[pt] Com dados bancários brasileiros entre 2000 e 2008, o trabalho busca analisar como a presença de bancos privados nas cidades é afetada pela qualidade média de seus tomadores de empréstimos, medida aqui pela razão entre provisão e operação de crédito. É feita uma descrição dos dados bancários em relação a características demográficas dos municípios e, em seguida, estimações de probit ordenado, de acordo com o que é feito em modelos de entrada. Finalizamos abrindo espaço para a endogeneidade nessa relação, usando quantidade de bancos públicos e PIB agropecuário como variáveis instrumentais para razão de provisão por operação de crédito na tentativa de corrigir o problema. / [en] With Brazilian bank data from 2000 to 2008, the paper analyzes how the presence of private banks in the cities is affected by the average quality of its borrowers, measured here by the ratio between supply and credit operation. It made a description of the data bank in relation to demographic characteristics of the municipalities and then ordered probit estimations, according to models of entry. We conclude by considering endogeneity in this relationship, using the amount of public banks and agricultural GDP as instrumental variables for ratio of provision for credit operation in an attempt to correct the problem.

The aim of this thesis is to analyse the directors disqualification provisions (SS.63-67 BCA) and wrongful trading provisions (S.68 BCA) and to provide their comparison in the light of British model regulation. First chapter is introductory and provides a brief introduction into the topic. Second chapter deals with the law & economics aspects of the regulation. More specifically it introduces various stakeholders in company and their interests and incentives. Third chapter focuses on the relationship between the director and the company. Further attention is paid to the managerial contract, the duty to avoid insolvent liquidation, the duty of care and the business judgement rule. Fourth chapter deals with the director's liability towards the company. Fifth chapter relates to the directors disqualification. In this chapter grounds for disqualification are dealt with as well as temporal, personal and territorial reach of the directors disqualification. Further attention is paid to the consequences of disqualification and consequences of a breach of the disqualification order. Sixth chapter looks at Company Directors Disqualification Act and finds similarities and differences in both regulations. Seventh chapter looks at the wrongful trading provisions contained in the BCA. Adequate attention is...

This thesis examines determinants of post-bankruptcy performance by using insolvent firms under the bankruptcy reorganization proceedings of the 1940 Thai Bankruptcy Act. The purpose of the study is to investigate whether the key governance mechanisms within this process are factors which may contribute to successful reorganization and how they affect a firm's post-bankruptcy performance. Using agency theory, a sample of III filing companies whose plans have been confirmed by the Thai Central Bankruptcy Court during 1999-2002 provide the data of the study. Descriptive statistics and ordinary least squares regression analysis are employed for data analysis. The results indicate that among three types of governance mechanisms in the bankruptcy reorganization process, namely, monitoring, incentive and restructuring mechanisms, monitoring and incentive mechanisms are significant determinants of a firm's post-bankruptcy performance. The key monitoring mechanism is ownership concentration of common shares held by the largest shareholder, whereas the critical incentive mechanisms are cash compensation for the plan administrator and percentage of common shares held by the plan administrator. Asset restructuring is statistically insignificant but positively links to post-bankruptcy performance. The results indicate that these mechanisms can mitigate agency problems of insolvent companies and increase post-bankruptcy performance over a three year period.

This study focused on identifying factors that significantly affect the potentially insolvent status of life insurers. The potentially insolvent status is indicated based on insurer’s Risk-based capital ratio (RBC ratio) reported in the National Association of Insurance Commissioners (NAIC) database of life insurers’ annual statements. A logistic regression analysis is performed to explore the relationship between the RBC insolvent indicator and a set of explanatory variables including insurer’s size, capital, governance structure, membership in a group of affiliated companies, and various risk measures during the 2006-2008 period. The results suggest that the probability of potential insolvency for an individual insurer is significantly affected by its size, capital-to-asset ratio, returns on capital, health product risk and proportion of products reinsured. It could be also possibly affected by the insurer’s regulatory asset risk. However, the results indicate that the probability is not significant related to the insurer’s annuity product risk, opportunity asset risk, governance structure and its membership in a group of affiliated companies. On average, by holding all other explanatory variables constant, every 1% increase in total assets will result in a decrease of 0.19 to 0.36% on the odds of potentially insolvent rates; every 0.01 unit increase in capital-to-asset ratio will result in a decrease of a multiplicative factor of 0.951 to 0.956 on the odds; every 0.01 unit increase in return on capital will result in a decrease of a multiplicative factor of 0.984 to 0.985 on the odds; every 0.01 unit increase in health product risk will result in an increase of a multiplicative factor of 1.021 to 1.031 on the odds; and every 0.01 unit increase in proportion of products reinsured will result in an increase of a multiplicative factor of 1.015 to 1.026 on the odds. The assumptions of independency and absence of harmful multicolliearity are both valid for this logistic model, suggesting that the model is adequate and the conclusion is warranted. Although the potentially insolvent indicator, instead of the real insolvent indicator is used, this model could still be useful to identify the significant factors which affect life insurers’ potentially insolvent status. / text

