Suchergebnisse

"Don't feed the zombies" is the bottom line argument to condemn the risk in pro-continuation bankruptcy systems, promoting survival of non-viable businesses. Feeding this firms may prevent reallocation of capital from distressed firms to healthy ones. It may also destabilize bargaining power between debtors and creditors, reinforcing the former. Here we want to test the truth of this argument by looking at the French reform of the commercial jurisdiction in 2011. The procontinuation bias is modeled looking at the proportion of firms that the court decides to reorganize despite them not having enough assets to cover all the legal bankruptcy costs. Theses firms are considered zombie firms. We examine whether jurisdictions differ in their decisions after a change of the judicial maps. Some courts may have been absorbed or may have absorbed others while some remain unaffected. We are able to pin down structural motivations for pro-continuation bias with no other legal changes and within a single country. After a court is absorbed, this bias drops significantly. Yet the overall survival rate of reorganized firms remains the same. These results show how proximity to the parties may help judges take decisions despite counter-intuitive negative financial information. But theses rulings are made with no regard to the firm's creditors. Since it is only the smaller courts that are absorbed by larger ones, the paper also gives hindsight on the effect of court's size on bankruptcy.

This paper analyzes the effect of the transfers from central government to municipalities on the revenue mobilization by municipalities in Côte d'Ivoire over the period 2001-2014. The analysis is based on a new carefully-constructed dataset covering the conflict and post conflict periods for 115 municipalities. A two-stage least squares estimator is combined with the Grouped Fixed Effects estimator to address a potential endogeneity bias and to allow for unobserved heterogeneity varying over time. The results show a statistically significant and positive effect of central transfers on revenue mobilization by municipalities for both tax revenue and non-tax revenue. The effect of transfers is found to be higher for tax revenue than for non-tax revenue. The conflict eroded the capacity of municipalities to raise revenue. During the conflict, a 10 percent increase in transfers is associated with a 3.3 percent increase in revenue mobilized by municipalities, while this increase reaches 5.9 percent after the conflict.

This paper analyzes the effect of the transfers from central government to municipalities on the revenue mobilization by municipalities in Côte d'Ivoire over the period 2001-2014. The analysis is based on a new carefully-constructed dataset covering the conflict and post conflict periods for 115 municipalities. A two-stage least squares estimator is combined with the Grouped Fixed Effects estimator to address a potential endogeneity bias and to allow for unobserved heterogeneity varying over time. The results show a statistically significant and positive effect of central transfers on revenue mobilization by municipalities for both tax revenue and non-tax revenue. The effect of transfers is found to be higher for tax revenue than for non-tax revenue. The conflict eroded the capacity of municipalities to raise revenue. During the conflict, a 10 percent increase in transfers is associated with a 3.3 percent increase in revenue mobilized by municipalities, while this increase reaches 5.9 percent after the conflict.

This paper addresses the issue of competition in dual banking markets by analyzing the determinants of deposit rates in Islamic and conventional banks. Using a sample of 20 countries with dual banking systems over the 2000-2014 period, our results show significant differences in the drivers of Islamic and conventional banks' pricing behavior. Conventional banks with stronger market power set lower deposit rates but market power is not significant for Islamic banks. In predominantly Muslim environments, conventional banks set higher deposit rates and further higher when their market power is lower. Whereas conventional banks are influenced by the competitiveness of Islamic banks, Islamic banks are only affected by their peers in predominantly Muslim countries. Our findings have important implications regarding competition and bank stability in dual banking markets.

Benin and Niger wrote down the free administration of local governments in their respective constitutions. This intention of the original constituent won't be translated into infra constitutional norms in a shy way. The autonomy of local bodies is implicitly affirmed in the texts but, it's subtly emptied of its content by large powers of guardianship granted to the representatives of the central government on the elected local authorities. The means of action of the local governments are handled by the central State. National public resources distribution between the central State and the local governments has not been determined by previous costs assessment of the transferred competences. Concomitance and sufficiency principles are not respected. The support of the central State to local governments concerning staffing is not meaningful. Lack of suitable statute for local authorities on the one hand and for territorial civil service on the other, constitute an impediment to mobilization of qualified human resources at local level. Without fiscal autonomy, the local government is self-financed only in a marginal way and depends on subsidies, often conditioned by the central State and other partners. In spite of this little flattering situation, the resolutions taken by administrative and constitutional jurisdictions, following rare appeals don't reflect how critical local liberties are for democracy and development. As suggested by recent evolutions of local constitutionalism, beyond the proclamation of the principle, the essential criteria of local free administration known as organic autonomy, human resources free management and financial autonomy should be raised to constitutional level. ; Le Bénin et le Niger ont inscrit la libre administration des collectivités territoriales dans leurs constitutions respectives. Ce dessein du constituant originaire ne sera traduit dans les normes infra constitutionnelles que de façon timide. L'autonomie organique est implicitement affirmée dans les textes mais elle est ...

Using a simple two-region model where local or central regulators set bank capital requirements as risk sensitive capital or leverage ratios, we demonstrate the importance of capital requirements being set centrally when cross-region spillovers are large and local regulators suffer from substantial regulatory capture. We show that local regulators may want to surrender regulatory power only when spillover effects are large but the degree of supervisory capture is relatively small, and that bank capital regulation at central rather than local levels is more beneficial the larger the impact of systemic risk and the more asymmetric is regulatory capture at the local level.

