Relevant bibliographies by topics / Insolvency risk

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Insolvency risk'

Author: Grafiati
Published: 4 June 2021
Last updated: 25 April 2022

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Journal articles on the topic "Insolvency risk"

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Vasiu, Diana Elena. "Could The Insolvency Risk for Companies Traded on Bucharest Stock Exchange have been Identified? A Case Study Using the Altman Model." Land Forces Academy Review 23, no. 4 (December 1, 2018): 306–12. http://dx.doi.org/10.2478/raft-2018-0038.

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Abstract Insolvency represents the state of the debtor’s patrimony characterized by insufficient funds available for the payment of certain, liquid and due debts. It may occur even in case of strong companies, for example, in case of listed companies, generating loses for investors. In economic theory, a series of insolvency risk prediction models were developed, based on the method of scores, the most known and used being the Altman model. At the present moment, five companies, traded at Bucharest Stock Exchange are insolvent. The aim of this paper is to establish if the Altman model can successfully be used for Romanian traded companies, to determine the risk of insolvency.
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Budko, Elena V. "Bankruptcy as a Way of Self-Defense of the Risk Subject." Siberian Journal of Philosophy 18, no. 1 (2020): 87–98. http://dx.doi.org/10.25205/2541-7517-2020-18-1-87-98.

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The phenomenon of insolvency (bankruptcy) is considered as a mode of existence of the subject of risk in the projection of his socio-economic behavior (fear, anxiety, loneliness) and features of personal constitution (evasion of responsibility, restriction of freedom, being in debt, deception). The article substantiates the fact that the institution of insolvency (bankruptcy) of citizens appears as a means of resolving the conflict of interests between the debtor and its creditors, as a mechanism for protecting the socio-economic rights of an insolvent risk subject and as a way to “exit” from an unstable financial crisis situation.
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Madaus, Stephan, and F. Javier Arias. "Emergency COVID-19 Legislation in the Area of Insolvency and Restructuring Law." European Company and Financial Law Review 17, no. 3-4 (September 14, 2020): 318–52. http://dx.doi.org/10.1515/ecfr-2020-0018.

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The appearance of the COVID-19 in Europe has prompted lawmakers to introduce public health measures that inevitably hurt the economy by reducing economic activity and business revenues. The foreseeable risk that the pandemic could be followed immediately by a bankruptcy epidemic led to the adoption of rules related to insolvency and restructuring laws in emergency legislation in most European countries. These rules aim at avoiding businesses to become insolvent either by suspending insolvency tests (see II.) or by providing cash support and debt moratoria (see III.). They may also contain measures that indirectly affect insolvency and restructuring proceedings (see IV.). This paper explains the logic behind emergency legislation and the specific rules adopted in European countries.
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Draguiev, Deyan. "The Effect of Insolvency on Pending International Arbitration: What Is and What Should Not Be." Journal of International Arbitration 32, Issue 5 (October 1, 2015): 511–42. http://dx.doi.org/10.54648/joia2015024.

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Situations in which the respondent in international arbitral proceedings is declared insolvent in its jurisdiction of incorporation while the arbitration is still pending are not uncommon. They raise a number of choice of law issues both in terms of substantive and procedural law. While the roots of arbitration lie in party autonomy, insolvency laws are often comprised of mandatory rules protecting the interests of different classes of stakeholders. This article attempts to devise an abstract model of the various choice of law and characterzation problems regarding the cross-border effect of the insolvency and provide reasoned options and solutions for the arbitral tribunal faced with the interaction between insolvency and pending arbitration proceedings. It is suggested that it is part of the arbitrators’ duty to render an enforceable award to consider cautiously the effects of insolvency, especially if there is a risk of a clash with the mandatory framework of insolvency either at the seat of the arbitration or the likely place of enforcement of the award. The arguments are tested against recent case law of various national courts having reviewed the conflicts between arbitration and insolvency.
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Stroie, Cristina, and Adriana Duţescu. "The Enterprise Risk Profile Model and Its Implementation in Reorganised Companies." Proceedings of the International Conference on Business Excellence 13, no. 1 (May 1, 2019): 241–53. http://dx.doi.org/10.2478/picbe-2019-0022.

