Global 曼氏金融，梦断欧债

10月31日,当欧元区国家为解决欧债危机而寻找出路的时候,美国排名第五的世界顶级期货经纪商全球曼氏金融控股公司（MF Global,以下简称“曼氏金融”）与旗下的美国分公司向美国纽约南区法院申请了破产保护。由于投资欧债失败,曼氏金融成为华尔街上第一家因欧债危机而倒下的全球金融机构。     

曼氏金融,梦断欧债

10月31日,当欧元区国家为解决欧债危机而寻找出路的时候,美国排名第五的世界顶级期货经纪商全球曼氏金融控股公司(MF Global,以下简称"曼氏金融")与旗下的美国分公司向美国纽约南区法院申请了破产保护。由于投资欧债失败,曼氏金融成为华尔街上第一家因欧债危机而倒下的全球金融机构。     

欧债危机下筑起“金融长城”

2011年10月31日。已有218年历史的美国第五大期货交易商——全球曼氏金融公司因投资欧债失利导致经营亏损,向法院申请破产保护。美国曼氏金融公司于2010年将由代客买卖商品及衍生工具的经纪行转变为回报较高的投资银行。此后,曼氏金融以自有资金发展风险较高的自营投资交易,在欧债危机下吸纳欧债。     

全球曼氏金融公司破产的原因及启示

2011年10月31日,华尔街著名的期货交易商——全球曼氏金融控股公司(MFGlobal Holdings Ltd.,以下简称"全球曼氏金融")向纽约南区破产法院提交了破产保护申请,成为欧洲主权债务危机冲垮的第一家美国大型上市金融机构。按资产规模计算,一旦全球曼氏金融破产,将是继雷曼兄弟之后破产的最大金融公司。全球曼氏金融破产的消息令投资者避险情绪升温,受其影响,美国股市全线大跌,道琼斯工业指数跌22.3%,受到影响     

全球曼氏金融破产的原因和警示

已有218年历史的美国期货交易商全球曼氏金融(MFGlobal)因投机63亿美元的欧猪国债失利,导致经营亏损,10月底向法院申请破产保护。全球曼氏金融的破产申请文件显示,截至今年9月底,其总资产为410.5亿美元,总负债则达396.8亿美元,股本为12.32亿美元,经营     

全球曼氏金融破产的原因和警示

已有218年历史的美国期货交易商全球曼氏金融（MF Global）因投机63亿美元的欧猪国债失利,导致经营亏损．10月底向法院申请破产保护。全球曼氏金融的破产申请文件显示,截至今年9月底．其总资产为4105亿美元,总负债则达396．8亿美元,股本为12．32亿美元,     

美债危机下我国金融创新思考

2008年的金融风暴及近年来的欧债危机、美债危机让全世界都在对本国金融创新进行深刻的反思。欧债危机、美债危机是美国次贷危机的延续和深化,其本质原因是政府的债务负担超过了自身的承受范围而引起的违约风险,必然影响到我国金融。美债危机说明三个问题:一是美国的货币政策是不适合中国,中国不能与美国同步的政策,不能进行一些政策来伤害自己的货币价值。中国应增加汇率的     

欧洲债务危机对中国金融体系的影响

<正>金融体系的健康发展,是我国经济可持续稳定发展的重要体现。欧债危机和美债危机的交织,使国内外宏观经济金融形势趋于复杂。分析欧债危机对中国金融体系的影响,是宏观经济分析与调控迫切需要研究的课题。如何从金融危机中汲取经验,尤其是揭示欧债危机对我国金融体系发展的启示,以健全我国金融体系结构,增强防范金融风险和外部冲击的能力,是宏观经济管理决策当局迫切需要解决的极富挑战性的问题。本课题围绕汇率与国际资本流动、金融市场及其联动、银行业微观经营及其治理和货币政策调控目标和方式以及金融监管等视角,研究欧债危机对中国金融体系的影响途径、影响程度及可资借鉴的启示,为促进我国金融体系健康、稳定与可持续的发展提供前瞻性的判断和决策。     

欧债危机根源分析及对中国经济发展的启示

通过对欧洲主权债务危机的回顾,文章梳理了美国次贷危机与欧债危机的关联,分析了欧债危机爆发的内外部原因,在分析过程中对将欧债原因归结为危机发生国债务水平过高和福利水平过高的两个误区进行了辨析.在总结内外部原因的基础上,探讨了中国经济发展从中可以获得的启示.     

