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Journal articles on the topic 'Distressed assets'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 May 2022

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1

Azrack, Joseph F. "Investing in Distressed Real Estate Assets." AIMR Conference Proceedings 1995, no. 3 (1995): 102–9. http://dx.doi.org/10.2469/cp.v1995.n3.18.

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Meier, Jean‐Marie, and Henri Servaes. "The Benefits of Buying Distressed Assets." Journal of Applied Corporate Finance 32, no. 4 (2020): 105–16. http://dx.doi.org/10.1111/jacf.12436.

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Dolzhenko, R. A. "KEY PERFORMANCE INDICATORS OF THE BANK’S DISTRESSED ASSETS AND THEIR CALCULATION." Finance: Theory and Practice 22, no. 4 (2018): 130–45. http://dx.doi.org/10.26794/2587-5671-2018-22-4-130-145.

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At the present, the success of a credit institution is possible only if it can organize effective work with distressed assets. They can be managed through a system of key performance indicators, which allows decomposition of the goals of the organizational unit to specific, measurable indicators. The purpose of this article is a presentation of key performance indicators (KPI), grounded on the formation of the basic principles of management of distressed assets, the methodological approaches to their assessment and calculations, and also formulas for the calculation of specific KPIs. My resear

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MacCarthy, John, and Richard Amoasi-Andoh. "Could the Altman Z-score model detect the financial distress in Ghana? Multivariate discriminant analysis." Corporate Governance and Sustainability Review 4, no. 2 (2020): 8–19. http://dx.doi.org/10.22495/cgsrv4i2p1.

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The purpose of this paper is to assess the effectiveness of the Altman Z-score model to discriminate between financially distressed and non financially distressed manufacturing firms listed on the Ghana Stock Exchange. Eleven firms consisting of two financially distressed and nine non-financially distressed manufacturing firms were analysed. Independent descriptive statistics, independent sample t-test, and multivariate discriminant analysis were the analytical tools used to analyse the hypotheses of this study. The study revealed that working capital/total assets and sales/total assets were t

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Yurchenko, B. I., and L. O. Aksyonova. "MANAGING DISTRESSED ASSETS IN A BANKING INSTITUTION." Economic Herald of SHEI USUCT 9, no. 1 (2019): 72–78. http://dx.doi.org/10.32434/2415-3974-2019-9-1-72-78.

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Demirci, Irem, Umit G. Gurun, and Erkan Yönder. "Shuffling through the Bargain Bin: Real-Estate Holdings of Public Firms*." Review of Finance 24, no. 3 (2019): 647–75. http://dx.doi.org/10.1093/rof/rfz010.

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Abstract Constructing a novel database on the real-estate holdings of public firms, we show that distressed firms sell their real-estate assets at a discount relative to healthy firms. We find that distress discount in real-estate assets is less pronounced for sellers with less liquidity-constrained industry peers and in machinery-heavy industries. We also document that asset redeployability and the availability of potential buyers are two important property-specific determinants of the distress discount. Additionally, firms’ property portfolios that are less redeployable with less potential b

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Bernardo, Antonio E., Alex Fabisiak, and Ivo Welch. "Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity." Journal of Financial and Quantitative Analysis 55, no. 5 (2019): 1619–56. http://dx.doi.org/10.1017/s0022109019000644.

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Firms with lower leverage are not only less likely to experience financial distress but are also better positioned to acquire assets from other distressed firms. With endogenous asset sales and values, each firm’s debt choice then depends on the choices of its industry peers. With indivisible assets, otherwise-identical firms may adopt different debt policies, with some choosing highly levered operations (to take advantage of ongoing debt benefits) and others choosing more conservative policies to wait for acquisition opportunities. Our key empirical implication is that the acquisition channel

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Giriati, Giriati, Mustaruddin Mustaruddin, and M. Rustam. "Determinants of the Success of Corporate Recovery in Financial Distressed Company." Journal of Finance and Banking Review Vol. 3 (2) Apr-Jun 2018 3, no. 2 (2018): 09–14. http://dx.doi.org/10.35609/jfbr.2018.3.2(1).

