A principled justification for business rescue laws: A comparative perspective (part I)

In 1992 the Federal Government of Australia introduced the voluntary procedure administration as an option for a company in financial difficulties. In the same year the Canadian Parliament introduced legislation with the same objective. The precursor to both Australian and Canadian initiatives is the American Chapter 11 procedure. However there are some significant differences between the approaches adopted. These differences are outlined as a precursor to an analysis of selected policies behind business rescue laws. By considering the aim of the legislation and objective criteria against which the legislation could be assessed the authors conclude that the Australian procedure is preferable to both its Canadian and American counterparts. Part II of this article will appear in the next issue of IIR.     

Heterophily in social groups formation: a social network analysis

Quality & Quantity - Research on heterophily as a relational phenomenon is mostly limited to specific professional contexts which do not include knowledge about status or value heterophily as a...     

An empirical investigation of customer satisfaction and loyalty across two divergent bank segments

Customer satisfaction is an important indicator for customer loyalty, and numerous studies have identified the benefits that customer loyalty delivers to an organisation. Nevertheless, research also suggests that satisfied customers still defect. This study investigated the relationship between customer satisfaction and loyalty intentions within the Australian banking industry for two distinct customer segments, retirees and university students. Results indicate no significant difference in the satisfaction levels of either group; however, there were differences with respect to two of the five behavioural intentions dimensions: loyalty and switch. Satisfaction was found to have a significant impact on three of the five behavioural intentions dimensions: loyalty, pay more and external response, suggesting that management should initiate service policies aimed at securing improvements in customer satisfaction. However, there are also other constructs at work aside from satisfaction in determining future behavioural intentions.     

On strategic stability in discontinuous games

We identify a class of discontinuous normal-form games whose members possess strategically stable sets, defined according to an infinite-game extension of Kohlberg and Mertens’s (1986) equilibrium concept, and show that, generically, a set is stable if and only if it contains a single Nash equilibrium.     

Due Process Failure in Sector-neutral Accounting Standard-setting

This study of due process in New Zealand draws upon information concerning events from 1993 to 1996 that resulted in the revision of a newly approved financial reporting standard and the withdrawal of requirements for the disclosure of director remuneration. Traditional consultation processes preceding approval of the standard failed to provide the FRSB with an adequate signal of the opposition to come, indicating a failure of due process. Analysis of this case study suggests adoption of a single and sector-neutral Board in New Zealand was undertaken with a poor appreciation of how to manage effective due process in a 'sector-neutral' world.     

Local accessibility inequalities and willingness to walk in Latin-American cities: Findings from Medellín,Colombia

As planning for accessibility is becoming a priority for most cities, policies encouraging short-distance traveling and the use of active modes of transport are gaining force. Emphasizing short-distance travel and localized practices can produce positive sustainable outcomes, but in order to design proper public policies, a deeper understanding of the determinants of this mobility of proximity is still needed. This paper uses mobility data from the city of Medellín, Colombia, to examine the role of local accessibility and the proximate scale in the city's everyday mobility. The analysis aimed at testing whether significant efforts on improving local conditions and fostering local mobility would help to improve social exclusion and transport disadvantage situations by alleviating the need of motorized and long-distance transport. Unlike most traditional analysis, proximity is not defined by Euclidian distance but instead using travel and modal choice variables. Results show the relevance of socioeconomic variables at determining travel behaviors as well as the importance of local accessibility for social groups in situations of transport disadvantage.     

Market structure or traders' behavior? A multi agent model to assess flash crash phenomena and their regulation

Analyzing the market reaction to a flash crash caused by an operational shock with different market participants