Corporate Debt Restructuring In East Asia
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Corporate Debt Restructuring In East Asia
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Author : Mr.Mark R. Stone
language : en
Publisher: International Monetary Fund
Release Date : 1998-10-01
Corporate Debt Restructuring In East Asia written by Mr.Mark R. Stone and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-10-01 with Business & Economics categories.
This paper summarizes some lessons from international experience for corporate debt restructuring in east Asia. Basic principles of debt restructuring are described, the experiences of Mexico, Chile, the United Kingdom, Hungary, and Poland are examined, and general lessons are drawn. The approaches currently being adopted in Indonesia, Korea, Malaysia and Thailand are then reviewed in the context of these lessons.
Bank And Corporate Restructuring In Crisis Affected East Asia
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Author : Masahiro Kawai
language : en
Publisher:
Release Date : 2001
Bank And Corporate Restructuring In Crisis Affected East Asia written by Masahiro Kawai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Banking law categories.
Corporate Leverage Bankruptcy And Output Adjustment In Post Crisis East Asia
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Author : Mr.Se-Jik Kim
language : en
Publisher: International Monetary Fund
Release Date : 1999-10-01
Corporate Leverage Bankruptcy And Output Adjustment In Post Crisis East Asia written by Mr.Se-Jik Kim and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-10-01 with Business & Economics categories.
Different levels of corporate leverage are used in this paper to help explain the wide range of post-crisis output adjustment across East Asia. In the model developed here, highly leveraged firms facing a cutoff of capital inflows are threatened by bankruptcy. These firms respond by eliminating investment and selling their capital goods-at a discount-to try to stay afloat. Lower investment and wasteful capital sales shrink the aggregate capital stock, trigger deflationary pressures, and contract overall output. The available data are broadly consistent with the assumptions and predictions of the model.
Resolution Of Corporate Distress
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Author : Stijn Claessens
language : en
Publisher: World Bank Publications
Release Date : 1999
Resolution Of Corporate Distress written by Stijn Claessens and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Bank categories.
Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. Filings are more likely in countries with better judicial systems; Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets.
Managing Financial And Corporate Distress
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Author : Charles Adams
language : en
Publisher: Rowman & Littlefield
Release Date : 2010-12-01
Managing Financial And Corporate Distress written by Charles Adams and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
A World Bank, International Monetary Fund, and Brookings Institution publication More than three years have elapsed since the East Asian financial crisis erupted, threatening economic and financial stability in the region and beyond. Although many of the region's economies have since staged a remarkable turnaround, much additional restructuring and reform is needed. Managing Financial and Corporate Distress: Lessons from Asia, stands out from other works on the East Asian crisis by moving beyond macroeconomic assessments to offer an institutional treatment of the microeconomic aspects of the corporate and bank restructuring. Contributors draw on their practical, hands-on expertise in various aspects of finance to provide complementary perspectives on how best to set in place strong and responsive institutions that might be able to resolve and avoid future crises in other emerging markets.
Governance Re Invented
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Author : United Nations. Economic and Social Commission for Asia and the Pacific
language : en
Publisher: United Nations Publications
Release Date : 2001
Governance Re Invented written by United Nations. Economic and Social Commission for Asia and the Pacific and has been published by United Nations Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Wide-ranging reforms of the financial sector were undertaken by many developing economies in the Economic and Social Commission for Asia and the Pacific region, particularly in the late 1980s and early 1990s. This publication contains four country studies of the restructuring reforms implemented in Indonesia, Malaysia, the Republic of Korea and Thailand, together with a regional overview paper presented at a sub-regional seminar and a report on the seminar proceedings.
Business Groups In East Asia
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Author : Sea-Jin Chang
language : en
Publisher: OUP Oxford
Release Date : 2006-03-02
Business Groups In East Asia written by Sea-Jin Chang and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-02 with Business & Economics categories.
The 1997 Asian Crisis principally affected Thailand, Indonesia, Malaysia, and Korea, as well as other East Asian countries heavily dependent on intra-regional trade. Banks and other financial institutions quickly become insolvent, and heavily indebted industrial firms went bankrupt. Many of these firms were affiliated with the business groups of this region, yet most groups did not immediately collapse, indeed they proved remarkably robust, some surviving and even prospering. This book examines these East Asian business groups and their subsequent restructuring following the Asian Crisis. East Asian nations embarked on very different trajectories to this common external shock. The Asian Crisis affected the inter-relationships among the socio-cultural environment, the state, and the market of each country quite differently and had distinct effects on the operations of these countries' business groups. This slow yet divergent pattern of development provides evidence against theories of rapid global convergence. Yet East Asian business groups face an uncertain future. Foreign investors' influence has increased substantially since the crisis, as East Asian governments had to accommodate their demands to keep attracting foreign capital. Governments supervise banks more closely and have loosened restrictions on mergers and hostile takeovers, further strengthening the discipline of the market. Various entry barriers that had inhibited foreign multinationals from competing in national markets were lifted, exposing business groups to intensified foreign competition. Under these new conditions, business groups in East Asia should reconfigure their business structures and adjust their corporate governance systems to regain momentum for further growth. Business groups will continue to be important vehicles for the sustained future growth of this region, and this book presents a substantial amount of new data on this, which will be of interest to academics, researchers, and advanced students of East Asian business, and business practitioners working within the region.
Industrial Restructuring In East Asia
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Author : Seiichi Masuyama
language : en
Publisher: Institute of Southeast Asian Studies
Release Date : 2001
Industrial Restructuring In East Asia written by Seiichi Masuyama and has been published by Institute of Southeast Asian Studies this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Divided into three parts, this volume covers industrial restructuring in Southeast Asian economies, restructuring in Asia's newly industrialized economies, and industrial restructuring in the two large Asian economies.
Corporate Restructuring
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Author : Michael Pomerleano
language : en
Publisher: World Bank Publications
Release Date : 2005
Corporate Restructuring written by Michael Pomerleano and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.
Resolution Of Corporate Distress
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Author : Stijn Claessens
language : en
Publisher:
Release Date : 2004
Resolution Of Corporate Distress written by Stijn Claessens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies.Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress.Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: middot; The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics.Filings are more likely in countries with better judicial systems.Filings are more likely where there are both strong creditor rights and a good judicial system.These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism.This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets.