Search results for "restructuring"
showing 10 items of 137 documents
Contingent convertible bonds for sovereign debt risk management
2015
We consider convertible bonds that contractually stipulate payment standstill, contingent on a market indicator of a sovereign's creditworthiness breaching a distress threshold. This financial innovation limits ex-ante the likelihood of debt crises and imposes ex-post risk sharing between creditors and the debtor. Drawing from literature on contingent contracts, neglected risks, and bank CoCo, we extend prevailing arguments in favor of sovereign CoCo (S-CoCo). We discuss issues relating to their design: which market trigger, market discipline and sovereign incentives, and errors of false alarms or missed crises, and provide supporting evidence with eurozone data and a simple simulation on t…
A New Approach To The Identification Of Cognitive Conflicts In The Repertory Grid: An Illustrative Case Study
1992
Abstract The concept of cognitive conflicts and its relation to the success of psychoanalytically oriented psychotherapy are discussed. According to this model of therapy, patients should achieve insight into their conscious as well as unconscious conflicts. Therefore in the present study we assumed that demonstrable cognitive changes would occur over treatment for chronic pain, as measured by Kelly's (1955) Repertory Grid Test. Grids were analyzed with regard to conflicts on the basis of the concept of unbalanced triads. A triad may be described as unbalanced when logical inconsistencies can be demonstrated on the basis of a correlative comparison of three corresponding construct pairs. Co…
Pricing sovereign contingent convertible debt
2018
We develop a pricing model for Sovereign Contingent Convertible bonds (S-CoCo) with payment standstills triggered by a sovereign's Credit Default Swap (CDS) spread. We model CDS spread regime switching, which is prevalent during crises, as a hidden Markov process, coupled with a mean-reverting stochastic process of spread levels under fixed regimes, in order to obtain S-CoCo prices through simulation. The paper uses the pricing model in a Longstaff-Schwartz American option pricing framework to compute future state contingent S-CoCo prices for risk management. Dual trigger pricing is also discussed using the idiosyncratic CDS spread for the sovereign debt together with a broad market index. …
Regional industrial restructuring resulting from individual and system agency
2018
The article discusses mechanisms and policy that stimulate regional economic restructuring. Economic restructuring is conceptualised through the notion of path development. The article distinguishe...
La crisis gremial y los problemas de la sedería valenciana (finales del siglo XVIII y principios del siglo XIX)
1992
La reforma del sistema gremial alcanza una de sus medidas más radicales con la abolición de los gremios de torcedores de seda en 1793. En estas páginas se analiza la medida abolicionista en el marco general de los problemas de la sedería valenciana. En la misma, la hilatura, de la que el torcido es su fase superior y última, había llegado a constituirse en un cuello de botella que comprometía su futuro. En los años aquí contemplados, se proponen y ensayan diversas alternativas que solucionen las disfunciones que generaba la peculiar división del trabajo que obraba en la sedería. La no implicación del capital comercial de la ciudad en la necesaria reconversión de la hilatura será un factor c…
Post‐Soviet Reform in Latvia: Early Progress and Future Prospects
1992
After the rapid and dramatic demise of the Soviet Union in 1991, 15 newly autonomous republics are restructuring their economies after decades of central Communist planning. The three Baltic states of Latvia, Lithuania and Estonia had successful market‐oriented economies during more than two decades of independence between World Wars I and II and were comparatively strong performers within the USSR after being occupied in 1940. A case study of Latvia looks at the historic factors and political issues which are shaping the current reform process. A contrast of state‐run, collective and private enterprises is used to illustrate the rapid changes which now place Latvia at the forefront among p…
Criteria for Selecting Restructuring Strategies for Distressed or Declining Enterprises
2005
This paper seeks to determine the criteria for choosing restructuring strategies for declining or distressed enterprises. First, the paper differentiates between different stages of decline and different levels of distress, of which bankruptcy is an application. Second, it reviews the different forms of restructuring appearing in the academic literature. Third, it formalizes a descriptive model of determining restructuring applicable to distressed and declining enterprises. Specifically, the selection of a restructuring strategy is influenced not only be general restructuring criteria (firm-specific factors, the environment and characteristics of different restructuring) but also by the dec…
The European Round Table of Industrialists and the restructuring of European higher education
2014
The restructuring of European higher education (EHE) since the 1980s is a widely studied subject. However, this paper argues that previous studies have paid insufficient attention to the role of transnational policy-making groups in this complex and multilevel process. This argument is supported by focusing on how the European Round Table of Industrialists (ERT) has participated in this restructuring since the mid-1980s. This paper's focus is especially in two ERT documents that were published in the 1980s. The main finding is that the current restructuring of EHE reflects interests of the ERT that represents the emerging transnational capitalist class (TCC) at European level.
A Shift Towards Academic Capitalism in Finland
2013
Academic capitalism is currently a widely studied topic amongst higher education scholars, especially in the United States. This paper demonstrates that the theory of academic capitalism also provides a fruitful perspective for analysing the restructuring of Finnish higher education since the 1990s, although with reservations. It will be argued that many reforms in Finnish universities since the 1990s, and especially in the early 2000s, have integrated Finnish universities more tightly with the new knowledge-based economy. As some recent empirical studies indicate, activities and practices related to academic capitalism remain, however, unevenly distributed among different disciplines, and …
From political controversy to a technical problem? Fifteen years of opioid substitution treatment in Finland
2013
Abstract Background The aim of the article is to analyze changes in opioid substitution treatments (OST) in Finland. OST spread in Finland in the late 1990s and early 2000s (Phase 1). Since then, OST has become an integrated part of Finnish drug policy and is provided in various substance abuse treatment units as well as in municipal health centers (Phase 2). Methods The paper analyses the policy around the implementation of opioid substitution treatment in Finland, focusing on identifying the key factors and the relations between them that have contributed to the implementation of OST in Finland. Results OST has become accepted in Finland during the past ten years as a crucial element of a…