In Sweden, firms that file for bankruptcy are all auctioned off either piecemeal or as going concerns. Upon filing, managers lose control of the firm. In contrast, in the U.S. managers retain control by selecting to renegotiate the financial claims on the firm under court-supervision (Chapter 11). This thesis addresses the ongoing debate as to whether a Chapter 11-style renegotiation option is valuable to the firm’s securityholders. The optimal bankruptcy system depends on how well the auction system itself functions as well as on the extent to which managers misuse the renegotiation option to their own benefit (the agency problem). While there is substantial evidence on Chapter 11 cases, the thesis provides some first evidence on the workings of a pure auction system using Swedish data. The first essay examines direct costs, creditor recovery rates and auction premiums in Sweden, and compares the results to extant evidence on U.S. Chapter 11 cases. Overall, the results suggest that mandatory auctions provide a relatively cost-efficient bankruptcy procedure, producing recovery rates that are similar to those reported for much larger firms in Chapter 11. Moreover, auction premiums are significant and tend to increase with industry distress, which contradicts arguments that financially distressed firms sell assets below their true value. The second essay provides some first evidence on managerial compensation, turnover and corporate performance following Swedish bankruptcy auctions. The evidence indicates that mandatory auctions act as a substantial managerial disciplinary force: CEOs typically incur significant compensation losses and a majority of CEOs lose their job through the auction. Nevertheless, the operating profitability of the auctioned firms is typically at par with industry norms. Thus, although CEO wealth effects and turnover rates are dramatic, there is little support for the argument that managers in an auction bankruptcy system tend to delay filing at the detriment of the firm's going concern value. Essays three and four take a broader perspective on corporate restructurings. The third essay examines alternative econometric explanations for the lack of stock market gains to bidder firms reported in the literature. The analysis, which uses a large sample of Canadian targets, provides new evidence consistent with the proposition that the measured gains to relatively large, frequent acquirors reflect an attenuation bias produced by event-study econometrics. Moreover, the results suggest that mergers between relatively equal-sized firms, and which have not generated anticipation of future acquisition activity, tend to produce significantly positive bidder gains. This supports the use of mergers also as an alternative to bankruptcy. / <p>Diss. Stockholm : Handelshögskolan, 1998</p>

Submitted by Vinicius Augusto Brunassi Silva (vinicius.vitio@gmail.com) on 2016-01-06T23:05:12Z No. of bitstreams: 1 Tese - Versão biblioteca - Final - Vinicius Brunassi _1_.pdf: 780857 bytes, checksum: 5e612d9c7928e7577f0189e1cca421e5 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2016-01-07T10:02:03Z (GMT) No. of bitstreams: 1 Tese - Versão biblioteca - Final - Vinicius Brunassi _1_.pdf: 780857 bytes, checksum: 5e612d9c7928e7577f0189e1cca421e5 (MD5) / Made available in DSpace on 2016-01-07T10:23:43Z (GMT). No. of bitstreams: 1 Tese - Versão biblioteca - Final - Vinicius Brunassi _1_.pdf: 780857 bytes, checksum: 5e612d9c7928e7577f0189e1cca421e5 (MD5) Previous issue date: 2015-12-14 / This thesis examines the characteristics of the decision-making process of creditors with respect to either pursuing court reorganization or bankruptcy. It is divided into four chapters, which have been written as stand-alone papers. The second chapter provides a general review of the theoretical and empirical papers on reorganization and bankruptcy. It also describes three case studies to show the complexity of each case in terms of the concentration of claims, disparities of interest among the three classes of creditors and the final decision regarding the approval or rejection of the