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AbstractDividend policies provide an opportune setting to examine how firms simultaneously manage the diverging interests of shareholders and creditors. Dividends ease shareholders' concerns about expropriation by insiders while exacerbating creditors' concerns about expropriation by shareholders. Firm insiders should set dividend policies to minimize the agency costs of equity and debt. Using a sample of 39 countries for 1991–2010, we find strong evidence that dividends are more positively sensitive to creditor (shareholder) rights when shareholders (creditors) are adequately protected. Our research emphasizes the importance of accounting for the interactions between both agency relationships when studying corporate policies.

This article is addressed to attorneys with a general practice, as well as those familiar with the creditors' rights area. Its purpose is to alert the non-specialist to developments of the last two years-April 1986 through April 1988. Virginia cases dealing with collection matters and federal bankruptcy decisions are reviewed. Legislation enacted over the past two years is also noted.

Evidence of debts owed to Londoners, and contested before the royal Court of Common Pleas, allows an examination of the role of London creditors in the English depression of the fifteenth century and a reassessment of its causes. In this article, four main issues are examined. What is the nature of the Court of Common Pleas evidence (section I)? What were the three main forms of credit offered by Londoners—unsecured cash loans, sales of goods on credit, and written instruments called bonds (section II)? What is yielded by decadal analysis of Londoners' extension of credit in the fifteenth century—making direct comparisons with Nightingale's published Statute Merchant and Staple data (section III)? What defines, in modern economic terms, the claim of so‐called 'monetarist' historians that credit was actively withdrawn during the depression, and how is this verified by the actions of London creditors (section IV)? It is concluded that the records of the Court of Common Pleas provide the detailed evidence monetarist historians have previously lacked both to prove that Londoners actively withdrew credit during the fifteenth century and to demonstrate that they employed pure equilibrium credit rationing in order to do so.

Examines arbitrazh courts in Russia as a low-cost way for creditors to resolve payment disputes & collect debts. Data were obtained from an analysis of 100 nonpayment cases ruled on in 2000 by arbitrazh courts in Moscow, Saratov, or Ekaterinburg. Most plaintiffs tried to resolve matters before initiating litigation & most cases resulted from a defendant's failure to pay for goods supplied by the plaintiff. Sixteen percent of the cases dealt with the failure to deliver goods after a prepayment had been made. In addition to the desire to get money owed, plaintiffs were motivated by economic uncertainty, & concerns about tax/accounting implications. Plaintiffs received exactly what they asked for in the majority of cases although claims for interest or penalties were often reduced by the court. Only seven of the 100 cases were appealed, & the lower court was upheld in five of them. It is concluded that only time will tell if Russia's arbitrazh courts are a reflection of changing conditions or an example of obsolete patterns of behavior. 9 Tables. J. Lindroth

Detroit filing for bankruptcy had significant implications for people beyond the residents of the city. There were consequences for pension beneficiaries and bondholders that call into question the laws that protect pension and bond creditors during municipality financial distress. The future of municipal governance actually would be brighter if pensions and government obligation bonds can be restructured, at least a little, in bankruptcy. ; https://repository.upenn.edu/pennwhartonppi/1015/thumbnail.jpg

Jurisdiction — Exemptions from — Foreign States — Injunction Against — Action Brought by Foreign State — Whether Constituting Implied Consent to Injunction in Another Action — The Law of the United States of America.