银行破产中的权力结构分析——行政权与司法权在银行破产中的均衡

银行破产与一般企业破产不同,决定了破产参与人行使的权力结构不尽相同。权力冲突的结果直接决定了银行破产法律制度的价值取向和立法模式,正确认识银行破产中的权力形态,正视银行破产中的权力冲突,对于均衡权力关系,建立与我国银行破产法律价值观相一致的法律制度具有重要意义。     

The effect of marital status,income, age and other variables on insolvency in the U.S.A.

The prodiction of insolvency among U.S. households was the focus of this study with the use of data drawn from the Surveys of Consumer Finance^1.2 which were sponsored by the Federal Reserve Board of Governors. Analysis of panel data for a random sample of 1,934 households showed that age of the household head had a negative relationship with insolvency while income had a strong, negative effect. In the first period (1983), married couples had lower predicted insolvency rates than other household types. In the second period (1984), the relationship between marital status and insolvency was not as clear, but married couples with children had substantially lower predicted insolvency than did single-parent households.     

The operation of the insolvency system in the U.K.: Some implications for entrepreneurialism

An inquiry of entrepreneurs in economic theory is followed by an overview of the insolvency system in the UK. The impact of the insolvency system upon entrepreneurs in the UK is then discussed. It is concluded that while there have been ostensible attempts at reforming insolvency law, these efforts have primarily benefitted large firms. Moreover, it is maintained that the current operation of insolvency law remains principally geared toward the protection of creditors. As a consequence, small entrepreneurial firms have little or no alternative to liquidation, irrespective of the best interests of the company or its creditors. The entrepreneurial founders of these failed firms are then faced with potential disqualification and long-term, if not permanent, financial obstacle to continued entrepreneurship. It is proposed that the severity of the regime discourages the re-entry of entrepreneurs into the market thereby depriving the UK economy of an experienced and potentially vital force for innovation.     

Between Neo-Liberalism and the Social Market: Approaches to Debt Adjustment and Consumer Insolvency in the EU

Many EU countries introduced debt adjustment systems as a response to the growth of over-indebtedness since the 1980s. These systems, originally introduced in many countries as crisis measures, have now become normalized, metamorphosing through a continuing learning process into a combination of debt adjustment and insolvency relief through a discharge of debt, sometimes after only 1?year, but often after a debt repayment plan over a period of 3–7?years. Since the early 2000s, new Member States of the EU have also introduced insolvency systems, often based on models from the old states. This paper examines experience in European consumer insolvency systems, based on the modest empirical studies of existing systems, primarily England, France and Germany. It discusses the reasons for the use of consumer insolvency, and the limited data on the characteristics of users, charts distinct national approaches and outlines common themes and objectives for consumer insolvency in the context of EU measures to create an integrated credit market in a “competitive social market. To economy”. It concludes by underlining the absence of systematic social science knowledge on existing systems and outlines areas for further research.     

期权模型在财产保险偿付能力研究中的应用

期权模型已广泛应用于金融保险业。本文将期权定价模型运用于财产保险的偿付能力分析。在保险被视为公司的负债且保险的需求函数与偿付能力不足风险成反比的假设下,可通过选择偿付能力不足风险的水平来实现保险人的利润最大化。     

Hybrid bond issuances by insurance firms

This study reexamines the determinants of insurance firms' hybrid bond issuances. We also analyze the effects of these issuances on their issuers' financial solvency and performance. Logistic regression reveals that the likelihood of issuing a hybrid bond increases when the risk-based capital ratio is lower and when net income is greater. Additionally, difference-in-differences estimations with fixed effects show that hybrid bond issuances enhance insurance firms' insolvency risk and liquidity ratio but do not significantly improve overall financial solvency indices. The insolvency risk is mitigated when the bonds are issued to foreign creditors.     

Parsimonious Models of Financial Insolvency in Small Companies

This study is an extension of current research on insolvency diagnosis. We intend to demonstrate that in small firms, the relevant information for the preventive diagnosis of insolvency can be synthesised in a model built upon a more reduced number of economic and financial ratios than the ones generally used in this kind of study. Our approach produces parsimonious models that can extract information from publicly available accounting-financial data. We demonstrate that using an extensive exploratory stage that will monitor the effects of correlation between financial variables, we will be able to build relatively stable models with a small set of variables.The results of the models built by resorting to discriminant analysis and to logistic regression present a similar accuracy to models previously developed. Our models present the advantage of including a small number of variables that can be interpreted in the light of current financial theory and therefore it reduces the number of financial data needed to make an insolvency diagnosis. This is particularly decisive when working in an environment of restricted information availability, which is very common in small companies.     