The author of this thesis raised question if the insolvency of a State is the legitimate basis for suspension or repudiation on international financial obligations. Since there is no uniform way to deal with the issue, the attention is given to different practices and guidelines of court’s reasoning. In order to answer the legal question, prove or neglect the hypothesis and fulfill goals descriptive, analytical and comparative methods are used. The paper consists of four major parts and proceeds in the following order. Part one provides general understanding of State as subject of international law, gives basic legal characteristics of Sovereign debt, introduces the legal definition of insolvent State and explores responsibility of the State in case of unilateral suspension or repudiation on external public debt. The second part explores the existing judicial regulation, defines the absence of international law containing a uniform or a codified insolvency law of states and outlines the main principles applicable to the dispute resolution between insolvent Sovereign State and its creditors. This section also analyzes the frequent practice of solvency crises resolutions and sifts through main judicial problems. It is concluded that current Sovereign crisis resolution violates the main fundamental principle of the rule of law: that one must not be judge in one's own cause. Author emphasizes that diversity among creditors creates uncertainty among all participants as to how... [to full text] / Darbo tikslas yra atsakyti į klausimą, ar valstybės nemokumas yra teisėtas pagrindas sustabdyti arba panaikinti tarptautinių įsipareigojimų vykdymą. Jam pasiekti naudojami aprašomasis, analitinis bei palyginamasis metodai. Magistro baigiamasis darbas yra sudarytas iš keturių pagrindinių dalių. Pirmiausia yra pristatoma valstybės kaip tarptautinės teisės subjekto samprata, bendra valstybės skolos charakteristika, pateikiamas nemokios valstybės apibrėžimas bei analizuojama valstybės atsakomybė vienašališkai sustabdant tarptautinių įsipareigojimų vykdymą arbą jų atsisakant. Antrojoje dalyje atskleidžiama nemokios valstybės is jos kreditorių santykių reglamentacija, aptariami bendrieji teisės principai taikytini valstybės nemokumui. Analizuojama dabartinė nemokių valstybių problemų sprendimo praktika bei atskleidžiamos pagrindinės teisinės problemos. Trečioji dalys yra skirta sąlygų, kurioms esant nemoki valstybė gali teisėtai atsisakyti vykdyti savo finansinius įsipareigojimus, analizei. Prieinama prie išvados, kad valstybės nemokumas gali būti teisėtas pagrindas sustabdyti arba panaikinti tarptautinių įsipareigojimų vykdymą , tačiau tik esant tam tikroms aplinkybėms – kuomet tarptautinių finansinių įsipareigojimų vykdymas pažeidžia pagrindinius nemokios valstybės piliečių poreikius bei teises. Paskutinėje dalyje pristatomi siūlymai kaip galima būtų teisiškai reguliuoti nemokios valstybės ir jos kretitorių santykius. Pateikti projektai palyginami, aptariamos jų trūkumai ir... [toliau žr. visą tekstą]

