Coporate Finance

This study empirically examined the impact of audit committee objectivity (contingent on CEO Power) on the quality of financial reporting in the Nigerian Banking Sector. The study adopted a survey research approach and secondary data extracted from financial statement. The OLS and LSDV analysis were used to investigate the impact of Audit Committee objectivity on the quality of financial reporting with or without CEO power and influence. The findings showed, that, while audit committee independence impact positively on the relevance and reliability of financial report, the same cannot be said when there was CEO power. CEO power in the audit committee mitigated the benefits of independence and caused its overall effects on financial reporting quality of no significant in terms of relevance and reliability. The study therefore recommended that having a majority of independent directors would increase the quality of board oversight, lessen the possibility of damaging conflicts of inter...

In this study, we try to develop a model for predicting corporate default based on a logistic regression (logit) and applied to the case of Tunisia. Our sample consists of 212 companies in the various industries (106 companies 'healthy' and 106 companies "distressed") over the period 2005-2010. The results of the use of a battery of 87 ratios showed that 12 ratios can build the model and that liquidity and solvency have more weight than profitability and management in predicting the distress. Both on the original sample and the control one, these results are good either in terms of correct percentage of classification or in terms of stability of discriminating power over time (on, two and three years before the distress) and space

The purpose of this article is to critically examine the difference between a contract that is illegally formed and a contract that is illegally performed and the effect of the contract in Nigeria. This research was conducted using a doctrinal method, which included the use of textbooks, papers, journals, and internet-based materials. The topic surrounding the unenforceability of a contract based on an illegal allegation emanates from the formation or the performance of the contract. However, the courts, overtime in their judgments observed that the effect of the illegality of a contract differs because a contract illegally formed is void ab initio; while a contract illegally performed may be rendered void or voidable at the option of the defendant depending on the circumstance of the case. These differences are subject to technical observation as the end product of such is to vitiate the contract and to relieve the parties from their contractual duties. The origin of this principle can be traced to the common law courts which have observed that they would aid in the enforcement of an illegal claim or matter. Thus the courts closely watch out for these defects and where they can be proved based on the balance of probabilities, the court would not hesitate to ensure that such contracts are not enforced either because they were illegal from inception or they were subsequently rendered illegal by execution.

Corporate governance has received much attention in recent years and has been a growing topic for debate in the public domain in both developed and developing countries. This is mainly because of the many financial scandals and failures that have occurred in a number of countries. Good corporate governance is now considered crucial for regulating companies and enhancing their performance. The main objective of this research is to understand corporate governance and the impact of corporate governance on organizational performance of commercial Banks in Nigeria. Few existing studies have dealt with the role of Corporate governance in Nigeria, particularly focusing on the financial performance of some listed Banks and a specific Bank, but no emphasis has been placed on the organizational performance of commercial Banks in Nigeria.

This study empirically examined the impact of audit committee objectivity (contingent on CEO Power) on the quality of financial reporting in the Nigerian Banking Sector. The study adopted a survey research approach and secondary data extracted from financial statement. The OLS and LSDV analysis were used to investigate the impact of Audit Committee objectivity on the quality of financial reporting with or without CEO power and influence. The findings showed, that, while audit committee independence impact positively on the relevance and reliability of financial report, the same cannot be said when there was CEO power. CEO power in the audit committee mitigated the benefits of independence and caused its overall effects on financial reporting quality of no significant in terms of relevance and reliability. The study therefore recommended that having a majority of independent directors would increase the quality of board oversight, lessen the possibility of damaging conflicts of inter...

The purpose of this paper is to investigate the impact of corporate governance on firms’ profitability in Nigeria. This research has been performed using a sample of 60 companies listed on the Nigeria Stock Exchange (NSE) from 2004 to 2014. The relationship between corporate governance mechanisms (board characteristics, audit committee, board independence, size, growth and profit variability) and firms’ profitability was observed. The results of the multiple regression analysis were statistically significant at 0.05 level. The F Statistics of 1.036 also shows that the result typically explained the model. The findings of the study confirmed that corporate governance mechanisms enhance firms’ profitability in Nigeria.