reorganization plan. The third chapter studies the determinants of delay in corporate reorganizations. It empirically investigates delays in voting on reorganization plans between 2005 and 2014, suggesting that (i) a high concentration of debt among classes of claimholders is related to shorter delays; (ii) a higher number of banks holding claims is related to longer delays; (iii) the average delay decreases considerably when only one class is voting on the plan; (iv) labor and secured creditors demand a delay when the level of collateral is higher; (v) the average delay is longer when the performance of the debtor’s sector is lower and the delay is demanded by secured or unsecured classes; and (vi) a divestment proposal is the main topic discussed by claimholders in cases with longer delays. The fourth chapter presents evidence on the approval of the reorganization plan. To the best of our knowledge, this is the first study to analyze the likelihood of approval based on reorganization plans for creditors that require approval by employees and secure and unsecure debtholders. We find that (i) the labor class of creditors is likely to approve the reorganization plan even when the plan is rejected, (ii) plans with more heterogeneous payment for classes are less likely to be accepted, (iii) plans are less likely to be accepted when there are more unsecure creditors and (iv) plans with divestment proposals are more likely to be accepted. Finally, as expected given the seniority position of secured debt, plans are less likely to be accepted when the portion of secured debt is higher, and the reverse is true for unsecured debt. / Esta tese tem por objetivo examinar as características do processo de decisão em que credores optam pela recuperação judicial ou liquidação da empresa em dificuldade financeira. O trabalho está dividido em quatro capítulos. No segundo capítulo, apresenta-se, de forma sistematizada, referencial teórico e evidências empíricas para apontar resultados importantes sobre estudos desenvolvidos nas áreas de recuperação de empresas e falência. O capítulo também apresenta três estudos de caso com o propósito de mostrar a complexidade de cada caso no que diz respeito à concentração de recursos, conflito de interesse entre as classes de credores e a decisão final sobre a aprovação ou rejeição do plano de recuperação judicial. No terceiro capítulo, analisam-se os determinantes do atraso pertinente à votação do plano de recuperação judicial. O trabalho propõe um estudo empírico dos atrasos entre 2005 e 2014. Os resultados sugerem que: (i) maior concentração da dívida entre as classes de credores possui relação com atrasos menores; (ii) maior quantidade de bancos para votar o plano de recuperação judicial possui relação com maiores atrasos; (iii) o atraso médio na votação diminui quando apenas uma classe de credores participa da votação do plano; (iv) credores trabalhistas e com garantia real atrasam a votação quando o valor dos ativos para garantir a dívida em caso de liquidação é maior; (v) o atraso médio na votação é maior em casos de pior desempenho do setor de atuação do devedor, sendo solicitado pelas classes quirografária e com garantia real; e (vi) a proposta de venda de ativos é o principal tópico discutido nas reuniões de votação do plano nos casos em que o atraso na votação é maior. Por fim, no quarto capítulo, apresenta-se evidência sobre a votação dos credores e a probabilidade de aprovação do plano de recuperação judicial. Os resultados sugerem que: (i) credores trabalhistas estão propensos a aprovar o plano de recuperação mesmo quando o plano é rejeitado pelas demais classes; (ii) planos com propostas de pagamento mais heterogêneas para as três classes de credores possuem menor chance de serem aceitos; (iii) a chance de aprovação do plano diminui nos casos em que mais credores quirografários participam da recuperação; e (iv) planos com proposta de venda de ativos possuem maior chance de serem aprovados. Finalmente, maior concentração da dívida na classe com garantia real diminui a chance de aprovação do plano, e o contrário ocorre na classe quirografária.

