Download or read book Do Reorganization Costs Matter for Efficiency written by Xavier Gine and published by World Bank Publications. This book was released on 2006 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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."--World Bank web site.
Download or read book Do Reorganization Costs Matter for Efficiency Evidence from a Bankruptcy Reform in Colombia written by Xavier Gin?? and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Do Reorganization Costs Matter for Efficiency Evidence from a Bankruptcy Reform in Colombia written by Xavier Giné and published by . This book was released on 2016 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Do Reorganization Costs Matter for Efficiency Evidence from a Bankruptcy Reform in Colombia written by Xavier Giné and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Bankruptcy Law in China written by Natalie Mrockova and published by Bloomsbury Publishing. This book was released on 2021-01-28 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating study uses qualitative and quantitative data and insights from interviews with judges, lawyers, government officials, entrepreneurs, bankers, consultants, and academics in China and abroad, to provide a new perspective on the problems that have hindered the implementation of the Enterprise Bankruptcy Law in China, and recent attempts at reform. The analysis provides unique insights into China's business world and its interaction with the judicial and political system in China. In addition, the book also provides important information about how the Enterprise Bankruptcy Law affects foreign companies, agencies and governments that are active in China. The author draws on empirical data, decided cases and her experience of how the law and surrounding practices deal with foreign stakeholders whose interests are affected by corporate bankruptcy in China. The book will improve understanding of how China's corporate bankruptcy law has been used in practice, what has limited its practical effectiveness, whether it is desirable for the law to be used more readily in China, and the possible options for its reform.
Download or read book The World Bank Research Program 2005 2007 written by and published by World Bank Publications. This book was released on 2008 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pocket-sized reference on key environmental data for over 200 countries includes key indicators on agriculture, forestry, biodiversity, energy, emission and pollution, and water and sanitation. The volume helps establish a sound base of information to help set priorities and measure progress toward environmental sustainability goals.
Download or read book Doing Business 2019 written by World Bank and published by World Bank Publications. This book was released on 2018-11-30 with total page 1734 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sixteenth in a series of annual reports comparing business regulation in 190 economies, Doing Business 2019 measures aspects of regulation affecting 10 areas of everyday business activity: • Starting a business • Dealing with construction permits • Getting electricity • Registering property • Getting credit • Protecting minority investors • Paying taxes • Trading across borders • Enforcing contracts • Resolving insolvency These areas are included in the distance to frontier score and ease of doing business ranking. Doing Business also measures features of labor market regulation, which is not included in these two measures. This edition also presents the findings of the pilot indicator entitled 'Contracting with the Government,' which aims at benchmarking the efficiency, quality and transparency of public procurement systems worldwide. The report updates all indicators as of May 1, 2018, ranks economies on their overall 'ease of doing business', and analyzes reforms to business regulation -- identifying which economies are strengthening their business environment the most. Doing Business illustrates how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. It is a flagship product produced in partnership by the World Bank Group that garners worldwide attention on regulatory barriers to entrepreneurship. Almost 140 economies have used the Doing Business indicators to shape reform agendas and monitor improvements on the ground.
Download or read book Routledge Handbook of Comparative Political Institutions written by Jennifer Gandhi and published by Routledge. This book was released on 2015-04-10 with total page 602 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Handbook of Comparative Political Institutions (HCPI) is designed to serve as a comprehensive reference guide to our accumulated knowledge and the cutting edge of scholarship about political institutions in the comparative context. It differs from existing handbooks in that it focuses squarely on institutions but also discusses how they intersect with the study of mass behaviour and explain important outcomes, drawing on the perspective of comparative politics. The Handbook is organized into three sections: The first section, consisting of six chapters, is organized around broad theoretical and empirical challenges affecting the study of institutions. It highlights the major issues that emerge among scholars defining, measuring, and analyzing institutions. The second section includes fifteen chapters, each of which handles a different substantive institution of importance in comparative politics. This section covers traditional topics, such as electoral rules and federalism, as well as less conventional but equally important areas, including authoritarian institutions, labor market institutions, and the military. Each chapter not only provides a summary of our current state of knowledge on the topic, but also advances claims that emphasise the research frontier on the topic and that should encourage greater investigation. The final section, encompassing seven chapters, examines the relationship between institutions and a variety of important outcomes, such as political violence, economic performance, and voting behavior. The idea is to consider what features of the political, sociological, and economic world we understand better because of the scholarly attention to institutions. Featuring contributions from leading researchers in the field from the US, UK, Europe and elsewhere, this Handbook will be of great interest to all students and scholars of political institutions, political behaviour and comparative politics. Jennifer Gandhi is Associate Professor, Department of Political Science, Emory University. Rubén Ruiz-Rufino is Lecturer in International Politics, Department of Political Economy, King’s College London.
Download or read book Finance for All written by World Bank and published by World Bank Publications. This book was released on 2007-11-09 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Access to financial services varies sharply around the world. In many developing countries less than half the population has an account with a financial institution, and in most of Africa less than one in five households do. Lack of access to finance is often the critical mechanism for generating persistent income inequality, as well as slower growth. 'Finance for All?: Policies and Pitfalls in Expanding Access' documents the extent of financial exclusion around the world; addresses the importance of access to financial services for growth, equity and poverty reduction; and discusses policy interventions and institutional reforms that can improve access for underserved groups. The report is a broad ranging review of the work already completed or in progress, drawing on research utilizing data at the country, firm and household level. Given that financial systems in many developing countries serve only a small part of the population, expanding access remains an important challenge across the world, leaving much for governments to do. However, not all government actions are equally effective and some policies can be counterproductive. The report sets out principles for effective government policy on broadening access, drawing on the available evidence and illustrating with examples.