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Objective - This study aims to examine and analyze the influence of severity, free assets, company size, asset retrenchment and CEO expertise on the success of recovery companies experiencing financial distress that are listed on the Indonesian Stock Exchange (IDX). Methodology/Technique - The population used in this study are all companies listed on the Indonesian Stock Exchange between 2011 and 2016. This study uses a simple logistic regression analysis to test the hypotheses. Findings - The results indicate that free assets and CEO expertise have a significant and positive effect on the suc

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Kostyuchenko, O., M. Stefanchuk, D. Korobtsova, and O. Soniuk. "MINIMIZATION OF PROBLEM LOANS IN BANKS: ECONOMIC AND LEGAL ASPECT OF STATE REGULATION." Financial and credit activity: problems of theory and practice 2, no. 37 (2021): 47–54. http://dx.doi.org/10.18371/fcaptp.v2i37.229686.

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Abstract. The authors of the article have studied the problem of managing non-performing loans within loan portfolios. It has been substantiated that Ukraine as a developing country is in such socio-economic conditions of development that increase credit risks for banks. Numerous studies of the determinants for the formation of loans portfolios in countries with different levels of economic development demonstrate that developing countries are prone to negative consequences that lead to insolvency of debtors in case of a drop in the GDP, inflation, legal uncertainty, political crises, etc. The

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Farooq, Muhammad, Shahzadah Fahed Qureshi, and Zahra Masood Bhutta. "Indirect financial distress costs in non-financial firms: evidence from an emerging market." Pacific Accounting Review 33, no. 4 (2021): 417–34. http://dx.doi.org/10.1108/par-09-2020-0127.

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Purpose This study aims to analyse 508 financially distressed firm-year observations for the period 2010–2018 of Pakistan Stock Exchange (PSX) listed firms to examine the magnitude of indirect financial distress costs (IFDC) and to investigate which firm-specific variable is relatively important in explaining these indirect costs. This will not only enrich empirical literature but also helpful in cross-country comparison. Design/methodology/approach Optimal model selection along with panel data analysis technique is used to select the most optimal model to observe the findings. Financial distr

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Tew, You Hoo, and Enylina Nordin. "Predicting corporate financial distress using logistic regression : Malaysian evidence." Social and Management Research Journal 3, no. 1 (2006): 123. http://dx.doi.org/10.24191/smrj.v3i1.5108.

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This study attempts to construct and test financial distress prediction model for Malaysian Companies. The samplefor this study consists of84 companies listed on Bursa Malaysia that became financially distressed in 200/ and 2002 and a matched (by industry and firm size) sample 0/ 84 financially healthy companies. The model is constructed by employing logistic regression analysis based on pooled data of5 years prior tofinancial distress. The model isfirst derived using the estimation sample andthen tested using the validation sample. Adding to the existing research onfinancial distress predicti

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Giriati, Giriati. "Turnaround Prediction Model with Content Dimension on Financial Distressed Firms." GATR Journal of Finance and Banking Review VOL. 5 (4) JAN-MAR. 2021 5, no. 4 (2021): 36–42. http://dx.doi.org/10.35609/jfbr.2021.5.4(4).

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Objectives - This article aims to examine the influence of content dimensions of Organization Change Theory, such as CEO Expertise, Free Assets, Debt to Equity Ratio and Growth of Sales, on a company’s turnaround ability when it is experiencing financial distress. The companies examined are listed on the Indonesian Stock Exchange (IDX). Methodology/Technique - The population used in this study is companies from sectors excluding the finance sector that were listed on the Indonesian Stock Exchange between 2013 and 2018. The sample size was determined using purposive sampling method. From the 10

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Nwogugu, Michael. "Un-constitutionality of asset securitization." Corporate Ownership and Control 5, no. 3 (2008): 400–404. http://dx.doi.org/10.22495/cocv5i3c3p7.

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Under US laws, all forms of asset securitization are unconstitutional. Securitization of many types of assets (loans, credit cards, auto receivables, insurance, intellectual property, etc.) has become more prevalent, particularly for financially distressed companies and companies with low or mid-tier credit ratings. This article analyzes critical legal and corporate governance issues

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Weinstein, Margot, David Harrison, and Michael Seiler. "How to Resolve a Chapter 11 Bankruptcy Involving Distressed Real Estate Assets." Journal of Real Estate Practice and Education 16, no. 2 (2013): 161–72. http://dx.doi.org/10.1080/10835547.2013.12091726.