The corporate governance code mandates all publicly quoted firms in Nigeria to establish an audit committee to ensure transparency in financial reporting and protect shareholders' interests. This study examined the effect of audit characteristics on the corporate performance of listed conglomerates in Nigeria from 2015 to 2021. Audit characteristics was proxy as audit committee size, audit committee meetings and audit committee independence, while corporate performance was proxy as return on asset. The secondary data were sourced from the firms' annual reports and were analysed using correlation matrix and panel fixed regression. The result from the panel regression showed that audit committee size and independence do not significantly affect the performance of listed conglomerates in Nigeria. In contrast, audit committee meetings significantly but negatively affect listed conglomerates in Nigeria. This study concludes that the frequency of audit committee meetings does not ...

Audit Committee role is very important to the protection of shareholders and other stakeholders interests. This research study explores the influence of audit committee effectiveness on firm's performance using four characteristics: independence, financial expertise, size, and meetings of the audit committee. The performance measures were Return on Equity (ROE), Return on Asset (ROA) and Return on Capital Employed (ROCE). Twenty-five (25) manufacturing firms were selected and from which data were collected for the period (2004-2011). Empirical analysis was carried out using regression and correlation. The result of the analysis showed a positive significant relationship between independence and financial expertise of the audit committee and ROA, ROE and ROCE. However, the size and meetings of audit committee showed no significant relationship with all performance variables. This study therefore recommends that the audit committee should be made more effective by ensuring that members are made up of independent non-executive directors and also ensure that more members with financial expertise especially accounting expertise be drafted into the audit committee and lastly ensure that audit committee meetings are tailored towards relevant issues that enhance the financial performance of the firm.

Emerging corporate governance issues in the Asian countries due to the 1997-1998 economic crises makes it much more important to discuss those issues within the context of this region. In developing countries such as Malaysia, a good governance of the banks is crucial for ...

This study is an attempt to achieve the main objective by examining the association between audit committee and firm performance of the Jordanian firms. This study used OLS regression to test the relationship between independent variable and dependent variable as discussed in the section explaining the study method. The data comprised of 228 firms industrial and services. As this study Jordan attempts to bridge the gap. in the existing literature by investigating the association between audit committee and firm performance in the emerging market of Jordan.

The aim of this study is to find out the level in financial inclusion between 41 African countries. To reach to this goal for knowing which countries have the high level or the low level in financial inclusion according to some variables such as Adults with an outstanding mortgage, Using a Formal Account, and Account From a Formal Financial Institutions, a discriminant model analysis was performed. These variables have been underlined by the literature review to be significant in inclusive financing. The data set was the secondary data taken from the Global Findex Database related to the report that Kunt A. and klapper L. wrote in 2012 titled “Measuring Financial Inclusion†. The analysis of the results reveals that, out of the 41 total countries 27 have a low level in financial inclusion whereas 14 have a high level. Shortly, this empirical results show that most countries with a low level are low-income countries and those whose level is high, largely remain of middle-income co...

Purpose : The board of directors remains an important corporate governance mechanism through which the shareholders can exercise control over the activities of the firm, monitor and exercise oversight over the top executives and managers. In order to achieve this objective, the board of directors must be independent. This paper provides evidence using data from Nigeria on the degree of independence of the boards of directors of listed firms. Design/ methodology/ approach : The research employs the qualitative design using a cross sectional two-stage interview consisting of an initial and follow up process. Findings : Using concept mapping mindset and qualitative data analytical tools, the study finds that the boards of directors of the listed firms were independent and active. They functioned as an active corporate governance mechanism, exercising control and oversight over the affairs of the firms and their top executives. Research Limitations/ implications : A potential limitation...

The purpose of this study was to establish the effect of corporate governance on Loan performance of commercial banks in Kenya. The study examined the corporate governance variables namely: Board Structure (BS), Audit Structure (AS) and CEO duality and their effect on Loan performance of commercial banks. Descriptive research design was used in this study and a sample representation consisting of all CEOs of the entire population of 43 commercial banks in Kenya were used as respondents. Primary data was obtained by administering questionnaires to the CEOs whereas secondary data was obtained from the published annual reports covering five years (2010-2014). Data analysis involved Karl Pearsons Correlation Coefficient and Multiple Regression Analysis and used Stata version 13 program. The study found out that BS has a positive relation while AS has a significantly negative relation on the loan performance of the commercial banks. CEO duality also on the other, shows a positive relatio...

