal, county, and prefectural governments that must coordinate their efforts with other factors influencing urban changes. This paper situates industrial change in China within the context of urban development and examines the interplay of broad reform strategy with local implementation...

Innovations in Bankruptcy—Pricing the Priority of Insolvency Claims

Leechor, Chad
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.48%
Following the wave of recent financial turmoil, many developing countries have learned the value of an effective bankruptcy system in deterring excessive use of debt and providing an orderly way to resolve a debt crisis. As a result, they are now reforming their bankruptcy systems, generally modeling them on those of advanced countries. But there is dissatisfaction with bankruptcy frameworks in advanced countries too. Some alternatives have been proposed. One is an options-based approach that provides an objective way of pricing creditor claims according to priority. With allowances for local conditions, this approach offers developing countries a chance to leapfrog existing bankruptcy practices and their limitations. Effective bankruptcy systems have implications for corporate governance and for securities markets. For corporate managers and controlling shareholders, the cost of bankruptcy includes the loss of corporate control and the risk of personal liability. This threat serves as a restraint on the use of debt. In the event of default an efficient and orderly transfer of corporate control to creditors reduces the likelihood of asset stripping and looting by insiders. For creditors...

Corporate Governance Country Assessment : Slovenia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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26.36%
This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in Slovenia. The country has already upgraded its legislation to meet European Union (EU) Directives, and, its legal and regulatory framework dealing with corporate governance issues is now comparable to that of many EU member states. Strengths and weaknesses are highlighted, and policy recommendations are made where appropriate. The major issues are driven by the continuing transformation of Slovenian companies. Ownership of smaller companies and some blue chips will likely continue to consolidate, as strategic investors, and holding companies acquire control and 100 percent ownership; investor protection in these companies will require the diligent enforcement of takeover rules. For the remaining listed companies and others that will continue to have relatively dispersed ownership, related party transaction protection, and improved periodic disclosure are important. The report recommends that policymakers: 1) require a formal approval and disclosure process for related party transactions; 2) consider methods to increase minority representation on boards; 3) require the disclosure of shareholder agreements; 4) require that the SMA review the content of public company disclosure; 5) require an audit committee of the supervisory board for listed companies; and...

The Politics of Russian Enterprise Reform : Insiders, Local Governments, and the Obstacles to Restructuring

Desai, Raj M.; Goldberg, Itzhak
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.59%
Russia and other countries in the commonwealth of independent states that have implemented voucher privatization programs have to account for the puzzling behavior of insiders manager-owners-who, in stripping assets from the firms they own, appear to be stealing from one pocket to fill the other. This article suggests that asset stripping and the absence of restructuring result from interactions between insiders and subnational governments in a particular property rights regime, in which the ability to realize value is limited by uncertainty and illiquidity. As the central institutions that govern the Russian economy have ceded their powers to the provinces, regional and local governments have imposed a variety of distortions on enterprises to protect local employment. To disentangle these vicious circles of control, this article considers three sets of institutional changes: adjustments to the system of fiscal federalism by which subnational governments would be allowed to retain tax revenues generated locally; legal improvements in the protection of property rights; and the provision of mechanisms for restructuring and ownership transformation in insider-dominated firms. The aim of these reforms would be to change the incentives that local governments...

After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies

Hoff, Karla; Stiglitz, Joseph E.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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36.87%
With the collapse of communism in Eastern Europe and the Soviet Union in 1989-91, many economic reformers supported "Big Bang" privatization-the rapid transfer of state-owned enterprises to private individuals. It was hoped that Big Bang privatization would create the conditions for a demand-led evolution of legal institutions. But there was no theory to explain how this process of institutional evolution, including a legal framework for the protection of investors, would occur and, in fact, it has not yet occurred in Russia, in other former Soviet Union countries, in the Czech Republic, and elsewhere. A central reason for that, according to many scholars, is the weakness of the political demand for the rule of law. To shed light on this puzzle, the authors consider a model where the conditions for the emergence of the rule of law might be interpreted as highly favorable. Individuals with control rights over privatized assets can collectively bring about the rule of law simply by voting for it. These individuals are concerned with the wealth they can obtain from the privatized assets...

