This paper examines the pivotal role of Nicola Miraglia in steering the Banco di Napoli through a tumultuous period of economic crisis and institutional decay in the late 19th and early 20th centuries. Miraglia undertook the daunting task of managing a bank on the brink of bankruptcy due to the...

Many companies struggle with strategy implementation due to the complex nature of execution. Some strategy execution systems depend on numerous indicators, making it challenging for managers to oversee effectively. Additionally, during times of financial difficulty, companies require a...

This paper examines the pivotal role of Nicola Miraglia in steering the Banco di Napoli through a tumultuous period of economic crisis and institutional decay in the late 19th and early 20th centuries. Miraglia undertook the daunting task of managing a bank on the brink of bankruptcy due to the...

The primary objective of this study is to address the limitations in existing turnaround management literature by providing managers with a reliable framework and step-by-step guidance for successful turnarounds. This research examines ten real-life turnaround experiences through primary...

Many countries' insolvency systems focus on restructuring financial liabilities, and ignore operational liabilities such as leases and long-term supplier contracts. We model insolvency procedures with and without operational restructuring options. Such options avoid excessive liquidation of...

Die restrukturierungs- und insolvenzrechtliche Priorität legt fest, in welcher Reihenfolge Eigen- und Fremdkapitalgeber in der finanziellen Krise des Unternehmens Zugriff auf den Unternehmenswert erhalten. Damit entfaltet die Priorität verhaltenssteuernde Anreizwirkungen und bestimmt...

Im Januar 2021 trat das StaRUG in Kraft und schuf erstmals einen rechtlichen Rahmen für Sanierungen außerhalb des Insolvenzverfahrens. Neben den Regelungen zum Restrukturierungsplan enthält das Gesetz auch Bestimmungen zur Sanierungsmoderation und zum Sanierungsvergleich, die zunächst...

Unternehmenskrisen stellen im Eintrittsfall enorme Herausforderungen an das Management und die Stakeholder. Vor diesem Hintergrund widmet sich die Arbeit der wichtigen wie zeitlosen Frage, wie Krisenunternehmen wirksam saniert werden können. Nach einer theoretischen Aufarbeitung und Analyse der...

"This Research Handbook presents a systematic review of the latest research on organizational decline and turnaround. Showcasing contributions from leading scholars across the globe, chapters critically assess turnaround practices and highlight promising future directions for study. Representing...

I develop a theoretical model for investigating the cost of failure to commit in the provision of bailouts to financial institutions. When a financial institution fails, the fiscal authority often deviates from its ex ante no-bailout commitment: the ex post best response is to bail out. The...

I develop a theoretical model for investigating the cost of failure to commit in the provision of bailouts to financial institutions. When a financial institution fails, the fiscal authority often deviates from its ex ante no-bailout commitment: the ex post best response is to bail out. The...

This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries'...

This study examines the influence of financial distress on corporate restructuring decisions and whether this restructuring varies across the Firm Life Cycle (FLC) stages of Pakistani non-financial listed firms for the 12 years from 2005 to 2016 inclusive. FLC stages and financial distress are...

Zum Werk: Mehr als 20 Jahre nach Inkrafttreten der InsO liegt die erste empirische Untersuchung zur Praxis des Vergütungsrechts vor und zeigt massive Mängel auf. Als erster Kommentar basiert die 7. Auflage dieses Standardkommentars auf diesen empirischen Erkenntnissen und bringt sie in einen...

Part I. Fundamentals -- Chapter 1. Reprise – The Five Phases of Restructuring -- Chapter 2. Debt Distress in the EMs -- Chapter 3. Ten Observations - Corporate Debt Restructuring in the EMs -- Part II. Application -- Chapter 4. Case 1 – Horizon Bank -- Chapter 5. Case 2 – Global...

In May 2014, the European Commission published the Bank Recovery and Resolution Directive (BRRD). The directive introduces rules on bank resolution and restructuring including a bailin tool. It constitutes the legal foundation underlying the Single Resolution Mechanism (SRM). Member countries of...

During economic downturns, firms file for bankruptcy in an effort to attempt a "turnaround". The objective of this study is to assess the effectiveness of retrenchment strategies in the context of bankruptcy, as the most severe form of crisis. We conducted a longitudinal analysis of a sample of...

Objective - This article aims to examine the influence of content dimensions of Organization Change Theory, such as CEO Expertise, Free Assets, Debt to Equity Ratio and Growth of Sales, on a company's turnaround ability when it is experiencing financial distress. The companies examined are...

A European directive requires Member States to give firms access to preventive restructuringprocedures. This paper assesses the interest of a procedure distinct from that for insolvent firms. Itis based on the French experience, where a preventive procedure has coexisted with the morecommon...

Bank bailouts during periodic financial crises aim to stop financial panic and restore the stability of the financial system. Even if they are undesirable, future bank bailouts are unavoidable due to political and political economy reasons, whether or not they are regulated or economically...

Corporate Debt Restructuring (CDR) has been used by the companies while facing ugly finances and the bankers willing to consider a flexible mechanism such as CDR, as the banks /financial institutions have to reduce their Non Performing Assets (NPA). CDR is an effective financial tool to provide...

In this essay, we propose a principled approach for government bailouts of critical/systemic firms who find themselves in COVID-19-induced financial distress. We also demonstrate why bankruptcy is the wrong tool to address the problems of these types of firms. The current pandemic threatens...