A presente dissertação começa com a evolução histórica de dois importantes institutos jurídicos, a fidúcia e a propriedade, a partir das raízes romanas. Já no direito brasileiro analisamos o conceito de negócio fiduciário e figuras afins, então passamos a estudar o contrato de alienação fiduciária. Em seguida abordamos a propriedade fiduciária, sua evolução legislativa no direito pátrio, e seus desdobramentos envolvendo móveis e imóveis, onde estabelecemos o conceito, a natureza jurídica, seus elementos constitutivos, e as conseqüências de seu inadimplemento. Não olvidamos o aspecto processual e as questões controvertidas, como a falência, a recuperação judicial e o cabimento ou não da prisão civil, dentre outros. No decorrer deste trabalho procuramos analisar crítica e comparativamente as figuras afins ao instituto da propriedade fiduciária e estabelecer as similitudes e diferenças em cada sistema estudado, assim como individualizar estes institutos previstos no Código Civil de 2002 e na Lei n. 9.514/97. Enfim, nosso estudo não estaria completo sem pesquisar a fidúcia nos sistemas francês, italiano e anglo-americano.; This paper begins with the historical evolution of two important legal institutes...
(cont.) Many Class I railroads disappeared and severe competition bankrupted many small carriers in the trucking industry. Larger trucking carriers gained market dominance. Real wages in the trucking industry fell. The size of the railroad labour force decreased while railroad wages remained stagnant. Based on numerous pre-deregulation indicators provided by the government, industry, and academia, this essay shows that deregulation did not fulfill many of the promises made prior to the Staggers Act and the Motor Carrier Reform Act.; The Interstate Commerce Commission successfully implemented its 1887 mandate of reducing the monopolistic powers of the railroads. However, as freight transportation evolved into a competitive system with the emergence of trucking, the ICC effectively adapted its policies. ICC minimum rate regulations and track abandonment procedures kept many Class I railroads competitive. ICC ownership certificate requirements reduced destructive competition in the trucking industry. The blame assigned to the ICC for railroad problems was exaggerated. The Penn Central bankruptcy showed that the railroads had a variety of non-regulation related problems; including rigid management, poor attitudes towards passenger rail services...
This thesis examines the effect of bankruptcy law on consumer borrowing and welfare. The thesis consists of four theoretical chapters and two empirical chapters. Chapter 1 presents a simple model of consumer borrowing where the repayment of debt is governed by a bankruptcy law which allows a consumer to protect income below a given exemption level from creditors. Increasing bankruptcy exemption levels are found to increase borrowing and to increase consumer welfare so long as the consumer is borrowing less than the maximum amount possible. If consumers are borrowing the maximum amount possible, increasing exemption amounts increases credit constraints and decreases borrowing. Consumer welfare is maximized at the point where the marginal benefit the amount of insurance provided by the bankruptcy regime equals the marginal cost to reducing borrowing. Chapter 2 expands the model described in chapter 1 to include consumers who differ as to either their demand for credit or their ability to repay loans. The optimal exemption level is found to occur where the marginal cost due to increasing credit constraints to consumers with a higher demand for credit or a lower ability to repay is balanced against the increased insurance benefit provided to other borrowers.; (cont.) Chapter 3 considers the effect of bankruptcy law on credit markets with asymmetric information. I find that the possibility to receive a discharge of debt provided by bankruptcy law may cause consumers to distort their borrowing choices. Optimal exemption levels balance costs due to distortions in borrowing with benefits associated with increases in insurance. Chapter 4 presents a model of the effect of bankruptcy law on incentives to work. I find that increasing exemption levels may either increase or decrease incentives to work or to take risk. Chapter 5 examines the effect of exemption levels on household borrowing. I find that increasing personal property exemption levels are associated with higher levels of home mortgage debt and decreased probabilities that non-homeowners have greater than $50...
Humanity now exists in the midst of the fast-moving Information Age, a period of history characterized by fast travel and even faster information transfer. As data becomes seemingly more valuable than physical possessions, the introduction of exciting applications for communications services becomes ever more critical for the success - and in some cases, survival - of businesses and even nations. While the majority of these innovations have occurred over cable and fiber, a number of the most socially significant have occurred due to the introduction of satellites. Terrestrial fiber and cable systems have a number of advantages, but the extent of their reach and the cost of installation - in terms of both capital and time - favor industrialized nations over more remote and underdeveloped communities. Even as satellites offer the only real chance for ultimate communications ubiquity and true global unity, there remains a significant cost-benefit barrier. Few commercial satellite systems have succeeded economically without first falling victim to bankruptcy. The upfront capital required to implement a satellite communications system is staggering, and historically satellite companies have failed to adequately match capacity and service options to the current and actual future demand. The design process itself is an inherent limiting factor to the achievable cost and performance of a system.; (cont.) Traditionally...