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Abstract Globalization, as a response to the accelerated developments in recent decades, has shifted the world economy to a direction in which the adaptation to uncertainty conditions has been one of the most important manifestations of rational behavior. Human activity has always been subject to risks and uncertainty, and environmental pressure naturally generates selection and adaptation. The risk profile analysis in insolvency proceedings, as an indicator of managerial and financial health, represents a challenge to complement the gaps in the literature, given the limited studies in the field, compared to the bibliography in the field of risk management, for the companies in the economic circuit. This topic is of major importance for all business environments, having in view the disasters generated by economic crises on companies. In terms of judicial reorganization and insolvency proceedings, the situation in Romania proves to be different from the practices in the countries with tradition in this field and we are referring here to the USA, Germany and France. Comparative studies have indicated dysfunctions in the reorganization procedures in Romania, related to the lack of a coercive system to remove the insolvency debtors from the economic circuit, and the lack of models for analyzing the reorganization capacity of companies in insolvency proceedings. Regarding a possible reorganization of a company, creditors do not have approved analysis models in order to vote on reorganization plans and most of the time, at least as far as public creditors are concerned, their vote is negative and unfounded. The purpose of this research is to generate a model of internal risk analysis specific to the companies undergoing insolvency proceedings and of external risks related to the activity sector, a model able to predict the possibility of reorganizing a company undergoing insolvency proceedings. The main tool used is the interview, conducted on a sample of insolvency experts in Romania, with an average experience of approx. 10-20 years in insolvency and reorganization activities. Based on the analysis of the obtained results, we will refine and restructure a model, and then we will test it on a sample of companies undergoing insolvency proceedings.
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Coumas, Michael. "Taking Directors Seriously: A Silver Bullet for Triggering the Creditors’ Interest Duty—Part I." Business Law Review 42, Issue 3 (June 1, 2021): 121–27. http://dx.doi.org/10.54648/bula2021017.

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Directors of solvent companies owe a fiduciary duty to shareholders qua the company. If a company becomes technically insolvent, the duty switches to the company’s creditors. This is uncontroversial. However, the duty is also said to switch some point before, i.e., in the ‘vicinity of insolvency’. Therefore, directors must be able to make decisions which do not prejudice shareholders, in a way that is free from exposure to claims by creditors. This uncertainty stems from the case law, where the rules of company law have been confused with the policies underlying insolvency law. The two bodies should be considered separately despite their interrelationship in practice. Doing so reveals the proper and fair function of the duty. Its application should be limited to cases of actual insolvency only. While exceptions may be made for cases of irresponsible or negligent risk-taking, this should be the exception – not the rule. This essay is the first of two parts, and examines the emergence of the duty and possible justifications. company law, insolvency law, directors’ duties, fiduciary duties, agency costs
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Orellana-Osorio, Iván, Marco Reyes-Clavijo, Estefanía Cevallos-Rodríguez, Luis Tonon-Ordoñez, and Luis Pinos-Luzuriaga. "Insolvency analysis of the food manufacturing industry in Cuenca." UDA AKADEM, no. 5 (April 15, 2020): 8–36. http://dx.doi.org/10.33324/udaakadem.vi5.271.

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The risk of insolvency is related to failure or business closure, for this reason the analysis and management of this type of risk is important. The insolvency risk was applied to the food manufacturing industry in Cuenca in the period 2013-2017, which allowed to determine the bankruptcy risk existing in the companies analyzed, as well as trends of the indicator in relation to the business size. Two models were applied: the business insolvency prediction model of Altman and the logistic model using the maximum likelihood method proposed by Ohlson. Altman’s model showed that companies in the 5 years analyzed are in “Safe Zone” (3,187 points in 2013 and 3,448 in 2017). Similarly, the Ohlson model, showed that in 2013 there was a 20,7% risk of insolvency in the sector, compared to 17,7% in 2017. The results of the analysis indicate that insolvency risk shows a decreasing trend in the analyzed period, which take us to the conclusion that the sector is financially healthy. However, due to the current changing environment and the internal operative management, it is very likely that the values suffer changes. Analyzing the risk of insolvency is fundamental for companies, considering that it will allow them to know the level of bankruptcy risk they have, and based on this, take measures to reduce the risk. Key words: Altman model; food sector in Cuenca; insolvency risk; Ohlson model.
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Gennaro, Alessandro. "Insolvency Risk and Value Maximization: A Convergence between Financial Management and Risk Management." Risks 9, no. 6 (June 1, 2021): 105. http://dx.doi.org/10.3390/risks9060105.

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This conceptual paper focuses on the relationship between insolvency, capital structure, and value creation. The aim is twofold: to define risk-based capital measures able to absorb the effects of financial distress and avoid corporate default; and to verify conditions and limits of use of these measures in corporate financial policies. The capital measures based on insolvency risk will be defined by recalling the concepts of Cash Flow-at-Risk and Capital-at-Risk. A first check on the usefulness of these risk-based measures and their consistency with the principle of value maximization is carried out through a simulation model. The scenario analysis allows us to examine how financial and risk policies oriented by insolvency avoidance affect the firm value. According to evidence from the simulation model, these measures appear to be useful in lowering the default risk, but they require a continuous assessment of their impact on the firm value.
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Huang, Rachel J., Jeffrey T. Tsai, and Larry Y. Tzeng. "Government-provided annuities under insolvency risk." Insurance: Mathematics and Economics 43, no. 3 (December 2008): 377–85. http://dx.doi.org/10.1016/j.insmatheco.2007.10.002.

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Zabkowski, Tomasz S. "RFM approach for telecom insolvency modeling." Kybernetes 45, no. 5 (May 3, 2016): 815–27. http://dx.doi.org/10.1108/k-04-2015-0113.

