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Do Reorganization Costs Matter for Efficiency? by Xavier Gine,Inessa Love Pdf
"The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia."--World Bank web site.
Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia by Xavier Giné Pdf
The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia.
Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia by Xavier Gin??,Inessa Love Pdf
The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia.
The Use of Data in Assessing and Designing Insolvency Systems by José Garrido,Mr.Wolfgang Bergthaler,Ms.Chanda M DeLong,Juliet Johnson,Amira Rasekh,Anjum Rosha,Natalia Stetsenko Pdf
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of insolvency regulators and other sources, and advocates for the design of special data collection mechanisms and statistics to conduct detailed assessments of insolvency systems and to assist in the design of legal reforms.
Author : World Bank Publisher : World Bank Publications Page : 236 pages File Size : 49,6 Mb Release : 2017-11-14 Category : Business & Economics ISBN : 9781464811470
Fifteen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2018 measures aspects of regulation affecting 10 areas of everyday business activity: • Starting a business • Dealing with construction permits • Getting electricity • Registering property • Getting credit • Protecting minority investors • Paying taxes • Trading across borders • Enforcing contracts • Resolving insolvency These areas are included in the distance to frontier score and ease of doing business ranking. Doing Business also measures features of labor market regulation, which is not included in these two measures. The report updates all indicators as of June 1, 2017, ranks economies on their overall “ease of doing business†?, and analyzes reforms to business regulation †“ identifying which economies are strengthening their business environment the most. Doing Business illustrates how reforms in business regulations are being used to analyze economic outcomes for domestic entrepreneurs and for the wider economy. It is a flagship product produced in partnership by the World Bank Group that garners worldwide attention on regulatory barriers to entrepreneurship. More than 137 economies have used the Doing Business indicators to shape reform agendas and monitor improvements on the ground. In addition, the Doing Business data has generated over 2,182 articles in peer-reviewed academic journals since its inception. Data Notes; Distance to Frontier and Ease of Doing Business Ranking; and Summaries of Doing Business Reforms in 2016/17 can be downloaded separately from the Doing Business website.
Author : World Bank Publisher : World Bank Publications Page : 405 pages File Size : 54,6 Mb Release : 2022-05-14 Category : Business & Economics ISBN : 9781464817311
The COVID-19 pandemic triggered the largest global economic crisis in more than a century. In 2020, economic activity contracted in 90 percent of countries, the world economy shrank by about 3 percent, and global poverty increased for the first time in a generation. Governments responded rapidly with fiscal, monetary, and financial policies that alleviated the worst immediate economic impacts of the crisis. Yet the world must still contend with the significant longer-term financial and economic risks caused by, or exacerbated by, the pandemic and the government responses needed to mitigate its effects. World Development Report 2022: Finance for an Equitable Recovery examines the central role of finance in the economic recovery from COVID-19. Based on an in-depth look at the consequences of the crisis most likely to affect low- and middle-income economies, it advocates a set of policies and measures to mitigate the interconnected economic risks stemming from the pandemic—risks that may become more acute as stimulus measures are withdrawn at both the domestic and global levels. Those policies include the efficient and transparent management of nonperforming loans to mitigate threats to financial stability, insolvency reforms to allow for the orderly reduction of unsustainable debts, innovations in risk management and lending models to ensure continued access to credit for households and businesses, and improvements in sovereign debt management to preserve the ability of governments to support an equitable recovery.
The Oxford Handbook of Capitalism by Dennis C. Mueller Pdf
The financial crisis that began in 2008 and its lingering aftermath have caused many intellectuals and politicians to question the virtues of capitalist systems. The 19 original essays in this Handbook, written by leading scholars from Asia, North America, and Europe, analyze both the strengths and weaknesses of capitalist systems. The volume opens with essays on the historical and legal origins of capitalism. These are followed by chapters describing the nature, institutions, and advantages of capitalism: entrepreneurship, innovation, property rights, contracts, capital markets, and the modern corporation. The next set of chapters discusses the problems that can arise in capitalist systems including monopoly, principal agent problems, financial bubbles, excessive managerial compensation, and empire building through wealth-destroying mergers. Two subsequent essays examine in detail the properties of the "Asian model" of capitalism as exemplified by Japan and South Korea, and capitalist systems where ownership and control are largely separated as in the United States and United Kingdom. The handbook concludes with an essay on capitalism in the 21st century by Nobel Prize winner Edmund Phelps.
