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Autogestão dos trabalhadores como alternativa para recuperação de empresas falidas ou em processo falimentar; Self-management of workers as an alternative to recovery bankrupt companies

Thiago Figueiredo Fonseca Ribeiro
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 19/07/2013 Português
Relevância na Pesquisa
26.54%
Os processos de criação e destruição de empresas são inerentes aos ciclos econômicos capitalistas. Diariamente, criam-se novas empresas, e se encerram outras. Parte dessas teria condições de continuar operando. O Direito Falimentar brasileiro atua como instrumento de proteção e busca preservar as atividades empresariais, recuperar o empreendimento em crise, salvaguardar os interesses dos credores e maximizar o valor dos ativos da empresa falida. Para cumprir seus objetivos, prevê-se o instrumento da recuperação judicial, abrindo-se também aos trabalhadores (enquanto credores) alternativas distintas para o encaminhamento da situação. O presente trabalho objetiva avaliar se a autogestão dos trabalhadores se constitui em uma alternativa viável à recuperação de empresas falidas ou em processo falimentar no Brasil.; The processes of creation and destruction of firms are inherent to capitalist economic cycles. Every day, new companies are created, while others are terminated. Part of these companies may have conditions to continue in operation. The Brazilian Bankruptcy Law acts as an instrument of protection and seeks to preserve the business activities, recovering the enterprise in crisis, safeguard the interests of lenders and maximize the value of the assets of the bankrupt company. To fulfill its objectives the instrument from bankruptcy...

Bankruptcy risk model and empirical tests

Podobnik, Boris; Horvatic, Davor; Petersen, Alexander M.; Urošević, Branko; Stanley, H. Eugene
Fonte: National Academy of Sciences Publicador: National Academy of Sciences
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
27.18%
We analyze the size dependence and temporal stability of firm bankruptcy risk in the US economy by applying Zipf scaling techniques. We focus on a single risk factor—the debt-to-asset ratio R—in order to study the stability of the Zipf distribution of R over time. We find that the Zipf exponent increases during market crashes, implying that firms go bankrupt with larger values of R. Based on the Zipf analysis, we employ Bayes’s theorem and relate the conditional probability that a bankrupt firm has a ratio R with the conditional probability of bankruptcy for a firm with a given R value. For 2,737 bankrupt firms, we demonstrate size dependence in assets change during the bankruptcy proceedings. Prepetition firm assets and petition firm assets follow Zipf distributions but with different exponents, meaning that firms with smaller assets adjust their assets more than firms with larger assets during the bankruptcy process. We compare bankrupt firms with nonbankrupt firms by analyzing the assets and liabilities of two large subsets of the US economy: 2,545 Nasdaq members and 1,680 New York Stock Exchange (NYSE) members. We find that both assets and liabilities follow a Pareto distribution. The finding is not a trivial consequence of the Zipf scaling relationship of firm size quantified by employees—although the market capitalization of Nasdaq stocks follows a Pareto distribution...

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings

Ivashina, Victoria; Iverson, Benjamin; Smith, David C.
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.54%
What is the ownership structure of bankrupt debt claims? How does the ownership evolve though bankruptcy? And how does debt ownership influence Chapter 11 outcomes? To answer these questions, we construct a data set that identifies the entire capital structure for 136 companies filing for U.S. Chapter 11 bankruptcy protection between 1998 and 2009 and that covers over 71,000 different investors. We categorize the investors in the capital structure of bankrupt firms according to their institutional type and track them from the initial filing until the vote on the plan of reorganization. We document several novel facts about the role of different institutional investors, the impact of debt ownership concentration, and the role of trading in bankruptcy. We find that trading during the case leads to higher concentration of ownership, particularly among debt claims that are eligible to vote on the bankruptcy plan of reorganization. Active investors, including hedge funds, are the largest net buyers of claims in bankruptcy. While initial ownership concentration is important for coordination of a prearranged bankruptcy filing, it is consolidation of ownership during bankruptcy—and specifically consolidation of ownership of voting classes—that has an impact on the speed of restructuring...

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
26.86%
The 2008 financial crisis was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the financial and corporate sectors highlights the importance of efficient bankruptcy laws. This paper summarizes the theoretical and empirical literature on bankruptcy design, discusses the challenges of introducing and implementing bankruptcy reforms, and presents examples of how policymakers are trying to use the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process.

Inter-Firm Trade Finance in Times of Crisis

C. Menichini, Anna Maria
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
26.57%
The paper discusses the main features that distinguish inter-firm international trade finance from alternative sources of financing. On the one hand, inter-firm trade finance could help overcome informational problems associated with other lending relationships; on the other, it may contribute to propagate shocks due to the interconnection among firms along credit chains. The paper evaluates the potential effects of a financial crisis on the use of trade credit for firms operating in developing countries. It argues that while the advantages of trade credit might remain largely unexploited due to poor legal institutions, the disadvantages might be exacerbated because of these firms greater exposure to a default chain. Based on these arguments, a menu of choices is identified for what policymakers can do to boost firms access to inter-firm trade finance in times of crisis.

