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Displaying results 1 to 8 of 8.

  1. State-level electricity generation efficiency
    do restructuring and regulatory institutions matter in the US?
    Author: Ajayi, Victor; Weyman-Jones, Thomas G.
    Published: [2021]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VSP 1362
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Cambridge working paper in economics ; 2166
    EPRG working paper ; 2123
    Subjects: Electricity generation; technical efficiency; marginal effect; restructuring; regulatory institutions
    Scope: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  2. Post-merger restructuring of the labor force
    Author: Gehrke, Britta; Maug, Ernst; Obernberger, Stefan; Schneider, Christoph
    Published: May 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is concentrated... more

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    We study the restructuring of the labor force after mergers and acquisitions. Overall restructuring is large. Net employment of targets declines by more than half within two years after acquisitions relative to a matched sample, and is concentrated in targets that close all establishments. There is a substantial increase in employee turnover. We place our analysis within a framework in which acquirers seek growth options from targets and provide managerial capabilities to organize production more efficiently. Consistent with this framework, we show that growth and turnover are both higher for managers, and that firms become more hierarchical if they grow and if they become more diversified. Acquirers have a better-educated, better-paid, and more qualified workforce than targets, and they adapt the workforce by hiring new employees who are much younger and less expensive. Mergers create internal labor markets, which are more active if firms have more managerial capacities. However, most hiring is external, especially for managers.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/236440
    Series: Discussion paper series / IZA ; no. 14409
    Subjects: M&A; restructuring; employment; internal labor markets
    Scope: 1 Online-Ressource (circa 92 Seiten), Illustrationen
  3. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: 2021
    Publisher:  Global Labor Organization (GLO), Essen

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor- creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re- duced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small credi- tors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms' future prospects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/237088
    Edition: This draft August 14, 2021
    Series: GLO discussion paper ; no. 912
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  4. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: [2021]
    Publisher:  Research platform Empirical and Experimental Economics, University of Innsbruck, Innsbruck, Austria

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtorcreditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as reduced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms' future prospects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/240451
    Edition: This draft August 11, 2021
    Series: Working papers in economics and statistics ; 2021, 23
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  5. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: August 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor-creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re-duced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms’ future prospects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/245429
    Series: CESifo working paper ; no. 9248 (2021)
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  6. Does retrenchment boost performance?
    evidence from fallen angels
    Author: Farroukh, Karim; Koski, Jennifer L.; Werner, Ingrid M.
    Published: [2021]
    Publisher:  The Ohio State University, Fisher College of Business, Charles A. Dice Center for Research in Financial Economics, [Columbus, Ohio]

    We study restructuring by firms whose stock prices experience a sharp decline to a low price level– fallen angels. In response to a price decline, firms can retrench by reducing investments and cutting the workforce, or increase leverage and... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    We study restructuring by firms whose stock prices experience a sharp decline to a low price level– fallen angels. In response to a price decline, firms can retrench by reducing investments and cutting the workforce, or increase leverage and investments hoping for lottery-like payoffs. We find that relative to a matched sample, fallen angels retrench. While retrenchment helps boost stock prices, reducing fixed assets and employment also increase firm risk, lower growth opportunities, and reduce the probability a firm remains listed. We find no consistent evidence that retrenchment actions undertaken by fallen angels affect future operating performance

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working papers series / Charles A. Dice Center for Research in Financial Economics ; WP 2021, 09
    Fisher College of Business working paper series ; WP 2021-03, 09
    Subjects: restructuring; low stock price; fallen angels; retrenchment; gambling for resurrection
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  7. The impact of delay: evidence from formal out-of-court restructuring
    Author: Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; Filer, Randall Keith
    Published: August 2021
    Publisher:  Charles University, Center for Economic Research and Graduate Education, Prague

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    VS 823
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788073435073; 9788073446024
    Series: Working paper series / CERGE-EI ; 700
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  8. The impact of delay
    evidence from formal out-of-court restructuring
    Author: Filer, Randall Keith; Kovač, Dejan; Shapiro, Jacob N.; Srhoj, Stjepan
    Published: [14. September 2021]
    Publisher:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale), Germany

    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context... more

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    eBook
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 13
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    Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a „pre-bankruptcy settlement“ (PBS) process in the wake of the Great Recession of 2007 - 2009. Local institutions left over from the communist era provide annual financial statements for both sides of more than 180,000 debtor-creditor pairs, enabling us to address selection into failed negotiations by matching a rich set of creditor and debtor characteristics. Failures to settle at the PBS stage due to idiosyncratic bargaining problems, which effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as reduced employment, revenue, and profits. We also track how bargaining failures diffuse through the network of creditors, finding a significant negative effect on small creditors, but not others. Our results highlight the impact of delay and the importance of structuring bankruptcy procedures to rapidly resolve uncertainty about firms‘ future prospects.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/242119
    Series: IWH discussion papers ; 2021, no. 10 (September 2021)
    Subjects: bankruptcy; insolvency; liquidation; restructuring
    Scope: 1 Online-Ressource (III, 60 Seiten, 2,95 MB), Diagramme