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This paper aims to analyzes the English-language literature related to Systemically Important Banks (SIBs) by applying the bibliometric methodology to present the current state of SIBs' intellectual structure and emerging trends from a large quantity of data for the period 2002 to first 2 months of 2022 from Scopus, which is which is considered the most widely used database. SIBs are large and powerful, their contribution to economic growth is significant but their failure is usually systematic and contagious. Regulators subsidize them with public money to avoid systematic financial crises. It is striking that smaller banks do not receive the same treatment, which places them under competitive disadvantage. The bibliometric methodology helps in focusing on this issue for being a rigorous way for exploring and evaluating large volumes of data, identifying gaps, deriving unique research ideas, and resulting in a significant research impact. Therefore, we apply the bibliometric analysis to describe the field's evolution and structure, including co-authorship, bibliographical coupling, and co-citation. The findings reveal that, the USA is the most relevant country, the University of Southeast is the most relevant institution, and the Journal of Banking and Finance is the most relevant journal. We contribute to the literature mainly by: (1) identifying the benchmark authors, locations of SIBs, and journals; (2) specifying the research streams and summarizing the most cited papers; and (3) identifying the research gaps and future directions. [ABSTRACT FROM AUTHOR]

There is an increasing interest in machine learning for bankruptcy prediction with more and more researchers contributing to the literature. Although there is a considerable amount of research, the domain does not seem to be aligned and there is still a lot of indecisiveness in terms of what is the best method to be used and on which data. Using Web of Science, Scopus and ScienceDirect databases, a systematic review of 32 texts published between 2016 and 2020 was conducted. This review shows a summary of those papers based on 9 criteria. The criteria identified include source of data, number and type of variables, models used, industry type, and timeline of dataset, sample size, aim and result as well as accuracy of the best performing model used. Overall, it has found that no model performs best on any type of data and that the domain is still away from having a conclusion about what works best and where. This paper contributes towards updating academics and practitioners with the current state of the domain, tools used for bankruptcy prediction lately and their performance. [ABSTRACT FROM AUTHOR]

Taken together the international move from liquidation to reorganization-based bankruptcy regimes and the international move to abolish Crown priority in bankruptcy provide Canada with an opportunity to rethink Crown priority in bankruptcy. This paper makes the case that abolishing Crown priority in bankruptcy in Canada is optimal given a revaluation of traditional normative claims surrounding Crown priority in the context of a bankruptcy system that favours reorganization when possible. While this paper focuses on Canada, it engages in a normative assessment that may be useful for possible reforms to Crown priority in the United States and in other jurisdictions that, like Canada, have been influenced, not only by the English model, but also by the American bankruptcy and reorganization system. Copyright © 2004 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