Corporate governance appeared to be the global issue and global trend in most of the commercial industries of public concern than ever before. Corporate governance is about credibility, transparency and accountability. It is also about maintaining an effective disclosure of information that will foster good corporate performance. This study attempts to investigate the relationship between financial performance and corporate governance of commercial banks in Nepal. Specifically, it examines the effects of board size, audit committee, and portion of independent directors on return on equity and nonperforming loan. This study is based on secondary data collected from the annual reports of 13 commercial banks of Nepal. Samples for this study were taken from 65 observations in the review period from 2010 to 2015. The study finds out that the board size negatively impacts the financial performance of commercial banks in Nepal whereas audit committee size and portion of independent directo...

The purpose of this study is to identify the relationship between board Structure and efficiency of licensed domestic commercial banks in Sri Lanka for the period from 2009 to 2013. This study also examines the impact of board Structure on efficiency of licensed domestic commercial banks in Sri Lanka. In this study, 10 licensed domestic commercial banks are taken as sample for the purpose of data analysis and hypotheses are examined with help of Pearson’s correlation and regression analysis. Secondary data from the annual reports of banks and journals were used for the analysis purpose. The findings show that, smaller board size and greater board independence lead to better efficiency of licensed domestic commercial banks in Sri Lanka. Further, board meeting has a significant impact on efficiency of the licensed domestic commercial banks in Sri Lanka. This study would hopefully benefit the academicians, researchers, policy-makers and practitioners of Sri Lanka and other similar coun...

The broad objective of this study is to examine the impact of Audit Committee (AC) characteristics on the financial performance of listed consumer goods companies in Nigeria. The research sample comprises of eighteen (18) consumer goods companies and secondary data was generated from the annual accounts and reports which spanned from 2010-2019 financial years. Using the panel regression analysis; the study found that frequency of AC meetings, independence of AC and AC size have significant effect on financial performance. The study concluded that the presence of audit committee is vital in companies. The study therefore recommended that compliance with respect to audit committee size, meetings and independence should be adequately checked to ensure conformity.

This study attempted to examine the association between two important committees of corporate governance practice namely, audit committee characteristics and executive committee characteristics, and firm performance. The data used comprised of non-financial companies listed in Muscat Security Market (MSM) through 2011 and 2012. Based on widely existing literature that studied the relationship between corporate governance and firm performance, studies that investigated the role of executive committee with firm performance are few and far between and hence, the main aim of this study is to discover this relation. Therefore, this study is an attempt to fill the gap in literature by exploring these new measures and contributing to a rich body of existing literature. The outcome of this study revealed a positive relationship between audit committee size (ACSIZE), audit committee independence (ACINDE) and executive committee size (ECSIZE) and firm performance but not significant. In addition, the association between audit committee meeting (ACMEETIN), executive committee independence (ECINDE) and executive committee meeting (ECMEETIN) and firm performance was negative but not significant. The findings found the relationship between firm size (FIRMSIZE) and firm performance to be positively significant while the relationship between leverage (LEVERAG) and firm performance was found to be negatively significant. Finally, this study discusses the results and provides limitation and recommendations towards the end.

This study focuses to achieve an important objective by examining the moderating effect of board diversity (foreign member on the executive committee and executive committee commitment) on the relationship between executive committee characteristics and firm performance in Omani companies excluding those categorized under the financial sector. The sampling covers two years, 2011 and 2012. This study used multiple regression and hierarchical multiple regression to analyze the association between independent, moderating and dependent variables. Based on the findings, a positive association between executive committee independence, executive committee meeting and firm performance is revealed although it is not significant. In the same context, the finding revealed a negative relationship between executive committee size and firm performance but not significant. Moreover, the board diversity moderated the relationship between executive committee characteristics and firm performance but the effect is not significant. Finally, this study offers recommendations for future researchers at the end.

Recently developed corporate bankruptcy prediction models adopt a contingentclaims valuation approach. However, despite their theoretical appeal, tests of their performance compared with traditional simple accounting-ratio-based approaches are limited in the literature. We find the two approaches capture different aspects of bankruptcy risk, and while there is little difference in their predictive ability in the UK, the z-score approach leads to significantly greater bank profitability in conditions of differential decision error costs and competitive pricing regime.