欧债危机成因及对我国的启示

始于2009年的欧洲主权债务危机愈演愈烈,已对全球经济金融产生了重要影响。在欧央行实地考察的基础上,详尽分析和阐述了欧债危机形成及发展的内外因,并结合我国经济金融发展实际,提出了欧债危机对我国的警示意义。     

中国民营上市公司债务融资破产威胁功效的实证研究

以2002～2007年陷入财务危机的民营上市公司（ST公司）为研究样本．通过相关分析实证检验了中国债务融资的破产威胁功效.研究发现,中国民营上市公司债务融资总体上对财务状况恶劣的公司起到了债务治理作用,发挥了破产威胁功效。短期债务能够对陷入财务危机的民营上市公司起到改善业绩的作用,较好地发挥破产威胁功效,而长期债务未能发挥破产威胁作用。银行贷款能够促进陷入财务困境的民营上市公司改善业绩,发挥破产威胁功效,而商业信用却没能发挥破产威胁功效。     

Dynamic capital structure and the contingent capital option

The financial crisis has emphasized the difficulties for financial companies to raise funds through conventional liabilities. In this environment, hybrid securities are becoming popular. In this paper we study the optimal capital structure of a company issuing a particular type of hybrid security: perpetual contingent capital, i.e., debt that converts into equity under some conditions. A two-period model with endogenous bankruptcy for a company with equity, straight debt and contingent capital is analyzed. We investigate the instrument under different conversion rules: automatic or optimally chosen by equity holders. We show that contingent capital reduces the coupon of straight debt and expected bankruptcy costs but can require a high spread. A trigger imposed by the regulatory authority in terms of par value of debt may induce a little use of contingent capital with an increase of bankruptcy costs.     

Coming Through in a Crisis: How Chapter 11 and the Debt Restructuring Industry Are Helping to Revive the U.S. Economy

During the recent financial crisis, U.S. bankruptcy courts and debt restructuring practitioners were faced with the largest wave of corporate defaults and bankruptcies in history. In 2008 and 2009, $1.8 trillion worth of public company assets entered Chapter 11 bankruptcy protection—almost 20 times the amount during the prior two years. And the portfolio companies of U.S. private equity firms faced a towering wall of debt that, many observers predicted, was about to wipe out most of the industry. But far from the death of private equity or a severe contraction of corporate America, the past three years have seen an astonishingly rapid working off of U.S. corporate debt overhang, allowing corporate profits and values to rebound with remarkable speed and vigor. And as the author of this article argues, corporate America's recovery from the recent financial crisis provides a clear demonstration of the importance of U.S. bankruptcy laws and restructuring practices in maintaining the competitiveness of U.S. companies and the long‐run growth of the U.S. economy.     

The recent financial crisis,start‐up financing and survival

We investigate the effects of the recent financial crisis on start‐up financing and survival using a dataset that covers all Belgian new business registrations between 2006 and 2009. We find that bank debt is the single most important source of funding, even for start‐ups founded during the crisis. However, start‐ups founded in crisis years use less bank debt and have a higher likelihood of bankruptcy, even after controlling for their creditworthiness. These effects are stronger for start‐ups that are more dependent on bank debt, such as start‐ups founded in bank dependent industries and start‐ups founded by entrepreneurs who are more likely to be financially constrained.     

Who gets credit after bankruptcy and why? An information channel

Conventional wisdom holds that individuals find it difficult to obtain new credit post-bankruptcy. Using credit bureau data, we test this hypothesis and show that more than 90% of bankrupt individuals receive credit shortly after filing. Individuals with good credit history prior to filing have reduced credit availability after bankruptcy while those with ex-ante low credit quality receive more credit. We show that credit supplied to low quality individuals is severely curtailed during the financial crisis. We also find that the default probability on new debt increases after bankruptcy, especially among individuals with high ex-ante credit score. These findings are consistent with an information channel, in which bankruptcy reveals new information about a borrower’s credit quality.     

