Suchergebnisse

War — Effects of Outbreak of — Trading with the Enemy — Authority Given to Agent Before Outbreak of War — Principal and Agent Resident in Different Territories, Both Occupied by Same Enemy — Whether Authority of Agent Determined by War.Belligerent Occupation — Administrative Functions of Occupant — Liquidation of Banks — Settlement of Pre-occupation Debts in Accordance with Regulations of Occupant — Transactions Effected by Agent in Occupied Territory, the Principal being in Another, Unoccupied, Territory — Authority Given to Agent Before Outbreak of War — Territory in which Principal Residing Subsequently Occupied by Same Belligerent — Whether Agent's Authority Determined — The Law of Sarawak

Commentaire de Cass. crim. 10 February 2010 ; Commentaire de Cass. crim. 10 février 2010

AbstractThis paper presents an analysis of the shareholder wealth effect of voluntary corporate liquidation, the extreme form of corporate divestiture classified as a "selloff." For a sample of 37 firms that liquidated during the 1970–1982 period, the liquidation announcement is associated with statistically and economically significant stock price increases.

This study examines the determinants of firms' liquidation and acquisition in the Indian electronics industry during the period 1990–2006. It is argued that liquidation and acquisition are alternative modes of exit. Therefore, these modes of exit might have different determinants. To explore this possibility, a multinomial logistic (MNL) regression model is estimated using cross-sectional data of 540 firms. We find that the effects of age, size, leverage, innovative competence and profitability are significant for the likelihood of liquidation. In contrast, the effect of profitability was found insignificant for the likelihood of acquisition. Moreover, the effects of size and leverage are dissimilar across the exit modes, that is, large firms are more likely to be liquidated but less likely to be acquired, and high leverage firms are more likely to be liquidated but less likely to be acquired. The findings of this study show that the determinants of liquidation and acquisition modes of exit are different in the Indian electronics industry. JEL Classification: C25, G33, G34, L63