Since 2001, the US airline industry has faced an unprecedented set of challenges. Following the terrorist attacks of September 11, 2001, the airline industry reported tremendous losses and several of the largest US airlines went into bankruptcy. To recover from this situation and try to remain financially viable, many measures have been taken by airlines. As a result, the airline industry has been a very dynamic industry over the last few years. The main objective of this thesis is to investigate the changes that occurred in this industry between 1999 and 2004. Only the performance of a subset of airlines, namely the 12 main passenger Majors, is examined. These 12 airlines are categorized into two subsets, the Legacies and the Lowfares, whose results are compared throughout this thesis. The analyses, that focus both on financial and operating conditions of the airlines, are mainly based on data from the Form 41 reports. This study shows that in 2004, the traffic carried by the 12 Majors was almost back to 2000 levels, with a higher portion carried by the Lowfares though. It also shows that on average, the Majors flew their aircraft further and that, because the capacity was more closely adjusted to the demand, these aircraft were operated with a higher load factor in 2004 than in 1999.; (cont.) As regards the costs...
This dissertation consists of three essays on the heterogeneous reactions of firms to shocks, with particular empirical applications to the Chilean economy. The first essay presents a model of heterogeneity in an economy with financial constraints. The main issue in the model is to characterize the entrepreneurs and firms that are affected by shocks or policy innovations. The model delivers a dual margin composed of a segment of relatively poorer but more productive entrepreneurs and a segment of richer but less productive entrepreneurs. The main result we present in this essay is that these two margins will react heterogeneously to shocks in economically meaningful ways. The second essay is devoted to the construction of the panel and the econometric use of the FUNDES-SII panel firm database. We use this database to study firm creation, destruction and performance on maps of firms. The main result of this essay is that there does seem to be some empirical evidence of a margin of high productivity, low capital entrepreneurs for the Chilean economy, as predicted in the first essay of the thesis. Finally, we find that among smaller firms leverage seems to be an indicator of financial constraint, while among larger firms it is an indicator of financial access.; (cont.) The third essay is devoted to the construction of the panel and econometric use of the INE-BFL panel worker database to study workplace creation and destruction in Chile. For local interest...
The last decade has been a period of fundamental transformations for the US airline industry and has caused many carriers to make significant changes in their operational strategies. The traditional US network or "Legacy" carriers have had to deal with many new challenges including the devastating effects of 9/11, increased competition from low-cost airlines and increased volatility in fuel prices, to name a few. These setbacks have pushed many carriers into a financial crisis. In fact, four out of the six major airlines in the United States filed for bankruptcy protection between 2001 and 2005. In the midst of this crisis, these traditional carriers have had to concentrate on reducing their unit costs and improving their productivity levels in order to survive. The goal of the thesis is to examine to what extent these changes have led to a convergence in terms of unit costs and productivity levels between the Legacy carriers and their low-cost counterparts. Specifically we analyze and break down unit costs and productivity measures into their underlying components in order to identify what is driving change in the industry. We compare the different results at various levels of detail, including aggregate industry group trends, individual airline results and fleet-level based results comparing wide-body to narrow-body aircraft. We find that there are both qualitative and quantitative signs of convergence in several different categories in which LCCs have traditionally held a competitive advantage. These include unit costs excluding fuel and transport-related expenses...
Since 2000 the US airline industry has gone through a severe crisis which initiated important changes in the competitive environment of the industry. The economic downturn, the fierce competition between Legacy carriers, the rapid expansion of Low Cost carriers, the soaring fuel prices and the 9/11 attacks are some of the reasons that put many US airlines into a financial crisis. Many of the traditional major US airlines were forced into bankruptcy during the first five years of the decade. That forced Legacy airlines to change their pricing strategies to better match their LCC competitors and stimulate demand. This thesis concentrates on the pricing and competition between Legacy and low cost carriers in the US domestic markets by analyzing the Top 1000 US domestic markets. A new metric is introduced, the yield index, that compares fares among airlines in specific markets in order to quantify the fares collected by major airlines with respect to their competitors in different segments of the domestic market. Furthermore a quantitative analysis of competition is performed to identify important changes during the years of the crisis. The average fare gap between Legacy carriers and LCCs that existed in 2000 was shrinking until 2005. The traffic and revenue losses of Legacy carriers combined with the rapid expansion of LCCs have also mitigated the market share difference and revenue difference between Legacy and LCC carriers. Legacy carriers were forced out of numerous domestic markets by new competition. Overall...
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.
