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Nicos Zafiris 《Economic Affairs》2018,38(1):74-87
This article surveys ‘creditor‐friendly’ and ‘enterprise‐friendly’ bankruptcy regimes with a focus on the methodology underlying the filter test in distress, as reflected both in its academic treatment and in legal practice. I find that the test exhibits pro‐liquidation bias in designating liquidation of a firm with recovery potential as the Type II error, and in underplaying the benefits of a possible turnaround. Further influences militating against continuation include the power conferred on creditors through the balance sheet criterion and the undervaluation of intangible assets. I make the case for reversing such biases to establish a presumption in favour of continuation. 相似文献
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Abstract. The paper tests the explanatory power of a theoretical model of household decisions about child labour and school enrolment and analyses the determinants of child labour in Vietnam, a country that is experiencing a rapid transition toward a market economy. The theoretical framework, used as a benchmark, is in the spirit of the 'new household' economics and links household decisions about schooling and child labour to intergenerational altruism and to human capital investment. On this basis, we analyse the evolution and determinants of child labour using two household surveys (1993 and 1998) for Vietnam. 相似文献
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Nicos Zafiris 《Journal of Comparative Economics》1982,6(1):55-74
It is generally accepted that investment in cooperative firms is discouraged by limitations on individual appropriability of the capital and its returns, and by obligations to maintain the firm's capital. Both disincentives, operating most acutely in Yugoslavia, result in suboptimal investment behavior. This paper argues, however, that most of the disincentive is due to the capital maintenance obligation rather than to limited appropriability. In the absence of the former and as long as workers' time horizon is not inordinately short, disincentives may not significantly interfere with efficient selection of certain types of investment. 相似文献
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Coordination through collective bargaining is recognised as an influential determinant of labour market outcomes and macroeconomic performance. This article provides a systematic review of the empirical literature on the subject. What emerges from the review is that it is different types and coverage of bargaining coordination, rather than cross‐country variation in trade union density, that matter for economic performance. High levels of bargaining coverage tend to be associated with relatively poor economic performance, but this adverse relationship can be at least mitigated by high levels of bargaining coordination. In the absence of formal bargaining arrangements, economies often develop informal bargaining mechanisms whose effects are similar to those arising from formal bargaining provided they both operate at similar levels of coordination. The consequences of labour market coordination or absence thereof depend on the monetary policy regime as non‐accommodating monetary policy can eliminate some of the adverse unemployment consequences otherwise associated with industry‐level collective bargaining. Finally, bargaining coordination seems to matter most in times of rapid economic change rather than under more stable conditions. Overall, we conclude that it is the total ‘package’ of (formal and informal) labour market institutions that matters for the performance of the economy rather than unionisation as such or individual aspects of unionism. 相似文献
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Zafiris Tzannatos Lecturer 《Economic Affairs》1986,7(2):26-28
Liberal economists view equal pay legislation for women as a distortion of market signals; interventionists approve of it for this very reason. Dr Zafiris Tzannatos, of the University of Buckingham, contends that unexpectedly, such legislation may have released the labour market from longer-standing prejudicial distortions. 相似文献
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Nicos Zafiris 《Journal of Business Finance & Accounting》1982,9(1):119-125
This paper attempts to rebut some criticisms advanced by Amey against the conceptual basis of proposals to make an ex post imputation for the cost of equity capital in external fmancial reports. The principle argument is that 'implicit' opportunity costs are relevant not only ex ante, for decision-making, but also ex post, if suitably defined and measured, for performance evaluation. An allowance for the foregone earnings of the equity does, therefore, seem justified. But rather than a standardised imputation of 'interest', the need for comparability across firms suggests firm - or industry - specific allowances which would take account of each firm's gearing and overall riskiness. 相似文献