Corporate Bankruptcy in Korea: Only the Strong Survive?

We analyze whether the build‐up of financial vulnerabilities led listed Korean companies to bankruptcy. We find that pre‐crisis leverage is systematically high for both poor performing/slow growing firms and for profitable/fast‐growing firms. Pre‐crisis leverage raises the probability of bankruptcy, which is lower for firms: (1) relying more on (renegotiable) bank credit; (2) with less inter‐firm debt; and (3) having higher interest coverage ratios. Finally, none of these liquidity variables help predict bankruptcies for chaebol‐firms, suggesting that liquidity constraints are more stringent for non‐chaebol. Thus, in a systemic crisis it is not only the strong/healthy that survive.     

Access to capital,investment, and the financial crisis

During the recent financial crisis, corporate borrowing and capital expenditures fall sharply. Most existing research links the two phenomena by arguing that a shock to bank lending (or, more generally, to the corporate credit supply) caused a reduction in capital expenditures. The economic significance of this causal link is tenuous, as we find that (1) bank-dependent firms do not decrease capital expenditures more than matching firms in the first year of the crisis or in the two quarters after Lehman Brother's bankruptcy; (2) firms that are unlevered before the crisis decrease capital expenditures during the crisis as much as matching firms and, proportionately, more than highly levered firms; (3) the decrease in net debt issuance for bank-dependent firms is not greater than for matching firms; (4) the average cumulative decrease in net equity issuance is more than twice the average decrease in net debt issuance from the start of the crisis through March 2009; and (5) bank-dependent firms hoard cash during the crisis compared with unlevered firms.     

Debt Agreements for Consumers under Bankruptcy Law in Australia and Developing International Principles and Standards for Personal Insolvency

The debt agreement option under bankruptcy law was introduced in Australia in 1996. Since its introduction, it has undergone significant review, and two sets of amendments have been crafted to meet issues as they have been raised. Its popularity is reflected in the increasing proportion of debt agreements compared with the other two debt relief options available under bankruptcy legislation, bankruptcy and the personal insolvency agreement. A review of the debt agreement scheme has recently been undertaken, but the government has yet to respond to its recommendations. Meanwhile, the work of comparative bankruptcy scholars has found new impetus from the treatment of consumer debtors during the Global Financial Crisis. At the same time, at the international level, there is growing interest in developing general principles for the treatment of personal insolvency, despite the acknowledged diversity of approach to personal insolvency at the national level. This paper examines the debt agreement framework and how it fits within the comparative bankruptcy literature and the developing international principles for the treatment of personal insolvency. Copyright © 2014 INSOL International and John Wiley & Sons, Ltd     

Supply of bank loans and business debts: A view from historical bankruptcy cases

As bank loans fell in the 2008 crisis, business bankruptcy increased. To study how bank loans affect business balance sheets and bankruptcy, we use new data on bankrupt businesses in Missouri between 1898 and 1942. We confirm that when banks curtail loans, courts see more bankruptcies among businesses with high exposure to bank debt. To reduce real volatility, policy‐makers can set tough bank liquidity requirements in the upswing of business cycle but allow weaker requirements in the downswing. We also find that between 1914 and 1933, businesses in St. Louis were more sensitive to changes in bank loans than businesses in Kansas City, probably due to the tight monetary policy conducted by the conservative St. Louis Fed. The Glass‐Steagall Act weakened the relationship between bank loans and business debt structure. The takeaway is that lender‐of‐last‐resort practices stabilize both the financial sector and the real economy.     

Fresh Start or Head Start? The Effects of Filing for Personal Bankruptcy on Work Effort

The key feature of the modern US personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. It has long been believed that the primary goal of the discharge policy is to preserve human capital by maintaining incentives to work. We provide the first test of this fresh start argument by estimating the effect of personal bankruptcy filing on work effort using data from the Panel Study of Income Dynamics. Our econometric approach controls for the endogenous self-selection of bankruptcy filing. We find that filing for bankruptcy does not have a positive impact on annual work hours for bankrupt households, a result mainly due to the wealth effects of debt discharge.