Privatizing Infrastructure : Capital Market Pressures and Management Incentives

Irwin, Timothy; Alexander, Ian
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
26.42%
The authors propose a number of privatization rules to ensure that management will improve after privatization. Governments should ensure that the privatized sector has several firms operating in industries that are local natural monopolies, so that if one operator goes bankrupt, another can readily take over. Governments should also permit concentrated ownership and foreign ownership, and profits should not be guaranteed through regulation.

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
26.86%
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...

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
Português
Relevância na Pesquisa
26.51%
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.

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
26.71%
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
26.71%
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...

Capital structure and investment dynamics with fire sales

GALE, Douglas; GOTTARDI, Piero
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Trabalho em Andamento Formato: application/pdf; digital
Português
Relevância na Pesquisa
26.42%
We study a general equilibrium model in which firms choose their capital structure optimally, trading off the tax advantages of debt against the risk of costly default. The costs of default are endogenous: bankrupt firms are forced to liquidate their assets, resulting in a fire sale if there is insuffcient liquidity in the market. When the corporate income tax rate is zero, the optimal capital structure is indeterminate, there are no fire sales, and the equilibrium is Pareto efficient. When the tax rate is positive, the optimal capital structure is uniquely determined, default occurs with positive probability, firms’ assets are liquidated at fire-sale prices, and the equilibrium is constrained inefficient. More precisely, firms’ investment is too low and, although the capital structure is chosen optimally, in equilibrium too little debt is used. We also show that introducing more liquidity into the system can be counter-productive: although it reduces the severity of fire sales, it also reduces welfare.

Earnings quality in ex-post failed firms

García Lara, Juan Manuel; García Osma, Beatriz; Neophytou, Evi
Fonte: Taylor & Francis Publicador: Taylor & Francis
Tipo: info:eu-repo/semantics/acceptedVersion; info:eu-repo/semantics/article Formato: application/pdf
Publicado em 04/01/2011 Português
Relevância na Pesquisa
37.08%
This paper analyses earnings quality in ex-post failed firms. Using a large sample of UK bankrupt firms, we find that failed firms manage earnings upwards in the four years prior to failure. This manipulation is achieved in two ways: (1) through accounting (accruals) manipulation; and (2) by implementing real operating actions that deviate from normal practice. We show that these two types of manipulation lead to reduced earnings reliability. We use conditional conservatism as a proxy for reliability, as prior literature links conditional accounting conservatism to better governance and positive economic outcomes. Our results show that conditional conservatism decreases substantially in the years prior to failure. Finally, we show that accruals manipulation is more pronounced in ex-post bankrupt firms with low ex-ante probability of failure, and that ex-post bankrupt firms with high ex-ante failure probability, having likely exhausted the opportunities for accrual manipulation, manipulate real operations more aggressively; European Commission INTACCT Research Training Network (MRTNCT- 2006-035850), and the Spanish Ministry of Science and Innovation (ECO2008-0638/ECON and SEJ2007- 67582/ECON and SEJ2005-08644/ECO)

Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises

Ayyagari, Meghana; Demirgüç-Kunt, Asli; Maksimovic, Vojislav
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
26.64%
This paper provides empirical evidence on firm recoveries from financial system collapses in developing countries (systemic sudden stops episodes), and compares them with the experience in the United States in the 2008 financial crisis. Prior research found that economies recover from systemic sudden stop episodes before the financial sector. These recoveries are called Phoenix miracles, and the research questioned the role of the financial system in recovery. Although an average of the macro data across a sample of systemic sudden stop episodes over the 1990s appears consistent with the notion of Phoenix recoveries, closer inspection reveals heterogeneity of responses across the countries, with only a few countries fitting the pattern. Micro data show that across countries, only a small fraction (less than 31 percent) of firms follow a pattern of recovery in sales without a recovery in external credit, and even these firms have access to external sources of cash. The experience of firms in the United States during the 2008 financial crisis also suggests no evidence of credit-less recoveries. An examination of the dynamics of firms' financing...

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
26.9%
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...

The Chrysler Effect : The Impact of the Chrysler Bailout on Borrowing Costs

Anginer, Deniz; Warburton, A. Joseph
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
26.57%
Did the U.S. government's intervention in the Chrysler reorganization overturn bankruptcy law? Critics argue that the government-sponsored reorganization impermissibly elevated claims of the auto union over those of Chrysler's other creditors. If the critics are correct, businesses might suffer an increase in their cost of debt because creditors will perceive a new risk, that organized labor might leap-frog them in bankruptcy. This paper examines the financial market where this effect would be most detectible, the market for bonds of highly unionized companies. The authors find no evidence of a negative reaction to the Chrysler bailout by bondholders of unionized firms. They thus reject the notion that investors perceived a distortion of bankruptcy priorities. To the contrary, bondholders of unionized firms reacted positively to the Chrysler bailout. This evidence suggests that bondholders interpreted the Chrysler bailout as a signal that the government will stand behind unionized firms. The results are consistent with the notion that too-big-to-fail government policies generate moral hazard in the credit markets.