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Purpose – The purpose of this paper is to present application of recency, frequency and monetary value (RFM) approach to predict customer insolvency using telecommunication data corresponding to RFM of late payments. The study tackles a serious problem that telecommunication companies often face and shows the ways to deal with it. Design/methodology/approach – Based on a real telecom customer data, RFM approach was tested against decision trees and logistic regression models. Proposed models were evaluated with lift measure, area under the receiver operating characteristic and the ability to detect significant amount of money owed by insolvent customers. Findings – The main findings from the research are twofold: RFM approach offers a viable alternative for customer insolvency classification. The proposed models perform well and all of them can capture significant amount of money owed by insolvent customers what is of high importance for the revenue assurance. Originality/value – In comparison to previous studies proposed research presents novelty in the following areas. First, it deals with RFM applied to insolvency data (previous studies dealt with direct marketing data). Second, with these three variables it is possible to act as an early warning system for predicting the risk level and probable anomalies as quickly as it is possible (data retrieval and computational time is reduced). Third, RFM approach was tested against decision trees and logistic regression and the quality of the models was also assessed three months after the estimation.
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Dissertations / Theses on the topic "Insolvency risk"

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Gupta, Jairaj. "Essays on SMEs insolvency risk." Thesis, University of Hull, 2014. http://hydra.hull.ac.uk/resources/hull:10547.

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In light of the new Basel Capital Accord, Small and medium size enterprises (SMEs) play a fundamental role in the economic performance of major economies. Several lending communities proposed to treat SMEs as retail clients to optimize capital requirements and profitability. In this context, it is becoming critically important to have a detailed understanding of its risk behavior for appropriate pricing of credit risk. Thus, this thesis presents four essays on SMEs insolvency risk starting from chapter 3 through chapter 6 that investigates different dimensions of their default risk. My first essay makes distinction among SMEs that report operating cash flow and those which do not while modeling their default risk. However, I do not report any significant improvement in model’s classification performance when operating cash flow information is made available. Similarly, my second essay considers domestic and international SMEs separately while modelling their default risk and report almost identical classifications performance of the models’ developed for both the groups. The third essay compares the default risk attributes of micro, small and medium-sized firms respectively with SMEs. Test results suggest significant difference in the default risk attributes of only micro firms and SMEs. On a different line, my fourth essay deals with the methodological issues that have been witnessed recently in the bankruptcy literature that use hazard models for making bankruptcy predictions. This essay highlights the critical issues and provides appropriate guidance for the correct use of hazard models in making bankruptcy predictions. Here, I also propose a default definition for SMEs which considers both legal bankruptcy laws and firms’ financial health while defining the default event. Empirical results show that my default definition performs significantly better than its respective counterparts in identifying distressed firms with superior goodness of fit measures across all econometric specifications. Detailed abstract of respective essays are as follows. Evidence pertaining to SMEs financing strongly motivates me to believe that firms which are unable to generate sufficient operating cash flow (OCF) are more susceptible to bankruptcy. However, the role of OCF in bankruptcy of SMEs lacks empirical validation. Thus, my first essay (chapter 3) investigates the role of operating cash flow information as predictors in assessing the creditworthiness of SMEs. One-year distress prediction model developed using significant financial information of United Kingdom SMEs over a period of 2000 to 2009 confirm that the presence of operating cash flow information does not improve the prediction accuracy of the distress prediction model. My second essay (chapter 4) considers domestic and international small and medium-sized enterprises (SMEs) of the United Kingdom separately while modelling their default risk. To establish the empirical validation, separate one-year default prediction models are developed using dynamic logistic regression technique that encapsulates significant financial information over an analysis period of 2000 to 2009. Almost an identical set of explanatory variables affect the default probability of domestic and international SMEs, which contradicts the need for separate default risk models. However, the lower predictive accuracy measures of the model developed for international SMEs motivate me to compare the weights of regression coefficients of the models developed for domestic and international firms. Test results confirm that four out of the nine common predictors display significant statistical differences in their weights. However, these differences do not contribute to the discriminatory performance of the default prediction models, given that I report very little difference in each model’s classification performance. A huge diversity exists within the broad category of Small and medium size enterprises (SMEs). They differ widely in their capital structure, firm size, access to external finance, management style, numbers of employees etc. Thus, my third essay (chapter 5) contributes to the literature by acknowledging this diversity while modeling credit risk for them, using a relatively large UK database, covering the analysis period between 2000 and 2009. My analysis partially employs the definition provided by the European Union to distinguish between ‘micro’, ‘small’, and ‘medium’ sized firms. I use both financial and non-financial information to predict firms’ failure hazard. I estimate separate hazard models for each sub-category of SMEs, and compare their performance with a SMEs hazard model including all the three sub-categories. I test my hypotheses using discrete-time duration-dependent hazard rate modelling techniques, which controls for both macro-economic conditions and survival time. My test results strongly highlight the differences in the credit risk attributes of ‘micro’ firms and SMEs, while it does not support the need to consider ‘small’ and ‘medium’ firms’ category separately while modelling credit risk for them, as almost the same sets of explanatory variables affect the failure hazard of SMEs, ‘small’ and ‘medium’ firms. My fourth essay (chapter 6) considers all serious and neglected concerns while developing discrete and continuous time duration dependent hazard models for predicting failure of US SMEs. I compare theoretical and classification performance aspects of three popular hazard models, namely discrete hazard models with logit and clog-log links and the extended Cox model. I report that discrete hazard models are superior to extended Cox models in making default predictions. I also propose a default definition for SMEs which considers both legal bankruptcy laws and firms’ financial health while defining the default event. My empirical results show that my default definition performs significantly better than the default definitions which are only based on legal consequence or firms’ financial health in identifying distressed firms. In addition, my default definition also shows superior goodness of fit measures across all econometric specifications.
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Ahmed, Tekosher. "Att identifiera signaler för obestånd i tid." Thesis, Karlstad University, Faculty of Economic Sciences, Communication and IT, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-5477.