Routledge Handbook of Comparative Political Institutions by Jennifer Gandhi,Rubén Ruiz-Rufino Pdf
The Routledge Handbook of Comparative Political Institutions (HCPI) is designed to serve as a comprehensive reference guide to our accumulated knowledge and the cutting edge of scholarship about political institutions in the comparative context. It differs from existing handbooks in that it focuses squarely on institutions but also discusses how they intersect with the study of mass behaviour and explain important outcomes, drawing on the perspective of comparative politics. The Handbook is organized into three sections: The first section, consisting of six chapters, is organized around broad theoretical and empirical challenges affecting the study of institutions. It highlights the major issues that emerge among scholars defining, measuring, and analyzing institutions. The second section includes fifteen chapters, each of which handles a different substantive institution of importance in comparative politics. This section covers traditional topics, such as electoral rules and federalism, as well as less conventional but equally important areas, including authoritarian institutions, labor market institutions, and the military. Each chapter not only provides a summary of our current state of knowledge on the topic, but also advances claims that emphasise the research frontier on the topic and that should encourage greater investigation. The final section, encompassing seven chapters, examines the relationship between institutions and a variety of important outcomes, such as political violence, economic performance, and voting behavior. The idea is to consider what features of the political, sociological, and economic world we understand better because of the scholarly attention to institutions. Featuring contributions from leading researchers in the field from the US, UK, Europe and elsewhere, this Handbook will be of great interest to all students and scholars of political institutions, political behaviour and comparative politics. Jennifer Gandhi is Associate Professor, Department of Political Science, Emory University. Rubén Ruiz-Rufino is Lecturer in International Politics, Department of Political Economy, King’s College London.
Mario Sanginés,Joan Oriol Prats Cabrera,Carlos Pimenta,Gustavo García Osío,Juan Pablo Martínez Guzman,Mario Marcel,Pedro Farias,Gustavo Crespi,Martin D. Chrisney,Ana Corbacho
Author : Mario Sanginés,Joan Oriol Prats Cabrera,Carlos Pimenta,Gustavo García Osío,Juan Pablo Martínez Guzman,Mario Marcel,Pedro Farias,Gustavo Crespi,Martin D. Chrisney,Ana Corbacho Publisher : Inter-American Development Bank Page : 198 pages File Size : 53,7 Mb Release : 2013-10-07 Category : Business & Economics ISBN : 9781597821698
The Fiscal Institutions of Tomorrow by Mario Sanginés,Joan Oriol Prats Cabrera,Carlos Pimenta,Gustavo García Osío,Juan Pablo Martínez Guzman,Mario Marcel,Pedro Farias,Gustavo Crespi,Martin D. Chrisney,Ana Corbacho Pdf
The Fiscal Institutions of Tomorrow, the first publication in the series Institutions for People, addresses issues of public management that are key to economic development in Latin America and the Caribbean. It presents the challenges that the countries in the region face to strengthen fiscal institutions with a view to the future and with policy recommendations. This publication serves as reference material for policymakers and economic analysts interested in studying the evolution of fiscal institutions in the region and identifying areas to improve governance.
The SAGE Handbook of Political Sociology, 2v by William Outhwaite,Stephen Turner Pdf
The SAGE Handbook of Political Sociology offers a comprehensive and contemporary look at this evolving field of study. The focus is on political life itself and the chapters, written by a highly-respected and international team of authors, cover the core themes which need to be understood in order to study political life from a sociological perspective, or simply to understand the political world. The two volumes are structured around five key areas: PART 1: TRADITIONS AND PERSPECTIVES PART 2: CORE CONCEPTS PART 03: POLITICAL IDEOLOGIES AND MOVEMENTS PART 04: TOPICS PART 05: WORLD REGIONS This future-oriented and cross-disciplinary handbook is a landmark text for students and scholars interested in the social investigation of politics.