In the late 1980s, governments in New Zealand and Australia began to deregulate their telecommunications markets. This process included the corporatisation and privatisation of former state owned telecommunications monopolies and the introduction of competition. The Telecom Corporation of New Zealand (TCNZ) was corporatised in 1987 and privatised in 1990. Its Australian counterpart, Telstra, was corporatised in 1989 and partially privatised in 1997. This thesis examines and compares TCNZ and Telstra's changing organisational and workforce restructuring strategies, as they responded to these changes. It further examines how these strategies influenced the firms' employment relations (ER) policies. Strategic human resource management (SHRM) and transaction costs economics (TCE) theories assist in this analyse. TCE links organisational restructuring to the make/buy decisions of firms and the asset-specificity of their employees. It suggests that firms will retain workers that have developed a high degree of firm-specific skills, and outsource more generic and semi-skilled work. Firm strategies are also influenced by national, contextual, factors. From a TCE perspective, these external factors alter relative transaction costs. Hence, different ownership structures, ER legislation and union power help to explain differences in TCNZ and Telstra's organisational restructuring and ER strategies. During the decade from 1990 to 2000, TCNZ and Telstra cut labour costs through large-scale downsizing programs. Job cuts were supported by outsourcing, work intensification and the introduction of new technologies. These initial downsizing programs were carried out through voluntary redundancies, across most sections of the firms. In many instances workers simply self-selected themselves for redundancies. TCNZ and Telstra's downsizing strategies then became more strategic, as they targeted generic and semi-skilled work for outsourcing. These strategies accorded with a TCE analysis. But TCNZ and Telstra engaged in other practices that did not accord with a TCE analysis. For example, both firms outsourced higher skilled technical work. TCNZ and Telstra's continued market domination and the emphasis that modern markets place on short term profits, provided possible reasons for these latter strategies. This thesis suggests, therefore, that while TCE may help to predict broad trends in 'rational organisations', it may be less effective in predicting the behaviour of more politically and ideologically driven organisations aiming for short term profit maximisation. Some TCNZ and Telstra workers were shifted to subsidiaries and strategic alliances, which now assumed responsibility for work that had previously been performed in-house. Many of these external firms re-employed these workers under more 'flexible' employment conditions. TCNZ and Telstra shifted to more unitarist ER strategies with their core workers and reduced union influence in the workplace. Unions at Telstra were relatively more successful in retaining members than their counterparts at TCNZ. By 2002, TCNZ and Telstra had changed from stand-alone public sector organisations, into 'leaner' commercially driven firms, linked to subsidiaries, subcontractors and strategic alliances.

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....

Made available in DSpace on 2016-04-26T20:20:56Z (GMT). No. of bitstreams: 1 Roberta Bordini Prado.pdf: 744864 bytes, checksum: 4a057d5ffd6e9e5480c3156b6de0d8cc (MD5) Previous issue date: 2012-05-30 / This is a study that aims to research the legal content that establish the legal relationship of the registry of goodwill on the acquisition of equity on a controlled company, and the possibility to depreciate from income tax calculation basis the goodwill registered on the acquisition, when of the amalgamation of the acquired company due to a merger or spin-off. It was analyzed the construction of the legal texts in comparison with the accounting standards currently adopted by the Brazilian accounting system, followed by the recent changes influenced by worldwide modifications on these rules. The premise of a closed, autonomous and independent system of laws was taken in consideration without the existence of dialogism and Intertextuality between the science of law and accounting science. Thus were examined normative tax assumptions in order to compare it with corporate law and accounting records. Since no changes were identified on tax laws on this subject, were analyzed the structures and limits of the possibilities of register, measurement and amortization of the goodwill for tax purposes. Considering the facts and the legal aspects that could justify the possibility to apply the rules related to the amortization of goodwill, it was verified the importance of the theory of evidence to each specific case. Finally, it was analyzed if the main administrative court decisions on the subject that can