Agent Simulation of Chain Bankruptcy

Ikeda, Yuichi; Fujiwara, Yoshi; Souma, Wataru; Aoyama, Hideaki; Iyetomi, Hiroshi
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 27/09/2007 Português
Relevância na Pesquisa
26.81%
We have conducted an agent-based simulation of chain bankruptcy. The propagation of credit risk on a network, i.e., chain bankruptcy, is the key to nderstanding largesized bankruptcies. In our model, decrease of revenue by the loss of accounts payable is modeled by an interaction term, and bankruptcy is defined as a capital deficit. Model parameters were estimated using financial data for 1,077 listed Japanese firms. Simulations of chain bankruptcy on the real transaction network consisting of those 1,077 firms were made with the estimated model parameters. Given an initial bankrupt firm, a list of chain bankrupt firms was obtained. This model can be used to detect high-risk links in a transaction network, for the management of chain bankruptcy.; Comment: Proceeding of APFA6

Bankruptcy risk model and empirical tests

Podobnik, Boris; Horvatic, Davor; Petersen, Alexander M.; Urošević, Branko; Stanley, H. Eugene
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 11/11/2010 Português
Relevância na Pesquisa
27.18%
We analyze the size dependence and temporal stability of firm bankruptcy risk in the US economy by applying Zipf scaling techniques. We focus on a single risk factor-the debt-to-asset ratio R-in order to study the stability of the Zipf distribution of R over time. We find that the Zipf exponent increases during market crashes, implying that firms go bankrupt with larger values of R. Based on the Zipf analysis, we employ Bayes's theorem and relate the conditional probability that a bankrupt firm has a ratio R with the conditional probability of bankruptcy for a firm with a given R value. For 2,737 bankrupt firms, we demonstrate size dependence in assets change during the bankruptcy proceedings. Prepetition firm assets and petition firm assets follow Zipf distributions but with different exponents, meaning that firms with smaller assets adjust their assets more than firms with larger assets during the bankruptcy process. We compare bankrupt firms with nonbankrupt firms by analyzing the assets and liabilities of two large subsets of the US economy: 2,545 Nasdaq members and 1,680 New York Stock Exchange (NYSE) members. We find that both assets and liabilities follow a Pareto distribution. The finding is not a trivial consequence of the Zipf scaling relationship of firm size quantified by employees-although the market capitalization of Nasdaq stocks follows a Pareto distribution...

Transient fluctuation of the prosperity of firms in a network economy

Maeno, Yoshiharu
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.57%
The transient fluctuation of the prosperity of firms in a network economy is investigated with an abstract stochastic model. The model describes the profit which firms make when they sell materials to a firm which produces a product and the fixed cost expense to the firms to produce those materials and product. The formulae for this model are parallel to those for population dynamics. The swinging changes in the fluctuation in the transient state from the initial growth to the final steady state are the consequence of a topology-dependent time trial competition between the profitable interactions and expense. The firm in a sparse random network economy is more likely to go bankrupt than expected from the value of the limit of the fluctuation in the steady state, and there is a risk of failing to reach by far the less fluctuating steady state.

Macro Economic Instability and Business Exit: Determinants of Failures and Acquisitions of Large UK Firms

Bhattacharjee, Arnab; Higson, Chris; Holly, Sean; Kattuman, Paul
Fonte: Universidade de Cambridge Publicador: Universidade de Cambridge
Tipo: Trabalho em Andamento Formato: 735755 bytes; application/pdf; application/pdf
Português
Relevância na Pesquisa
26.61%
Using data over a 34-year span on UK quoted firms, this paper seeks to identify the factors that increase the likelihood of exit of firms. Firms may disappear through the mutually precluding events of bankruptcies and acquisitions. We use a competing-risks hazard model to determine characteristics leading to each outcome. Hazard models make use of the data on timing of these alternative outcomes and we exploit this to focus attention on how the hazards change over the business cycles, conditional on the post-listing age of the firm. We find that the volatility in macro environment has a role in determining, in different ways, the hazard of firms going bankrupt or being acquired.

Capital structure, investment, and fire sales

Gale, Douglas; Gottardi, Piero
Fonte: The London School of Economics and Political Science ,SRC Discussion Paper Publicador: The London School of Economics and Political Science ,SRC Discussion Paper
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 04/11/2014 Português
Relevância na Pesquisa
26.57%
We study a dynamic general equilibrium model in which firms choose their investment level and their capital structure, trading off the tax advantages of debt against the risk of costly default. The costs of bankruptcy are endogenously determined, as bankrupt firms are forced to liquidate their assets, resulting in a fire sale if the market is illiquid. When the corporate income tax rate is positive, firms have a unique optimal capital structure. In equilibrium firms default with positive probability and their assets are liquidated at fire-sale prices. The equilibrium not only features underinvestment but is also constrained inefficient. In particular there is too little debt and too little default.