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To be able to protect themselves from credit risk, the banks must constantly check the performance of  the companies they have lent money to. There are many mathematical models for predicting financial distress. These models use accounting-based ratios, which often are historical and not representative for the present situation. This study describes how the banks do in practice to find signals of insolvency in time and the variables they are observing for doing that.

In addition to financial reports which the company sends in to the bank at least once a year, also the relationship between them and information from different information  agencies are of great importance to track  signals of insolvency. Poor profitability is the primary cause of insolvency. It is caused mainly because of bad business and leadership.  Eventually will  poor profitability lead  to consuming of equity capital and place the company in an illiquid situation. Then it may be difficult for the company to pay their bills and signals of insolvency become obvious and  the  banks start then to sharpen  their attention on the companies and intensify the follow-up works.

Another find-out  of the  study  is  that local factors which  are  contributing to failure are  the  large companies that are active  in the area. When they are in a bad situation, it affects the suppliers. The big difference between service and manufacturing companies  regarding insolvency  is  that service companies are more flexible regarding cutting down costs when bad times come.


För att undvika stora kreditförluster måste bankerna ständigt bevaka de företag som de har lånat pengar till och försöka förutse signaler om obestånd för dem. Det finns många matematiska modeller för  att förutse  konkursrisken. Problemet är dock att dessa modeller använder redovisningsbaserade data vilka oftast utgör  en historisk ögonblicksbild av den finansiella ställningen då de skrivs ner  och inte är representativa for den nuvarande situationen. Denna studie redogör för hur bankerna i praktiken gör för att identifiera  signaler om obestånd i tid och vilka variabler de tittar på för att göra det.

Förutom finansiella rapporter som företaget sänder in till banken minst en gång om året, har även relationen  parterna  emellan  och  information  från  olika upplysningsbyråer stor betydelse för att spåra signaler  om obestånd  i förväg. Dålig lönsamhet är den främsta orsaken till obestånd. Den  orsakas  främst av dåligt företagande och dålig ledarskap. Så småningom kommer dålig lönsamhet att  leda  till  att det egna kapitalet förbrukas och företaget hamnar i en illikvid situation. Då  kommer  företaget  få det  svårt att  betala  sina räkningar  och signalerna  för obestånd  börjar  dyka upp. Banken börjar då  skärpa uppmärksamheten och intensifiera uppföljningsarbetet.

Det kom också fram i undersökningen  att lokala faktorer som bidrar till obestånd är stora företag som är verksamma i området. När det börjar gå dåligt för dem påverkar det underleverantörer och inhyrda konsulter.  Den stora skillnaden mellan tjänste-  och tillverkningsföretag, vad gäller obeståndsrisken, ligger i att tjänsteföretag är mer flexibla angående nedskärning av kostnaderna när dåliga tider kommer.

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Schönfeld, Jaroslav. "Stanovení hodnoty pohledávky simulací insolvenčního řízení." Doctoral thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76516.

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During the last few years the Czech Republic has witnessed a great boom in the area of a problematic and irrecoverable credit settlement. Late and substandard payments have become rather a tradition in the Czech way of doing business. Consequently the solution by selling receivables to the third party is often resorted to. The thesis examines the system of the internal debt evaluation in banking sector for the purpose of sale. In the conclusion it presents a draft methodology with three different modifications: The first modification is the value of the credit based on the debtor's ability to pay using the risk parameters such as the probability of default, the loss given default and the recovery rate of the credit (calculating according to BASEL II rules). The second modification is the value of the credit determinated by a simulation of the bankruptcy/insolvency proceeding. The third modification is the value of the credit derived from the worth of the collateral while using the methodology for evaluation of the real estate and the current assets, or other types of collateral
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Abdulah, Samahir. "Legal risk associated with electronic funds transfer." Thesis, University of Plymouth, 2014. http://hdl.handle.net/10026.1/2910.

