As referências de casos reais brasileiros nas áreas de negócios são bastante escassas, sobretudo, em relação aos casos de insucessos, falências e fraudes, desprezados no decorrer do tempo e pouco utilizados como elementos de aprendizagem, possibilitando a recorrência de erros anteriormente cometidos. Esse trabalho tem como objetivo entender as estratégias contábeis empregadas por um banco brasileiro que sofreu intervenção do Banco Central do Brasil e foi liquidado sob acusações de fraude. Trata-se de um estudo de caso único, que utiliza como fontes documentos do processo de falência e das apurações do Banco Central do Brasil, atas de reunião do conselho e da diretoria, pareceres, reportagens, bancos de dados de demonstrações financeiras e cotações, entrevistas com repórteres que cobriram o caso e ex-funcionários. O trabalho também busca o entendimento de escolhas contábeis não necessariamente fraudulentas, mas pouco ortodoxas, analisando como o ambiente da instituição pode ter colaborado com a ocorrência dessas práticas e se, antes da intervenção do Banco Central, foram emitidos sinais de alerta suficientemente fortes para que o mercado os captasse. Além da literatura inerente à governança corporativa e insider shareholding, fraude e gerenciamento de resultados, destaca-se o entendimento da crise financeira de 2008, a qual não só impactou o negócio de bancos pequenos e médios em todo o mundo como trouxe à tona discussões sobre o modelo de negócios de concessão de empréstimos e venda da carteira e formas de contabilização. O trabalho desenvolve-se através do estudo isolado de cada fonte de evidência e, ao final, é feita uma triangulação com os itens que amparam as respostas às questões de pesquisa. Com base nas evidências estudadas, observou-se concentração de poder e escolhas que beneficiaram os controladores, através de remuneração e dividendos acima do mercado, e também o relacionamento do banco com outras empresas da família. Desse modo, os sinais de alerta anteriores à intervenção do Banco Central existiram, mas não foram suficientemente claros para chamar a atenção do mercado. Quanto às estratégias de contabilização usadas pela instituição financeira, podem-se salientar: a antecipação dos critérios de contabilização de cessões de crédito (Resolução 3.533, 2008); a classificação da carteira de crédito na categoria \"disponíveis para a venda\" (balanço IFRS); PCLD insuficiente; empréstimos existentes apenas na contabilidade; superavaliação no valor justo de cotas de FIDC e outros instrumentos financeiros sem mercado secundário ativo mensurados a valor de mercado; manipulação de resultados de cessão de crédito; e falta de evidenciação de transações com partes relacionadas e FIDC. / The references of Brazilian real cases in the business area are very scant, particularly about cases of failures, bankruptcies and fraud, neglected over time, and little used as a learning elements, allowing the recurrence of previously committed mistakes. This study aims to understand the financial strategies employed by a Brazilian bank that was seized by Brazil\'s Central Bank and was extinct on fraud charges. This is a single case study, which uses as sources documents of the bankruptcy process and of calculations made by Brazil\'s Central Bank, records of council meetings and board of Directors meetings, accountant\'s opinions, news reports, financial statements databases and quoted market prices, interviews with reporters who covered the case and former employees. This research also seeks to understand not necessarily fraudulent accounting choices, but unorthodox, analyzing how the institution\'s environment may have contributed to the happening of these practices and if, before the intervention of the Central Bank, strong enough warning signs were issued to the market would capture them. In addition to the specific literature on corporate governance and insider shareholding, fraud and earnings management, the understanding the financial crisis of 2008 stands out, because this conjuncture not only unsettled the business of small and medium banks all over the world as brought up deliberations on the lending business model and sale of the portfolio and accounting settings. This study is developed through the analysis of each source of evidence and, in the end, a triangulation with the items that support the answers to the research questions is performed. Based on noted evidence, there was a concentration of power and choices that benefited Controllers, through compensations and dividends above market, and also the bank\'s relationship with other family companies. Thus, there were earlier warning signs for intervention by Central Bank, but they were not clear enough to draw the attention of the market. As the accounting strategies used by the financial institution, can be highlighted: the anticipation of credit assignment accounting criteria (Resolution 3.533, 2008); the loan portfolio classification as \"available for sale\" (IFRS balance sheet); insufficient bad debt provision; effective loans only in accounting; overvaluation in the mark to market of Receivables investment funds shares and other financial instruments measured at fair value without an active secondary market; handling credit assignment results; and lack of disclosure of deals with related parts and Receivables investment funds

