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Pagrindinis šio bakalaurinio darbo tikslas – išsiaiškinti kaip ekonominės situacijos pokyčiai šalyje turi įtakos įmonių bankrotų skaičiaus svyravimams. Darbo uždaviniai: išsiaiškinti kokia yra įmonių bankroto situacija Lietuvoje, nustatyti kokie ekonominiai rodikliai turi didžiausią įtaką įmonių bankroto skaičiaus svyravimui, suskaičiuoti kokią įtaką įmonių bankrotui turi reikšmingiausi ekonominiai rodikliai, pateikti pastabas, rekomendacijas ir pasiūlymus problemai spręsti. Atliekant tyrimą buvo naudojami du metodai: horizontalios analizės metodas ir tiesinės regresijos metodas. Analizuojant lyginami ekonominiai rodikliai laiko perspektyvoje. Regresinės analizės metu įvertinama, kurie ir kaip ekonominiai rodikliai labiausiai turi įtakos įmonių bankroto skaičiaus svyravimams. Atlikus tyrimą nustatyta, kad reikšmingiausi laikotarpiai Lietuvai tiriamuoju laikotarpiu yra 1999 metų pabaiga (kritimas dėl Rusijos federacijos krizės), 2002-2008 metai (kilimas, dėl stipriai augančios ekonomikos, įstojimo į ES), 2008 metų antras pusmetis (kritimas, dėl pasaulinės finansų krizės). Regresinės analizės metu nustatyta, kad reikšmingiausi ekonominiai rodikliai yra: įmonių pelningumas, mokumo koeficientas, vartotojų kainų indeksas, bankrutavusių įmonių turtas bankroto paskelbimo dieną, vidutinė mėnesinė alga, įsiskolinimo koeficientas, tiesioginiai mokesčiai. Didžiausią įtaką įmonių bankrotui turi vidutinės mėnesinės algos padidėjimas, o mažėjimui – įsiskolinimo koeficiento padidėjimas. / The main purpose of this thesis is to explore how changes in economic situation influence corporate bankruptcies in Lithuania. The thesis objectives are: to find out the situation of corporate bankruptcies, identify which economic indicators have a major impact on corporate bankruptcies, calculate the impact that the most meaningful economic indicators have on corporate bankruptcies. Propose notes, recommendations, and suggestions. These two methods have been used for the analysis: horizontal comparable analysis and linear regression model. Economic indicators from different time periods were compared during comparable analysis. Linear regression provided information which main economic indicators had a major impact on corporate bankruptcies and how those indicators influence corporate bankruptcies. The analysis showed that major fluctuations in Lithuanian economy were recorded in the year of 1999 (Russion crisis), year of 2002-2008 (major rise in the economy, the EU), second half of 2008 (world financial crisis). Linear regression analysis revealed that corporate profitability, solvency credit, CPI, assets of bankrupt corporates on the day they were bankrupt, average monthly salary, debt credit and direct taxes have major impact on corporate bankruptcies. The biggest influence to rising corporate bancktupcy is made by changes in average monthly salary and solvency credit.

In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.

In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.

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This thesis explores three important issues in financial distress and corporate bankruptcy: bankruptcy venue choice and creditor recovery, the efficiency of Chapter 11 corporate bankruptcy and distressed exchanges, and the bankruptcy ripple effect on peer firms’ investment policy. / Dissertation / Doctor of Philosophy (PhD) / This thesis explores three important issues in financial distress and corporate bankruptcy: bankruptcy venue choice and creditor recovery, the efficiency of Chapter 11 corporate bankruptcy and distressed exchanges, and the bankruptcy ripple effect on peer firms’ investment policy.

The aim of this study is to evaluate feasibility of using Bayes classifiers for predicting corporate bankruptcies. The results obtain show that Bayes classifiers do reach comparable results to then more commonly used methods such the logistic regression and the decision trees. The comparison has been carried out based on Czech and Polish data sets. The overall accuracy rate of these so called naive Bayes classifiers, using entropic discretization along with the hybrid pre-selection of the explanatory attributes, reaches 77.19 % for the Czech dataset and 79.76 % for the Polish set respectively. The AUC values for these data sets are 0.81 and 0.87. The results obtained for the Polish data set have been compared to the already published articles by Tsai (2009) and Wang et al. (2014) who applied different classification algorithms. The method proposed in my study, when compared to the above earlier works, comes out as quite successful. The thesis also includes comparing various approaches as regards the discretisation of numerical attributes and selecting the relevant explanatory attributes. These are the key issues for increasing performance of the naive Bayes classifiers

The aim of this PhD thesis is to analyse the current status of European insolvency law and with the help of both national and European judicial decisions put together an overview of practical obstacles that insolvency courts, debtors, creditors and insolvency trustees across Europe are facing when dealing with cross-border insolvencies. At the very core of this topic stands the European Insolvency Regulation ("EIR") which was adopted in 2015 and is effective within the member states as of June 2017. Since this regulation was put together as a recast of its predecessor, i.e. the original insolvency regulation adopted in 2000 and effective as of 2002, naturally this research is oriented at comparing the two legislative acts and mainly assessing whether or not the recast EIR managed to overcome some of the inconsistencies in the wording of the original EIR, often resulting in conflicting interpretations and a great deal of preliminary rulings filed with the Court of Justice of the EU. Apart from looking into good old instruments of private international law such as the scope, the jurisdiction, the choice of law and the recognition and enforcement rules governed by the EIR, this thesis also focuses on topics that are very bankruptcy-specific and dissimilar to anything we know from other fields of law....