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Blay, Allen D., Marshall A. Geiger, and David S. North. "The Auditor's Going-Concern Opinion as a Communication of Risk." AUDITING: A Journal of Practice & Theory 30, no. 2 (2011): 77–102. http://dx.doi.org/10.2308/ajpt-50002.

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SUMMARY In this study, we examine the proposition that the auditor's going-concern modified opinion is a valuable risk communication to the equity market that results in a shift of the market's perception of financially distressed firms. Specifically, our analyses reveal that the market valuation is significantly altered from a focus on both the income statement and balance sheet to a balance sheet-only focus in the year a company receives a first-time going-concern modified opinion. These results hold even after controlling for several common measures of financial distress and when examining

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Chan, Toong Khuan, and Abdul-Rashid Abdul-Aziz. "Financial performance and operating strategies of Malaysian property development companies during the global financial crisis." Journal of Financial Management of Property and Construction 22, no. 2 (2017): 174–91. http://dx.doi.org/10.1108/jfmpc-02-2016-0009.

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Purpose The purpose of this paper is to characterise the financial performance and to identify the operating strategies of property development companies in Malaysia during the 2008 global financial crisis (GFC). Design/methodology/approach The research approach includes a comprehensive analysis of the financial statements and annual reports of 35 property development companies listed on the Kuala Lumpur stock exchange. The financial statements were analysed to evaluate the financial performance of these companies and to assess the severity of the impact of the GFC on revenues and profits. The

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Coccorese, Paolo, and Laura Santucci. "The role of downward assets volatility in assessing the book-value distance to default." Journal of Financial Economic Policy 11, no. 4 (2019): 485–504. http://dx.doi.org/10.1108/jfep-10-2018-0145.

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Purpose The purpose of this paper is to test the different definitions of “book-value distance to default” (BVDD) to assess whether using downward assets volatility provides some advantage to the index performance or produces adverse impacts on its effectiveness. Design/methodology/approach Our BVDD is a modification of the Merton’s “distance to default” and relies on accounting data only. A survival analysis is conducted by estimating a Cox semiparametric hazard model where the BVDD is built as a function of a parameter θ, which indicates the percentage of upward assets volatility incorporate

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Václav, Klepac, and Hampel David. "Predicting financial distress of agriculture companies in EU." Agricultural Economics (Zemědělská ekonomika) 63, No. 8 (2017): 347–55. http://dx.doi.org/10.17221/374/2015-agricecon.

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The objective of this paper is the prediction of financial distress (default of payment or insolvency) of 250 agriculture business companies in the EU from which 62 companies defaulted in 2014 with respect to lag of the used attributes. From many types of classification models, there was chosen the Logistic regression, the Support vector machines method with the RBF ANOVA kernel, the Decision Trees and the Adaptive Boosting based on the decision trees to acquire the best results. From the results, it is obvious that with the increasing distance to the bankruptcy, there decreases the average ac

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Zizi, Youssef, Amine Jamali-Alaoui, Badreddine El Goumi, Mohamed Oudgou, and Abdeslam El Moudden. "An Optimal Model of Financial Distress Prediction: A Comparative Study between Neural Networks and Logistic Regression." Risks 9, no. 11 (2021): 200. http://dx.doi.org/10.3390/risks9110200.

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In the face of rising defaults and limited studies on the prediction of financial distress in Morocco, this article aims to determine the most relevant predictors of financial distress and identify its optimal prediction models in a normal Moroccan economic context over two years. To achieve these objectives, logistic regression and neural networks are used based on financial ratios selected by lasso and stepwise techniques. Our empirical results highlight the significant role of predictors, namely interest to sales and return on assets in predicting financial distress. The results show that l

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Chen, Shi, Jyh-Horng Lin, Wenyu Yao, and Fu-Wei Huang. "CEO Overconfidence and Shadow-Banking Life Insurer Performance Under Government Purchases of Distressed Assets." Risks 7, no. 1 (2019): 28. http://dx.doi.org/10.3390/risks7010028.

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In this paper, we develop a contingent claim model to evaluate the equity, default risk, and efficiency gain/loss from managerial overconfidence of a shadow-banking life insurer under the purchases of distressed assets by the government. Our paper focuses on managerial overconfidence where the chief executive officer (CEO) overestimates the returns on investment. The investment market faced by the life insurer is imperfectly competitive, and investment is core to the provision of profit-sharing life insurance policies. We show that CEO overconfidence raises the default risk in the life insurer

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He, Zhiguo, and Arvind Krishnamurthy. "Intermediary Asset Pricing." American Economic Review 103, no. 2 (2013): 732–70. http://dx.doi.org/10.1257/aer.103.2.732.

