The bankruptcy is examined insufficiently in spite of the fact of its significancy. The aim of this diploma thesis was to define the bankruptcy, examine the economic possibilities of its settlement, analyse causes and consequences of the bankruptcy and find prevention and treatment. The thesis distinguishes bankruptcy of private subject and sovereign bankruptcy. The paradox of the monetary system is shown as primary cause of both private and state bankruptcy. Debt fiat money is created throughout credit expansion which generates malinvestments (Austrian economic theory of monetary cycles) and causes bankruptcies. On the other hand, financial system is based on necessity of permanent harmful issuance of credit fiat money which is issued by commercial banks (not by central banks). Furthermore, diploma thesis uses the criteria of Moody's rating agency as appropriate approximation of secondary causes of sovereign bankruptcy. The next part evaluates the impacts of bankruptcy (sovereign and private) on global financial markets and monetary unions. Credit freeze, run on banks, panics and collapse of the financial system are shown as the most substancial consequences of bankruptcy. In globalized world, the state bankruptcy is not isolated event. Financial institutions in other countries can be possible holders of devaluated (government) bonds. This study evaluates the impact of the bankruptcy on the monetary union. Currency devaluation is a common instrument of facing the consequences of bankruptcy which is not applicable in case of membership in monetary union. So, the bankruptcy of one member affects entire monetary union. In the next step, the study aims to examine topic of institucional solution of sovereign bankruptcy. Thesis uses private bankruptcy law (specifically Czech Insolvency Act) to formulate the possibilities of state bankruptcy settlement. Bankruptcy (In Czech: Konkurz), Reorganization (In Czech: Reorganizace), Debt clearance (In Czech: Oddlužení), Restructuring (In Czech: Restrukturalizace) and Fusion-acquisition (In Czech: Akvizice a fúze) are analyzed as options of sovereign bankruptcy solution. The instances of some threaten European countries are analyzed in the last part of thesis.

This thesis deals with the discharge of individuals in the Czech legal environment that is regulated by Act No. 182/2006 Coll. Insolvency Act. The aim is to show the course of insolvency proceedings with a focus on discharge of individuals and then make comparisons with the law of bankruptcy proceedings in the United States and Spain. Finally the real example of a specific individual discharge is shown.

The purpose of this thesis is to find real picture of the company's economy from the view of the external observer and eventually to make suggestion for eliminating founded deficiencies. For this purposes the detailed financial analysis with the focus on ratio indexes and EVA indicator will be performed. The great emphasis will be devoted to the intercompany comparison.

Diploma thesis analyses state aid to financial sector provided by central banks and governments in USA and EU during recent financial crisis. In the deepest stage of the crisis central banks provided great amounts of liquidity in order to keep financial institutions afloat. Then, governments provided guarantees for debts which hepled financial institutions to finance themselves at lower costs. Capital injections and asset guarantees were also provided. In aggregate, the government measures had impact on reducing risk premiums but did not support stock prices. BoE and Fed implemented quantitative easing. Its only impact was decrease of yields of government bonds. All measures failed to restore robust growth of credit to real economy. There is a strong effect of the crisis and provided mesures on the increase of government debts.

The thesis deals with the level of financial literacy of secondary school students. At the beginning of the thesis I mainly focused on general issues regarding financial literacy, I explained the essence and justified the need for financial education. I describe current development and practices in the implementation of financial literacy in schools. I devote considerable attention to analysis of pedagogical documentation. My focus is not only theoretical but also practical comparing of financial literacy levels two fields of study from one of the same secondary school educational process and I suggest didactic processing the chosen topic. In conclusion I evaluated the problems of financial literacy.

Selected problems of application of the Insolvency Act On the 1st of January 2008, Act No. 182/2006 Coll. on Insolvency and its Resolution (Insolvency Act), which constitutes the substance of current legal regulation of bankruptcy law in the Czech Republic, came into force. There was a need to adopt new regulation emerged not only as a result of obsolescence of the original regulation, which - despite numerous direct or indirect amendments - was not able to respond adequately to economic changes, but also due to the necessity to adjust bankruptcy law to European legal regulations. The Insolvency Act together with implementing regulations form the basis of an entirely new and complex legal regulation which stands on its own principles, introduces uniform insolvency proceedings for all kinds of resolutions of insolvency and also new forms of insolvency resolutions. In addition to bankruptcy as a traditional and liquidating form of insolvency resolution, the Insolvency Act introduces a reorganisation and a discharge of debts as preservation methods of insolvency resolution which might be more profitable both for the debtor and his creditors. Reorganisation is designated for entrepreneurs, while discharge of debts was adopted as a resolution of state of insolvency of non-entrepreneurs. But this current legal...