Consumer Insolvency in the European Legal Context

Consumer credit, as an important aspect of the free movement of capital, has for a long time now been subject to European Union regulations. However, one important aspect of consumer credit, over-indebtedness, has not been acknowledged in the Consumer Credit directives of 1978 and 2009, nor is there any other European Union law instrument that addresses over-indebtedness or insolvency of consumers. The only European-level document addressing the problem of over-indebtedness of ordinary people is the Council of Europe Recommendation of 2007. In European Union law, over-indebtedness can and should be approached from several angles. The Insolvency Regulation (2000) does not directly address situations facing the consumer debtor and leaves it up to the discretion of the Member States to include or exclude insolvency proceedings for consumer debtors regarding the scope of the Regulation. There can be little doubt that the European Union has a legal basis for action in this field, and it has also used its competence in a number of related issues, such as general insolvency law and enforcement of judgments. Case C-461/11, in which Advocate General delivered her opinion on Sept 13^th, 2012 shows that national insolvency procedures for natural persons may constitute a restriction on the freedom of movement. This article argues that, even in the absence of a European Union law instrument, the Member States should recognize debt adjustment judgments made in another Member State and that there is a need for a regulation in the European Union law in this field.     

Reasons for insolvency amongst small firms — A review and fresh evidence

The growing and diverse literature on insolvency is comprehensively and critically reviewed. The limited portfolio that small firms represent, in particular as regards their managerial capabilities, is suggested as an added reason for the strong inverse correlation of probability of insolvency with firm size. The evidence from a hitherto largely untapped source of data, the reports of the British Official Receiver, is analysed using contingency tables. The most important reason for their failure given by the owners of insolvent firms is weaknesses in operational management, particularly in the adequacy of their capital. Marked inter-temporal and interregional differences are evident within the data.     

Productive entrepreneurship and the effectiveness of insolvency legislation: a cross-country study

Small Business Economics - This paper studies the association between the effectiveness of insolvency regulations and entrepreneurship using multilevel modeling of about 300,000 individuals in 27...     

Which Characteristics Predict the Survival of Insolvent Firms? An SME Reorganization Prediction Model

The negative impact of insolvency, especially in small and medium enterprises, informs the objective of this paper: to study the characteristics of bankrupt firms to achieve a preventive diagnosis for reorganization by means of artificial intelligence (AI) methodologies such as rough set and PART methods. The AI models obtained show not only the key variables to predict insolvency, but also their relations and the critical values. Using only five firm characteristics (sector, size, number of shareholdings, return on assets, and cash ratio), our model could reduce delays and costs, since it is able to predict which firms will undergo reorganization or liquidation before the legal procedure.     

The Heteronomy of Private Insolvency Proceedings and the Social Structure of Entrepreneurial Activity: a Commentary on Anne Koark's Speech

Private insolvency law in Germany paralyses the ambitious entrepreneurial powers of clients who want to heal the conflict. A better outcome for creditors and debtors is made possible.     

The Phenomenon of “Consumer Insolvency Tourism” and its Challenges to European Legislation

Consumer insolvency tourism, i.e., the relocation of over-indebted natural persons into a Member State granting a more favourable discharge regime from personal debt than the home country, has been focused by media as well as by legal practitioners quite intensively lately. Conflicts arise not only in distinguishing genuine and fictional relocations of the centre of main interest (COMI), but also between the effect of discharge and creditor's perspectives who did not take into account the possibility of considerably more debtor-friendly discharge facilities abroad when issuing the credit. While relocating a corporate COMI to another Member State providing better restructuring conditions will generally benefit both creditor and debtor, the effect of discharge in consumer insolvency procedures leads to less balanced results. It is not controversial that the current practice is in accordance with the wording of the European Insolvency Regulation (EIR). However, little research has been done so far on the question whether the phenomenon itself has been endorsed by the EIR. Even if consumer insolvency tourism is generally not regarded as an abuse of the EIR or of European freedoms, it may still not respect the interests of both debtors and creditors appropriately. With regard to the prospective revision of the EIR, this paper proposes different approaches to balance the interests of debtors and creditors by normative means.     