Author : World Bank,World Bank Group Publisher : World Bank Publications Page : 213 pages File Size : 53,9 Mb Release : 2011-10-18 Category : Business & Economics ISBN : 9780821388334
Doing Business 2012 by World Bank,World Bank Group Pdf
Ninth in a series of annual reports comparing business regulations in 183 economies, Doing Business 2012 measures regulations affecting 11 areas of everyday business activity: ? starting a business ? dealing with construction permits ? employing workers ? registering property ? getting credit ? protecting investors ? paying taxes ? trading across borders ? enforcing contracts ? closing a business ? getting electricity The report updates all indicators as of June 1, 2011, ranks countries on their overall "ease of doing business", and analyzes reforms to business regulation-identifying which countries are strengthening their business environment the most. Doing Business 2012 includes a new set of indicators on the time, steps, and cost for a private business to get an electricity connection. The data on connection services can inform utilities, regulators and governments seeking to strengthen the performance of the electricity sector. Drawing on a now longer time series, this year's report introduces a measure to illustrate how the regulatory environment for business has changed in each economy since Doing Business 2006 was published in 2005. A new "distance to frontier" measure complements the aggregate ranking on the ease of doing business, which benchmarks each economy's current performance on the indicators against that of all other economies in the sample for a given year. A fundamental premise of Doing Business is that economic activity requires good rules that are transparent and accessible to all. Such regulations should be efficient, striking a balance between safeguarding some important aspects of the business environment and avoiding distortions that impose unreasonable costs on businesses. Where business regulation is burdensome and competition limited, success depends more on whom you know than on what you can do. But where regulations are relatively easy to comply with and accessible to all who need to use them, anyone with talent and a good idea should be able to start and grow a business in the formal sector. "The Doing Business report, which was started in 2003, has become one of the key ways in which the bank and other observers gauge business climate within developing countries..." -- The Financial Times "[Doing Business started] as a way to encourage countries to reduce obstacles to entrepreneurship. Developing countries compete to land a spot on the top 10 list of most-improving countries because it is seen as a way to get attention and investment." -- The Wall Street Journal "[Doing Business] has succeeded in putting the issue of business red tape on the international political agenda." -- The Economist
Author : World Bank Publisher : World Bank Publications Page : 236 pages File Size : 53,5 Mb Release : 2018-11-30 Category : Business & Economics ISBN : 9781464813382
Sixteenth in a series of annual reports comparing business regulation in 190 economies, Doing Business 2019 measures aspects of regulation affecting areas of everyday business activity.
Author : World Bank Publisher : World Bank Publications Page : 279 pages File Size : 45,8 Mb Release : 2012-10-22 Category : Business & Economics ISBN : 9780821396247
Tenth in a series of annual reports comparing business regulations in 185 economies, Doing Business 2013 measures regulations affecting 11 areas of everyday business activity around the world.
ReOrg by Stephen Heidari-Robinson,Suzanne Heywood Pdf
A Practical Guide in Five Steps Most executives will lead or be a part of a reorganization effort (a reorg) at some point in their careers. And with good reason—reorgs are one of the best ways for companies to unlock latent value, especially in a changing business environment. But everyone hates them. No other management practice creates more anxiety and fear among employees or does more to distract them from their day-to-day jobs. As a result, reorgs can be incredibly expensive in terms of senior-management time and attention, and most of them fail on multiple dimensions. It’s no wonder companies treat a reorg as a mysterious process and outsource it to people who don’t understand the business. It doesn’t have to be this way. Stephen Heidari-Robinson and Suzanne Heywood, former leaders in McKinsey’s Organization Practice, present a practical guide for successfully planning and implementing a reorg in five steps—demystifying and accelerating the process at the same time. Based on their twenty-five years of combined experience managing reorgs and on McKinsey research with over 2,500 executives involved in them, the authors distill what they and their McKinsey colleagues have been practicing as an “art” into a “science” that executives can replicate—in companies or business units large or small. It isn’t rocket science and it isn’t bogged down by a lot of organizational theory: the five steps give people a simple, logical process to follow, making it easier for everyone—both the leaders and the employees who ultimately determine a reorg’s success or failure—to commit themselves to and succeed in the new organization.