While there is consensus that some form of avoiding power is required in the context of a bankruptcy or company liquidation, there is little agreement on the means to implement a voidable preference regime. The New Zealand experience of the past eight years illustrates the inherent difficulties in designing a workable voidable preference regime. The New Zealand Companies Act 1993 replaced the debtor's intention with a test premised on the overall effect of the transaction with an exception for transactions in the ordinary course of business. The ordinary course of business exception became the most litigated and controversial aspect of the 1993 reforms and recently the government has announced its intention to abandon the ordinary course safe harbour in the pending round of insolvency reform. The paper examines the origins of the 1993 reforms and offers an explanation for the failure of the effects based regime. The New Zealand regime placed too much power in the hands of the liquidator with the result that creditors bore the cost and burden of justifying why the transaction should be saved. Although Parliament enacted the effects based regime with a view to promoting better equality of treatment amongst creditors the regime failed because it achieved too much equality. Copyright © 2003 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Rural India – following the COVID-induced shrinking of employment opportunities; heavy reliance on adverse coping strategies, including liquidation of productive assets and dispensing with productive investments; and inadequacies in government-support programs – may observe both further deterioration of its existing poor and the emergence of a new poor, with characteristics and implications that are dissimilar to those of the existing poor. The dynamic characteristics of poverty are not adequately captured by the official statistics and issues of flows into and out of poverty continue to remain a puzzle in India. Therefore, this paper underscores the urgent need to undertake evidence-based research to identify and profile the new poor and to customise the welfare schemes addressing their specific needs and priorities. It further argues for a rethinking of the role of local institutions, i.e. Gram Panchayats, in the tracking of poverty and in conceiving the Gram Panchayat Development Plan (GPDP), prioritising resource allocation for the new poor. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Derecho Privado (0123-4366) is the property of Universidad Externado de Colombia, Departmento de Derecho Civil and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Universum is the property of Instituto de Estudios Humanisticos Juan Ignacio Molina, Universidad de Talca and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The paper examines the possible existence of systematic performance differences between Broad based Black Economic Empowerment (B-BBEE) affiliated and non-B-BBEE affiliated mutual fund firms in South Africa and see whether the indigenisation laws affect firm performance directly through their effects on firm behaviour. Design/methodology/approach: The authors' baseline regression is a model features that varies between the observed groups in Fama-MacBeth regressions. To address the issue of how B-BBEE laws affect mutual funds' performance, the study follows Golec (1988, p. 77) in calculating mutual fund returns and follows Carhart's (1997) four-factor regression model. Findings: The paper's results also cannot confirm with statistical significance the expectation motivated by theory that B-BBEE laws influence firm performance negatively, thus, predicting a block for foreign investment. The authors' much longer sample period (from 2004 to 2016) does not lead to significant other results than a prior study published only shortly after the B-BBEE laws coming into force. However, this study's results could not confirm that these laws have effects on firm performance. Research limitations/implications: The authors chose all the 3,320 B-BBEE-affiliated mutual fund firms and 3,329 non-B-BBEE-affiliated ones in the Morningstar database that had complete data for the period 2004– 2016. Practical implications: The study's results cannot confirm with statistical significance the expectation motivated by theory that B-BBEE laws influence firm performance negatively, thus, predicting a block for foreign investment. Originality/value: B-BBEE laws have been topical in the South African mutual fund industry. The unit trust industry in South Africa started with the establishment of the Sage Fund in 1965 in order to cater for the normal investors' needs for an easy product that starts with low investment amounts, but offers professional assets management and wide risk diversification across an extensive shares portfolio, that can be liquidated at short notice. [ABSTRACT FROM AUTHOR]

In this paper we explore optimal liquidation in a market populated by a number of heterogeneous market makers that have limited inventory-carrying and risk-bearing capacity. We derive a reduced form model for the dynamics of their aggregated inventory considering a proper scaling limit. The resulting price impact profile is shown to depend on the characteristics and relative importance of their inventories. The model is flexible enough to reproduce the empirically documented power law behavior of the price impact function. For any choice of the market makers characteristics, optimal execution within this modeling approach can be recast as a linear-quadratic stochastic control problem. The value function and the associated optimal trading rate can be obtained semi-explicitly subject to solving a differential matrix Riccati equation. Numerical simulations are conducted to illustrate the performance of the resulting optimal liquidation strategy in relation to standard benchmarks. Remarkably, they show that the increase in performance is determined by a substantial reduction of higher order moment risk. [ABSTRACT FROM AUTHOR]

The object of research is the process of functioning of organizations at different stages of the life cycle (LC). Papers addressing the management of organizations ignore the need for them to acquire competence to successfully solve the tasks of each stage. This directed the research to the definition of priority management tasks, determined by the nature of activity at different stages of LC, and the competencies necessary for their solution. The directions of the transformation of the structure of organizational competence due to the change in the frequency of reference by heads of organizations to its members in the process of solving tasks have been determined. The importance of functional and basic component competencies at the birth stage was noted (36.7 and 38.7 % of reference in the total number). The increase in the frequency of reference to the competencies of synergistic, key, and strategic components (3.4; 2.2; 1.66 times) at the stage of intensive growth is explained by the organization gaining authority in business circles, the possibility of its use for lobbying organizational interests. Among the competences at the stage of maturity, representatives of the synergistic and functional components prevail – the increase in the frequency of reference by 1.44 and 1.1 times, respectively. The share of reference to the competences of the basic component is also high (40 %). At the stage of decline, functional and basic competencies remained important (36.9 and 39.5 %), in particular, the competencies of managers in ensuring the most painless liquidation of the organization. A distinctive feature of the study is the addition of the procedure for determining the stage of LC with a list of priority tasks and the competencies necessary for their solution. This made it possible to understand the directions of the transformation of competence, to identify the need for the development of competences due to the organization’s position on the life cycle curve or its change. [ABSTRACT FROM AUTHOR]

