This paper analyzes the case of workers’ buyout, which has emerged with increasing evidence in Italy over the last ten years, in order to reflect on sustainable alternatives to the capitalist mode of production. Worker-recuperated bankrupted companies, generally defined as recovered factories,...

In this paper we assess the effects of bond financing on firms' survival during the 1997-98 Asian crisis. Using a novel database covering the period 1995 to 2007 for five Asian economies most affected by the crisis - Indonesia, Korea, Malaysia, Singapore and Thailand - we find strong evidence...

Following the 2008 financial crisis the federal government made capital investments in more than 650 companies. The government's involvement was not limited to mere financial investment. In many cases, the government became involved with the corporations' board of directors. The Essay examines...

This paper examines the effects of credit availability on small firm survivability over the period 2004 to 2008 for non-publicly traded small enterprises. Using data from the 2003 Survey of Small Business Finances, we develop failure prediction models for a sample of small firms that were...

Much has been written about the current crisis in the global financial system, and many thoughtful analyses have examined the causes and consequences of that crisis. This paper joins those analyses that argue that the crisis reveals flaws in the theoretical underpinnings of capital market...

Enterprise risk management (ERM) targets overall corporate strategy and, when implemented correctly, can manage a corporation's risk appetite and exposure. When ignored or underutilized, it can contribute to a corporation's demise. In fact, many commentators point to ERM failures as contributing...

Using firm-level data for the UK, we investigate the link between firms ́financial health, borrowing ratio and export exit, paying special attention to the recent financial crisis. Our results show that deterioration in the financial position of firms has increased the hazard of export exit...

According to the "cleansing hypothesis", recessions are periods in which productivity-enhancing reallocation intensifies, shifting resources away from less efficient to more efficient firms at a greater pace. Does the Great Recession of 2008-2010 fit this view? We address this question, studying...

Abstract U.S. firms have reduced their investment in scientific research ("R") compared to product development ("D"), raising questions about the returns to each type of investment, and about the reasons for this shift. We use Census data that disaggregates "R" from "D" to study how US firms...

Using an information processing perspective we identify two reasons why boards failed to manage risk well 1) board members did not get relevant information about risks incurred by management because they lacked control over information supply; 2) board members were not able to process such...