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The past thirty years have seen rapid advances in the technological component of banking services and as a consequence new legal issues have come to the fore, especially with regard to Electronic Fund Transfers (EFTs) which are now used to transfer money around the world, and have made fund transactions between payers and payees easier, faster and more secure. The method involves risks for both banks and customers, due to the possibility of unauthorized payments risks, credit and insolvency problems, and confidentiality issues. Most contracts and obligations now depend on the new technology, although there is a variety of methods for dealing with the concomitant risks. EFTs share a number of similarities with paper-based funds transfers in regard to methods of regulation, and the careful observer can identify patterns and themes. Today, the business world depends heavily on EFT systems for its procedures; and government and academia have also taken a keen interest in EFTs. This thesis reviews and examines the existing legal position of liability of banks and customers for risks associated with EFT transactions: unauthorized EFT instruction and the problem of customer identity, credit risk and privacy, especially, the systems employed for safeguarding the customer’s transactions and data. The thesis also makes recommendations for change. The rules for the allocation of risk are based on the various mechanisms used to access the account. Also, due to the complexities of EFT, consumer protection becomes a paramount goal and is a subject of much concern, particularly when it comes to determining liability for losses. The UK government implemented the Payment Services Directive 2007 by adopting the Payment Services Regulations 2009, to regulate the system. However, such Regulations do not constitute a comprehensive regime that applies to all legal issues arising in the context of the EFT system. This study argues the necessity for a re-examination of existing laws and proposes a model for the future approach to the issues associated with EFT payment. Different approaches to EFT will be assessed, and the comparative and contrasting elements will be analysed in order to propose a comprehensive solution to the deficiencies in the current framework. Central to the problem is the absence of any uniform standard: individual banks offer differing contractual terms and conditions and different means of accessing accounts. Consequently it is time to formulate new and comprehensive rules for the allocation of liability of risks associated with EFT transactions.
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Geroukis, Asterios, and Erik Brorson. "Predicting Insolvency : A comparison between discriminant analysis and logistic regression using principal components." Thesis, Uppsala universitet, Statistiska institutionen, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-243289.

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In this study, we compare the two statistical techniques logistic regression and discriminant analysis to see how well they classify companies based on clusters – made from the solvency ratio ­– using principal components as independent variables. The principal components are made with different financial ratios. We use cluster analysis to find groups with low, medium and high solvency ratio of 1200 different companies found on the NASDAQ stock market and use this as an apriori definition of risk. The results shows that the logistic regression outperforms the discriminant analysis in classifying all of the groups except for the middle one. We conclude that this is in line with previous studies.
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Ly, Kim Cuong. "Banking activities, insolvency risk, and mergers and acquisitions : the case of different bank structures in USA." Thesis, University of Glasgow, 2017. http://theses.gla.ac.uk/8239/.

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After the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, the U.S. banking industry has significantly transformed its organisation structure from banks into bank holding companies (BHCs) as a result of the consolidation process, resulting in larger and more complex BHCs. Under the source-of-strength doctrine and the cross-guarantee authority, a BHC is required to inject capital into the bank subsidiary when it is financially distressed. However, these bank-failed resolutions were introduced before the deregulation; therefore, have not taken into account the increased organisational complexity of BHCs since then. Systemic importance of BHCs has recently attracted attention from policymakers and researchers. Accordingly, the complexity of BHCs will generate concerns about the risk implication of their subsidiaries as compared to the stand-alone structure. This thesis consists of three interrelated essays on stand-alone commercial banks, single-bank holding company (SBHC) affiliates and multi-bank holding company (MBHC) affiliates in the U.S. banking industry. It investigates the role that these financial intermediaries play in (i) banking business activities, (ii) insolvency risk, and (iii) mergers and acquisitions (M&As). The first essay is a qualitative analysis about on- and off-balance sheet analysis, asset securitization and derivatives of these banks which provide a thorough understanding of the difference in permissible scopes of banking business activities among stand-alone banks, SBHC affiliates and MBHC affiliates based on Bank’s Uniform Bank Performance Report. The findings show that SBHC affiliates and MBHC affiliates pursue diversification strategies by running a broad range of activities from traditional lending business to off-balance sheet, asset securitization and derivatives whereas stand-alone banks are more specialised. However, SBHC affiliates show more concentration on taking deposits, issuing loans and demonstrate the most important role in financial intermediation in the U.S. banking system as compared to MBHC affiliates and stand-alone banks. In a striking contrast, MBHC affiliates are dominant in off-balance sheet activities, asset securitization, and derivative activities. This suggests that the MBHC group performs the main role of disintermediation in the U.S. The second essay compares the differences in insolvency risk of stand-alone banks, SBHC affiliates and MBHC affiliates by using U.S. commercial bank data and BHC data from 1994 to 2012. The study’s results show that MBHCs in the U.S. have lower insolvency risk than SBHCs and stand-alone commercial banks at the parent levels, but have significant higher insolvency risk than both at the subsidiary levels. These results suggest that BHC affiliates benefit from an internal capital market and increased diversification from the BHC structure, but face risks of the increased complexity if the number of subsidiaries increases. The third essay investigates the difference in the likelihood of being targets and acquirers among stand-alone banks, SBHC affiliates and MBHC affiliates by using M&A data on U.S. commercial banks from 1997 to 2012. The reported results show that MBHC affiliates exhibit a greater likelihood of being targets than do stand-alone commercial banks, while stand-alone banks have a greater probability of becoming targets than do SBHC affiliates. The findings show that MBHC affiliates tend to have a greater likelihood of being acquirers than do SBHC affiliates. SBHC affiliates have a greater probability of being acquirers than do stand-alone banks. Those banks that acquire another bank within the same MBHC structure tend to be smaller and more financially constrained than those banks acquiring outside the same MBHC structure, whereas targets that are acquired by another bank within the same MBHC structure tend to be smaller, with higher profitability and capital than targets that are acquired by banks from outside the MBHC structure. The results suggest that the MBHC parent attempts to discipline distressed, poorly performing and smaller affiliates by involving them in M&As. To sum up, this study provides four policy implications. First, regulators should devote particular effort to regulating banks at the subsidiary levels to restrict their risk-taking behaviour. In this sense, the regulators should revise the source-of-strength doctrine cross-guarantee authority to ensure that MBHC affiliates can receive their parent’s bail-out in the future when in distress. Second, regarding complexity issues inside BHC structure, regulators should consider risk exposure between banks affiliated with SBHC and MBHC separately. Third, understanding the fact that MBHC parent attempts to hinder inherent risks of their subsidiaries by involving them in successive M&A inside the structure, the bank regulators should put more restrictions on their M&A applications and reveal their problems to the financial market. Finally, stand-alone banks should be encouraged to transform into SBHC affiliates in the future. Consequently, the Federal Reserve should make the path easier for banks to transform into SBHCs to increase their stability in the U.S. banking system.
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Wood, Anthony Paul. "The performance of insolvency prediction and credit risk models in the UK : a comparative study, development and wider application." Thesis, University of Exeter, 2012. http://hdl.handle.net/10036/4211.