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We model the dynamics of risk premia during crises in asset markets where the marginal investor is a financial intermediary. Intermediaries face an equity capital constraint. Risk premia rise when the constraint binds, reflecting the capital scarcity. The calibrated model matches the nonlinearity of risk premia during crises and the speed of reversion in risk premia from a crisis back to precrisis levels. We evaluate the effect of three government policies: reducing intermediaries borrowing costs, injecting equity capital, and purchasing distressed assets. Injecting equity capital is particula

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Kyriazis, Νikolaos A., and Paraskevi Prassa. "Which Cryptocurrencies Are Mostly Traded in Distressed Times?" Journal of Risk and Financial Management 12, no. 3 (2019): 135. http://dx.doi.org/10.3390/jrfm12030135.

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This paper investigates the level of liquidity of digital currencies during the very intense bearish phase in their markets. The data employed span the period from April 2018 until January 2019, which is the second phase of bearish times with almost constant decreases. The Amihud’s illiquidity ratio is employed in order to measure the liquidity of these digital assets. Findings indicate that the most popular cryptocurrencies exhibit higher levels of liquidity during stressed periods. Thereby, it is revealed that investors’ preferences for trading during highly risky times are favorable for wel

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Mishchenko, V., and S. Mishchenko. "STRATEGICAL APPROACHES TO THE RISK MENAGEMENT OF NON-VIALE BANKS' FUNCIONING AND DISTRESSED ASSETS SERVISING." Bulletin of Taras Shevchenko National University of Kyiv Economics, no. 163 (2014): 40–46. http://dx.doi.org/10.17721/1728-2667.2014/163-10/8.

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Muriithi, Robert Githua. "Distressed Debt Management & Lessons Learnt Through Case Management: Banking Industry in Kenya." European Journal of Business and Management Research 7, no. 1 (2022): 134–46. http://dx.doi.org/10.24018/ejbmr.2022.7.1.1252.

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Deteriorating and troubled assets must be subjected to enhanced risk oversight and monitoring to ensure that appropriate action is taken in a timely manner, allowing a high level of obligor turnaround success and reduced risk of loss for the Lender/Financial Institution/Bank. It’s important for a Bank to harmonize Distressed Debt Management approach, called the Watch List (WL) Framework, and details the requirements to ensure timely adherence to regulatory requirements. The impairment requirements of International Financial Reporting Standards (IFRS 9) Financial Instruments, effective as of 1

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Pillay, Dr Surendran, Dr Rajendra Rajaram, and Kajal Ramnanun. "Ascertaining the Impact of Post-Commencement Finance on Business Rescue in Kwazulu-Natal, South Africa." Journal of Social Sciences Research, no. 63 (March 24, 2020): 236–44. http://dx.doi.org/10.32861/jssr.63.236.244.

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Corporate rescue in South Africa has been bedevilled by many challenges. The new South African Companies Act 71 of 2008 (hereafter referred to as “the Act”), which came into effect in May 2011 contains a new chapter titled “Business rescue and Compromise with Creditors”. Post commencement finance (PCF) is finance or credit approved for a company in business rescue, which is regulated by section 135 of the South African Companies Act. The Act provides for companies to secure PCF as turnaround investment to secure its financial well-being. However, it is difficult for a distressed business to ac

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Kalimoldaev, Almas M., and Nikolai N. Olenev. "AN ECONOMIC AND MATHEMATICAL MODEL FOR PROJECT MANAGEMENT OF DISTRESSED BANK ASSETS FOR THE ECONOMYOF KAZAKHSTAN." Вестник Пермского университета Серия «Экономика» = Perm University Herald ECONOMY 14, no. 3 (2019): 388–405. http://dx.doi.org/10.17072/1994-9960-2019-3-388-405.

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Del Viva, Luca, Eero Kasanen, and Lenos Trigeorgis. "Real Options, Idiosyncratic Skewness, and Diversification." Journal of Financial and Quantitative Analysis 52, no. 1 (2017): 215–41. http://dx.doi.org/10.1017/s0022109016000703.