A assimetria informacional entre devedores, credores e judiciário gera ineficiências nos procedimentos de falência (liquidação) e de recuperação judicial (reorganização). Essas ineficiências afetam a alocação ótima dos recursos das empresas submetidas a esses institutos jurídicos ao possibilitar a concessão da recuperação a empresas inviáveis (erro tipo 1) e a decretação da falência de empresas cujo ativo arrecadado é inferior aos custos administrativos desse procedimento, inviabilizando o pagamento de credores. Diante desses problemas, esta pesquisa teve por objetivo apresentar como as informações contábeis podem ser utilizadas para reduzi-los. Em relação à falência, buscou-se com este estudo apresentar como as informações contábeis podem ser utilizadas para indicar o início de processos de falências frustradas (falências cuja taxa de recuperação dos credores é igual a zero). No que se refere à recuperação, buscou-se apresentar como evitar o deferimento do processamento da recuperação judicial a empresas inviáveis por meio do uso das informações contábeis. Para alcançar o objetivo proposto, no que se refere aos processos de falência, foi desenvolvido uma regressão logística tendo como variáveis explicativas o Ativo e o Passivo da devedora no início do processo. Por meio desse modelo pode-se estimar a probabilidade de uma falência ser frustrada. Em relação à recuperação, inicialmente foram analisados três casos a fim de ilustrar a capacidade das informações contábeis disponíveis na petição inicial dos processos indicarem a viabilidade, ou não, das devedoras. Essa análise foi feita por meio de cálculos de índices de liquidez e endividamento e da aplicação de modelos de previsão de insolvência desenvolvidos por Kanitz (1974), Scarpel (2000) e Mário (2002). Considerando-se que a análise prévia ao deferimento do pedido do processamento de recuperação não possui previsão legal, buscou-se a opinião de magistrados, por meio de entrevistas, e decisões de 2ª instância sobre essa possibilidade. Como resultado, o modelo desenvolvido para prever falências frustradas obteve uma taxa de acerto de 89% dos casos da amostra. Com base nessa informação, seria possível evitar o prolongamento desses processos e o consumo de recursos em falências que não alcançarão sua finalidade. Em relação à capacidade das informações contábeis indicarem a viabilidade de empresas que pedem pela recuperação judicial, a utilização dos modelos de previsão de insolvência se mostrou adequada para essa finalidade. Considerando-se a capacidade da informação contábil de minimizar o cometimento do erro tipo 1, em casos de recuperação, e de acelerar decisões sobre o encerramento de falências frustradas, tem-se que a informação contábil pode ser utilizada para maximizar os recursos nesses processos, colaborando com a eficiência ex post da legislação falimentar. / Informational asymmetry between borrowers, lenders and judiciary generates inefficiencies in liquidation and reorganization. These inefficiencies affect the optimal allocation of the companies resources subject to these legal institutions by enabling the granting of reorganization to non-viable companies (type 1 error) and the declaration of liquidation of companies whose asset is less than the administrative costs of this procedure, precludes the payment of creditors. On these issues, this research aimed to present how accounting information can be used to reduce them. In relation to bankruptcy this study attempted to present how accounting information can be used to indicate the beginning of failed liquidation proceedings (liquidation whose creditors\' recovery rate is zero). Regarding reorganization this study tried to present how to avoid approval of the reorganization process to non-viable companies using accounting information. To achieve the proposed objective regarding liquidation, was developed a logistic regression with explanatory variables the assets and liabilities of the debtor at the beginning of the process. Through this model can estimate the probability of a liquidation be frustrated. In relation to the reorganization initially three cases were analysed to illustrate the ability of accounting information available in the initial application of this process indicate the feasibility, or not, of the debtor. This analysis was done by means of calculations of indices of liquidity and debt and insolvency prediction models developed by Kanitz (1974), Scarpel (2000) and Mario (2002). Considering that prior analysis to granting the reorganization request has no legal provision, sought the opinion of judges, through interviews, and appeal decisions about this possibility. As a result, the model developed to predict liquidation frustrated obtained a hit rate of 83% of the cases in the sample. Based on this information, it would be possible to avoid the prolongation of these processes and resource consumption in bankruptcy that will not achieve your purpose. In relation to the ability of accounting information indicate the viability of companies that ask for judicial reorganization, the use of prediction models of insolvency proved best suited for this purpose. Considering the ability of accounting information to minimize the commission of type 1 error, in case of reorganization, and to speed up decisions on closure of liquidation has frustrated that accounting information can be used to maximize resources in these processes, collaborating with ex post efficiencies of bankruptcy law.