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
This report provides an assessment of
the corporate governance policy framework, and enforcement
and compliance practices in the Slovak Republic. Slovakia
has already upgraded its legislation to meet European Union
(EU) Directives. The legislative and regulatory framework
dealing with corporate governance issues has improved. The
major issues identified by this review include: 1) the
general weakness of the supervisory board, which causes some
non-compliance with several of the Organization for Economic
Cooperation and Development - OECD - Principles; 2) lack of
protection for shareholders of "Free Market"
companies, and, 3) inadequate authority and institutional
capacity at the Financial Market Authority (FMA). Strengths
and weaknesses are highlighted and policy recommendations
made where appropriate. The report proposes that an
Institute of Directors be created to train supervisory board
members, disseminate best practice, and promote dialogue
between the public and private sectors. Together, the
recommendations give issuers the choice to implement best
This dissertation presents a comprehensive analysis of the regulation of cross-border insolvencies in Europe. Council Regulation 1346/2000 on Insolvency Proceedings forms the natural focal point of such a study. However, while this book explores in detail the background, legal basis as well as the substance of the Regulation, it also contains an examination of the Regulation from two wider perspectives: that of international cross-border insolvency regulation and Community law. The approach adopted by the Regulation to the problems raised by cross-border insolvency forms part of a paradigmatic shift at the global level. The ‘struggle over jurisdiction’ - the natural state of affairs under the old principles of ‘universality & territoriality’ – is increasingly being replaced by co-operation between the jurisdictions involved. The Regulation must be understood against the backdrop of these new cooperative approaches, including the UNCITRAL Model Law and ancillary proceedings. Doing so, this dissertation argues that the co-operative framework of the Regulation is limited and may ultimately not suffice to realise the efficient and effective cross-border proceedings it is aiming for. Although the Regulation is an exponent of this global shift towards cooperation...
In many countries, lenders are restricted in their access to information about borrowers’ past defaults. We study this provision in a model of repeated borrowing and lending with moral hazard and adverse selection. We analyze its effects on borrowers’ incentives and access to credit, and identify conditions under which it is optimal. We argue that “forgetting” must be the outcome of a regulatory intervention by the government. Our model’s predictions are consistent with the cross-country relationship between credit bureau regulations and provision of credit, as well as the evidence on the impact of these regulations on borrowers’ and lenders’ behavior.
Since 1998, significant corporate governance reforms have been introduced and are underway, including reforms in the structure and function of the board of directors of listed companies, the establishment of the Thai Institute of Directors Association and the Department of Special Investigation, the adoption by the Stock Exchange of Thailand (SET) of 15 principles of good corporate governance, and draft legislation to reinforce the rights of minority shareholders. In addition, the Securities and Exchange Commission (SEC) has improved its monitoring of financial statements of listed companies and stepped up enforcement efforts and increased sanctions for violations. Most recently, the SEC has supported issuance of a Directors' handbook and the establishment of a Director Registry System. The Institute of Certified Accountants and Auditor of Thailand (ICAAT) also has intensified its efforts to improve skills and knowledge of accountants and auditors. Reforms in the legal framework have been slow and need to be expedited. There is a lack of a range of sanctions, criminal, civil, and administrative to facilitate effective enforcement. International financial reporting standards have yet to be adopted. The private sector's awareness of the potential benefits of improved corporate governance may need to be further enhanced. Further steps need to be taken to enhance protection of shareholder rights...
World market prices for grains and
oilseeds have risen dramatically over the last 24 months.
Despite a recent drop, wheat prices are still about twice
what they were two years ago. Given the underlying causes,
this situation is likely to persist for the medium term
(International Food Policy Research Institute-IFPRI and
World Bank projections use a time horizon until 2015).
Rising food prices are causing significant hardship
worldwide and threatening to cast large numbers of people
into poverty. However, the current situation is a major
opportunity for Ukraine, a net grain exporter with a
significant exploitable yield gap and one of the few
countries in the world that are in a position to
significantly increase net exports and make up for emerging
deficits elsewhere. With appropriate policies and
investments, Ukraine could significantly increase its grain
harvest and gain global market share in an environment of
rising global demand. Even relatively conservative estimates
of growth in yields and acreage indicate that a regular
harvest of over 40 million tons will be possible. Seizing
this opportunity will require a shift in policies and
corresponding increases in private and public investment.
Ukraine is in a position to make a significant contribution
to the international effort to deal with the food crisis...
It is widely recognized in Chinese
policy-making circles that the World Bank made a significant
contribution to the country s enterprise reform in the
1980s. A major contribution consisted of bringing eminent
international scholars and policy-makers to China, and in
sending leading Chinese scholars and policy-makers abroad.