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We show how firm-level real options lead to idiosyncratic skewness in stock returns. We then document empirically that growth option variables are positive and significant determinants of idiosyncratic skewness. The real option impact on skewness is more significant in firms with lottery-type features, small size, high volatility, distressed, low return on assets, and low book-to-market ratio. We also find that expectation on idiosyncratic skewness is associated with lower Sharpe ratios. This suggests investors are willing to sacrifice mean-variance portfolio efficiency for greater skewness de

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Calandro Jr., Joseph. "M&A deal-making: Disney, Marvel and the value of “hidden assets”." Strategy & Leadership 47, no. 3 (2019): 34–39. http://dx.doi.org/10.1108/sl-02-2019-0023.

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Purpose This paper discusses the concept of hidden assets in the context of Disney’s 2009 acquisition of the Marvel Entertainment Group (Marvel), and its value realization activities post-acquisition. Design/methodology/approach The paper presents a hidden assets-based value realization analysis of the 2009 acquisition of Marvel by Disney. It draws on a previously published case study of that acquisition as well as further research conducted by the author. Findings The Disney-Marvel acquisition supports the view that hidden assets-based analysis can be a powerful M&A tool and an equally po

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Kandpal, Vinay. "Non-performing assets in India: A critical analysis of public and private sector banks." Corporate Governance and Sustainability Review 4, no. 1 (2020): 65–73. http://dx.doi.org/10.22495/cgsrv4i1p6.

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The paper identifies and analyzes the causes that affect non performing assets (NPAs), hinder its effective observance, and recommends appropriate measures to ensure their effective monitoring and control. The banks selected for this research work are having higher NPAs and are top banks in their sector. As per the Global Financial Stability Report of International Monetary Fund (IMF, 2009), identifying and dealing with distressed assets, and recapitalizing weak but viable institutions and resolving failed institutions are stated as the two of the three important priorities which directly rela

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Rahman, Mahfuzur, Cheong Li Sa, and Md Abdul Kaium Masud. "Predicting Firms’ Financial Distress: An Empirical Analysis Using the F-Score Model." Journal of Risk and Financial Management 14, no. 5 (2021): 199. http://dx.doi.org/10.3390/jrfm14050199.

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Financial performance of firms is very important to bankers, shareholders, potential investors, and creditors. The inability of firms to meet their liabilities will affect all its stakeholders and will result in negative consequences in the wider economy. The objective of the study is to explore the applicability of a distress prediction model which uses the F-Score and its components to identify firms which are at high risk of going into default. The study incorporates a prediction model and vast literature to address the research questions. The sample of the study is collected from publicly

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Babar, Sadia, Rashid Latief, Sumaira Ashraf, and Sania Nawaz. "Financial Stability Index for the Financial Sector of Pakistan." Economies 7, no. 3 (2019): 81. http://dx.doi.org/10.3390/economies7030081.

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This study aims to develop a financial stability index for the Pakistani financial sector by using the financial reports for the period of 2001–2011. Specifically, we constructed three different classes of indices in this study based on a variance-equal weighted approach, a linear probability approach, and a logistic approach. We also assessed the prediction accuracy of the financial stability index. All indices indicated that profitability, liquid liability to the liquid asset, non-performing loan, uncovered liabilities, interest spread and inter-fund to liquid liabilities variables contribut

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Ward, Terry J. "Is The Scaling Measure Used For Cash Flows Important In Predicting Financially Distressed Firms?" Journal of Applied Business Research (JABR) 9, no. 4 (2011): 134. http://dx.doi.org/10.19030/jabr.v9i4.6004.

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This paper attempts to determine whether the measure used to scale the three net cash flows reported on a statement of cash flows affects binary financial distress prediction results. The results of this study suggest that the scaling measure used does affect the incremental predictive ability of each cash flow. Results indicate that tone should scale cash flow from operating activities by current assets, cash flow from investing activities by sales, and cash flow from operating activities by owners equity.

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Spanjers, Willem. "Liquidity Provision, Ambiguous Asset Returns and the Financial Crisis." Review of Economic Analysis 10, no. 4 (2018): 371–408. http://dx.doi.org/10.15353/rea.v10i4.1475.