Pour répondre à leur difficulté financière, les sociétés commerciales doivent mettre en place des mesures de financement en vue de surmonter les obstacles qu’elles rencontrent. La présente thèse ne porte uniquement que sur le droit du financement des sociétés commerciales en difficulté, sur la possibilité pour ces dernières d'assurer leur sauvetage/rebond dans un contexte financier difficile. Ces dernières disposent de solutions financières qui sont communes aux autres débiteurs. La société commerciale en difficulté est un des débiteurs concernés par les articles L620-1 et L631-2 du Code de commerce et peut donc bénéficier des mesures du droit des entreprises en difficulté qui sont négociées par le dirigeant et/ou son conseil ou bien imposées par le tribunal de la procédure en fonction du contexte. La structure sociale est également une personne juridique avec un régime juridique propre qui s’efface au bénéfice des dispositions du Livre VI du Code de commerce relatives aux procédures préventives et curatives du droit des entreprises en difficulté. C’est pourquoi il existe des outils de financement réservés uniquement aux sociétés commerciales en difficulté. Les mesures permettant de financer ou refinancer une société commerciale ont évolué et continuent d’évoluer pour s’adapter aux innovations juridiques tout en assurant le respect de tous les intérêts en présence / In order to solve their financial difficulties, trading companies need to put in place funding measures to overcome the obstacles they may face. The present thesis discuss about with the financing of trading companies in difficulty, the law applicable and the possibility for them to ensure their rescue/rebound in a difficult financial context. They have financial solutions that are common to other debtors. The distressed trading company is one of the debtors concerned by articles L620-1 and L631-2 of the Commercial code and can therefore benefit from the measures of the insolvency law which are negotiated by the manager and/or his council or imposed by the court depending on the context. The social structure is also a legal person with its own legal regime which is erased to the benefit of the provisions of the Commercial code relating to the preventive and curative proceedings of insolvency law. That is why there are financing tools reserved only for distressed commercial companies. The measures to finance or refinance a trading company have evolved and continue to evolve to adapt to legal innovations while ensuring respect for all interests in the presence

This thesis examines the determinants of corporate performance and likelihood of default of Jordanian publicly listed companies. Despite the large body of work that has investigated the determinants of corporate performance and default, no comprehensive study has emerged in an emerging market. Indeed, most of the empirical research on corporate performance and failure has been conducted in the developed markets such as the USA and the UK. This is the first rigorous and comprehensive study to examine empirically the determinants of corporate performance and failure of the publicly listed companies in an emerging market of Jordan. Also, it is the first study to present evidence on the determinants of corporate performance and failure in the Jordanian market using microeconomic and macroeconomic variables. Another objective of the research is to investigate the effect of the two financial systems on corporate health, since two banking systems operate in Jordan. It is also the objective of this thesis to investigate the effects of external shocks on Jordanian corporate performance and failure, especially those occurring within the Middle East region such as the Gulf Crisis 1990-1991 and the outbreak of the Intifadah in September 2000. Our study uses time-series and cross-sectional data of the publicly traded companies on the Amman Stock Exchange over the period 1989-2003. The study examines the determinants of capital structure and corporate performance using the random effects model and the pooled ordinary least squares (OLS) regression method. The study also examines the determinants of corporate failure (default) using the Logit model. A firm’s tangibility is found to have a positive and significant impact on a firm’s capital structure, while it has a negative impact on the short-term debt to total assets ratio. Firm profitability, liquidity, and stock market activity are found to have a negative and significant impact on a firm’s capital structure. The analyses show that a firm’s capital structure is negatively and significantly related to corporate performance, but positively and significantly related to its failure. The Gulf Crisis 1990-1991 had a positive impact on corporate performance, while the outbreak of Intifadah had a negative effect on corporate performance. The study also highlighted the importance of industrial sectors in determining corporate performance. Ownership concentration measured by the largest five shareholders was found to be positively and significantly related to corporate failure in both the cross-sectional sample and the panel data sample. The analysis also found that there is a non-linear relationship between a firm’s performance value and ownership structure. Another important finding is that Islamic banks' credit has an important and significant impact in increasing a firm’s performance measure return on assets (ROA). Unexpected changes in interest rates are found to be negatively and significantly related to corporate default (failure). This implies that corporate performance and distress, or insolvency, are affected by their capital structure, ownership structure, cash flow, and macroeconomic variables. / Doctor of Philosophy (PhD)