The World Bank's financial support for these activities
had a significant impact on the development of ideas on
enterprise reform, especially at the highly influential
Chinese Economic System Reform Research Institute (CESRRI),
under the state council. The contribution of the World Bank
was given more concrete form in the shape of joint research
(from 1983 to 1985) on state enterprise reform, between the
World Bank and leading Chinese institutions, under the
umbrella of the Economics Research Institute of the Chinese
Academy of Social Sciences. The World Bank has been involved
in several industrial projects through its loan program. The
main point of focus has been the fertilizer sector, but it
has also been involved in projects in the machine tool...
The Georgetown Steel Company (GSC), located in Georgetown, South Carolina, closed and filed for bankruptcy in October 2003. GSC has only been operating since the late 1960s; therefore, it does not contain masonry warehouse structures that have a clear conversion value. Its borders, however, include a scenic river with deep water access and a historic downtown. GSC's predicament is not unique, as the news of closing mills has become commonplace in the southeastern United States. The American industrial base that initially started in the northeast and moved south is now relocating to cheaper international locales. When these mills close, it leaves a devastating hole within the community, with lost jobs, abandoned megastructures, and polluted sites. As the United States shifts to a service based economy, smaller southern towns like Georgetown that were favored by industries will have to fight for their survival. Situations such as the GSC's offer a tremendous amount of despair, but at the same time, an incredible opportunity. As the mills are closing, large numbers of people are relocating to the southeast from the northeast and Midwest. Many locations in the southeast are exploiting their natural resources and are becoming either a destination spot for the wealthy (both in tourism and the second home market)...
In Chapter 1, we estimate equilibrium dollar wages for 15 transition economies of Central and Eastern Europe (CEE) and the former Soviet Union. Equilibrium dollar wages are interpreted as full employment wages consistent with a country's physical and human capital endowment, and estimated by regressing actual dollar wages on productivity and human capital proxies in a short (1990-95) panel of 85 countries. The main results are: (1) equilibrium dollar wages have appreciated steadily in the Baltic countries and fast-reforming CEE transition economies, but have been flat in most CIS countries; and (2) 1996 actual dollar wages remained below estimated equilibrium dollar wages for most but not all transition countries covered. Chapter 2 investigates the effects on firms' budget constraints and on bank loan allocation of introducing a strict bankruptcy law in a transition economy. A stylized model of soft budget constraints suggests that bank loans tend to remain available for financially weaker firms due to the bank's financial commitment problem. The introduction of a strict bankruptcy law helps counter soft budget constraints for firms. As a result, the allocation of financial resources becomes more efficient in the sense of better firms receiving larger loans. Using data for a panel of Hungarian firms in 1989-92...
The first chapter studies Entrepreneurship and the Stigma of Failure. Entrepreneurial activity varies substantially across countries and sectors and appears to be related to the stigma of failure. To understand this phenomenon, I present a multiple-equilibrium model based on endogenous stigma of failure. Using private information, entrepreneurs choose whether to continue a project or to abandon it and raise funds to undertake a new project. Project outcomes depend on luck and ability, and the cost of capital for failed entrepreneurs is determined by the market's expectations about their ability. In the conservative equilibrium failed entrepreneurs face a high cost of capital and thus good entrepreneurs are reluctant to terminate a project. The resulting low quality of the pool of failed entrepreneurs justifies in turn the high cost of capital. The reverse is true in the experimental equilibrium where good entrepreneurs are more willing to start again and the cost of capital for failed entrepreneurs is low. The equilibria differ in the level and nature of entrepreneurial activity, with riskier projects undertaken in the experimental equilibrium. I discuss the relative efficiency of the two equilibria and study from this perspective the role of financial structure and legal environment such as bankruptcy rules and fresh start policy. The second Chapter examines institutions and contracts for start-up finance. I develop a model in which entrepreneurs and investors can hold-up each other once the venture is under way: investors can deny further funding...
This thesis looks at two back-to-back disruptive supply chain events, one due to a sole-supplier's bankruptcy and the other caused by Hurricane Rita, that occurred at a specialty chemical company, and uses these examples to demonstrate how managing crises is more costly than managing risks. In examining the events surrounding the sole-supplier bankruptcy, managing a crisis cost this specialty chemical company 45% more money than managing a risk. Through the findings of these two disruptive events, a framework, the Eye of Providence, is created to manage supply chain risks. First, an organization must determine how developed its risk-management protocol is. Next, by studying past disruptive events and determining the key impact factors, an organization could calculate and learn about the opportunity cost of managing crisis. Then, by continuously evaluating its suppliers and rigorously applying those key impact factors to the analysis of its supply chain practice, an organization could evaluate and identify its current vulnerabilities.; (cont.) Finally, by proactively monitoring event-based warning signals, or disruption indicators, an organization could assess its potential supply chain risks, and plan accordingly. Whether a company is low on the risk-maturity level or has already integrated risk management into its corporate culture...