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For an economy with dysfunctional intertemporal financial markets the financial sector is modelled as a competitive banking sector offering deposit contracts. In a setting related to Allen and Gale (JoF, 1998) properties of the optimal liquidity provision are analyzed for illiquid assets with ambiguous returns.In the context of our model, ambiguity -- i.e. incalculable risk -- leads to dynamically inconsistent investor behaviour. If the financial sector fails to recognize the presence of ambiguity, unanticipated fundamental crises may occur, which are incorrectly blamed on investors 'loosing t

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Moringiello, Juliet. "Dispossessing Resident Voice: Municipal Receiverships and the Public Trust." University of Michigan Journal of Law Reform, no. 53.4 (2020): 733. http://dx.doi.org/10.36646/mjlr.53.4.dispossessing.moringiello.

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The residents of struggling cities suffer property dispossessions both as individual owners and as municipal residents. Their individual dispossessions are part of a cycle that often begins with industrial decline. In Detroit, for example, more than 100,000 residents have lost their homes to tax foreclosure over a four-year period that bracketed the city’s bankruptcy filing. Falling property values, job losses, and foreclosures affect municipal budgets by reducing tax revenues. As individual dispossessions exacerbate municipal financial crises, residents can also face the loss of municipal pro

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Lehavy, Reuven, and Suneel Udpa. "Kmart: Predicting Bankruptcy, Fresh Start Reporting, and Valuation of Distressed Securities." Issues in Accounting Education 26, no. 2 (2011): 391–419. http://dx.doi.org/10.2308/iace-10017.

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ABSTRACT On January 22, 2002, Kmart Corporation filed voluntary petitions for reorganization under Chapter 11 of the federal bankruptcy laws. While under Chapter 11 protection, Kmart renegotiated its debt, shed some of its non-performing assets, and issued new equity. Financier Eddie Lampert of ESL Investments bought much of Kmart's debt for less than $1 billion while it was in bankruptcy. As part of the reorganization plan, virtually all of Kmart's debt was converted into shares, and ESL Investments emerged as Kmart's largest shareholder. Subsequent to its emergence from bankruptcy on May 6,

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Cai, Shu Wen, Balasingham Balachandran, and Michael Joseph Dempsey. "The financial profiles of takeover target firms and their takeover predictability: Australian evidence." Corporate Ownership and Control 8, no. 3 (2011): 567–84. http://dx.doi.org/10.22495/cocv8i3c6p1.

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We investigate those features of Australian firms that make them likely takeover targets. To this end, we apply a logit probability model similar to the one developed by Palepu (1986). Our findings reveal that takeovers are most likely to be motivated by market under-valuation combined with high levels of tangible assets. Takeover targets may also be financially distressed with high levels of leverage and low liquidity, and may exhibit declining sales growth with decreasing profitability. Notwithstanding these insights, we find that the prediction models are unable to provide abnormal returns

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Ettema, James S., and Limor Peer. "Good News from a Bad Neighborhood: Toward an Alternative to the Discourse of Urban Pathology." Journalism & Mass Communication Quarterly 73, no. 4 (1996): 835–56. http://dx.doi.org/10.1177/107769909607300406.

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This study analyzes the language through which journalists comprehend the nature and meaning of the urban community. It employs content analysis and interviews with reporters to critique the discourse of urban pathology - that is, the conceptual system often used to think and write about economically distressed neighborhoods. Rather than suggesting that all the “bad news “from these neighborhoods merely be balanced with “good news,” this study promotes a vocabulary of community assets - a set of terms that can enhance the power of journalistic language to describe the community. Such a vocabul

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Sfakianakis, Evangelos. "Bankruptcy prediction model for listed companies in Greece." Investment Management and Financial Innovations 18, no. 2 (2021): 166–80. http://dx.doi.org/10.21511/imfi.18(2).2021.14.

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This paper deals with the ever-increasing issue of bankruptcy prediction in distressed economies. Specifically, the aim of this study is to create a model by establishing a new set of predictor variables, which achieves significant discrimination among listed manufacturing firms in Greece, by using multivariate discriminant analysis (MDA). An equally balanced matched sample of 28 Greek-listed manufacturing firms was used in this study covering the distressed period from 2008 to 2015 (including all firms that went bankrupt between 2008–2015). It is found that the quick ratio, cash flow interest

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Ssebagala, Ralph Abbey. "Relieving Consumer Overindebtedness in South Africa: Policy Reviews and Recommendations." Journal of Financial Counseling and Planning 28, no. 2 (2017): 235–46. http://dx.doi.org/10.1891/1052-3073.28.2.235.