Copyright of Ius et Praxis (07172877) is the property of Universidad de Talca and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The extended trading close (ETC) provides institutional investors an opportunity to trade at the closing price after the regular trading session (RTS) and disclosing the order imbalances to other market participants. ETCs exist in the Nasdaq, the SSE STAR, the SZSE ChiNext and the TWSE. To help a risk-averse institutional investor take advantage of the RTS and the ETC for liquidation, we develop a multistage dynamic programming model including the ETC, and derive recursive solutions for the multiple trading days scenario with closed-form solutions for the scenario with only two trading days. We also verify that the ETC is able to mitigate extreme price movements caused by fast liquidation, which is also a goal of the ETC set out by the SSE STAR and the SZSE ChiNext. Finally, we derive three results. First, an institutional investor can reduce execution costs after the introduction of the ETC. Second, a critical trading day exists, and to avoid prematurely revealing trading intentions, the investor should not trade in the ETC until such day. Third, even though the ETC orders submitted by the investor are unfilled, implementation of the ETC encourages the investor to change the liquidation strategy in the RTS, which reduces extreme price movements. In summary, the practical implications of this paper are that the investor should not trade during the ETC on the front few days to avoid prematurely revealing the investor's trading intention by unfilled orders in the ETC and that introducing the ETC can reduce liquidation costs and extreme price movements. [ABSTRACT FROM AUTHOR]

We analyze how individuals reinvest realized capital gains and losses exploiting plausibly exogenous sales due to mutual fund liquidations. Individuals reinvest 83% if a forced sale results in a gain relative to the initial investment; but reinvest only 40% in the event of a loss. This difference is statistically significant for more than six months and arises because many individuals forced to realize a loss choose not to reinvest anything and some even exit the stock market altogether. Individuals treat realized losses differently from paper losses and are discouraged from investing more and participating in the stock market. [ABSTRACT FROM AUTHOR]

This paper presents a three-dimensional (3D) digitization methodology for documenting the appearance and geometry of cultural heritage buildings using modern tools for data acquisition and processing. This work presents a method combining laser scanning of building dimensions with photographic texture acquisition techniques in order to develop accurate, photo-realistic 3D models. This work also presents a method for digital reconstruction of the elements of interiors. This case study presents the process and result of scanning the church of St Adalbert in Chicago along with its inner finishing elements, achieved during the interventional 3D scanning of a historical building interior. The obtained colorized point cloud has 3.5 billion points and a volume of 65 GB. Its creation took nearly 3.5 h on a high-end computer. The generated textured mesh model has 1.6 billion triangles and a volume of 60 GB. The analysis of the results showed that the elements of the church furnishings were reproduced with very high accuracy. The developed 3D model of the interior, appearance and dimensions of the church is its perpetual documentation. It can be used for various purposes, such as popularizing the appearance on the Internet, scientific research on interior artefacts, creating files for VR and shooting high-resolution films. [ABSTRACT FROM AUTHOR]

This paper shows that the liquidation value of collateral depends on the interdependency between borrower and collateral risk. Using transaction‐level data on short‐term repurchase agreements (repo), we show that borrowers pay a premium of 1.1 to 2.6 basis points when their default risk is positively correlated with the risk of the collateral that they pledge. Moreover, we show that borrowers internalize this premium when making their collateral choices. Loan‐level credit registry data suggest that the results extend to the corporate loan market as well. [ABSTRACT FROM AUTHOR]

