Search results for "restructuring"
showing 10 items of 137 documents
Interference or friendly gestures? Soviet cultural diplomacy and Finnish elections, 1945–56
2019
In autumn 1944, the Soviet Union and Finland made peace, beginning a complete restructuring of their relations. As a result, Finland became the most important target country in the capitalist West ...
Skutki tzw. postępowania incydentalnego w słowackim prawie restrukturyzacyjnym
2019
This study is devoted to the analysis of Slovak restructuring law limited to the interpretation of § 124 sec. 6 ZoKR. The provisions of Slovak law in relation to claims reported but not recognized in the restructuring proceedings allow creditors to bring legal action against the debtor, under the so-called incidental action. The effects of the court’s decision issued after conducting such proceedings are set out in § 124 sec. 6 ZoKR. The content of the study presents arguments for the thesis that the term “ne mozno voci dlznikovi vymahat”, as used in § 124 para. 6 ZoKR, carries a substantive effect of the expiry of the claim, but as a result of the court’s recognition of the case in an inci…
Wygaśnięcie roszczenia jako następstwo braku zgłoszenia wierzytelności w słowackim prawie restrukturyzacyjnym
2019
This study is devoted to the analysis of Slovak restructuring law limited to the interpretation of § 120 sec. 1 ZoKR, which introduces a very interesting legal structure. It is not permissible to recover from the debtor – after initiation of Slovak restructuring proceedings –claims arising before the initiation of the proceedings in the other way than in restructuring proceedings. Upon completing the restructuring proceedings and approving the restructuring plan, the regulations preclude the pursuit of claims from the debtor by those creditors who did not submit their claims in the restructuring proceedings, because the debtor’s obligation becomes incomplete. Used in § 120 sec. 1 ZoKR, the …
Pricing and hedging GDP-linked bonds in incomplete markets
2018
Abstract We model the super-replication of payoffs linked to a country’s GDP as a stochastic linear program on a discrete time and state-space scenario tree to price GDP-linked bonds. As a byproduct of the model we obtain a hedging portfolio. Using linear programming duality we compute also the risk premium. The model applies to coupon-indexed and principal-indexed bonds, and allows the analysis of bonds with different design parameters (coupon, target GDP growth rate, and maturity). We calibrate for UK and US instruments, and carry out sensitivity analysis of prices and risk premia to the risk factors and bond design parameters. We also compare coupon-indexed and principal-indexed bonds. F…
Pricing and Hedging GDP-Linked Bonds in Incomplete Markets
2017
We model the super-replication of payoffs linked to a country's GDP as a stochastic linear program on a discrete time and state-space scenario tree to price GDP-linked bonds. As a byproduct of the model, we obtain a hedging portfolio. Using linear programming duality we also compute the risk premium. The model applies to coupon-indexed and principal-indexed bonds, and allows the analysis of bonds with different design parameters (coupon, target GDP growth rate, and maturity). We calibrate for UK and US instruments and carry out a sensitivity analysis of prices and risk premia to the risk factors and bond design parameters. We also compare coupon-indexed and principal-indexed bonds. Results …
Exchange Rate and Interest-Rate Driven Competitive Advantages in the EMU
2002
Real exchange and interest rates may still fluctuate inside the EMU and give rise to changes in competitiveness. We find, in contrast to what is generally expected, no convergence in these variables after the introduction of the euro. On the contrary, a divergence is found that is extraordinary when compared to the preceding 40 years. The magnitude of the divergence should urge on a wave of restructuring in the EMU, conditioned upon adequate policy responses. The worst-case scenario involves a flight to structural support and protectionism, challenging the whole idea of the EMU.
L’actionnariat des salariés influencet-il la rémunération des dirigeants ?
2017
International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…
L’actionnariat des salariés influence-t-il la rémunération des dirigeants ?
2017
International audience; Cet article étudie la relation entre les composantes variables de la rémunération en actions de l’entreprise des dirigeants et des actionnaires salariés. En utilisant un échantillon de données issu du SBF 120 sur la période 2004-2009, nous étudions en particulier : (i) la relation entre le montant des stock-options attribuées aux dirigeants et l’actionnariat salarié ; (ii) la relation entre le rapport du montant des stock-options sur la rémunération totale des dirigeants et l’actionnariat salarié. La relation est significativement négative dans les deux cas montrant que l’actionnariat salarié tend à limiter la composante stok-options de la rémunération des dirigeants…
International competitiveness, job creation and job destruction—An establishment-level study of German job flows
2010
Abstract This study investigates the impact of international competitiveness on net employment, job creation, job destruction, and gross job flows for a representative sample of German establishments from 1993 to 2005. We find a statistically significant but economically small effect of real exchange rate shocks on employment, comparable to the one found in studies for the United States. However, contrary to the United States, the employment adjustment (among surviving firms) operates mainly through the job creation rather than the job destruction rate. Job destruction occurs essentially through discrete events such as restructuring, outsourcing and bankruptcy. We suggest that these finding…
Rural restructuring and local/regional governance in the Baltic States after 1990
2009
The aim of this paper is to discuss the restructuring of primary sector dominant rural areas in the Baltic States with a special focus on local governance and administrative structures. In the theoretical part, we elaborate on a principal transformation model for Baltic rural areas. Despite similar macro-economic processes in all three Baltic States, local and regional governance has developed differently and hypothetically, this has had a different impact on the economic development of regions. We have used statistics, legal documents, small case studies, observations and secondary sources of some more detailed studies for this paper.