In this research, it is examined whether U.S. domiciled multinational enterprises (MNEs) or U.S. domestic enterprises (DEs) emerge from Chapter 11 bankruptcy and whether MNEs spend less time (duration) in the Chapter 11 bankruptcy process than their DE counterparts. This research also studies the degree of multinationality and if the degree impacts positive recovery and duration from Chapter 11 bankruptcy on MNEs. This study consists of 403 companies, with 204 classified as MNEs and 199 classified as DEs, examining multinational diversification, internationalization, imperfect capital markets, and real options as measured by each firms' days in the Chapter 11 bankruptcy process. The results of this study show that the MNEs are more successful than DEs emerging from Chapter 11 bankruptcy. The duration of Chapter 11 for MNEs is basically the same for DEs, and the impact of degree of multinationality is not significant for either emergence or duration. However, the results did find that when using the number of foreign subsidiaries as the variable for degree, the predictive powers were significant in support that MNEs are more likely to emerge from Chapter 11 bankruptcy than similar DEs, cet par

A debtor's discharge can be solved within insolvency by a few forms, where this thesis aims attention to a discharge. The issue is a relatively new institute, which has been incorporated to our system of law by Act No. 182/2006 Coll., the insolvency act. The key theme of this thesis is a complex view of a way to solve an individual's bankruptcy by a discharge, without a focus on businessman or discharge of spouses. We count insolvency among private law for its same principals, however in some cases it is quite different and in its own way unique. Czech legal system knows two types of discharge, a discharge by a realization of an insolvency estate and a discharge by fulfilling a payment schedule with a realization of an insolvency estate. Due to the law, we differ two phases of insolvency. The first one is mutual for all the forms of resolving bankruptcy and includes especially initiation of the process, which can be done only by submitting a proposal (of either a debtor or a creditor), also ruling about bankruptcy and insolvency proposal as itself, and finally submission of applications of creditors' claims, while the second one adjusts forms of resolving bankruptcy. Within a discharge we talk mainly about passing of discharge, performing individual types of discharge, possibly dissolution of...

This diploma thesis deals with the issue of bankruptcy prediction of small and medium-sized enterprises operating in the manufacturing industry in selected Central European countries. The theoretical part of the thesis defines the concepts related to the prediction of bankruptcy and methods of model creation. The analytical part of the work includes testing the accuracy of selected bankruptcy model by other authors and creating a new bankruptcy model. The accuracy of the newly created model is then compared with the accuracy of selected models by other authors.

This master thesis describes the course of bankruptcy proceedings. The teoretical part deals with both approaches to bankruptcy proceedings and tax and accounting impacts on a company in bankruptcy. The practical part concentrates on a real insolvent company with articulating possibilities for prevention of the insolvency. Next, it suggests an effective realization of assets in bankruptcy.

Credit has become very important in the global economy (Cynamon and Fazzari, 2008). The Altman (1968) failure prediction model, or derivatives thereof, are often used in the identification and selection of financially distressed companies as it is recognized as one of the most reliable in predicting company failure (Eidleman, 1995). Failure of a firm can cause substantial losses to creditors and shareholders, therefore it is important, to detect company failure as early as possible. This research report empirically tests the Altman (1968) failure prediction model on 227 South African JSE listed companies using data from the 2008 financial year to calculate the Z-score within the model, and measuring success or failure of firms in the 2009 and 2010 years. The results indicate that the Altman (1968) model is a viable tool in predicting company failure for firms with positive Z-scores, and where Z-scores do not fall into the range of uncertainty as specified. The results also suggest that the model is not reliable when the Z–scores are negative or when they are in the range of uncertainty (between 2.99 and 1.81). If one is able to predict firm failure in advance, it should be possible for management to take steps to avert such an occurrence (Deakin, 1972; Keasey and Watson, 1991; Platt and Platt, 2002).

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The bankruptcy of the government of Orange County, California in 1994 is treated as a case study depicting a potentially critical problem emerging for democracies. The analysis links finan-cial and fiduciary perspectives by re-examining the actions of Orange County officials and citi-zens through three separate analytical frames: the dynamics of economic globalization; citizen engagement through the channel of civil society; and the theory of risk--both its nature generally and its financial aspect specifically. The conclusion reached is that globalization has made con-tingency and uncertainty ubiquitous and this indicates that the practice of governance in its pub-lic administration dimension should include a return to pragmatic, process approaches to policy and implementation. / Ph. D.

The subject of corporate bankruptcy has been of interest to financial academicians and practitioners alike. Researchers have directed most of their attention to accounting-based models for predicting bankruptcy filings. Although some research has attempted to estimate the probability and costs of bankruptcy, a very limited amount is centered around the outcome of bankruptcy proceedings. Specifically, little is known about the circumstances that determine whether the firm will liquidate, successfully reorganize, or become an acquisition of another firm after filing for court protection. Given the potentially large losses to both creditors and stockholders, the determinants of bankruptcy outcome should be of considerable interest. The focus of this research is threefold. First, the factors that should have an effect on the disposition of the firm after the bankruptcy filing are examined for their influence on the disposition. Second, since there is some dispute as to the appropriate classification of acquired firms, the correct classification of acquired (or merged) firms is determined. Third, the effect of a major change in the bankruptcy law is examined. / Ph. D. / incomplete_metadata

This study examines the usefulness of general price level information (GPL) and current cost information (CC) originally provided by SFAS No. 33 as compared to historical cost information (HC) in predicting bankruptcy. The study also examines the usefulness of GPL data versus CC data when each supplements HC data. In addition, this study tests the usefulness of the three types of information systems combined in one model (HC, GPL, and CC) versus HC data in predicting bankruptcy. The study focuses on the predictability of business failure using financial ratios as predictors. A comparison of these predictors is made in order to identify the accounting system that yields a better prediction of bankruptcy. Two multivariate statistical techniques, multiple discriminant analysis (MDA) and logistic regression analysis (LRA), are used to derive the ex—post classification and the ex-ante prediction results. Six functions are developed, based on ratios computed with HC, CC, GPL, the combined HC and GPL, the combined HC and CC, and the combined HC, GPL, and CC. The resulting functions are used to classify 40 firms as failed or nonfailed. The analysis is repeated for three time bases—one, two, and three years before bankruptcy. The main results of the various analyses indicate that the combined HC and CC model has more discriminant power than does the HC, the GPL, or the combined HC and GPL models in each of the three years before bankruptcy. The results also show that there are significant differences in the overall classification rate derived from the combined HC, GPL, and CC model and the HC model, the GPL model, or the combined HC and GPL model . The differences between the combined HC and CC and the combined HC, GPL, and CC models are not significant in each of the three years before bankruptcy. The results also indicate that the differences in the the performance of MDA and LRA are not significant except in the second year before bankruptcy when the combined HC and GPL model is used.