Republic of Korea Financial Sector Assessment Program Technical Note : Crisis Preparedness and Crisis Management Framework

International Monetary Fund; World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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26.43%
Korea experienced a financial crisis in the late 1990s, which it overcame successfully. The rich experiences gained in handling past crises have helped in the establishment of a broad crisis management framework in Korea. The successful management of the 1997 financial crisis is reported to have been guided by the following principles: (i) bold and decisive measures are required to regain market confidence, rather than incremental ones; (ii) though Government will take the lead in crisis management initiatives, private capital should be encouraged to fully participate in the process; (iii) bank recapitalization and creation of a bad bank are not mutually exclusive options; the crisis management measures should be politically acceptable and have built-in exit strategies with clear time-frames; (iv) moral hazard should be minimized; and (v) all forms of financial protectionism must be rejected. Korea responded to the 2008 global financial crisis with certain policy measures that helped the Korean financial and real sectors to weather the immediate effects of the global crisis. These included policy and financial support to stabilize the money...

Slovak Republic : 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
36.43%
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, including among others, members of the Inter-Agency Commission for the preparation of a new insolvency law, and members of the drafting team for the new collateral law; and, various professionals serving as trustees, executors, lawyers and accountants also provided their input. The conclusions in this assessment are based largely on the above interviews, a review of applicable legislation, data and information, various reports prepared by the Bank between 1999-2001, and other reports or analyses pertaining to the areas assessed, including the project on the new collateral legislation, and registration system for pledges (charges). Some laws unavailable in English at the time were discussed in a number of meetings with institutions, and professionals in the public...

Dividing the Spoils; Pensions, Privatization, and Reform in Russia's Transition

Kapstein, Ethan B.; Milanovic, Branko
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research; Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
46.48%
The authors present a political economy model in which policy is the outcome of an interaction between three actors: government (G), managers and workers (W), and transfer recipients (P). The government's objective is to stay in power, for which it needs the support of either P or W. It can choose slow privatization with little asset stripping and significant taxation, thus protecting the fiscal base out of which it pays pensioners relatively well (as in Poland). Or it can give away assets and tax exemptions to managers and workers, who then bankroll it and deliver the vote, but it thereby loses taxes and pays little to pensioners (as in Russia). The authors apply this model to Russia for the period 1992-96. An empirical analysis of electoral behavior in the 1996 presidential election shows that the likelihood of someone voting for Yeltsin did not depend on that person's socioeconomic group per se. Those who tended to vote for Yeltsin were richer, younger, and better educated and had more favorable expectations for the future. Entrepreneurs...

The Vicious Circles of Control; Regional Governments and Insiders in Privatized Russian Enterprises

Desai, Raj M.; Goldberg, Itzhak
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications Research
Português
Relevância na Pesquisa
46.59%
How can one account for the puzzling behavior of insider-managers who, in stripping assets from the very firms they own, appear to be stealing from one pocket to fill the other? The authors suggest that such asset-stripping and failure to restructure are the consequences of interactions between insiders (manager-owners) and regional governments in a particular property rights regime. In this regime, the ability to realize value is limited by uncertainty and illiquidity, so managers have little incentive to increase value. As the central institutions that rule Russia have ceded their powers to the regions, regional governments have imposed various distortions on enterprises to protect local employment. Prospective outsider-investors doubt they can acquire the control rights they need for restructuring firms and doubt they can avoid the distortions regional governments impose on the firms in which they might invest. The result: little restructuring and little new investment. And regional governments, knowing the firms' taxable cash flows will have been reduced through cash flow diversion...