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A large fraction of South African consumers are highly leveraged, inadequately insured, and/or own little to no assets of value, which increases their exposure not only to idiosyncratic risk but also to severe indebtedness and/or default. This scenario can present negative ramifications that lead well beyond the confines of individual households. Thankfully, it can also be remedied by well-tailored legal debt relief mechanisms. This article reflects on the uncertainties surrounding the consumer debt relief framework of the National Credit Act in an attempt to show why it is not up to the chall

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Hapsoro, Dody, and Adrianus Billy Hartomo. "Keberadaan Corporate Governance Sebagai Variabel Moderasi Pengaruh Financial Distress Terhadap Earnings Management." Jurnal Ekonomi dan Bisnis 19, no. 1 (2016): 91. http://dx.doi.org/10.24914/jeb.v19i1.507.

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<p align="center"><em>The objective of this research is to provide empirical evidence of the effect of financial distress toward earnings management and the effect of financial distress toward earnings management that moderated by corporate governance. Financial distress consists of DISTRESS1, DISTRESS2 and DISTRESS3. Earnings management was measured by discretionary accruals using Jones Model, and corporate governance consists of three variables (board of directors, independent commissioner, and audit committee). Board of directors was measured by total board of directors in the f

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Huang, Jian, and Han Yu. "Does the Market Know? Going Concern Opinion Release and Firm Fundamentals." International Journal of Accounting and Financial Reporting 9, no. 1 (2019): 135. http://dx.doi.org/10.5296/ijafr.v9i1.13673.

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Using a significant auditing event-the going concern audit opinion-we investigate the market’s forecasting ability and the importance of firm fundamentals in predicting the going concern event. First, we find that the equity market signals the upcoming going concern announcement as early as 30 days in advance. Specifically, during the window of [-30, -1] leading up to the announcement, the excess returns to going concern firms are 9.98% worse than the matched distressed firms. Moreover, short sellers, a group of sophisticated investors, significantly increase their shorting activities during d

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Sporta, Fred. "The Distressing Effect of Non-Performing Assets to Asset Quality for Commercial Banks in Kenya." INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 3, no. 6 (2018): 71–83. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.36.2006.

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Non-performing Assets is a ratio necessary when identifying financial distress effect on asset quality of financial institutions in Kenya specifically commercial banks in Kenya. Financial distress and asset quality have often been discussed separately in details, but not as satisfactorily this is because of its role of asset quality on distress risk levels of commercial banks. The current research established the distressing effect of non-performing assets on asset quality of Kenyan commercial banks. Nonloan ratio was represented by two variables: Non-performing assets to total loans ratio and

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Varady, David, Reinout Kleinhans, and Maarten van Ham. "The potential of community entrepreneurship for neighbourhood revitalization in the United Kingdom and the United States." Journal of Enterprising Communities: People and Places in the Global Economy 9, no. 3 (2015): 253–76. http://dx.doi.org/10.1108/jec-01-2015-0009.

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Purpose – The aim of this paper is to assess the current potential of community entrepreneurship in neighbourhood revitalisation in the US and the UK. The global economic crisis has had a major impact on government spending for urban regeneration. In the context of these austerity regimes, in many European countries, community entrepreneurship and active citizenship are increasingly considered as a means to continue small-scale urban revitalisation. This paper investigates recent literature on both British community enterprises (CEs) and American community development corporations (CDCs). Desi

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Roubi, Sherif. "Towards a transaction-based hotel property price index for Europe." Journal of Property Investment & Finance 33, no. 3 (2015): 256–81. http://dx.doi.org/10.1108/jpif-09-2013-0053.

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Purpose – The purpose of this paper is to fill an existing gap in the field. A transaction-based hotel price index for Europe is constructed to provide a true measure for hotel real estate performance. The index will enable investors enhance investment decisions in many ways: to assess individual property performance; to make an objective decision about where to invest and in which property type; to assess the relative performance of hotel assets to all other sectors and consequently reach optimal funds allocation decisions. This will allow investors to time their acquisitions/disposals accord

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Jan, Ching-Lih, and Jane A. Ou. "Negative-Book-Value Firms and Their Valuation." Accounting Horizons 26, no. 1 (2011): 91–110. http://dx.doi.org/10.2308/acch-50094.