The aim of this thesis is to improve our understanding of the causes of organisational crisis. As crisis genesis research is still in its infancy, the main objective is to develop a theoretical framework that is well-grounded in data of crisis-causal processes. The first part of the literature review examines the need for crisis-causal research and comes to the following conclusions: Crises are significant phenomena for organisations. During crises, a company�s survival is threatened and its central functions are deeply affected. Although interest in crisis research developed strongly over the last decade, the field is still in a pre-paradigmatic stage that requires an inductive logic of inquiry. In addition, the majority of research in this field is focused on the consequences of crises. This preponderance towards crisis consequences leaves crisis-causal research under-theorised. Hence, theory-building on the genesis of organisational crisis represents an important gap that needs to be addressed. The second part of the literature review presents the small field of extant causal research on crises as well as on crisis-related phenomena such as disasters. Insights of these studies are used to pre-specify potentially relevant constructs as well as to develop methodological implications for the subsequent theory-building task. In this thesis a case study methodology is employed. Four cases of crisis-causal processes in large U.S. public companies were examined in-depth. Firstly, a within-case analysis was conducted. Secondly, the results of each case were compared in an across-case analysis. For both analyses, four analytical strategies were employed, namely a quantification strategy, a narrative strategy, a visual mapping strategy and, most importantly, a grounded theory strategy. The results of the analysis are five well-grounded constructs that aim to explain the crisis-causal process common across cases. These constructs are the building blocks for two theoretical frameworks developed in this thesis. While the first framework presents a simple graphic depiction of these constructs, the second framework demonstrates how these constructs are linked. In general, the results suggest that a crisis is caused by a combination of company-specific factors and underlying dynamics that evolve through three distinct phases in an exponential fashion: a phase of stability (pre-crisis stage), a phase of increasing instability (crisis onset) and a phase of resolution (crisis and its aftermath). By setting up positive feedback loops that continually magnify the severity of problems generated by events, a self-reinforcing vicious cycle is established that increases the onset of crisis at an exponentional rate. The results suggest that a crisis unfolds due to a problem structure which becomes increasingly intractable. This is accompanied by an increasing number of events that the organisation needs to deal with as it approaches the crisis point. In addition, three underlying dynamics were identified as crisis-contributing factors: a process of increasing denial, a process of decreasing degrees of freedom and a process of decreasing support of key players. The thesis closes with a summary and discussion of the results. It is illustrated to what extent the theory developed in this work links to concurring and conflicting findings of the extant body of crisis knowledge.

<p> </p><p> </p><h1>Sammanfattning</h1><h1>Företag har alltid drabbats av ekonomiska svårigheter och gått i konkurs. Detta faktum harlänge intresserat forskare och legat till grund för en mängd studier inom området.Kassaflödesanalysens användbarhet vid konkursprognostisering har länge diskuterats ochtidigare forskning har visat på varierande resultat. Eftersom en kassaflödesanalys visar på detfaktiska in- och utflödet av pengar i företaget tror vi att den kan utgöra en viktigare indikatorpå om ett företag befinner sig i kris än resultat- och balansräkningen, som lättare kanmanipuleras. De flesta företag som går i konkurs är mindre företag, som inte omfattas av det lagstiftande kravet på att upprätta en kassaflödesanalys. Därför anser vi det intressant att studera vilket stöd en kassaflödesanalys kan utgöra för att förutsäga en konkurs.</h1><h1>Detta mynnar ut i vår problemformulering:</h1><h1>· Hur kan en kassaflödesanalys bidra till att prognostisera en framtida konkurs av små aktiebolag?</h1><h1>Syftet med vår studie är att undersöka om tillämpningen av en kassaflödesanalys påverkar prognostiseringen av en eventuell framtida konkurs i ett aktiebolag. Studiens delsyften är att undersöka om en kassaflödesanalys ger bättre information än resultat- och balansräkningen samt att undersöka om den lagstiftande gränsen på vilka företag som ska omfattas av att upprätta en kassaflödesanalys är rimlig.</h1><h1>Genom en kvantitativ metod, en positivistisk kunskapssyn och ett deduktiv angreppssätt, har vi upprättat kassaflödesanalyser på 20 små aktiebolag i Västerbotten. 10 konkursade bolag och 10 verksamma bolag. Kassaflödesanalyser gjordes fem år tillbaka i tiden och information från de två grupperna jämfördes sedan via logistisk regression. Vår teoretiska referensram grundar sig på teorier angående konkurser, kassaflödesanalyser och redovisning. En stor genomgång av tidigare studier på området har legat till grund för analysen. I teorikapitlet återfinns också en intressentmodell som synliggör vilka intressentersom kan ha nytta av en kassaflödesanalys.</h1><h1>Studien visar att information från kassaflödesanalysen kan bidra vid prognostisering av framtida konkurser. Studien visar också att informationen från kassaflödesanalysen inte är överlägsen information från resultat- och balansräkningen. Författarna anser att generaliserbarheten i studien kan ifrågasättas men att studien trots allt ger en fingervisning av kassaflödesanalysens användbarhet vid konkursförutsägelse och att studien kan ligga till grund för fortsatt forskning.</h1>