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"Bankruptcy Spain"
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La desprivatización y la desjudicialización del derecho de la insolvencia
Este libro presenta una teoría sobre la articulación actual del Derecho concursal. El título lo revela con claridad: desprivatización y desjudicialización del Derecho de la insolvencia. Desprivatización en cuanto que los procedimientos paraconcursales de saneamiento de empresas, en la práctica, han hecho desaparecer el concurso e instituciones análogas en el tratamiento de la insolvencia de determinadas empresas, en especial aquellas con valor crucial o estratégico para las economías. Desjudicialización en las instituciones preventivas del concurso con una paralela minoración progresiva del papel del juez, que ve reducida su actuación a un control ex post cuando se pretende una eficacia heterónoma.Este análisis también se contempla desde la perspectiva de la regulación actual, el Texto Refundido de la Ley Concursal en vigor desde el 1 de septiembre de 2020, que viene a constituir la base idónea para que en el futuro se pueda acometer la inexcusable trasposición de la Directiva (UE) 2019/1023 del Parlamento Europeo y del Consejo, de 20 de junio, sobre marcos de reestructuración preventiva, exoneración de deudas e inhabilitaciones, y sobre medidas para aumentar la eficiencia de los procedimientos de reestructuración, insolvencia y exoneración de deudas.
eBook
Financial Networks and Contagion
We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increases further, organizations are better insured against one another's failures. Integration also faces trade-offs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate the model with data on European debt cross-holdings.
Journal Article
WHEN CREDIT DRIES UP
We study whether the solvency problems of Spain’s weakest banks in the Great Recession have caused employment losses outside the financial sector. Our analysis focuses on the set of banks that were bailed out by the Spanish authorities. Data from the credit register of the Bank of Spain indicate that these banks curtailed lending well in advance of their bailout. We show the existence of a credit supply shock, controlling for unobserved heterogeneity through firm fixed effects, and assess its impact on employment. To this aim, we compare the changes in employment between 2006 and 2010 at client firms of weak banks to those at comparable firms with no significant precrisis relationship to weak banks. Our estimates imply that around 24% of job losses at firms attached to weak banks in our sample are due to this exposure. This accounts for one-half of the employment losses at firms that survived and one-third of employment losses at those that closed down.
Journal Article
Predicting Firm-Level Bankruptcy in the Spanish Economy Using Extreme Gradient Boosting
We apply a machine learning (ML) algorithm in order to predict bankruptcy rates among companies within the Spanish economy from 1992 to 2016. The model identifies some relevant variables when predicting bankruptcy: such as the ratio total liabilities to total assets or current liability to financial expenses along with size factors such as the log of sales. Additionally, the model allows us to analyse firms individually: the marginal contribution of a given variable to the firm’s prediction depends on all its other observed characteristics. This can be particularly useful in analysing case by case lending decisions within financial institutions. An exercise on the cost of extending the forecasting horizon up to 4 years ahead is also provided, as financial institutions are naturally interested in the early detection of bankruptcy. We also compare XGBoost to a number of ML models, such as a Logistic Model, Support Vector Machine, Neural Network, Random Forest and LightGBM.
Journal Article
SME insolvency, bankruptcy, and survival
A key assertion in the turnaround literature is that when survival is threatened, it is necessary to undertake asset and cost retrenchment strategies that stabilise the performance decline and provide a base for survival and recovery. Correcting for methodological weaknesses in the literature, this study of Spanish SMEs finds that retrenchment of inventory and employees is associated with liquidation. Furthermore, neither intangible asset nor tangible asset retrenchment is associated with survival. Only retrenchment of debt is associated with survival. These results challenge conventional wisdom on retrenchment in turnaround situations. Automatic, across-the-board retrenchment is not a universal panacea to achieve turnaround and should not be implemented as a reflex response to insolvency. Instead, managers of insolvent firms should focus on liquidity and operational improvements, which result in debt reduction. Great care should be taken with the need for, and the extent of, retrenchment in inventory and employees.
Journal Article
R&D companies based on their age, size and type of field, are they solvent companies?
Advances through Research and Development (R&D) companies have marked a meaningful change worldwide. The products developed by these companies are known. However, little is written about how they work, mainly whether they are solvent companies, whether they generate a profit from their activity, how long the life of these companies is, or whether they tend to go bankrupt. In addition, the pandemic caused by Covid-19 has had a significant impact on all types of companies, and it is worth asking whether the effect on R&D companies has been negative or positive. Taking all of this into account, the main objective of this study is to analyze the profitability, liquidity, and solvency situation of Spanish R&D companies considering their size, age and type of field. The impact of the Covid-19 pandemic on these companies will be analyzed too. In total, 135 Spanish companies have been studied, and whether they are R&D companies in natural and technical sciences or social sciences and Humanities has been considered. The Altman Z-score indicator has been used after descriptive analysis of the companies by ratios. This methodology has been used to assess whether the health crisis has compromised the solvency of these companies. The analysis of the study has shown that they are companies of great relevance at the national economic level, which have a favourable liquidity and solvency situation. In case of profitability of these companies the results could not be generalized. Also, results have shown that Covid19 had a significant impact on Spanish R&D companies and their financial and economic situation. This study is an essential contribution to the academic literature, public administration, and management of R&D companies.
Journal Article
One more piece of the family firm debt puzzle: the influence of socioemotional wealth dimensions
The literature on debt financing in family firms is still inconclusive. Initial studies have usually focused on the influence of family involvement on firm’s debt levels by using the explanations of traditional economic theories. More recent studies have begun to focus on the role of family goals in family firm debt levels, particularly drawing on socioemotional wealth (SEW), which has helped in the development of financial theories of family business. Nevertheless, existing arguments have usually not considered SEW as a multidimensional construct that covers diverse family goals. In addition, literature has usually drawn on arguments considering SEW as a stock, but have not considered the importance given to SEW (SEWi), which specifically acknowledges SEW as a goal. Our paper responds to recent calls to extend theoretical arguments on the effect of diverse dimensions of SEWi on family firm behavior and to focus on the role of SEWi on the family firms’ debt. Specifically, we test how the CEOs’ assessment of the importance that their family attaches to the continuity, prominence, and enrichment dimensions of SEWi influences the level of debt. To do so, we use a sample of 126 Spanish unlisted family businesses. Our results show that the continuity dimension of SEWi leads family businesses to increase their debt level being a key determinant of this financing decision.Plain English SummaryDrawing on the idea that family firms may have differences in their family goals, our study develops and tests theoretical arguments that help to better understand the differences in the debt financing decisions between family firms. The results show that when the family gives importance to continuity of the family in the business over the long term, the level of debt in their family firms is higher. Other family goals, in particular family prominence (i.e. family’s reputation and social capital) and family enrichment (i.e. family harmony and well being) do not affect family firm debt levels. These findings extend traditional finance theories which mainly focus on economic objectives by incorporating family goals. It also provides important information to family CEOs, since those who attach importance to the continuity of the business need may set high debt ratios thus increasing firm risk. Finally, it highlights to policy makers the importance of developing mechanisms to facilitate access to bank debt for family businesses. This would reduce bankruptcy fears and facilitate medium and long-term investments.
Journal Article