The global financial crisis entails a renewed attention from financial institutions, academics, and practitioners to corporate distress analysis and its forecasting. This study aims to propose a model for predicting default risk based on a business failure index using rank transformation. The procedure suggested is able to capture firms’ financial difficulties and forecast bankruptcy through the construction of a failure index based on some relevant financial ratios. By means of the estimation of failure probability, it allows to classify and predict business distress in time to take mitigating action. This procedure is evaluated by some accuracy measures on a sample of Italian manufacturing firms, and is found to be a suitable instrument for preventing financial distress.

The purpose of this study is to establish the relationship between corporate governance attributes (board expertise, board independence and board role performance), internal audit quality and financial reporting quality using evidence from Uganda's financial institutions.,This study research design is cross sectional and correlational. The study used a questionnaire survey of Chief Finance Officers, Senior Accountants and Internal audit managers of financial institutions in Uganda. Data were analyzed with the help of Statistical Package for Social Sciences.,Results indicate that board expertise and board role performance are significantly associated with financial reporting quality. Also, internal audit quality is significantly associated with financial reporting quality. Board independence is not a significant predictor of financial reporting quality.,This paper provides insights of what matters for financial reporting quality in Uganda's financial reporting quality. It use...

Financial reporting has always been an important factor for investment decision making of shareholders and other stakeholders of a firm in considering returns that have been made or expectation of what should be made. This study investigates empirically, the relationship between financial reporting disclosures in annual reports and the performance of listed manufacturing companies in Nigeria between 2005 and 2009. The disclosure variables include: Timeliness, Board size, type of Auditors Report and the percentage of value added retained for expansion were used as the measures of financial reporting disclosure while Return on Equity (ROE) was used as the measures of financial performance. Size and age were used as the control variables. The study used secondary data and Panel Least Square Regression for the data analysis. The results showed that there is a significant relationship between financial reporting disclosures and financial performance except in the case of percentage of value added retained for expansion size where there was no significant relationship found. It is, therefore, recommended that the Nigerian Federal Government, through her various regulatory agencies, ensure more disclosures is made in the financial report as this is an important means of addressing liquidity problem in the manufacturing sector for financial performance.

Audit committee financial expertise is vital to the quality of financial reporting. This study empirically investigates the impact of audit committee financial expertise on the quality of financial reporting. The financial reporting quality was measured by reliability (total accrual quality) and relevance (audit report lag). Fifteen money deposit banks were selected and data was collected for the period (2003-2012). Analyses were carried out using Correlation, Ordinary Least Square and Panel Lest Square. The study found, after controlling for firm size, audit type, age of firm, audit committee meeting and audit committee size, that, audit committee financial expertise showed a negative coefficient for total accrual quality and audit report lag. This means financial expertise has a positive significant impact on financial reporting quality in Nigeria. The study, therefore, recommends that more attention should be given to the financial expertise of directors being recommended to the audit committee.

Recently developed corporate bankruptcy prediction models adopt a contingentclaims valuation approach. However, despite their theoretical appeal, tests of their performance compared with traditional simple accounting-ratio-based approaches are limited in the literature. We find the two approaches capture different aspects of bankruptcy risk, and while there is little difference in their predictive ability in the UK, the z-score approach leads to significantly greater bank profitability in conditions of differential decision error costs and competitive pricing regime.

This study examines the determinants of multiple states of financial distress by applying a competing-risks model. It investigates the effect of financial ratios, market-based variables and company-specific variables, including company age, size and squared size on three different states of corporate financial distress: active companies; distressed external administration companies; and distressed takeover, merger or acquisition companies. A sample of 1,081

This is to certify that to the best of my knowledge, the content of this thesis is my own work. This thesis has not been submitted for any degree or other purposes. I certify that the intellectual content of this thesis is the product of my own work and that all the assistance received in preparing this thesis and sources have been acknowledged.