The subject of this diploma thesis is the appraisal of the MS KART s.r.o., as of 1. 1. 2011 for the internal purposes of the ordering party, which is the appraised company. MS KART s.r.o. operates as a producer within the carting industry. The thesis is based on four main parts. Financial analysis is aimed at examining the company's financial health. Strategic analysis defines and evaluates the relevant market in which the company operates and it also quantifies the potential of the company to succeed. Executing both analyses provides the answer about whether the company fulfills the going concern requirement or not. The third portion assesses the main figures which determine the value of the company. Based upon these assessments a financial plan is constructed. In the final part, the company is appraised by using two methods - the amortization value method and the liquidation value method. Their results represent the final interval of the appraisal of the company. The appraisal is calculated in terms of equity appraisal.

La recherche se propose d'examiner s'il est possible d'améliorer la situation des créanciers chirographaires en cas de faillite ou liquidation des biens en assainissant les garanties conventionnelles permettant d'échapper au concours, en réexaminant le régime des sûretés et en examinant les possibilités d'instaurer une part réservataire pour les créanciers ordinaires en cas de faillite ou liquidation des biens en vue d'améliorer directement leur situation. Elle débouche sur une réponse nuancée selon laquelle la mission n'est pas impossible, mais difficile à concrétiser. Nous avons démontré, en effet, que l'amélioration du sort des créanciers chirographaires aussi bien en droit belge qu'en droit uniforme de l'OHADA passe par une réforme profonde des régimes des propriétés-sûretés et des sûretés et, pour plus d'efficacité, par une instauration d'une part réservataire au profit des créanciers susmentionnés. Ces mesures ont trouvé cependant par moment des limites fort sérieuses dans la nécessité de ne pas entraver l'activité économique en traquant trop les sûretés et la liberté contractuelle ainsi que dans le fondement même des sûretés. C'est en tenant compte de tout cela que nous sommes arrivé à formuler, en définitive, cette réponse nuancée. Quoi qu'il en soit le mal est connu et les solutions acceptables et applicables existent. Demeure cependant rare le législateur disposé à les adopter afin d'améliorer directement le sort des créanciers ordinaires.

La recherche se propose d'examiner s'il est possible d'améliorer la situation des créanciers chirographaires en cas de faillite ou liquidation des biens en assainissant les garanties conventionnelles permettant d'échapper au concours, en réexaminant le régime des sûretés et en examinant les possibilités d'instaurer une part réservataire pour les créanciers ordinaires en cas de faillite ou liquidation des biens en vue d'améliorer directement leur situation. Elle débouche sur une réponse nuancée selon laquelle la mission n'est pas impossible, mais difficile à concrétiser. Nous avons démontré, en effet, que l'amélioration du sort des créanciers chirographaires aussi bien en droit belge qu'en droit uniforme de l'OHADA passe par une réforme profonde des régimes des propriétés-sûretés et des sûretés et, pour plus d'efficacité, par une instauration d'une part réservataire au profit des créanciers susmentionnés. Ces mesures ont trouvé cependant par moment des limites fort sérieuses dans la nécessité de ne pas entraver l'activité économique en traquant trop les sûretés et la liberté contractuelle ainsi que dans le fondement même des sûretés. C'est en tenant compte de tout cela que nous sommes arrivé à formuler, en définitive, cette réponse nuancée. Quoi qu'il en soit le mal est connu et les solutions acceptables et applicables existent. Demeure cependant rare le législateur disposé à les adopter afin d'améliorer directement le sort des créanciers ordinaires.