The article focuses on the main problems and socio-cultural and political challenges related to the attitude of the professional community, state bodies and society as a whole to cultural and artistic monuments. The issues of restoration/revitalization/reconstruction or elimination of cultural heritage were largely actualized as a result of the direct military invasion of the Russian invaders on the territory of Ukraine in order to destroy the country, Ukrainian selfidentification and us as a separate, independent nation. The paper provides examples of complex discussion aspects in relation to artefacts of architecture and art of different political eras, different ideological orientation, practical significance, material value and the degree of destruction / preservation in the context of the transformation of society's attitude to them and the prospects for future post-war reconstruction. [ABSTRACT FROM AUTHOR]

The aim of our paper is to focus on the electronicisation of insolvency proceedings through the newly introduced insolvency register, which is supposed to represent a single centralised system for insolvency and liquidation proceedings with an emphasis on the protection of creditors' personal data. The European Union is also currently commenting on several issues in the area of business entities and the transparency of business activities. In the individual sections, we have focused on the approach to the computerisation of insolvency proceedings, the definition of personal data provided in insolvency proceedings by the creditors themselves, the principles of personal data protection, also outlining the case law of the Court of Justice of the European Union dealing with this area. We have also focused on the problems that have arisen in application practice in relation to the disclosure of personal data of individuals. We conclude that the legislator should focus more specifically on the protection of creditors' personal data and tighten up the possibilities of accessing it, but also consider whether its public availability is necessary. [ABSTRACT FROM AUTHOR]

Purpose: This paper proposes a new method for the initial estimation of expenditures necessary to carry out mine decommissioning processes. Design/methodology/approach: A tool for preliminary estimation of the expenditures necessary to carry out the designed liquidation process was used, based on selected estimated component costs of coal mine liquidation. In designing the method, a certain functional similarity of the analyzed mining plants was assumed. Findings: Estimation of liquidation costs at the preliminary stage of design work is important support for the company designing the mine liquidation process. The method described is based on a statistical evaluation of costs and allows an analysis independent of the scale of the liquidation task. A forecast can be obtained once the costs of at least one of the liquidation component processes have been correctly determined. Adding each additional cost improves the accuracy of the estimation. Practical implications: A key issue for the Polish energy sector is to meet the requirements of the European Green Deal to achieve climate neutrality by 2050. A Just Transition is a process of moving away from coal mining and consumption, considering the needs and concerns of communities living in coal regions. It involves the liquidation of the coal sector in the Polish economy, which, in accordance with the adopted Sectoral Agreement, assumes that the last mine will be closed by 2049. The decommissioning of hard coal mines is a complex and lengthy process, but above all one that requires large economic outlays. Originality/value: A new method of preliminary estimation of mine liquidation costs has been proposed. The proposed method can be used as a tool in the possible processes of designing the liquidation of other mines or parts of mines. The proposed method is a useful auxiliary tool in engineering work and preliminary design work for the restructuring of post-mining assets. [ABSTRACT FROM AUTHOR]

The widespread application of algorithmic trading (AT) will have a lasting and profound effect on the financial market. This paper uses the multi-agent model to construct a multi-asset artificial stock market that can trade multiple assets simultaneously. The simulation results show that the multi-asset market can reproduce the stylized facts of the actual stock market. Then, the effects of an institutional trader using the four different AT strategies on the market containing the three risky assets are studied. The results are as follows: (1) The two types of implementation shortfall (IS) strategies can help the institutional trader achieve the smaller total liquidation costs; (2) the liquidation behavior of the institutional trader using the different strategies has significant negative impacts on the most market indicators of the liquidity, the volatility, the price discovery efficiency and the long memory of absolute returns on the whole, while the individual market indicators are improved in a few cases; (3) compared with the other three strategies, the portfolio IS strategy considering both the optimal liquidation time and the correlation of the stocks is better in terms of the execution effects and the impacts on the market. [ABSTRACT FROM AUTHOR]