This book focuses on Capital – concept, functional features and formation in post communist Romania.
It analyses the capital as both permanent own financial resource and fixed capital, as determinant of effective and potential GDP.
Bank capital in Romania is debated as being between development factor and source of disequilibrium, while the capital-labour relationship is seen an expression of the effectiveness -fairness relationship.
Privatisation ia another subject of interest, it being studied as a lever for capitalisation and increased competitiveness or a source of vulnerability for the Romanian economy.
European funds in Romania as source of capital or for financing current expenditures are analyzed in dynamics as well as related to their contribution to capital formation and the catching-up process.
Globalisation, deregulation and developments in capital in Romania are explained also in relation to the deregulation-regulation cycle. Economic and social development, the middle income trap and social disparities are some of the other major topics of the book.
Policy measures and conclusions of the current stance of Romania economics are drawn in this study based on an unique microeconomic database for Romania, as well as comparative information related to other former communist countries in the region and EU member states.

Lucrarea arata faptul ca elementul CAPITAL se formează, legal, din acumulări proprii ale întreprinzătorilor și donații, reprezentate, în cazul României, de fondurile europene (pentru capitalizarea firmelor este necesar efortul propriu, în condițiile disciplinei de piață, al acționarilor în scopul acumulării anuale de capital prin profitul obținut + accesarea intensivă a fondurilor europene).
CREDITUL nu reprezintă decât o sursă complementară a resurselor permanente ale investitorului. Reluarea pe baze sănătoase a creditării necesită îmbunătățirea educației financiare a populației și a firmelor, plus transformarea băncilor în factori activi de atragere a clienților, de informare a acestora conform practicii europene, sporirea capacității de analiză financiară a funcționarilor bancari, îndeosebi pentru firme
Democrația și economia de piață aduc cu sine nu numai libertate individuală ci și responsabilitate individuală, care trebuie manifestată pe baze mai solide, moderne, atât în relația bănci-clienți, cât și în cea dintre clienți și bănci.

Actuala criză a determinat şi lipsa sau slăbirea accentuată a unor factori externi
care ar fi fost de natură să contribuie la o dezvoltare economică mai rapidă,
precum investiţiile străine directe, creditele mamă-fiică în cadrul sectorului
bancar şi în cel al companiilor nefinanciare.
Studiul arată că măsurile economice necesare a fi adoptate trebuie să atingă concomitent mai multe obiective economice: (i) în primul rând păstrarea macroechilibrelor greu recâştigate, (ii) stimularea cererii interne, în special pe componenta mai semnificativă – consumul, (iii) folosirea spaţiului monetar existent, (iv)
neafectarea, prin costuri bugetare, a procesului de consolidare fiscală către
obiectivele asumate prin tratatele europene, (v) revigorarea procesului de
creditare şi, nu în ultimul rând, (vi) atenuarea dinamicii crescătoare a volumului
de credite neperformante în contextul supra-îndatorării populaţiei.

The purpose of this study is to identify the relationship between board Structure and efficiency of licensed domestic commercial banks in Sri Lanka for the period from 2009 to 2013. This study also examines the impact of board Structure on efficiency of licensed domestic commercial banks in Sri Lanka. In this study, 10 licensed domestic commercial banks are taken as sample for the purpose of data analysis and hypotheses are examined with help of Pearson's correlation and regression analysis. Secondary data from the annual reports of banks and journals were used for the analysis purpose. The findings show that, smaller board size and greater board independence lead to better efficiency of licensed domestic commercial banks in SriLanka. Further, board meeting has a significant impact on efficiency of the licensed domestic commercial banks in SriLanka. This study would hopefully benefit the academicians, researchers, policy-makers and practitioners of Sri Lanka and other similar countries through exploring the impact of boardStructure on efficiency.

This study examined the effects of corporate governance on accounting conservatism in Nigerian foods and beverages sector. The study adopted the ex-post facto research design using panel data for the period 2012-2016. The study's population is 15 foods and beverages firms in the Nigerian Stock Exchange and 8 firms were selected as a sample after a filtering process. Secondary data were collected from financial statements and regression analysis was used to analyze the hypotheses. The study found that board independence has significant positive effects; board size has significant negative effects while audit committee independence has a positive but not significant effect on accounting conservatism of Nigerian foods and beverages sector. The study concluded that board independence and board size are factors that influence accounting conservatism while audit committee independence does not influence accounting conservatism of Nigerian foods and beverages sector. The study recommended that food and beverages firms in Nigeria should compose more of non-executive directors on their board as this can generate the needed assurance for better financial reporting as indicated by the result of the study. Also, firms should have a small board size so as to enhance conservatism reporting. While firms should provide higher non-executive directors on their audit committee so as to improve the reporting quality of their reports.