A Conflict’s Impact on Project Goals and Reputation Risk : Lessons from Kosovo Privatization Program

Bach, Karl
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
26.27%
When designing and implementing a project in a conflict-affected country, some of the conflict's more obvious impacts-damage to infrastructure and energy supplies, are apt to immediately come to mind. However, based on the experiences with the Kosovo privatization program, there are additional problems related to a conflict's aftermath that may be overlooked during a project's design but which should be addressed, and these form the basis for this smart lesson paper.

Nigeria : Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
36.52%
This note elaborates on the recommendations made in the Financial Sector Assessment Program (FSAP) for Nigeria in the areas of contingency planning, crisis management, and bank resolution. It summarizes the findings of the FSAP mission undertaken during September 4 to 19, 2012 and is based upon analysis of the relevant legal and policy documents and extensive discussions with the authorities and private sector representatives. The Nigerian financial system experienced a banking crisis in 2008-2009, partly triggered by the global financial crisis and by domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy and to strengthen the resolution framework. This note is structured as follows: chapter one sets out an overview of the banking crisis of 2009; chapter two analyses the institutional framework and coordination arrangements for systemic risk monitoring, crisis management, and cross-border coordination; chapter three assesses the approaches to intervene with potential problem institutions at an early stage; chapter four covers crisis management tools including official financial support...

Financial Sector Assessment Program : Nigeria - Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
36.52%
This note elaborates on the recommendations made in the Financial Sector Assessment Program (FSAP) for Nigeria in the areas of contingency planning, crisis management, and bank resolution. It summarizes the findings of the FSAP mission undertaken during September 4 to 19, 2012 and is based upon analysis of the relevant legal and policy documents and extensive discussions with the authorities and private sector representatives. The Nigerian financial system experienced a banking crisis in 2008-2009, partly triggered by the global financial crisis and by domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy and to strengthen the resolution framework. This note is structured as follows: chapter one sets out an overview of the banking crisis of 2009; chapter two analyses the institutional framework and coordination arrangements for systemic risk monitoring, crisis management, and cross-border coordination; chapter three assesses the approaches to intervene with potential problem institutions at an early stage; chapter four covers crisis management tools including official financial support...

The Transition from Communism: A Diagrammatic Exposition of Obstacles to the Demand for the Rule of Law

Hoff, Karla; Stiglitz, Joseph E.
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
46.87%
In an earlier paper, the authors presented a mathematical exposition of a theory that demonstrated that mass privatization without institutions to limit asset-stripping may not lead to a demand for the rule of law ["After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies," American Economic Review 94(3), June 2004, pages 753-63]. This report makes the same argument in terms of simple diagrams. The central idea is that economic actions (to build value or strip assets) and political positions of individuals are interdependent. "Big bang" privatization may give individuals an interest in taking what they can quickly, rather than waiting for the establishment of property rights protection that would permit them to build more valuable assets. Asset stripping gives some of these individuals an interest in prolonging the absence of the rule of law so that they can enjoy the fruits of stripping without the constraint of government enforcement of property rights. Each individual...

An Essay on Economic Reforms and Social Change in China

Lindbeck, Assar
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
26.36%
The author applies a systems-oriented "holistic" approach to China's radical economic reforms during the past quarter of a century. He characterizes China's economic reforms in terms of a multidimensional classification of economic systems. When looking at the economic consequences of China's change of economic system, he deals with both the impressive growth performance and its economic costs. The author also studies the consequences of the economic reforms for the previous social arrangements in the country, which were tied to individual work units-agriculture communes, collective firms, and state-owned enterprises. He continues with the social development during the reform period, reflecting a complex mix of social advances, mainly in terms of poverty reduction, and regresses for large population groups in terms of income security and human services, such as education and, in particular, health care. Next, the author discusses China's future policy options in the social field, whereby he draws heavily on relevant experiences in industrial countries over the years. The future options are classified into three broad categories: policies influencing the level and distribution of factor income, income transfers including social insurance...