Industrial structure in domestic market demand in Taiwan has changed in recent years, with most apparent changes occurring in traditional enterprises moving outwardly and prosperity in high-tech industries, both of which are strongly associated with technology, financial capital, and human resources. If businesses are run carelessly, corporations are at high risk of going out of business or bankrupt. Once this occurs, corporations will go into liquidation or reorganization, which will inevitably affect the investment market and the society as well. In other words, the outcome of a corporation bankruptcy could contribute to a variety of problems, such as unemployment, non-absolved debt, and uncollectible financial accounts, which will require some assistance in finding resolutions. These problems are dramatically interfering with the stability of our society. The system of corporate reorganization was mainly created for alleviating the consequences mentioned above. Corporations facing financial problems could file for corporate reorganization. With corporate reorganization, the corporation could reach a resolution to satisfy the overall financial responsibilities and have harmony among its employees, stockholders and creditors, and maybe even revitalize the business. However, in realistic judicial practices, some regulations seem to be inadequate for the purpose of the corporation reorganization mechanism. Moreover, the time from filing a corporate reorganization to having a resolution is too long and typically exceeds the average business lifespan of SMEs (Small and Medium Enterprises). As a result, specialists and scholars debate on whether to re-write or abolish the current corporate reorganization rules and regulations. That is, due to the fact that the characteristic and requirement of corporate reorganization have received criticism in the practical use and practice, there is a need for evaluating and analyzing the legislation of corporate reorganization, and in fact, making it the top priority. The authorities are concerned and realized the importance and urgency of corporate reorganization in practice, so the CEPD proposed a ¡§corporate reorganization and bankruptcy¡¨ act in 2005. This act is attempting to research and indicate the dispute among the drafts, hoping to solve the problems, inefficiency, and injustice in present corporate reorganization system and contribute to legislation that will create a harmony among conflicts of interest with the litigants by means of judicial practice, related-literature, and opinions thus far.

This dissertation explores the application of the techniques of mathematical finance to the achievement of investment targets and financial stability. It contains three self-contained but broadly related essays. Sharpe et al. proposed the idea of having an expected utility maximizer choose a probability distribution for future wealth as an input to her investment problem rather than a utility function. They developed the Distribution Builder as one way to elicit such a distribution. In a single-period model, they then showed how this desired distribution for terminal wealth can be used to infer the investor's risk preferences. In the first essay, we adapt their idea, namely that a desired distribution for future wealth is an alternative input attribute for investment decisions, to continuous time. In a variety of scenarios, we show how the investor's desired distribution, combined with her initial wealth and market-related input, can be used to determine the feasibility of her distribution, her implied risk preferences, and her optimal policies throughout her investment horizon. We then provide several examples. In the second essay, we consider an investor who must a priori liquidate a large position in a primary risky asset whose price is influenced by the investor's liquidation strategy. Liquidation must be complete by a terminal time T, and the investor can hedge the market risk involved with liquidation over time by investing in a liquid proxy asset that is correlated with the primary asset. We show that the optimal strategies for an investor with constant absolute risk aversion are deterministic and we find them explicitly using calculus of variations. We then analyze the strategies and determine the investor's indifference price. In the third essay, we use contingent claims analysis to study several aggregate distance-to-default measures of the S&P Financial Select Sector Index during the years leading up to and including the recent financial crisis of 2007-2009. We uncover mathematical errors in the literature concerning one of these measures, portfolio distance-to-default, and propose an alternative measure that we show has similar conceptual and in-sample econometric properties. We then compare the performance of the aggregate distance-to-default measures to other common risk indicators. / text