Download or read book The World Bank Research Observer written by and published by . This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Research Handbook on Secured Financing in Commercial Transactions written by Frederique Dahan and published by Edward Elgar Publishing. This book was released on 2015-06-29 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: This cutting-edge Handbook presents an overview of research and thinking in the field of secured financing, examining international standards and best practices of secured transactions law reform and its economic impact. Expert contributors explore the
Download or read book The World Bank Research Program 2008 2009 written by World Bank and published by World Bank Publications. This book was released on 2009 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The World Bank Research Program 2008-2009: Abstracts of Current Studies' is a compendium of research projects initiated, ongoing, or completed in fiscal years 2008 to 2009 by World Bank staff and consultants.
Download or read book Innovation and Export Portfolios written by Bailey Klinger and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper examines the link between sectoral concentration and overall performance in the search for on-the-frontier innovations, inside-the-frontier innovations, and export booms. It extends the literature by increasing country coverage and the types of search processes considered, and by focusing on the links with overall performance in these search processes. After controlling for the necessary relationships as well as fixed effects at the country/commodity group level, the paper finds a clear negative relationship between the concentration of innovation portfolios and performance: countries that are the most successful in these search processes have their successes spread across a broader range of industries than those with poorer performance. Furthermore, the search for export booms exhibits the least amount of sectoral concentration and path-dependence. These findings suggest that public support for these processes need not be focused in a narrow range of sectors, and modeling of these processes in theoretical work, particularly in the search for export booms, should be of a stochastic flavor.."--World Bank web site.
Download or read book A Firm level Analysis of Small and Medium Size Enterprise Financing in Poland written by Leora Klapper and published by . This book was released on 2006 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors test competing theories of capital structure choices using firm-level data on firm borrowings. The majority of firms in the dataset are privately owned, young, micro or small and medium enterprise (SME) firms concentrated in the service sector. In general, the financing pattern of firms is low leverage ratios and, in particular, low levels of intermediated financing and long-term financing. Average firm growth rates decreased during the five years of the sample period. Average profitability growth ratios are also negative across age and sectors and large firms have the highest negative profit growth rates. Statistical tests find a positive firm size effect on financial intermediation. Larger firms have higher leverage ratios (both short term and long term), including higher use of trade credit. There is also a negative influence of profitability on leverage ratios (more profitable firms use less external financing), which supports the "pecking order" theory that in environments with greater asymmetric information (such as weaker credit information) firms prefer to use internal or inter-firm financing. Finally, firms operating in a competitive environment have higher leverage ratios. For instance, young, small firms are the most active employment generators in the Polish economy. In particular, the authors find that although SMEs seem to be very active in creating jobs in recent years. This suggests that a new type of firm is emerging that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their growth. Improvements in the business environment, such as better credit and registry information, could help promote growth in this sector. "--World Bank web site.
Download or read book Substitution in Markusen s Classic Trade and Factor Movement Complementarity Models written by Maurice Schiff and published by . This book was released on 2006 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Mundell and Markusen each wrote classic papers on the relationship between trade and factor movement. Mundell showed that substitution holds in the Heckscher-Ohlin model. Markusen challenged the substitution result and showed in five different models that removing barriers to factor movement results in complementarity under free trade, identical factor endowments, and a change in any one of the other assumptions underlying the Heckscher-Ohlin model. The author generalizes Markusen's analysis by considering the liberalization of barriers to factor movement under any non-negative level of protection, and liberalizing trade barriers under factor mobility. He shows that (1) substitution holds at high protection levels, (2) complementarity holds at low protection levels, and (3) either substitution or complementarity hold under large tariff changes."--World Bank web site.
Download or read book Financing Firms in India written by Franklin Allen and published by . This book was released on 2006 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The authors examine the legal and business environments, financing channels, and governance mechanisms of various types of firms in India and compare them to those from other countries. Despite its English commonlaw origin, strong legal protection provided by the law, and a democratic government, corruption within India's legal system and government significantly weakens investor protection in practice. External financing of firms has been dominated by nonmarket sources of financing, while the characteristics of listed firms are similar to those from countries with weak investor protection. The evidence, including results based on a survey of small and medium-scale private firms, shows that alternative financing channels provide the most important source of funds. The authors also find that informal governance mechanisms, such as those based on reputation, trust, and relationships are more important than formal mechanisms (such as courts) in resolving disputes, overcoming corruption, and supporting growth. "--World Bank web site.
Download or read book Annuity Markets in Chile written by Eduardo Walker H. and published by . This book was released on 2006 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity insurance companies paying higher broker commissions paid lower annuity rates; and (2) a structural break of the long-run elasticity of annuity rates to the risk-free rate in 2001. Moreover, this structural break coincided with the submission of a new draft pension law proposing greater transparency in annuity markets and a generalized drop in broker commissions. The high commissions charged in the 1990s were partly returned to annuitants as informal (and illegal) cash rebates. Myopic pensioners preferred cash rebates over present values. Thus, the legal threat caused the drop in broker commissions, reduced the illegal practice of cash rebates, increased competition by way of annuity rates, and raised the long-run elasticity to one."--World Bank web site.