Background of the Study : The term "corporate governance" came into popular use in the 1980's to broadly describe the general principles by which the business and management of companies were directed and controlled. Further, Governance may be said to be all about effective, transparent and accountable administration of affairs of an institution by its management, while protecting the interests of its stakeholders including shareholders, creditors, regulators and the public.

This study examined the effect of audit Committees' Quality (audit committee members, audit committee meetings and audit committee financial expertise) on financial performance with a focus on the Nigerian food and beverages sector. The population of the study comprises of food and Beverages companies that are listed in the Nigerian Stock Exchange. The study samples were selected usingpurposivesampling method. Data were collected from the Annual report and accounts of the selected companies for a period of ten years (2007-2016). The study also employed correlation and structural equation modelling for analysing the data. The results revealed a significant positive effect between audit committee meetings, audit committee financial expertise and financial performance. The result of the study also shows a insignificant negative effect betweenaudit committee members and financial performance of the Nigerian food and beverages sector. This study therefore, recommends that the efforts to improve audit committee's quality performance should focus on the meeting and audit financial expertise of audit committee members and also the audit committee should be made more effective and efficient by ensuring that more members with financial expertise especially accounting expertise be drafted into the audit committee which would enhance financial performance of the firms.

The purpose of this paper is to investigate the impact of corporate governance on firms' profitability in Nigeria. This research has been performed using a sample of 60 companies listed on the Nigeria Stock Exchange (NSE) from 2004 to 2014. The relationship between corporate governance mechanisms (board characteristics, audit committee, board independence, size, growth and profit variability) and firms' profitability was observed. The results of the multiple regression analysis were statistically significant at 0.05 level. The F Statistics of 1.036 also shows that the result typically explained the model. The findings of the study confirmed that corporate governance mechanisms enhance firms' profitability in Nigeria.

Elementele tehnice ale imprumuturilor de stat: • Denumirea imprumutului; • Valoara nominala; (suma inscrisa pe titlul emis) • Valoare reala (suma la care se vinde sau se cumpara efectiv inscrisul); • Cursul-pretul cu care se cumpara si se vand 100 de unitati monetare valoare nominala; • Termenul de rambursare; • Dobanda; • Prima de rambursare. Plasarea imprumuturilor se face, in general la un curs sub pari – sub valoarea nominala – pentru a fi cat mai atractive si rambursarea se realizeaza la o valoare egală cu valoarea nominala, sau peste. Dobanda platita de stat se calculeaza la valoarea nominala, indiferent de cursul de plasare, sau pret de emisiune. Astfel randamentul nominal al titlurilor (rata rentabilitatii nominale) va fi egal cu diferenta dintre valoarea nominala mai mare si pretul de emisiune mai mic, totul, impartit la pretul de emisiune = efect/ efort. [(Vn-Pe) / Pe] Randamentul real (rata rentabilitatii reale) va fi rentabilitatea nominala corectata cu rata inflatiei – formula lui Fisher – Rr = Exemplul I Statul X emite 100.000 certificate cu discount (certificatele cu discount sunt titluri de stat pe termen scurt) pe o perioadă de 1 an. Valoarea nominală a unui înscris este de 1.200 um și prețul de emisiune a fost de 900 um. Împrumutul a fost subscris în totalitate. Determinați randamentul nominal si real la investitor, dacă rata inflației pe perioada de viață a împrumutului a fost de 12%. (investitorul a achiziționat 300 de înscrisuri). Randamentul nominal = (1.200-900) x 300 / 900 x 300 = 33,34% Randamentul real = (1+0,33 / 1+0,12) – 1 = 18,75% Exemplul II (imprumut de stat) Un consorțiu bancar achiziționează în comision înscrisurile unui împrumut de stat pentru a le plasa prin ghișeele proprii. Valoarea totală a împrumutului este de 850 mld. um. Cursul la care au fost achiziționate înscrisurile a fost de 87%, comisionul consorțiului bancar este de 3%. Împrumutul a fost subscris în proporție de 92%. Determinați: a) suma încasată de stat de la consorțiul bancar; b) suma încasată de consorțiul bancar de la subscriitori; c) câștigul/pierderea consorțiului bancar. a) 850 x 0,87 x 0,92 = 680,34 mld. um b) 850 x (0,87+0,03) x 0,92 = 703,8 mld. um c) Δ (a,b) = 23,46 mld. um – câștig Titlurile nesubscrise se anulează. În cazul în care, consorțiul bancar achiziționează integral înscrisurile împrumutului de stat și păstrăm constante toate celelalte date: a) 850 x 0,87 x 1 = 739,5 mld.um b) 850 x (0,87+0,03) x 0,92 = 703,8 mld. um c) Δ (a,b) = 35,7 mld. um-pierdere Titlurile ce nu au fost subscrise se transformă în active bancare și vor fi predate statului la scadență pentru a fi răscumpărate.

