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Rural restructuring is a process of reshaping socio-economic morphology and spatial pattern in rural territory in response to the changes of elements both in kernel system and external system of rural development, by optimally allocating and efficiently managing the material and non-material elements in the two systems. It aims at ultimately optimizing the structure and promoting the function within rural territorial system as well as realizing the coordination of structure and complementation of function between urban and rural territorial system. This paper establishes a theoretical framework of rural restructuring through elabo- rating the concept and connotations as well as analyzing the mechanism pushing forward rural restructuring based on the evolution of ＂elements-structure-function＂, and probes the approaches from the three aspects of spatial restructuring, economic restructuring and social restructuring. Besides, the authors argue that the study of rural restructuring in China in the future needs to focus on the aspects of long-term and multi-scale process and pattern, mechanism, regional models, rural planning technology system and standard, policy and institutional innovations concerning rural restructuring as well as the impacts of globalization on rural restructuring, in order to serve the current national strategic demands and cope with the changes of rural development elements in the process of urban-rural development transformation.

Following its 2022 default, Sri Lanka achieved a landmark debt restructuring in 2024, exchanging USD 12.55 billion in bonds with 98% creditor participation. This paper examines the groundbreaking contractual innovations that enabled this success. The restructuring introduced two pioneering State Contingent Debt Instruments (SCDI): Macro-Linked Bonds tied to GDP performance, and Governance-Linked Bonds (GLBs). Unlike traditional instruments, these embed contingency mechanisms directly within bond structures, allowing upside and downside adjustments based on economic and governance performance. A key innovation lies in GLBs’ comprehensive information disclosure covenants, mandating regular debt reports, economic reviews, and investor calls. These transparency requirements create enforceable governance mechanisms while aligning incentives between issuer and bondholders – successful achievement of targets reduces borrowing costs and improves secondary market valuations. Sri Lanka’s approach addresses longstanding transparency and governance challenges in sovereign debt markets while providing a replicable framework for future restructurings. The exchange’s success, demonstrates how innovative contractual design can restore debt sustainability while promoting governance improvements.

[...]it is common for targeted amounts under the ŠTIP and LTIP to be consolidated into a comprehensive KEIP award (sometimes at a discount). When designing a KEIP, it is prudent to anticipate challenges and negotiations - to both the design and the amount of compensation. Since it is imperative to stabilize the workforce with competitive compensation as quickly as possible, it is often helpful to begin the negotiation process early and preview the potential KEIP with key stakeholders prior to a filing (if the facts/circumstances of the case allow). Since these programs are implemented and paid prior to bankruptcy, they generally fall outside of the constraints on insider retention under § 503(c)(1) of the Bankruptcy Code. [...]pre-payments are typically reserved for a small group of senior management to lessen the burden of potential clawbacks from a large population of employees.

In this paper, I examine the effect of credit default swaps (CDSs) on the restructuring of distressed firms. Using a sample of U.S. distressed exchange offers during the period 2006–2011, I show that the participation rate among bondholders is significantly lower if the firm has CDSs traded on its debt. To address endogeneity concerns, I use the introduction of the Big Bang Protocol as a natural experiment. The results suggest that firms with CDSs find it difficult to reduce debt out of court. This is important because it can increase the likelihood of future bankruptcy, which is inefficient. The findings are consistent with the empty creditor hypothesis, which posits that bondholders who are hedged with CDSs are less likely to participate in a debt restructuring. The paper also contains direct evidence for the existence of empty creditors. This paper was accepted by Amit Seru, finance .

