Search results for "PTC"
showing 10 items of 122 documents
Assessment of the Insolvency Risk in Companies Listed on the Bucharest Stock Exchange
2019
Abstract The present study presents, from the theoretical and pragmatic point of view, 6 of the established score models regarding the assessment of the insolvency risk, belonging to the Anglo-Saxon, Continental and Romanian schools. The research sample is made up of 26 companies belonging to the hotel industry and restaurants, listed on the Bucharest Stock Exchange. The research was carried out over a period of 11 years (2007-2017). Following the application of the score models, it was found that during the period covered by the research, a number of 14 companies had a relatively high insolvency risk and 12 of them had a relatively low insolvency risk.
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…
The impact of institutional and macroeconomic conditions on aggregate business bankruptcy
2021
Abstract This paper investigates the aggregate business bankruptcy in relation to three macro-level factors: the government effectiveness, entrepreneurship activity and control of corruption for six European countries during the period from 2004 to 2017. We employ fuzzy-set qualitative comparative analysis (fsQCA) and partial least squares regression (PLS). Our findings show that countries with a high level of new firm creation and entrepreneurial activity can lead to a rise in the number of company failures. Furthermore, countries with a low corruption index and high levels of government effectiveness can mitigate insolvency. Our results have several policy implications for the evaluation …
Crisis? consequences on recapitalization and exposure for Cypriot and Greek cooperative banks
2019
The financial crisis of 2008 transformed, in some countries, to economic and social one, created serious problems to the banking system. Capital basis and asset exposures, especially through the non-performing loans, have been the most important. Capital inadequacy caused the failure of banks that didn’t succeed to accomplish the capital requirements set by Basel II obligations. The treatment was not the same for all banks as only those considered as significant banks, for the economy, received capital aid from their state. The paper investigates through capital basis requirements and asset exposures the crisis’ consequences on Cyprus and Greek cooperative banks. The consequences were catac…
Unawareness and bankruptcy: A general equilibrium model
1998
International audience; We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.
Groundwater sustainability: Developing a non-cooperative optimal management scenario in shared groundwater resources under water bankruptcy condition…
2021
Abstract Groundwater level drawdown changes the hydrological cycle and poses challenges such as land subsidence and reduction of the groundwater quality. In this study, a new approach using a simulation-optimization framework was developed for shared groundwater management under water bankruptcy conditions (where water demand is greater than the allowable discharge capacity of water resources). The novelty of this study lies in using bankruptcy rules and a game model to manage a bankrupted shared groundwater resource considering aquifer sustainability. Accordingly, groundwater flow in the aquifer was numerically simulated by a finite-differences model (MODFLOW). Then, the repeated performan…
Influence of insolvency of a football club in Poland on the right to participate in league games
2020
AbstractThe study is devoted to the issue of the impact of sports club insolvency in Poland on the right to participate in league games. In this respect, not only the regulation of insolvency law is of the key importance. There are also crucial organizational rules established by the sports association (the Polish Football Association—Polski Związek Piłki Nożnej) determining admission to league games of only such sports clubs which have adequate financial liquidity. It should be stressed that the Polish Football Association (hereinafter “PZPN”) regulations do not allow to take part in competitions sports club in bankruptcy. This topic has become particularly relevant in 2020 in the context …
Pathogenetic and diagnostic significance of microRNA deregulation in peripheral T-cell lymphoma not otherwise specified
2014
Peripheral T-cell lymphomas not otherwise specified (PTCLs/NOS) are rare and aggressive tumours whose molecular pathogenesis and diagnosis are still challenging. The microRNA (miRNA) profile of 23 PTCLs/NOS was generated and compared with that of normal T-lymphocytes (CD4+, CD8+, naive, activated). The differentially expressed miRNA signature was compared with the gene expression profile (GEP) of the same neoplasms. The obtained gene patterns were tested in an independent cohort of PTCLs/NOS. The miRNA profile of PTCLs/NOS then was compared with that of 10 angioimmunoblastic T-cell lymphomas (AITLs), 6 anaplastic large-cell lymphomas (ALCLs)/ALK+ and 6 ALCLs/ALK - . Differentially expressed…
COMPLEX ANALYSIS OF COMPANY BANKRUPTCY FORECASTING: THEORETICAL INSIGHT
2018
In modern conditions for dynamic and competitive businesses, more and more companies face financial problems and eventually go bankrupt. A noteworthy trend: not only new companies that have not yet managed to establish themselves in the market go bankrupt but also large companies operating for years and maintaining good traditions. Bankruptcies of companies cause many problems not only for the companies themselves but also for the state and many members of society. Thus, it is crucial to evaluate the financial state of a company and its activity results as accurately and early as possible when forecasting the possibility of a bankruptcy. The paper recommends a complex analysis methodology f…