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Contingent claims models have recently been applied to the field of corporate insolvency prediction in an attempt to provide the art with a theoretical methodology that has been lacking in the past. Limited studies have been carried out in order to empirically compare the performance of these “market” models with that of their accounting number-based counterparts. This thesis contributes to the literature in several ways: The thesis traces the evolution of the art of corporate insolvency prediction from its inception through to the present day, combining key developments and methodologies into a single document of reference. I use receiver operating characteristic curves and tests of economic value to assess the efficacy of sixteen models, carefully selected to represent key moments in the evolution of the art, and tested upon, for the first time, post-IFRS UK data. The variability of model efficacy is also measured for the first time, using Monte Carlo simulation upon 10,000 randomly generated training and validation samples from a dataset consisting of over 12,000 firmyear observations. The results provide insights into the distribution of model accuracy as a result of sample selection, which is something which has not appeared in the literature prior to this study. I find overall that the efficacy of the models is generally less than that reported in the prior literature; but that the theoretically driven, market-based models outperform models which use accounting numbers; the latter showing a relatively larger efficacy distribution. Furthermore, I obtain the counter-intuitive finding that predictions based on a single ratio can be as efficient as those which are based on models which are far more complicated – in terms of variable variety and mathematical construction. Finally, I develop and test a naïve version of the down-and-out-call barrier option model for insolvency prediction and find that, despite its simple formulation, it performs favourably compared alongside other market-based models.
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Leith, Campbell Blair. "Four essays on monetary and fiscal policy and an investigation on the impact of insolvency risk on aggregate investment." Thesis, University of Exeter, 1999. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288021.

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CERRI, ANDREA. "CRISIS, INSOLVENCY AND RESTRUCTURING. AN AMERICAN MODEL IN EUROPE: THE Z-SCORE. A NEW APPROACH AND POSSIBLE EVOLUTIONS." Doctoral thesis, Università Cattolica del Sacro Cuore, 2014. http://hdl.handle.net/10280/2911.

