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Consumer Bankruptcy and Financial Health

Yang, Crystal Siming; Dobbie, Will; Goldsmith-Pinkham, Paul Simon
Fonte: Harvard University Publicador: Harvard University
Tipo: Research Paper or Report
Português
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This paper estimates the effect of Chapter 13 bankruptcy protection on post-filing financial outcomes using a new dataset linking bankruptcy filings to credit bureau records. Our empirical strategy uses the leniency of randomly-assigned judges as an instrument for Chapter 13 protection. Over the first five post-filing years, we find that Chapter 13 protection decreases an index measuring adverse financial events such as civil judgments and repossessions by 0.316 standard deviations, increases the probability of being a homeowner by 13.2 percentage points, and increases credit scores by 14.9 points. Chapter 13 protection has little impact on open unsecured debt, but decreases the amount of debt in collections by $1,315.

“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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27.37%
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.

Managing Subnational Credit and Default Risks

Waibel, Michael; Liu, Lili
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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27.01%
As a result of worldwide decentralization, subnational debt is rising. Subnational debt crises in major developing countries in the 1990s have led to strengthened regulatory frameworks for subnational borrowing and insolvency. With the fragility of the global recovery and increasing public debt, and the structural trends of decentralization and urbanization, it becomes more important to prudently manage subnational default risks. Although the regulatory frameworks share central features, the historical context and entry points for reform drive variations across countries. Addressing soft budget constraints is integral to the regulatory framework. Ex ante fiscal rules for subnational governments attempt to limit default risks; ex post regulation predictably allocates default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment, as well as the continued delivery of essential public services. The regulatory reforms are inseparable from the reform of broader intergovernmental fiscal systems and financial markets.

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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47.08%
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.

Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia

Giné, Xavier; Love, Inessa
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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47%
The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia.

Settling Out of Court : How Effective is Alternative Dispute Resolution?

Love, Inessa
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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16.4%
Alternative dispute resolution can help the justice system in a country function more efficiently. It often saves costs and time and increases user satisfaction. For cases that go back to court, however, the total cost and time may increase. Alternative dispute resolution can also have indirect benefits. It can increase the effectiveness of courts by reducing bottlenecks. And it can improve trust in the legal system, which may increase foreign investment.

Saving Viable Businesses : The Effect of Insolvency Reform

Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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37.05%
The 2008 financial crisis and consequent rise in corporate insolvencies highlight the clear need for efficient bankruptcy systems to liquidate unviable firms and reorganize viable ones and to do so in a way that maximizes the proceeds for creditors, shareholders, employees, and other stakeholders. This note summarizes the empirical literature on the effect of insolvency reforms on economic and financial activity. Overall, research suggests that effective reforms increase timely repayments, reduce the cost of credit, and lower the rate of liquidation among distressed firms.

Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of the key aspects in the reform process is the delicate balance addressed by a modern insolvency system which encourages the organization of viable firms and liquidates unviable firms. The financial and macroeconomic crises, as recently experienced in Pakistan, provide an opportunity for bankruptcy reform, as the potential employment impact often places the issue of insolvent companies high on the policy agenda. The three fundamental goals of any insolvency law are: 1) transparency, including a system for publicizing and indexing judgments, an accessible method for registering securing interest and an effective notice of insolvency proceedings, 2) predictability - in terms of being fair, simple and clear, which if not achieved ends up costing more as financial institutions compensate the uncertainty with additional credit costs; and 3) efficiency...

Lithuania : Banking System Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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27.03%
The Bank of Lithuania (BoL), the Central Bank, was established in 1990. BoL has the exclusive right to grant and revoke licenses to local and foreign banks and to supervise their activities. Private commercial banking boomed from 1991 to 1994 while bank regulation was lax. In late 1995, a bank crisis caused failures of most of the Lithuanian banks, and the remaining banks resulted in better managed and supervised institutions. BoL also applied tougher regulation on the banking sector. All commercial banks now need to have their financial records audited every year by an international auditing firm. This report includes the following headings: risks and contingency crisis management in the Lithuanian banking system; credit risk and regulatory issues; and description of corporate debt restructuring procedures in Lithuania.