be related to the discussions here taken / O estudo tem como objetivo a investigação das hipóteses normativas que estabelecem a relação jurídica do registro de ágio no momento da aquisição de participação societária em sociedade controlada ou coligada, bem como a possibilidade de amortização da base de cálculo do imposto sobre a renda do ágio gerado na aquisição em caso de posterior incorporação do patrimônio de sociedade adquirida em virtude de operações societárias de incorporação, fusão ou cisão. Investigou-se a construção das referidas hipóteses normativas frente à mudança de padrões de contabilidade atualmente adotados pelo sistema contábil brasileiro, seguindo-se a tendência mundial dessas alterações, e mudanças legislativas recentes. Partiu-se da premissa do direito como um sistema fechado, autônomo e independente sem se olvidar da existência do dialogismo e da intertextualidade entre a ciência do direito e a ciência contábil. Analisou-se, assim, as hipóteses normativas fiscais de forma comparativa aos preceitos estabelecidos pela legislação societária e os registros contábeis. E, não tendo sido alterada a legislação fiscal sobre o assunto, buscou-se, a partir da análise da estrutura normativa, estabelecer os limites e os contornos das hipóteses que veiculam as possibilidades de registro, mensuração e amortização do ágio para fins fiscais. Considerando-se, ainda, a necessária relação entre os fatos descritos no antecedente das hipóteses normativas e a realidade fática, para o fim de se identificar o fenômeno da subsunção do fato à hipótese normativa descrita, capaz de ensejar a possibilidade de amortização do ágio gerado na aquisição, verificou-se a importância da Teoria das Provas para o deslinde de cada caso concreto. Por fim, analisou-se as principais decisões administrativas sobre o assunto que guardam relação com as conclusões alcançadas nesse estudo

本研究主要探討日本企業於90年代面臨泡沫經濟、金融風暴、全球化、資訊經濟以及服務經濟的變革。許多大企業過去因為追求成長而組織逐漸膨脹，使得面臨外部環境快速變遷時，發生反應遲鈍、人員創新力不足、資源過度分散的現象。在這一波變革當中，日本企業一方面要重整組織，一方面要踏入新的事業領域，使得變革格外艱困。90年代的泡沫經濟，正好提供日本企業深思反省的機會，也讓研究學者提供了企業變革的最佳樣本。 由於日本政府正式將獨占禁止法的純控股公司禁令解除，預計2001年進一步更改稅法為連結經營的模式，因此被禁止五十年的控股公司經營模式將被許多大企業多所採用。本研究藉由三大綜合電機廠商－株式會社日立製作所、株式會社東芝、三菱電機株式會社－的探討，逐步了解日本企業這一波組織變革的手法，以及控股公司組織架構在企業變革上所扮演的角色。 本研究從策略思維、組織架構、經營系統著手探討，發現在各個環節上都是企業變革的重要考量。日本企業的經營策略逐漸轉型為以中期規劃為主；原本製造導向轉變為以服務為導向；80年代過張造成的的資源分散，現在則努力執行選擇與集中企業資源；面對著資訊時代的來臨，投資網路與通訊新事業；隨著全球化的變化，企業不只有著重於日本市場，更以策略聯盟的方式以拓展全球市場。 由於控股公司架構的施行，可以幫助企業易於事業重組與進入新事業、企業轉變成為以策略為重點、權力分配朝向大幅授權與分權自主。就管理制度而言，為了適應mega-competition的競爭環境，反應速度是重要的考量，因此除了維持生產效率之外，經營效率亦是訴求重點。強調創新精神、加速決策過程、採用績效制度、藉助資訊系統等，以搭配控股公司的組織架構，期待能創造出另一波為人稱道的日本式經營。 本研究的結果，正是吾人探索二十一世紀經營之典範。對於台灣企業而言，台灣企業一直和日本企業保持著亦師亦友的角色，日本企業所面臨的大小問題，似乎都是台灣企業未來極有可能遇見的狀況，透過日本企業的深入了解，不但給予台灣企業警惕，也提供台灣企業良好的教材。 / The research studies Japanese firms' changes in face of bubble economy, financial crisis, and globalization as well as digital and service economy. Due to rapid growth in the 1980s, while facing the fast changes of business environment in the past decade, most of Japanese companies suffered from slow responses, insufficient innovation, and over diversified resources. To revitalize the organizations, they are willing to invest in new businesses on the other hand. Because of the lift of pure holding company and reform of consolidated tax system, many Japanese companies are announcing that they will transform themselves to new organizations in form of holding company that had been banned for fifty years. Through the search of three giant general electric firms- Hitachi, Ltd., Toshiba Corporation, and Mitsubishi Electric Corporation, the research discusses how the Japanese enterprises change and how the holding company structure plays in organizational changes. In terms of strategic rethinking, organizational adaptation, and managerial revitalization, Japanese companies are transforming from long term planning to midterm, from manufacturing orientation to service, from diversified resource to selection and focus, and from general electric businesses to network and communications. Not only is Japanese market emphasized, but international markets also are exploited by numbers of global strategic alliances. The introduction of holding company structure helps companies enter new businesses easily, focus efforts on strategies rather than on operations, and delegate more authorities to lower levels. Under the new structure, management system should be changed simultaneously. To survive in new business environment called mega-competition, fast response and managerial efficiency are points. Moreover, entrepreneurship, speedy decision making process, performance-based evaluation, and information system are adopted to fit both strategic rethinking and organizational adaptation. Scrutinizing Japan's adaptation to environment can give Taiwanese companies more understandings of new Japanese business operations. What the research reveals can warn Taiwan of falling into the same path as of Japan.