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Dopo una delle peggiori crisi economica e finanziaria mondiale , gli studi sulla previsione delle insolvenze sono diventato uno degli argomenti più dibattuti tra gli studiosi e ricercatori. Al fine di soddisfare le esigenze sia di valutazione interna sia degli investitori professionali , lo studio riscopre il modello "Z - score" di Altman nella sua forma originale , nota per la sua semplicità. Il modello, ancora largamente utilizzato nei mercati statunitensi, è per sua natura poco utilizzato nell’analisi di società europee. La tesi analizza e descrive le caratteristiche dello Z -score, valutandone i risultati come strumento per la previsione di insolvenza nel mercato europeo. Lo studio è condotto su 568 società , prese dagli indici azionari di 7 mercati europei , tra il 2000 e il 2010 . I risultati del test evidenziano una grande variabilità di risultato tra i diversi settori industriali. Il modello risulta semplice ed efficace, ma sostanzialmente incapace di prevedere il rischio di default in Europa, se utilizzato nella sua forma originale . La seconda parte della ricerca studia pertanto come i risultati del modello possano essere valutati da una nuova prospettiva per i mercati europei, concentrandosi su singoli settori industriali. Lo Z score viene testato su un campione di imprese in buona salute ed un altro di aziende insolventi, per 3 gruppi industriali diversi. La ricerca cerca anche di valutare elementi qualitativi accanto a quelli quantitativi, al fine di analizzare in maniera completa il rischio di insolvenza.
After one of the worst world economic and financial crisis, the insolvency prediction has become one of the most debatable topics among scholars. In order to satisfy both the professional investors’ needs and the internal evaluation process, the Thesis rediscovers the original Altman “Z-score” model, known for its convenience. This model is still largely used in the US equity markets but, also for its origin, has hardly been applied to the European equity index. The Thesis investigates and describes the operating characteristics of Altman’s Z-score, evaluating its performance as a tool for insolvency prediction in today's European market. The base model capability is tested examining 568 companies, listed in the main stock indexes of 7 European markets, between 2000 and 2010. A large variability among different industries arises from the analysis conducted. The Thesis results prove that the model is user-friendly but a substantial inability to predict the risk of default in Europe if used in its original form. The second research question try to analyse how could the model be useful for the European markets, testing the Z score over good heath and insolvent firms from 3 industrial groups. The research studies how the model’s results could be evaluated from a new perspective, focusing on individual industrial sectors results. The research also tries to evaluate qualitative elements alongside the quantitative ones, in order to give a harmonized and comprehensive estimation of the insolvency risk.
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Magalhães, Alex Moura. "Aplicação de modelos de insolvência nas principais empresas de call center no Brasil." Pontifícia Universidade Católica de São Paulo, 2013. https://tede2.pucsp.br/handle/handle/1545.

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This study is the result of a financial evaluation using insolvency models applied in the financial statements of the leading call center companies operating in Brazil. These companies have great representation for the financial sector as well as great potential employment. The goal to be achieved with this study is to identify if there is risk of insolvency in these call center companies, since a research by a consultancy that accompanies the call center market raised the financial risk that occurs in the continuity of business enterprises small and medium-sized due to the high cost of investment to maintain their respective operations and not pass this cost in the final price of the service to the contractors, who do not recognize such investment as value added service
Este estudo é resultado de uma avaliação financeira por meio de modelos de insolvência aplicados nas demonstrações financeiras das principais empresas de call center atuantes no Brasil. Essas empresas possuem grande representatividade financeira para esse setor, como também grande potencial empregatício. O objetivo a ser alcançado com este estudo é identificar se há riscos de insolvência nessas empresas, já que uma pesquisa realizada por uma consultoria que acompanha o mercado de call center levantou o risco financeiro que ocorre na continuidade desse negócio em organizações de pequeno e médio portes, devido ao alto custo de investimentos para manter as suas respectivas operações e o não repasse desse custo no preço final do serviço para as empresas contratantes, que não reconhecem tal investimento como valor agregado ao serviço
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Books on the topic "Insolvency risk"

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Cummins, J. David, and Richard A. Derrig, eds. Managing the Insolvency Risk of Insurance Companies. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9.

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Richard, Davis. Construction insolvency: Security, risk and renewel in construction contracts. London: Sweet & Maxwell, 2014.

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Hughes, Joseph P. Safety in numbers?: Geographic diversification and bank insolvency risk. Philadelphia: Federal Reserve Bank of Philadelphia, Economic Research Division, 1996.

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Paul, Levine. Government myopia: Insolvency and the risk premium on bonds. Leicester: University of Leicester. Department of Economics, 1992.

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Tunstall, Ian. Trading or insolvency?: Risk management and the company administrator scheme. Sydney: LBC Information Services, 2000.

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Pond, Keith. Monitoring risk in individual insolvency: Case studies of two UK banks. Loughborough: Loughborough University Banking Centre, 2000.

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David, Cummins J., and Derrig Richard A, eds. Managing the insolvency risk of insurance companies: Proceedings of the Second International Conference on Insurance Solvency. Boston: Kluwer Academic Publishers, 1991.

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Anginer, Deniz, Asli Demirguc-Kunt, Harry Huizinga, and Kebin Ma. Corporate Governance and Bank Insolvency Risk: International Evidence. The World Bank, 2014. http://dx.doi.org/10.1596/1813-9450-7017.

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Touche Ross & Co., ed. Directors at risk: Responsibilities and penalties after the Insolvency Act. London: Touche Ross & Co., 1986.

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Managing the Insolvency Risk of Insurance Companies (Huebner International Series on Risk, Insurance and Economic Security). Springer, 1991.

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Book chapters on the topic "Insolvency risk"

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Eisenberg, Theodore, Stefan Sundgren, Timothy C. G. Fisher, Jocelyn Martel, Karin S. Thorburn, Clas Bergström, Theodore Eisenberg, et al. "Insolvency Risks and the Role of Insolvency Law." In Risk Behaviour and Risk Management in Business Life, 257–302. Dordrecht: Springer Netherlands, 2000. http://dx.doi.org/10.1007/978-94-017-2909-3_6.

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Quattrociocchi, Bernardino. "Risk of Network Insolvency." In Internal Rating Systems and the Bank-Firm Relationship, 56–71. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/9781137497253_6.