Nemažai Europos Sąjungos valstybių narių įmonių yra suinteresuotos savo registruotos buveinės perkėlimu į kitą valstybę narę. Įmonei sėkmingai perkėlus savo registruotą buveinę į kitą valstybę, keistųsi įmonei taikytina teisė. Esant teisinei galimybei įmonei nutraukti savo veiklą įsikūrimo valstybėje be įmonės likvidavimo, bei įsikurti kitoje valstybėje, įmonė išlaikytų savo juridinį statusą, o visas įmonės turtas ir prisiimti įsipareigojimai tiesiogiai pereitų naujoje valstybėje įkurtai įmonei. Darbe yra analizuojama įmonės registruotos buveinės perkėlimo galimybė Europos Sąjungos valstybių narių tarptautinės privatinės teisės atžvilgiu, bei jų vidaus materialinės teisės atžvilgiu. Taip pat analizuojama Europos Teisingumo Teismo jurisprudencija ir jos įtaka tokio perkėlimo galimybei bei aptariama alternatyvi įmonės registruotos buveinės perkėlimo galimybė remiantis antriniais Europos Sąjungos teisės aktais. / Many companies in European Union are interested in the possibility to transfer their registered offices to another country. Doing that would lead to a change in the applicable law. If a company is allowed to dissolve in its country of incorporation without the liquidation, and to incorporate in the new state, the company would maintain its legal status and all of it‘s assets and liabilities would be passed to a company incorporated in the new state. This paper analyzes the possibility of such transfer according to European Union member states private international law and substantive law provisions. It also analyzes the jurisprudence of the European Court of Justice and it's influence on possibility of such transfer. The indirect possibility of such transfer, according to European Union secondary law, is also disscused.

Tyrimo objektas – UAB „RBN LT“ ilgalaikio materialiojo turto apskaitos metodika. Tyrimo tikslas – Išanalizavus UAB „RBN LT“ ilgalaikio materialiojo turto apskaitos metodiką ir identifikavus šio turto finansinės ir mokestinės apskaitos neatitikimus, įvertinti skirtingų metodikų įtaką UAB „RBN LT“ tikrajai vertei. Uždaviniai: 1. Ištirti ilgalaikio materialiojo turto apskaitos metodiką UAB „RBN LT“. 2. Išanalizavus ilgalaikio materialiojo turto apskaitą reglamentuojančius teisės aktus, apskaitos standartus ir mokslinę bei ekonominę literatūrą, nustatyti neatitikimus tarp finansinės ir mokestinės apskaitos. 3. Identifikavus ilgalaikio materialiojo turto finansinės ir mokestinės apskaitos neatitikimus, įvertinti skirtingų metodikų įtaką UAB „RBN LT“ tikrajai vertei. Tyrimo metodai – Įmonės dokumentų analizė, loginė analizė, apskaitos standartų ir norminių aktų analizė, straipsnių periodinėje spaudoje analizė, mokslinės ir ekonominės literatūros analizė, sintezė bei apibendrinimas, anketinės apklausos duomenų sisteminimas, grafinis vaizdavimas, modeliavimas bei statistiniai tyrimo metodai. Tyrimo rezultatai: Pirmojoje darbo dalyje išnagrinėta ilgalaikio materialiojo turto apskaitos metodika UAB „RBN LT“ ir išanalizuoti ilgalaikio materialiojo turto apskaitą reglamentuojantys apskaitos standartai, teisės aktai, mokslinė bei ekonominė literatūra, nustatyti esminiai neatitikimai bei iškylančios problemos UAB „RBN LT“ ilgalaikio materialiojo turto apskaitoje. Atliktas empirinis... [toliau žr. visą tekstą] / Object of the research – accounting methodology of non-current tangible assets of “RBN LT” Ltd. Objective of the research – having analyzed the accounting methodology of non-current tangible assets of “RBN LT” Ltd. and identified the discrepancies in the financial and taxing accounting of these assets, to assess the influence of different methodologies on the real estate of “RBN LT” Ltd. Tasks: 1. To analyze the accounting methodology of non-current tangible assets of “RBN LT” Ltd. 2. Having analyzed the legal acts regulating the accounting of non-current tangible assets, accounting standards, scientific and economic literature, to determine the discrepancies in the financial and taxing accounting. 3. Having identified the discrepancies in the financial and taxing accounting of non-current tangible assets, to assess the influence of different methodologies on the real estate of “RBN LT” Ltd. Research methods – analysis of company’s documents, logical analysis, analysis of accounting standards and normative acts, analysis of articles in the periodical press, analysis, synthesis and generalization of scientific and economic literature, systemization of survey data received with the help of questionnaires, graphical illustration, modeling and statistical research methods. Research results: The first part of the work was used to examine the accounting methodology of non-current tangible assets of “RBN LT” Ltd. and to analyze the accounting standards regulating the accounting... [to full text]

Thesis (doctoral)--Universität, Giessen, 2006. / Includes bibliographical references (p. 253-271).