Introduction Recently, companies’ bankruptcy law in Lithuania is being changed most frequently. The experience in using formal laws is ignored by legislative power while paying no attention toward it as a new source of the law. Nowadays, the legal acts involve only procedure of bankruptcy of companies, there is few theoretical and conceptual basics of the bankruptcy law. Therefore Lithuania has had no research of bankruptcy and insolvency law. Because of the predictable basic changes there are no scientists being able to make precise forecast of some changes. Therefore the need for new law ideas and issues is evidently present. Today it is common to adopt the law of other states, but it is still required to conform it to the European Union’s law standards as well as it is possible to create legal acts that are specifically accommodated to Lithuania. Nevertheless it is confirmed that many problems, which exist today, were also faced and solved in the past. That is why these solutions can be improved and used today. Research problem: Acceptation of legal acts, which have had different experience of the bankruptcy law application and adjustment of the relations between insolvent debtors and their creditors, were influenced by the diversity of law that existed in 1918 – 1940 in the Republic of Lithuania and analysis of the most significant elements that influenced the development of bankruptcy law from 1918 to 2007. During all the research period the problem of bankruptcy... [to full text] / Tiriamoji problema. Bankroto teisės suvienodinimo galimybės ir vystymasis 1918-1940 m. Lietuvos Respublikoje bei galima to laikotarpio bankroto teisės ir kitų veiksnių įtaka šiuolaikinės bankroto teisės raidai. 1918-1940 metais Lietuvos Respublikoje reguliuojant nemokių skolininkų ir jų kreditorių teisinius santykius įvairiose Respublikos dalyse buvo recepuota kelių valstybių bankroto teisė. Tiriamuoju laikotarpiu egzistavo bankroto, konkurso (kaip vienos iš bankroto rūšių), prekybos proceso įstatymų suvienodinimo problema, kuri iki 1940 m. Lietuvoje taip ir nebuvo iki galo išspręsta. Tačiau nepaisant to, kad paveldėtas visuomeninių santykių modelis nebuvo pakeistas kokybiškai nauju, visgi susistemintuose recepuotuose teisės dokumentuose buvo daromos pataisos, užtikrinusios tolimesnį kokybinį bankroto teisės vystimąsi, atitikusį tuometinius socialinius – ekonominius poreikius Lietuvos Respublikoje. Nagrinėjamu laikotarpiu jau buvo aiškūs skolininkų nemokumo, bankroto bei konkurso institutų teisinio sureguliavimo trūkumai, apibrėžtos problemos, moksliniame lygmenyje (lyginamuoju aspektu pasinaudojant kitų valstybių mokslininkų darbais) pasiūlyti jų sprendimo būdai, suformuluotos naujos idėjos bei domimasi kaimyninių valstybių, išgyvenusių analogišką bankroto teisės raidos etapą (pvz., Lenkijos), patirtimi. Darbe, analizuojant bankroto teisės taikymo problemas 1918-1940 m., nagrinėjami trys pagrindiniai to laikotarpio teisės institutai, susiję su skolininko nemokumo paskelbimu... [toliau žr. visą tekstą]

[pt] Os modelos matemáticos comumente usados na identificação de irregularidades na medição se baseiam na análise da redução percentual do consumo do mês (normalmente de 20% a 30%) em relação aos meses anteriores. Este método tem gerado resultados imprecisos uma vez que considera o valor do consumo como um valor rígido e, portanto, não incorpora o efeito da sazonalidade na tipologia das cargas das unidades consumidoras. Este trabalho tem o intuito de melhorar a identificação de clientes fraudulentos utilizando métodos de inteligência artificial, tais como Redes Neurais e Lógica Fuzzy, implementados a um banco de dados de cadastro da Distribuidora de Energia ELEKTRO e a uma Pesquisa de Posses e Hábitos de Consumo (PPH) feita nesta mesma empresa. Nesta dissertação, o objetivo foi classificar um grupo de consumidores como normal (adimplente), inadimplente e fraudulento. Para tanto, foi feita inicialmente uma clusterização utilizando uma Rede Neural, mais especificamente uma Rede de Kohonen, para o banco de dados de cadastro disponibilizado pela distribuidora. Tomando os grupos desta classificação prévia feita pela Rede identificaram-se quais e quantos destes tiveram PPH´s realizadas. Para se ter a classificação de um grupo quanto a incidência de consumidores normais, inadimplentes e fraudulentos utilizou-se um processo de Análise Fuzzy, o qual identifica os clusters com os consumidores de cada um dos segmentos. É feita uma análise de desempenho do modelo proposto com dados reais fornecidos pela empresa, na qual os resultados apontaram para uma robustez do método. / [en] Mathematical models commonly used to identify irregularities in measurement are based on percentile reduction analysis of the monthly consumption (normally from 20% to 30%) in relation to the previous months. This method tends to generate imprecise results, since it considers the value of the consumption as a rigid value and, therefore, it does not incorporate the seasonal effect in the loads topology of the consumer units. This work has intention to improve the identification of fraudulent customers using artificial intelligence methods, such as Neural Networks and Fuzzy Logic, implemented to a database of consumers of ELEKTRO a distributing utility of São Paulo State, Brazil. It also uses information on appliances ownership obtained via market research in ELEKTRO area, named PPH (Portuguese for this particular type of market research). In this dissertation, the main objective was to classify a group of consumers as solvent, insolvent and fraudulent. In order to achieve this task, a clustering was initially made using a Neural Network framework, more specifically a Kohonen Network, for the database available. It was then checked which of the groups had a minimum number of clients interviewed in the PPH. In order to have the classification of the clients in the three categories it was used Fuzzy Analysis. Selected data is also presented, considering the available database of the Company as well as the research environment, which had been taken from the PPH. Finally, it was checked the performance of the method against real data obtained from the utility and the results were very satisfactory.