Case Flow Management : Key Principles and the Systems to Support Them

Gramckow, Heike P.; Nussenblatt, Valerie
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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16.4%
It has become increasingly clear that courts across the globe must do more to better organize and manage their caseload and that automation alone is not the answer. In response to this need, case flow management has emerged to become the central method of promoting greater court responsibility and accountability for efficient case processing. For over thirty years court case management concepts have evolved, starting in the United States (U.S.), spreading to other industrialized common law countries initially. Yet, for many judicial systems, the concept, techniques, and supporting systems of case flow management are still relatively new ideas that need to be more fully understood. This paper helps develop a basic understanding of case flow management by defining the concept, outlining the various techniques used, presenting in general the different case management information systems that support those techniques, and outlining the core steps a judicial system can take to plan for, select, and implement case management software. The aim is to provide an introduction for assisting judiciaries in developing a case flow management approach that works best in their own environment. This paper is organized as follows: chapter one gives introduction; chapter two answers the question to what is case flow management within a court environment?; chapter three answers what are case management information systems?; chapter four focuses on planning for...

Facilitating SME Financing through Improved Credit Reporting

International Committee on Credit Reporting
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Relatório
Português
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26.74%
The general principles for credit reporting were issued by the World Bank in September 2011. Since then, the World Bank and the international committee on credit reporting (ICCR) have been leading efforts towards the implementation of the general principles worldwide. This report is one of the concrete outputs of the work following the general principles. It addresses one of the most significant problems that limit the ability of most small and medium enterprises (SMEs) around the world to obtain adequate external financing to underpin their productive activities: information asymmetries. Creditors assess the creditworthiness of credit and loan applicants based on two basic criteria: ones financial capacity or ability to repay a loan, and ones willingness to repay the loan. A credit reporting system s (CRS) basic objective is to address information asymmetries, which is crucial for determining repayment capacity and repayment willingness. Credit reporting can therefore be extremely valuable to creditors for enhanced...

Three Essays in Macroeconomics

UUSKULA, Lenno
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Tese de Doutorado Formato: application/pdf; digital
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Chapter 1: Traditional models of monetary transmission such as sticky price and limited partic- ipation abstract from firm creation and destruction. Only a few papers look at the empirical effects of the monetary shock on the firm turnover measures. But what can we learn about monetary transmission by including measures for firm turnover into the theoretical and empirical models? Based on a large scale vector autore- gressive (VAR) model for the U.S. economy I show that a contractionary monetary policy shock increases the number of business bankruptcy filings and failures, and decreases the creation of firms and net entry. According to the limited participation model, a contractionary monetary shock leads to a drop in the number of firms. On the contrary the same shock in the sticky price model increases the number of firms. Therefore the empirical findings support more the limited participation type of monetary transmission.; Chapter 2: We introduce deep habits into a sticky-price sticky-wage economy and examine the resulting models ability to account for the impact of monetary policy shocks. The deep habits mechanism gives rise to countercyclical markup movements even when prices are flexible and interacts with nominal rigidities in interesting ways. Key parameters are estimated using a limited information approach. The deep habits model can account very precisely for the persistent impact of monetary policy shocks on aggregate consumption and for both the price puzzle and inflation persistence. A key insight is that the deep habits mechanism and nominal rigidities are comple- mentary: The deep habits model can account for the dynamic effects of monetary policy shock at low to moderate levels of nominal rigidities. The results are shown to be stable over time and not caused by monetary policy changes.; Chapter 3: In a standard New-Keynesian DSGE model exogenous price markup and cost-push shocks generate most of the volatility in inflation. The key equation determining inflation is the New Keynesian Phillips curve. Several authors have proposed mod- ifications to the forward looking Phillips curve. In this paper I concentrate on the effects of endogenous markups due to firm turnover and the importance of financial friction. My findings show that entry cost shocks are important in explaining the dynamics of inflation at the business cycle frequency. Financial friction does not change the relative importance of the structural shocks in explaining inflation.; Defense Date: 18/02/2011 Jury Members: Prof. Morten Ravn...

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
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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...

Doing Business 2011 : Making a Difference for Entrepreneurs - Comparing Business Regulation in 183 Economies

International Finance Corporation; World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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16.63%
Doing Business 2011: making a difference for entrepreneurs is the eighth in a series of annual reports investigating regulations that enhance business activity and those that constrain it. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 183 economies, from Afghanistan to Zimbabwe, over time. A set of regulations affecting 11 areas of the life of a business's are covered: starting a business, dealing with construction permits, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and closing a business. Data in Doing Business 2011 are current as of June 1, 2010. The indicators are used to analyze economic outcomes and identify what reforms have worked, where, and why. The paper includes the following headings: overview, starting a business, dealing with construction permits, employing workers, registering property, getting credit, protecting investors...