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Taylor, Gregory. "An Analysis of Underwriting Cycles and Their Effects on Insurance Solvency." In Managing the Insolvency Risk of Insurance Companies, 3–76. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_1.

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Meyers, Glenn. "Safety Loadings for Loss Reserves." In Managing the Insolvency Risk of Insurance Companies, 263–81. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_10.

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Doherty, Neil A., and Harris Schlesinger. "Rational Insurance Purchasing: Consideration of Contract Non-Performance." In Managing the Insolvency Risk of Insurance Companies, 283–94. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_11.

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Cummins, J. David. "Capital Structure and Fair Profits in Property-Liability Insurance." In Managing the Insolvency Risk of Insurance Companies, 295–308. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_12.

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Daykin, C. D., and G. B. Hey. "A Management Model of a General Insurance Company using Simulation Techniques." In Managing the Insolvency Risk of Insurance Companies, 77–108. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_2.

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Hershbarger, Robert, and Ran BarNiv. "Classifying Financial Distress in the Life Insurance Industry." In Managing the Insolvency Risk of Insurance Companies, 109–31. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_3.

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Haberman, Steven, and Daniel Dufresne. "Variability of Pension Contributions and Fund Levels with Random Rates of Return." In Managing the Insolvency Risk of Insurance Companies, 133–45. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_4.

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von Eije, J. H. "The Value of Ceded Reinsurance." In Managing the Insolvency Risk of Insurance Companies, 147–72. Dordrecht: Springer Netherlands, 1991. http://dx.doi.org/10.1007/978-94-011-3878-9_5.

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Conference papers on the topic "Insolvency risk"

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Kelmere, Laila. "Protection of employees in insolvency proceedings." In 21st International Scientific Conference "Economic Science for Rural Development 2020". Latvia University of Life Sciences and Technologies. Faculty of Economics and Social Development, 2020. http://dx.doi.org/10.22616/esrd.2020.53.010.

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When an enterprise becomes insolvent, it affects the partners (suppliers) of the company, the State and has a significant impact on the employees. The issue of the protection of workers' rights is one of the most important aspects in situations where the employer is declared insolvent. The country can develop its own employee protection system in case of company’s insolvency. In this article, based on the statistical data for the period 2003 – 2019, the author analyses the situation in Latvia. The aim of the study is to analyse the existing employee protection mechanism in Latvia, which the State implements with the help of state entrepreneurial risk fee. Two ways of protecting the rights of employees or satisfying claims are distinguished: a privilege system and a guarantee system. Latvia chooses the guarantee system. In this article, based on the statistical data obtained, it is proved that the model chosen by Latvia is financially successful although creates a negligible burden for entrepreneurs, and its benefits are significant because, in line with the situation of Latvia, sufficient financial resources are accumulated each year and employees' claims are covered to a certain amount according to regulations in enactments, as well as the Income Tax and Mandatory State Social Insurance Contributions are paid from these requirements covered by the guarantee fund. The author considers that the State may act as an intermediary or insurer in the insolvency situations of an undertaking in order to protect employees and, in particular, the State budget from covering unforeseeable costs.
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Al Haddad, Ola, and Omar I. Juhmani. "Corporate Governance and the Insolvency Risk: Evidence from Bahrain." In 2020 International Conference on Decision Aid Sciences and Application (DASA). IEEE, 2020. http://dx.doi.org/10.1109/dasa51403.2020.9317279.

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Mao, H., K. M. Ostaszewski, and Y. L. Wang. "Pricing annuity insurance integrating mortality improvement risk, interest rate risk, insolvency risk and insurance demand." In 2011 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM). IEEE, 2011. http://dx.doi.org/10.1109/ieem.2011.6118008.

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Mao, H., K. M. Ostaszewski, and Y. L. Wang. "Pricing annuity insurance integrating mortality improvement risk, interest rate risk, insolvency risk and insurance demand." In 2011 IEEE MTT-S International Microwave Workshop Series on Innovative Wireless Power Transmission: Technologies, Systems, and Applications (IMWS 2011). IEEE, 2011. http://dx.doi.org/10.1109/imws.2011.6115240.

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Gadzhikurbanova, Maryam Dzhabrailovna. "Comprehensive risk assessment of financial insolvency (bankruptcy) of PC "Izhstal"." In IX International students' applied research conference, chair Yuriy Vitalyevich Sevryugin. TSNS Interaktiv Plus, 2016. http://dx.doi.org/10.21661/r-81057.

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Al Haddad, Ola, and Omar I. Juhmani. "Ownership Structure and the Insolvency Risk: The Case of GCC Countries." In 2021 International Conference on Decision Aid Sciences and Application (DASA). IEEE, 2021. http://dx.doi.org/10.1109/dasa53625.2021.9681932.

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Reports on the topic "Insolvency risk"

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Porada- Rochon, Małgorzata, Justyna Franc-Dąbrowska, and Radoslaw Suwała. Eliminating the Effects of the Companies Insolvency Risk – A Model Approach. EconWorld Workıng Papers, 2016. http://dx.doi.org/10.22440/econworld.wp.2016.002.

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