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SYNOPSIS We document a phenomenon that, along with the increasing trend of negative earnings, the frequency and the magnitude of negative book value of equity have also grown substantially over time. Although negative-book-value firms are commonly perceived as financially distressed, we find that the majority of these firms survive for a long time, and that many continue to report negative book value for several years. Over the most recent decade of our 30-year test period, 1976–2005, we find that based on per-dollar of assets, the market, on average, prices negative-book-value firms higher th

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Mauro, Maria Rosaria. "SOVEREIGN DEFAULT AND LITIGATION: NML CAPITAL V. ARGENTINA." Italian Yearbook of International Law Online 24, no. 1 (2015): 249–68. http://dx.doi.org/10.1163/22116133-90000081a.

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In recent times private creditors have increasingly begun to resort to litigation against States in case of sovereign debt default. One of the most complex recent cases concerns the legal proceedings brought against Argentina by NML Capital Limited before the courts of the United States (US). The plaintiffs are primarily “vulture funds”, seeking profit by buying heavily discounted distressed debt, that have rejected the restructuring terms accepted by the majority of Argentina’s creditors. There are two main questions at the heart of the present dispute: sovereign immunity and the alleged brea

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Manzaneque, Montserrat, Elena Merino, and Jesús Antonio Sánchez. "Survival of financially distressed SMEs and out-of-court versus in-court reorganization: explanatory internal factors." Revista de Contabilidad 24, no. 1 (2021): 116–34. http://dx.doi.org/10.6018/rcsar.349891.

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Supervivencia de las pymes en situación de "Fracaso Empresarial" y reorganización extrajudicial versus judicial: factores explicativos internos. Los contenidos de la Directiva (UE) 2019/1023 de 20 de junio de 2019 sobre marcos de reestructuración preventiva, han puesto de relieve la necesidad de evaluar, con suficientes elementos de juicio, las posibilidades de reestructuración de empresas insolventes, pero viables a futuro. En este sentido, la presente investigación se apoya en la Teoría de los Recursos, para tratar de identificar aquellos factores internos que contribuyen a explicar la difer

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Rotem, Yaad. "What is Missing in Corporate Bankruptcy Theories? Revisiting the Efficiency Rationale." Israel Law Review 39, no. 3 (2006): 180–228. http://dx.doi.org/10.1017/s0021223700013170.

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What is corporate bankruptcy law's unique function in the economy? Law and economics scholars reject using it to achieve purely redistributive purposes but this is where their agreement ends. Thus, two questions serve as focal points for debate: First, should the decision on how to redeploy in the economy the assets of the financially distressed firm be mandatory or enabling? Second, which decision-making mechanism should be employed by lawmakers? “First order” theories (arguing for and against a mandatory bankruptcy regime), or “second order” theories (arguing for and against different method

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Kakinuma, Yosuke. "Aiming for jackpot in the stock market." Emerald Emerging Markets Case Studies 11, no. 3 (2021): 1–20. http://dx.doi.org/10.1108/eemcs-02-2021-0033.

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Learning outcomes The case illustrates the application of the prospect theory to risk-seeking investor behavior. It also provides an example that standard valuation methods such as discount cash flow), discount divided model and price multiples are not always applicable to value a stock. The students are exposed to a real situation where investors turn risk-seeking. The case offers insights into why irrational investors are attracted to risky assets and their probable socio-demographics. Case overview/synopsis This case illustrates a case when investors become risk-seeking and how the prospect

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Vartiainen, P., T. Heiskanen, R. P. Roine, and E. Kalso. "Why does the impact of multidisciplinary pain management on quality of life differ so much between chronic pain patients?" Scandinavian Journal of Pain 4, no. 4 (2013): 255. http://dx.doi.org/10.1016/j.sjpain.2013.07.003.

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Abstract Aims To assess the change in quality of life and factors predicting this change in 1425 chronic pain patients treated in a multidisciplinary pain clinic. Methods This is an observational follow-up study using the 15D generic health-related quality of life (HRQoL) instrument. Patients filled in the HRQoL questionnaire at baseline, and 6 and 12 months after discharge. To assess if mental factors predicted treatment success, the changes in the overall 15D score were compared and related to the baseline variables of depression and distress. The group of patients, who scored 4 or 5 on the

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