Doing Business Economy Profile 2015 : Sweden

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
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16.74%
This economy profile for Doing Business 2015 presents the 11 Doing Business indicators for Sweden. To allow for useful comparison, the profile also provides data for other selected economies (comparator economies) for each indicator. Doing Business 2015 is the 12th edition in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. Economies are ranked on their ease of doing business; for 2015 Sweden ranks 11. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 189 economies from Afghanistan to Zimbabwe and over time. Doing Business measures regulations affecting 11 areas of the life of a business known as indicators. Ten of these areas are included in this year's ranking on the ease of doing business: starting a business, dealing with construction permits...

Doing Business 2014 Economy Profile : Sweden

World Bank; International Finance Corporation
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
16.74%
This economy profile presents the Doing Business indicators for Sweden. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 through May 2013. The report is the 11th edition of the Doing Business series.

Is There a Distress Risk Anomaly? Corporate Bond Spread as a Proxy for Default Risk

Anginer, Deniz; Yildizhan, Celim
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
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26.95%
Although financial theory suggests a positive relationship between default risk and equity returns, recent empirical papers find anomalously low returns for stocks with high probabilities of default. The authors show that returns to distressed stocks previously documented are really an amalgamation of anomalies associated with three stock characteristics -- leverage, volatility and profitability. In this paper they use a market based measure -- corporate credit spreads -- to proxy for default risk. Unlike previously used measures that proxy for a firm's real-world probability of default, credit spreads proxy for a risk-adjusted (or a risk-neutral) probability of default and thereby explicitly account for the systematic component of distress risk. The authors show that credit spreads predict corporate defaults better than previously used measures, such as, bond ratings, accounting variables and structural model parameters. They do not find default risk to be significantly priced in the cross-section of equity returns. There is also no evidence of firms with high default risk delivering anomalously low returns.

Essays in Corporate and Consumer Finance

Iverson, Benjamin Charles
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation
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The first essay tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. Using the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005 as an exogenous shock to court caseloads, I estimate the impact of bankruptcy caseload changes on the outcomes of firms in Chapter 11. I find that as bankruptcy judges become busier they tend to allow more firms to reorganize. Firms that reorganize in busy courts spend longer in bankruptcy, while firms that are dismissed from busy courts are more likely to re-file for bankruptcy within three years of their original filing. In addition, busy courts impose costs on local banks, which report higher charge-offs on business lending when caseload increases. Using novel data that has complete coverage of claims for 136 Chapter 11 bankruptcy protection filings and that includes detailed information on claims transfers, in the second essay we provide the first empirical insight on how a firm's ownership changes during the bankruptcy process and how these changes impact bankruptcy outcomes. Pre-bankruptcy ownership concentration is important for the coordination of a prearranged bankruptcy filing and is associated with a faster bankruptcy resolution and a higher likelihood of a successful reorganization. However...

Debt covenant violation and the value relevance of accounting information

Cready, William; Karim, Khondkar; Lim, Steve
Fonte: Rochester Instituto de Tecnologia Publicador: Rochester Instituto de Tecnologia
Tipo: Artigo de Revista Científica
Português
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26.4%
This study documents that investors exercise their liquidation option on firms facing less severe financial distress than bankruptcy filings or negative earnings. Our sample is 124 firms which service their first time violation of debt covenants. We find that the valuation shift from earnings to book value of equity in the violation manifestation period is reversed in the post-violation recovery period. This suggests that the valuation distortion in the pre-violation period is temporary rather than permanent.; Advances in financial Planning and Forecasting, Vol. 11, pp. 151-163

Factors contributing to airline insolvency

Lagiewski, Richard M.
Fonte: Rochester Instituto de Tecnologia Publicador: Rochester Instituto de Tecnologia
Tipo: Tese de Doutorado
Português
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36.63%
This study explores the problematic issues that caused Chapter 11 and bankruptcy filings during the period of March, 1989 to January, 1992. Unlike the approximately 85 airlines that went bankrupt during deregulation, 4 of the 6 airlines studied were original trunk carriers. The two remaining were, at that time, the only two surviving airlines born during deregulation. The data of these carriers was tracked over a thirteen year period. The tracking consisted of graphing financial / performance variables over time and then the construction of a matrix presenting the issues discovered in the literature search. In tracking their problematic issues over time, common factors present themselves as possible insights to their corporate failure. The following seven factors were found to have been common catalysts leading to insolvency: 1 - Effects of Deregulation 2 - Routes 3 - Jet Fleet 4 - Labor 5 - Hubs 6 - Mergers 7 - External Environment