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International Similarities of Bank Lending Practices and Varieties of Insolvency Laws: a Comparative Analysis of France and Germany
Groessl, Ingrid; Levratto, Nadine - Fachbereich Sozialökonomie, Universität Hamburg - 2012
Economic theory conjectures complementarities between the ranking of creditors in formal insolvency proceedings and the … the insolvency law, like culture and history. …
Persistent link: https://www.econbiz.de/10010554866
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Probleme des Insolvenzplanverfahrens
Henselmann, Klaus; Gutbier, Manuel - Wirtschafts- und Sozialwissenschaftliche Fakultät, … - 2010
The paper analyses options in case of insolvency. Although insolvency plans empirically are very successful, they are …
Persistent link: https://www.econbiz.de/10008479035
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Capital Structure and Managerial Compensation : The Effects of Renumeration Seniority
Renneboog, Luc; Calcagno, R. - Tilburg University, Center for Economic Research - 2004
We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts.Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy...
Persistent link: https://www.econbiz.de/10011092094
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The Modes of Matching of Insolvency Proceedings in International Comparison
Piller, Zsuzsa - In: Public Finance Quarterly 58 (2013) 2, pp. 148-162
National laws—according to the extent of the given crisis—differentiate between restructuring and insolvency … proceedings. The various decisions made by the economic players are influenced not only by specific insolvency laws, but also by … number of insolvency systems within the EU, this paper is intended to prove that certain regularities can be detected among …
Persistent link: https://www.econbiz.de/10010826243
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Priority Contracts and Priority in Bankruptcy
Schwartz, Alan - School of Management, Yale University - 1997
Parties to lending agreements can create priority rankings in two ways: by securing a lender or by protecting the lender's debt with financial covenants. Protected debt turns into high priority debt because the early lender will permit covenant violations only if a later lender agrees to...
Persistent link: https://www.econbiz.de/10005587076
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Where do firms issue debt? An empirical analysis of issuer location and regulatory competition in Europe
Eidenmüller, Horst; Engert, Andreas; Hornuf, Lars - In: International Review of Law and Economics 41 (2015) C, pp. 103-115
In this article, we study the choice of issuer location and regulatory competition in the European corporate debt market. We find that, in absolute terms, Germany has by far the highest outflow of debt issues, while the Netherlands, the UK, Ireland, and Luxembourg see the most inflows (in that...
Persistent link: https://www.econbiz.de/10011189312
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Mexico's retrogression: implications of a bankruptcy reorganization gone wrong
Porzecanski, Arturo C. - Volkswirtschaftliche Fakultät, … - 2011
serious doubts about the capacity of that country’s insolvency regime to deliver an outcome viewed as fair and consistent with …
Persistent link: https://www.econbiz.de/10009372574
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Shareholder Primacy and the Trajectory of UK Corporate Governance
Armour, John; Deakin, Simon; Konzelmann, Suzanne J. - ESRC Centre for Business Research - 2003
insolvency and employment law, stakeholder interests are better represented, thanks to European Community influence. Moreover …
Persistent link: https://www.econbiz.de/10005687992
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The Efficiency of the Bankruptcy Process. An International Comparison
Buttwill, Klas; Wihlborg, Clas - Ratioinstitutet - 2005
important role in restructuring. Insolvency leads to formal bankruptcy when legal procedures are employed to liquidate the … restructuring of an insolvent firm is handled informally through negotiation. The economic roles of insolvency procedures are … discussed (in Section 2) with an emphasis on dynamic aspects. In discussing the efficiency of insolvency procedures (in Section …
Persistent link: https://www.econbiz.de/10005642459
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Corporate financial soundness and its impact on firm performance: Implications for corporate debt restructuring in Slovenia
Damijan, Jože P. - European Bank for Reconstruction and Development (EBRD) - 2014
The paper studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4,...
Persistent link: https://www.econbiz.de/10010797498