Resolution of financial distress : an international perspective on the design of bankruptcy laws /

Annotation

Detalles Bibliográficos
Clasificación:Libro Electrónico
Otros Autores: Claessens, Stijn, Djankov, Simeon, Mody, Ashoka
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Washington, D.C. : World Bank, ©2001.
Colección:WBI development studies.
Temas:
Bankruptcy.
Debtor and creditor.
Débiteur et créancier.
Bankruptcy
Debtor and creditor
Acceso en línea:Texto completo
Tabla de Contenidos:
  • : Contents
  • Foreword vii
  • Contributors ix
  • Resolution of Financial Distress: An Overview xv
  • Stijn Claessens, Simeon Djankov, and Ashoka Mody, The World Bank
  • Insolvency Regimes: Current Interest and Principles xvii
  • Systemic Distress and Corporate Restructuring xxii
  • Conclusions xxx
  • References xxxi
  • 1. Bankruptcy Laws: Basic Economic Principles
  • Joseph E. Stiglitz, Stanford University
  • Key Principles 2
  • Efficiency and Incentive Issues 7
  • Seller Beware 13
  • Implications for Policy 13
  • The Theory of Systemic Bankruptcy 16
  • Conclusion 21
  • References 22
  • 2. Bankruptcy Procedures in Countries Undergoing
  • Financial Crises 25
  • Michelle J. White, University of Michigan
  • Economrnic Issues in Corporate Bankruptcy 25
  • Bankruptcy and Entrepreneurial Activity 39
  • Conclusion 43
  • References 43
  • iii 3. Systemic Corporate Distress: A Legal Perspective 47
  • Jay Lawrence Westbrook, The University of Texas at Austin
  • The Reform Movement 48
  • Elements of Reform 50
  • Special Rules for Systemic Distress 58
  • Cross-Disdciplinary Research 60
  • References 63
  • 4. Creditor Protection and Bankruptcy Law Reform 65
  • Rafael La Porta and Florencio Lopez-de-Silanes, Harvard University
  • Content of Bankruptcy Laws around the World 66
  • Enforcement of Laws around the World 72
  • Consequences of Creditor Protection in Finandcial Markets 76
  • Real Consequences of Creditor Protection 78
  • Reforming Bankruptcy Procedures 80
  • Conclusion 85
  • Appendix 4A. Definitions of Variables 86
  • References 88
  • 5. Corporate Debt Restructuring: Auctions Speak Louder
  • Than Words 91
  • Donald B. Hausch, University of Wisconsin, and S. Ramachandran, World Bank
  • Market-Based Bankruptcy 94
  • The Proposed ACCORD 95
  • Implementing ACCORD 97
  • Additional Considerations 102
  • Conclusion 105
  • References 105
  • 6. Alphatec Electronics PCL 107
  • Perry Fagan, C. Fritz Foley, and Stuart Gilson, Harvard Business School
  • History of Alphatec Electronics and The Alphatec Group 109
  • Alphatec in Distress 113
  • The First Restructuring Plan 128
  • The New Thai Bankruptcy Law 134
  • The Rehabilitation Plan 136
  • Postscript 145
  • 7. Corporate Debt Restructuring in a Systemic Financial Crisis Mexico's Experience, 1996-98 149
  • Alberto Mults, Fondo Bancario de Protecci6n al Ahorro
  • Corporate Debt Restructuring, 1995-97 151
  • FOBAPROA's Role as a Restructuring Agent through its
  • Corporate Asset Recovery Unit 160
  • Key Lessons from Mexico's 1996-98 Restructuring
  • Experience 164
  • 8. Reconstruction Finance Corporation Assistance to Financial
  • Intermediaries and Commercial and Industrial Enterprises
  • in the United States, 1932-37 167
  • Joseph R. Mason, Drexel University, LeBow College of Business
  • RFC Background: Politics, Funding, and Operations 168
  • RFC Assistance to Financial Institutions and Commercial and
  • Industrial Enterprises 172
  • Summary and Condclusions 201
  • References 202
  • 9. Japan Confronts Corporate Restructuring 205
  • Arthur J. Alexander, Japan Economic Institute
  • The Case for Restructuring 206
  • Managing Financial Distress 211
  • Conclusions 226
  • References 227
  • 10. Financial Restructuring in East Asia: Halfway There? 229
  • Stijn Claessens, Simeon Djankov, and Daniela Ktingebiel, World Bank
  • Was the East Asian Crisis Unique? 229
  • East Asian Crisis: Similar Origins to Previous Crises,
  • but Difference in Scale 230
  • Steep Decline and Rapid Recovery 230
  • Corporate Restructuring Is Gathering Speed 243
  • The Risk of an Unsustainable Recovery 251
  • References 258
  • 4
  • 11. The Politics of Corporate and Financial Restructuring A Comparison of Korea, Thailand, and Indonesia 261
  • Stephan Haggard, University of California, San Diego
  • Financial and Corporate Restructuring: Political Issues
  • and Empirical Patterns 263
  • Financial and Corporate Restructuring: Political
  • Deterrminants 268
  • Korea 271
  • Thailand 282
  • Indonesia 292
  • Conclusion 301
  • References 302
  • 12. The Role of Cross-Border Mergers and Acquisitions in
  • Asian Restructuring 305
  • Ashoka Mody and Shoko Negishi, World Bank
  • Cross-Border M & A: Trends, Motives, and Impacts 306
  • East Asian Financial Distress and Recovery 314
  • Cross-Border M & As in East Asian Restructuring 321
  • Policy Implications 331
  • Conclusion 335
  • References 337
  • 13. Asset Management Companies 341
  • Daniela Klingebiel, World Bank
  • The Centralized Versus the Decentralized Approach 342
  • The Different Types of Asset Management Companies 346
  • Evidence 349
  • Lessons from Cross-Country Experience 355
  • Appendix 13.A. Main Characteristics of Asset Management
  • Companies 361
  • Bibliography and Reference List 372
  • Index 381.

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