We use a time-dependent Cox regression model with dynamic variables to estimate survival probabilities and make dynamic financial distress predictions for a sample of Australian firms listed on the Australian Securities Exchange from 1989 to 2006. This is one of the first studies to apply dynamic variables in forecasting financial distress. In contrast to most bankruptcy studies using static models, our model's predictive accuracy improves as the time horizon lengthens. The baseline hazard appears to play a strong role relative to the covariates that measure firms' risk factors. JEL Classification: C41, G14, G32, G33 Abstract. We use a time-dependent Cox regression model with dynamic variables to estimate survival probabilities and make dynamic financial distress predictions for a sample of Australian firms listed on the Australian Securities Exchange from 1989 to 2006. This is one of the first studies to apply dynamic variables in forecasting financial distress. In contrast to most bankruptcy studies using static models, our model's predictive accuracy improves as the time horizon lengthens. The baseline hazard appears to play a strong role relative to the covariates that measure firms' risk factors. JEL Classification: C41, G14, G32, G33 Development of a method to assess the relevant variables and the probability of financial distress, Australian Journal of Management 12(2), 221-236. Faulkender, M. and Petersen, M. A. (2005) Does the source of capital affect capital structure?,

In this article, we develop a bankruptcy prediction model for Korean firms that utilize logit regression. We find that not only financial accounting ratios but equity market inputs and macro-economic variables are also important predictors of bankruptcy. However, unlike the findings in Campbell et al. , using market value of equity in computing total assets did not improve the model. We compare the model with a Merton type structural model and find that our model demonstrates a higher prediction power in distinguishing distressed firms from healthy firms. Though our model proves to perform better, we are careful to make a conclusion and rather suggest to use several models for the purpose of risk management to reduce model risk.

This paper recounts the history of early warning failure models and then adds to that literature by evaluating the proposition that all suppliers can be treated similarly when evaluating failure tendencies. The work is performed for the automobile supplier industry because that industry has a long and complex supply chain structure and because we have a history of working with major automotive OEMs to protect their supply chain. The project benefited from the support and cooperation of BBK Ltd. the largest turnaround firm worldwide engaged by the automobile sector. In contrast to previous work which utilized a single predictive model to indicate the likelihood that a supplier company was in distress, our effort tested the idea that large and small automobile suppliers face different exigencies and therefore require separate predictive models. The paper concludes by identifying the key factors to consider when reviewing the health of automobile suppliers.

Existe una gran paradoja que subyace en el Derecho: la de constreñir parte de la libertad individual para otorgar la posibilidad de poder construirla. Es decir, quitar libertad en nombre de la libertad. Pueda que se asemeje a una contradicción, pero en torno a eso gira cualquier sistema jurídico, o al menos, debería hacerlo. Cualquier orden legal debe garantizar al ser humano la mayor actuación de su libertad, con el objetivo de que éste pueda configurar su propia vida a obra y gracia de su voluntad 1 .

There have been massive fraud and unethical practices within and among a number of organizations in Nigeria including Unilever Plc. Quadri (2010) posited that "the recent insider trading, massive and prevalent frauds, mandatory retirement of CEOs of banks, due to corrupt practices and inefficient rubber-stamped board, have