Using a simple two-region model where local or central regulators set bank capital requirements as risk sensitive capital or leverage ratios, we demonstrate the importance of capital requirements being set centrally when cross-region spillovers are large and local regulators suffer from substantial regulatory capture. We show that local regulators may want to surrender regulatory power only when spillover effects are large but the degree of supervisory capture is relatively small, and that bank capital regulation at central rather than local levels is more beneficial the larger the impact of systemic risk and the more asymmetric is regulatory capture at the local level.

This paper addresses the issue of competition in dual banking markets by analyzing the determinants of deposit rates in Islamic and conventional banks. Using a sample of 20 countries with dual banking systems over the 2000-2014 period, our results show significant differences in the drivers of Islamic and conventional banks' pricing behavior. Conventional banks with stronger market power set lower deposit rates but market power is not significant for Islamic banks. In predominantly Muslim environments, conventional banks set higher deposit rates and further higher when their market power is lower. Whereas conventional banks are influenced by the competitiveness of Islamic banks, Islamic banks are only affected by their peers in predominantly Muslim countries. Our findings have important implications regarding competition and bank stability in dual banking markets.

Using a simple two-region model where local or central regulators set bank capital requirements as risk sensitive capital or leverage ratios, we demonstrate the importance of capital requirements being set centrally when cross-region spillovers are large and local regulators suffer from substantial regulatory capture. We show that local regulators may want to surrender regulatory power only when spillover effects are large but the degree of supervisory capture is relatively small, and that bank capital regulation at central rather than local levels is more beneficial the larger the impact of systemic risk and the more asymmetric is regulatory capture at the local level.

International audience ; The permanence of land management practices adopted under Agri-environmental schemes (AES) is often questioned. This paper investigates the drivers of farmers' decision to maintain or not the adopted practices beyond the duration of the contract, and especially the effect of social norms and framing on this decision. Our results, based on the stated intentions of 395 farmers, show that pecuniary but also non-pecuniary motivations drive farmers' decision, which is significantly influenced by information about the social norm. These results lead to recommendations for "nudging" farmers, by conveying information to them on other farmers' decisions concerning pro-environmental land management practices.

Mitochondrial biology is the sum of diverse phenomena from molecular profiles to physiological functions. A mechanistic understanding of mitochondria in disease development, and hence the future prospect of clinical translations, relies on a systems-level integration of expertise from multiple fields of investigation. Upon the successful conclusion of a recent National Institutes of Health, National Heart, Lung, and Blood Institute initiative on integrative mitochondrial biology in cardiovascular diseases, we reflect on the accomplishments made possible by this unique interdisciplinary collaboration effort and exciting new fronts on the study of these remarkable organelles.

International audience ; The permanence of land management practices adopted under Agri-environmental schemes (AES) is often questioned. This paper investigates the drivers of farmers' decision to maintain or not the adopted practices beyond the duration of the contract, and especially the effect of social norms and framing on this decision. Our results, based on the stated intentions of 395 farmers, show that pecuniary but also non-pecuniary motivations drive farmers' decision, which is significantly influenced by information about the social norm. These results lead to recommendations for "nudging" farmers, by conveying information to them on other farmers' decisions concerning pro-environmental land management practices.

International audience ; The permanence of land management practices adopted under Agri-environmental schemes (AES) is often questioned. This paper investigates the drivers of farmers' decision to maintain or not the adopted practices beyond the duration of the contract, and especially the effect of social norms and framing on this decision. Our results, based on the stated intentions of 395 farmers, show that pecuniary but also non-pecuniary motivations drive farmers' decision, which is significantly influenced by information about the social norm. These results lead to recommendations for "nudging" farmers, by conveying information to them on other farmers' decisions concerning pro-environmental land management practices.

In this section, Dr. Alexanian comments on the uneven focus on innovative research among the faculty during his years at MD Anderson. He explains innovative clinical researchers in many sections were not promoted or recognized for their work and often left the institution. He cites several areas that are making innovative contributions and acknowledges that factors outside the institution create fluctuations in national standing and research contributions. Dr. Alexanian next sets some context for the research activities at MD Anderson, beginning with Dr. R. Lee Clark's desire to build a research mission into every department at the institution. He lists factors that accelerated research progress in the 60s, though he notes that many faculty were hired to be clinical experts in their field and had no desire or capacity to do research, leading to conflicts between clinical and research faculty. He uses the treatment of Hodgkin's disease as an example of a conflict. ; https://openworks.mdanderson.org/mchv_interviewchapters/1099/thumbnail.jpg

In addition to extending health insurance coverage, the Affordable Care Act of 2010 aims to improve quality of care and contain costs. To this end, the act allowed introduction of bundled payments for a range of services, proposed the creation of accountable care organizations (ACOs), and established the Centers for Medicare and Medicaid Innovation to test new care delivery and payment models. The ACO program began April 1, 2012, along with demonstration projects for bundled payments for episodes of care in Medicaid. Yet even before many components of the Affordable Care Act are fully in place, the Medicare ESRD Program has instituted legislatively mandated changes for dialysis services that resemble many of these care delivery reform proposals. The ESRD program now operates under a fully bundled, case-mix adjusted prospective payment system and has implemented Medicare's first-ever mandatory pay-for-performance program: the ESRD Quality Incentive Program. As ACOs are developed, they may benefit from the nephrology community's experience with these relatively novel models of health care payment and delivery reform. Nephrologists are in a position to assure that the ACO development will benefit from the ESRD experience. This article reviews the new ESRD payment system and the Quality Incentive Program, comparing and contrasting them with ACOs. Better understanding of similarities and differences between the ESRD program and the ACO program will allow the nephrology community to have a more influential voice in shaping the future of health care delivery in the United States.