Put Option Premiums and Coherent Risk Measures

This note defines the premium of a put option on the firm as a measure of insolvency risk. The put premium is not a coherent risk measure as defined by Artzner et al. (1999). It satisfies all the axioms for a coherent risk measure except one, the translation invariance axiom. However, it satisfies a weakened version of the translation invariance axiom that we label translation monotonicity. The put premium risk measure generates an acceptance set that satisfies the regularity Axioms 2.1–2.4 of Artzner et al. (1999). In fact, this is a general result for any risk measure satisfying the same risk measure axioms as the put premium. Finally, the coherent risk measure generated by the put premium's acceptance set is the minimal capital required to protect the firm against insolvency uniformly across all states of nature.     

Using financial ratios to predict insolvency

The purpose of this study is to explore the feasibility of using financial ratios as an analytical technique to predict financial insolvency. Using discriminant analysis, a credit-risk score was calculated to determine if a lender should accept or reject a prospective borrower. This study reveals that 80% of the cases were correctly predicted by this model.     

保险监管:原则导向还是规则导向——以英国Vehicle & General和我国某财产保险公司为案例

当前,原则导向方式已经成为国际保险监管的主流理念,但是原则导向如何落实,并如何协调与规则导向的关系,在世界保险业范围内广受讨论。本文采用案例研究法,以英国车辆通用保险公司为参照样本,对比我国陷入偿付能力危机的某财险公司进行分析。我们发现,原则导向与规则导向方式在我国保险监管实务中都不可或缺,原则不能代替规则,规则应在原则的指导下制定,原则与规则相辅相成。     

保险市场准入监管分析

本文首先分析了保险市场准入监管与保险公司偿付能力之间的关系,再用经济学的方法对市场准入问题进行讨论.结果表明,保费收入和投保人的预期收益与市场上保险公司的数量并不总是同方向变化,而且在产品同质的市场上,完全取消进入门槛会使市场上的企业个数过多,造成社会福利的损失.接着,文章通过对目前中国保险市场上供给主体的分析,认为当前我国保险市场存在的最主要问题不是供给主体不够,而是各公司提供的产品之间无差异.因此,文章认为目前政府还是应该审慎控制保险市场总体规模和市场准入,从而从理论上阐述了新<保险法>修订进一步严格保险市场的准入条件的必要性.     

Die Kommunalinsolvenz als Folge der kommunalen Finanznot?

Many municipalities in Germany suffer from fiscal distress. The high level of communal debt seems problematic against the background of the European sovereign debt crisis. The regulation of bankruptcy and insolvency for German municipalities could be a solution, but such regulation would have to take their specific characteristics into consideration. On the one hand, the consequences of a collapse of local authorities would be harsh and would further limit the scope of German municipalities. On the other hand, doing nothing is not an option, because the problems require a fundamental solution.     

Which firms do prefer Islamic debt? An analysis and evidence from global sukuk and bonds issuing firms

The Islamic debt instrument sukuk has been in the market for two decades; still, we do not know why a firm prefers an Islamic debt over conventional debt, set aside religiosity issue. We argue there is a genuine reason to choose Islamic debt because it has lighter indebtedness, benefits of avoiding external monitoring, and tax incentives. Based on the cross-country data for 346 firms issuing dollar-denominated global sukuk and bonds, we find that firms that prefer Islamic debt and issue sukuk are financially more unstable, and thus exposing to higher insolvency risk as compared to bond issuing firms.     

Bank board network and financial stability in emerging markets

This study finds that the board network is related to improvements in the financial stability of banks given by asset quality, insolvency risk and volatility of profits. Further, the board network is more critical for the private sector banks in India. The board network also improves the performance of banks, providing evidence in favor of the integrated resource dependence view of the board. Well-connected boards increase information availability and reduce the information asymmetry between the bank and its borrower. For financial firms, restricting the number of directorial positions for bank directors may not have any desirable effect on bank outcomes.