Search results for "G33"
showing 4 items of 4 documents
Successful turnarounds in bankrupt firms? Assessing retrenchment in the most severe form of crisis
2019
During economic downturns, firms file for bankruptcy in an effort to attempt a “turnaround.” The objective of this study is to assess the effectiveness of retrenchment strategies in the context of bankruptcy, as the most severe form of crisis. We conducted a longitudinal analysis of a sample of 868 bankrupt Spanish firms during the period 2004–2017. The empirical results show that stakeholder support and deep cost retrenchment increase the likelihood of survival and performance recovery, while aggressive layoffs are detrimental for turning bankrupt firms around. Surprisingly, intense asset retrenchment had no significant effects on firm survival and also pushed performance downward. The fi…
How Law Affects Lending
2006
A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance relation by using disaggregate data on banks’ lending patterns in 12 transition countries over a 8 year period. This allows us to control for country level heterogeneity and differentiate between different types of lenders. Employing a differences-in-differences methodology in an exclusive ”laboratory” setting as well as unique hand collected datasets on legal change as well as changes in bank ownersh…
Pecking Order Versus Trade-off: An Empirical Approach to the Small and Medium Enterprise Capital Structure
2003
In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year period 1994?1998. The results suggest that both theoretical approaches contribute to explain capital structure in SMEs. However, while we find evidence that SMEs attempt to achieve a target or optimum leverage (trade-off model), there is less support for the view that SMEs adjust their leverage level to their financing requirements (pecking order model). En este trabajo, exploramos dos de las teorías má…
An X-ray characterization of the central region of the supernova remnant G332.5-5.6
2015
Aims. We present an X-ray analysis of the central region of supernova remnant (SNR) G332.5-5.6 through an exhaustive analysis of XMM-Netwon observations with complementary infrared observations. We characterize and discuss the origin of the observed X-ray morphology, which presents a peculiar plane edge over the west side of the central region. Methods. The morphology and spectral properties of the X-ray SNR were studied using a single full frame XMM-Netwon observation in the 0.3 to 10.0 keV energy band. Archival infrared WISE observations at 8, 12 and 24 μm were also used to investigate the properties of the source and its surroundings at different wavelengths. Results. The results show th…