There is significant scope for empirical research in the field of corporate insolvency law. This paper seeks to make a valuable contribution to this field of research. It features analysis of data regarding all insolvent liquidations in Scotland that had their end point within a period of a year, specifically 1 October 2019‐30 September 2020 (even if the liquidations commenced prior to that period). A dataset was compiled using information from final accounts documentation for liquidations available from the UK's companies register. Following the introduction, the paper provides background and context for corporate insolvency in Scotland, with particular reference to liquidation and the rules relating to creditors. The section also includes comparisons with the law of England and Wales. The paper then moves on to discuss the empirical methodology adopted and how the relevant data was obtained. This is followed by results and analysis focused on: the asset values of companies in the study, the lifespan of those companies, the timespan of their liquidations, the levels of liquidation expenses, the recoveries of creditors (including secured, preferential and ordinary unsecured creditors), and the role of HMRC in liquidations, as a petitioner and in terms of paying liquidation expenses. The paper contains a number of significant findings regarding each of these matters. It supports the case for a streamlined liquidation procedure for smaller companies and for the introduction of an official receiver in Scotland (while also justifying the existence of the official receiver in England and Wales). Lastly, after the identification of some limitations regarding the analysed data, the paper highlights potential lines of further research building upon this study, including expanding the time periods examined, comparing the data for Scotland with data for other jurisdictions, most obviously England and Wales, and the consideration of corresponding data for other insolvency procedures. [ABSTRACT FROM AUTHOR]

What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers' margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four‐fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid‐ask spreads suggest that liquidity explains one‐fifth of the variance in daily stock returns during the crash. [ABSTRACT FROM AUTHOR]

We study optimal accounting rules that alleviate inefficiencies caused by managerial private benefits. Accounting signals generated by the accounting rules guide the continuation decision at an interim project stage. The entrepreneur enjoys private benefits from continuation, which may induce inefficient decisions. The optimal accounting rule is characterized by a threshold, with a higher threshold representing more conservative accounting. The first-best is achieved under small private benefits. As private benefits increase, the first-best eventually is not achievable and more informative bad news is required for the manager to terminate, resulting in less conservative accounting rules. Therefore, more conservative accounting rules are associated with more efficient investment decisions. This paper was accepted by Suraj Srinivasan, accounting. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2019.03087. [ABSTRACT FROM AUTHOR]

This paper surveys capital structure theories based on agency costs, asymmetric information, product/input market interactions, and corporate control considerations (but excluding tax-based theories). For each type of model, a brief overview of the papers surveyed and their relation to each other is provided. The central papers are described in some detail, and their results are summarized and followed by a discussion of related extensions. Each section concludes with a summary of the main implications of the models surveyed in the section. Finally, these results are collected and compared to the available evidence. Suggestions for future research are provided. [ABSTRACT FROM AUTHOR]

This article presents the author's comments on a research paper that examined banking panics. The author discusses the position set forth in the paper and notes that bank runs can be initiated for a variety of reasons such as a large number of seemingly random withdrawals. When these withdrawals exceed a critical level the bank is forced to liquidate loans and incur a transaction cost. The author notes that their model differs from panic induced models of bank runs and briefly discusses the differences in these various research papers.

This paper attempts to initiate a dialogue between Bernard Stiegler's theories and Chinese Chan philosophy for a new vision of critical thinking. Specifically, I argue that Chan way of teaching can be aligned with Stiegler's emphasis on recovering negentropic potentials and maintaining a noetic awareness within the context of algorithmic life. First, I present Stiegler's discussion of intergenerational relations in transmitting true knowledge and his concerns about the liquidation of cognitive capabilities among younger generations. Second, I show how Chan teaching via the koan system may open up a perspective for transmitting "noetic experiences" and accentuating young people's critical faculties. Then, I examine "the ordinary mind" of Chan teaching and consider how it corresponds to Stiegler's negentropic form of knowledge. Finally, I contend that fostering critical thinking is to encourage young people to engage in lived activities and liberate them from the entropic non-becoming of digitalized grammatization. [ABSTRACT FROM AUTHOR]

