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| Kirchesch, Kai. |
| The link between investment and finance usually enters the empirical literature in the form of financial constraints which are defined as the wedge between the costs of internal and external finance or as the risk of being rationed on the credit market. In this context, the sensitivity of investment with respect to single internal or external finance indicators is assumed to be appropriate to proxy for these constraints. However, enterprises that rely on external funds do not only face this external finance premium and potential borrowing limits, but also the risk of not being able to meet their repayment obligations and thus the risk of bankruptcy. If the risk of bankruptcy enters the profit maximization of the firm, the resulting empirical investment... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Investment; Bankruptcy; Financial Constaints; GMM; Financial Economics; E22; D92; G33; C23. |
| Ano: 2004 |
URL: http://purl.umn.edu/26185 |
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| Dobson, William D.. |
| This Discussion Paper describes developments affecting Parmalat of Italy, once one of the world's leading dairy-food firms, which filed for bankruptcy protection in December 2003. After the bankruptcy, it was discovered that fraud on a massive scale had occurred at Parmalat, putting the firm in the infamous category occupied by Enron, Tyco International, and WorldCom. This paper analyzes the origins, growth, strategies, downfall, and restructuring of Parmalat, and identifies implications for the U.S. and world dairy industries and international businesses that flow from the firm's experiences. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Parmalat; Fraud; Bankruptcy; Distribution Channels; Brand Proliferation; Fragmented Industries; Debt Aquisition; Agricultural Finance; Demand and Price Analysis; Financial Economics; Industrial Organization; Marketing; Risk and Uncertainty. |
| Ano: 2004 |
URL: http://purl.umn.edu/37555 |
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| Stam, Jerome M.; Dixon, Bruce L.. |
| Farmer bankruptcies, bankruptcy rates, and related issues are explored from the beginning of modern bankruptcy legislation over a century ago. Farmer bankruptcies historically have been controversial because they are thought to indicate changes in the economic well-being and structure of the rural economy. Concerns about farmer bankruptcies were heightened twice during the past century. The first was from 1920 through the Great Depression and the second was during the 1980s. Bankruptcy data for Chapters 7, 11, and 13 exist for farmers for the 1899-1980 period, but there are no Chapter 7, 11, or 13 farmer bankruptcy data available beginning in 1980. However, data are available for the 1986-2002 period for Chapter 12, the Family Farmer Bankruptcy Act of... |
| Tipo: Report |
Palavras-chave: Bankruptcy; Financial stress; Farm sector structure; Farm numbers; Foreclosure; Credit; Debt; Income; Agricultural Finance; Farm Management. |
| Ano: 2004 |
URL: http://purl.umn.edu/33689 |
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| Stranlund, John K.; Zhang, Wei. |
| We study the impact of bankruptcy risk on markets for tradable environmental and natural resource permits. We find that firms that risk bankruptcy demand more permits than if they were financially secure. Consequently, bankruptcy risk in a competitive market for tradable property rights causes an inefficient distribution of individual choices among regulated firms. Moreover, the equilibrium distribution of permits is not independent of the initial distribution of permits. In fact, the inefficiency that is associated with bankruptcy risk is mitigated if financially insecure firms are given a larger share of the initial allocation of permits. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Bankruptcy; Tradable permits; Permit markets; Environmental Economics and Policy; L51; Q28; Q58. |
| Ano: 2007 |
URL: http://purl.umn.edu/7384 |
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