This paper examines optimization models that use liquidity constraints to track an index. Liquidity is relevant from a risk management perspective but has hardly been explored in the portfolio optimization literature. The liquidity aspect is especially critical in emerging markets. We present two modeling approaches to instill liquidity in index tracking portfolio optimization. The first one defines the portfolio liquidity as the weighted average of assets' liquidities and accounts for financial volume, turnover, and Amihud's metric. The second one models liquidity with the introduction of financial practice parameters related to the liquidation level and the monetary value of the constructed portfolio. An extensive empirical analysis is conducted to replicate two Brazilian stock market indices: Ibovespa and SMLL. As expected, liquidity-constrained portfolios show higher liquidity and higher tracking errors. A counter-intuitive result is observed for the first liquidity-constrained approach in which the number of assets included in the portfolio decreases as the liquidity requirement gets tighter. In the second approach, as liquidity becomes tighter, the number of assets in the portfolio increases. This observation is confirmed by investigating the diversification of the constructed portfolios using the Gini index. [ABSTRACT FROM AUTHOR]

In financial markets, investors may be forced to unwind their portfolios to meet a determined leverage ratio within regulatory policy or risk management requirements. This paper studies the optimal portfolio liquidation problem with market impact. Some new insights are given into this problem, and trading orders are discussed for various financial parameters. Specifically, we establish the equivalence between equity and liability maximization. This means if one wants to maximize the equity, it is to maximize the liability and vice versa. The computational complexity of the problem is examined to be NP‐hard. We expose the hidden convexity through monotonicity analysis and linearization techniques. Although good properties are established for the Lagrangian algorithm, a counter‐example is constructed to show one deficiency of this algorithm. Therefore, we propose an augmented Lagrangian algorithm for solving the problem. The inverse Hessian of the augmented Lagrangian function is explicitly calculated for the subproblem solved by the projected Newton method. Meanwhile, we consider how to choose a good initial point, which is essential for seeking a high‐quality solution. Some numerical results are presented, which validate the usefulness of the augmented Lagrangian algorithm. [ABSTRACT FROM AUTHOR]

This paper studies the macroeconomic effects of capital reallocation with financial shocks. I develop a model in which firms face borrowing constraints, idiosyncratic productivity shocks, and idiosyncratic liquidation costs. The idiosyncratic risks of productivity and liquidation costs generate an option value of staying in business and a liquidation delay for unproductive firms. A new feature arises from the delay. Unproductive firms that are not liquidated increase their leverage over time, pushing them to hit the borrowing limit. I show that adverse financial shocks that tighten borrowing constraints can raise the option value, and equilibrium effects can further delay capital liquidation and reallocation. Capital is thus persistently misallocated, leading to long-lasting economic contractions. [ABSTRACT FROM AUTHOR]

In this paper we present empirical tests of an extended version of the capital asset pricing model (CAPM) that replaces the single-period horizon with a probability distribution over different horizons. Adopting a simple parameterization of the probability distribution of the length of the horizon, we estimate the parameters of the distribution as well as the parameters of the CAPM. We find that the extended model is not rejected for several different samples of common stocks, and for these samples it outperforms not only the standard CAPM but also the Fama–French (1993) 3-factor model. The probability distribution over horizon dates varies over time with the New York Stock Exchange (NYSE) turnover rate. We also find that returns satisfy the Euler equation of a representative financial institution that holds the market portfolio and has horizon probabilities estimated from 13F filings. [ABSTRACT FROM AUTHOR]

We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently poor relative performance suffer demotion coupled with a significant loss in imputed compensation. Scarring effects are absent when liquidations are preceded by normal relative performance or involve mid-level employees. Seen through the lens of a model with moral hazard and adverse selection, these scarring effects can be ascribed to a drop in asset managers' reputation. The findings suggest that performance-induced liquidations supplement compensation-based incentives. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

The purpose of the paper is to analyze the main aspects regarding the insolvency of companies in Romania. The main objectives considered were the theoretical presentation of the concept of insolvency, the principles of insolvency, legislative regulations, the report of the judicial liquidator. In the case study presented for the company X SRL, we presented some accounting records, the statement of payments and receipts, as well as information related to the liquidation balance sheet. [ABSTRACT FROM AUTHOR]

Introduction to The Problem: MSMEs have proven resilient to various crises and significantly contribute to the national economy. The primary support is financing for both investment and working capital. However, MSME financing is seen as having a high risk by banks, which is feared will result in losses. Islamic banks must have an exit strategy in dealing with NPF so that the distribution of MSME financing can grow healthily and sustainably. Purpose/Objective Study: The paper aims to analyze how Islamic banks resolve non-performing financing disbursed to MSMEs. Design/Methodology/Approach: We used a qualitative method with a field research approach. The research was a case study examining primary data collected through observation, interviews, and documentation. The validation test used a triangulation method by comparing the interview results and the research subjects. Findings: Islamic banks resolved non-performing financing in MSMEs through nonperforming financing warning, rescuing, and resolving. They conferred warnings by billing to collect customers" funds serving as payment for overdue liabilities. As regards rescuing non-performing financing, rescheduling, reconditioning, and restructuring were conducted. Finally, they resolved non-performing financing through novation, compensation, collateral liquidation, and court settlement. [ABSTRACT FROM AUTHOR]

Copyright of Revista Chilena de Derecho Privado is the property of Fundacion Fernando Fueyo Laneri and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this paper is to evaluate the impact of the 2010 French judicial reform of commercial courts on firms' financial bankruptcy rate at the municipality level. The research is based on a panel dataset containing microdata between 2004 and 2015, taken from Banque de France and the French National Institute of Statistics. We use a difference-in-differences analysis comparing the economic behaviour of firms in municipalities where the reform was implemented with those where it was not before and after the reform. The econometric findings indicate that municipalities that changed commercial courts because of the reform experienced a decrease in firms' bankruptcy rate but that changing the judicial map did not impact the arbitrage between liquidation and reorganisation of the insolvent companies. Some policy implications conclude the work. [ABSTRACT FROM AUTHOR]

The focus of the paper is on the income orientation (versus capital orientation) that proved to be particularly relevant in Italy during the last one hundred years in conjunction with the monetary equilibrium, an axiom of economia aziendale which helps, still nowadays in times of transmodating dynamics, to face and solve many problems, included 'on going' and 'abandon' decisions. Furthermore, the aim of research is to draw attention to the large Italian literature, often internationally unknown, hoping it can contribute to the knowledge of accounting history in different Countries and cultures. Throughout one hundred years of economia aziendale it has not been possible to split various periods in which more emphasis is on the assumption of 'going concern' or on the assumption of 'liquidation', because the different Authors refer systematically and continuously to both hypotheses in a joint economic connection. The 'going concern' hypothesis is referred to every 'economic unit', azienda in Italian literature. The contemporary overall crisis involves accounting statutory regulations and standard setters, debating prospective conditions of concern continuity, which is the economic, financial, monetary, patrimonial and general synergic equilibrium, as well as the connected social, political, anthropological, environmental, sustainability aspects. The accent is on income flows magnitudes in order to 'on going' or 'wave' decision. In this way, also 'money and credit' dynamics is interpreted in the aspects of income production, the maintaining of 'monetary equilibrium', and the control of capital structure. In this regard the income concept, in different configurations, is a fundamental unavoidable construction, especially economic income, which tends to move the determination to decisions and implementing actions, also in most adverse situations, considering in the decision process all the variables which explicitly reflect the azienda, concern, in its unitary, dynamic, continuum system. Hence, the constant control over 'production conditions' and also 'monetary equilibrium', whose maintenance is through both suitable characteristic production operations and by appropriate financial-monetary operations as well. [ABSTRACT FROM AUTHOR]