Introduction: Effective performance in elite sport demands the precise management of psychological factors, yet the distinct contributions of cognitive and somatic anxiety remain incompletely understood. This study investigated how these anxiety dimensions predict objective performance and whether their effects are moderated by gender and sport typology. Methods: A sample of 196 competitive athletes (52% male; 53% individual sports) completed validated multidimensional anxiety measures, and standardized competition scores served as objective performance indicators. Results: Cognitive anxiety emerged as a robust negative predictor, accounting for 18% of variance, with stronger detrimental effects observed among female athletes and those competing individually. In contrast, somatic anxiety demonstrated an inverted-U association, suggesting that moderate physiological arousal facilitates performance while excessive activation is counterproductive. Gender and sport type significantly moderated the cognitive anxiety–performance relationship but did not influence somatic anxiety effects. These findings support Multidimensional Anxiety Theory and the Individual Zones of Optimal Functioning model, underscoring the multidimensional and context-dependent nature of competitive anxiety. Conclusion: The results highlight the importance of individualized interventions integrating mindfulness, cognitive restructuring, self-talk, and biofeedback, while recognizing barriers such as limited access to psychological expertise and uneven technological resources. Future research should employ longitudinal, ecologically valid designs, incorporate culturally diverse samples, and leverage real-time monitoring and machine learning to refine adaptive support strategies. Collectively, this study emphasizes the need for holistic, evidence-based approaches to optimize mental health and sustain performance in high-pressure sporting environments. Introducción: El rendimiento en el deporte de élite exigió un manejo preciso de los factores psicológicos, aunque las contribuciones de la ansiedad cognitiva y somática no se comprendieron plenamente. Objetivo: Analizar cómo la ansiedad cognitiva y somática predijeron el rendimiento objetivo y si el género y la tipología deportiva moderaron estas relaciones. Metodología: Una muestra de 196 atletas competitivos, equilibrada en género y en deportes individuales y de equipo, completó medidas validadas de ansiedad multidimensional, y los puntajes estandarizados de competencia se utilizaron como indicadores objetivos de rendimiento. Resultados: La ansiedad cognitiva mostró una asociación negativa consistente con el rendimiento, explicando una parte importante de la variabilidad. La ansiedad somática presentó una relación curvilínea: una activación moderada se asoció con mejores resultados, mientras que una excesiva redujo el rendimiento. El género y el tipo de deporte moderaron estos efectos, con consecuencias más negativas en las mujeres y en quienes practicaban deportes individuales. Discusión: Los hallazgos coincidieron con la literatura que resalta el efecto perjudicial de la ansiedad cognitiva y el papel adaptativo de una activación somática moderada. También confirmaron que factores contextuales como el género y la tipología deportiva influyeron en la fuerza de estas asociaciones. Conclusiones: La ansiedad cognitiva y somática fueron predictores clave del rendimiento, lo que subrayó la necesidad de un apoyo psicológico individualizado. Un enfoque multidimensional y sensible al contexto es esencial para promover el bienestar y un rendimiento sostenido bajo presión competitiva. Introdução: O desempenho em desportos de elite exigiu a gestão precisa dos fatores psicológicos, embora as contribuições da ansiedade cognitiva e somática não tenham sido totalmente compreendidas. Objectivo: Analisar como a ansiedade cognitiva e somática previram o desempenho objectivo e se o género e o tipo de desporto moderaram estas relações. Metodologia: Uma amostra equilibrada em termos de género de 196 atletas de competição, em desportos individuais e coletivos, completou medidas de ansiedade multidimensionais validadas, e as pontuações padronizadas de competição foram utilizadas como indicadores objetivos de desempenho. Resultados: A ansiedade cognitiva apresentou uma associação negativa consistente com o desempenho, explicando uma parcela significativa da variabilidade. A ansiedade somática apresentou uma relação curvilínea: a excitação moderada esteve associada a melhores resultados, enquanto a excitação excessiva reduziu o desempenho. O género e o tipo de desporto moderaram estes efeitos, com consequências mais negativas nas mulheres e naqueles que participaram em desportos individuais. Discussão: Os resultados foram consistentes com a literatura, destacando o efeito prejudicial da ansiedade cognitiva e o papel adaptativo da excitação somática moderada. Confirmaram ainda que factores contextuais, como o género e o tipo de desporto, influenciaram a força destas associações. Conclusões: A ansiedade cognitiva e somática foram preditores-chave do desempenho, reforçando a necessidade de apoio psicológico individualizado. Uma abordagem multidimensional e contextualizada é essencial para promover o bem-estar e o desempenho sustentado sob pressão competitiva.

The research results on the global problem of household debt growth, its causes, consequences, social context, and influence on the formation of aggregate demand are presented. It is substantiated that with the growth of debts, households are losing their share in aggregate demand, and the state is becoming an increasingly influential player compared to others due to the strengthening of fiscal and regulatory government influence. Facing the increasing debt pressure, households start reducing consumption, thus negatively affecting aggregate demand. The government, on its part, trying to improve the situation, increases subsidies and provides policies that encourage banks to restructure loans, develops restructuring programs, etc. These trends are proven to be of an urgent character and should not be routinized, in order not to distort the market environment or increase the direct influence of the state on purely market processes. The analysis of global experience, carried out in the article, shows that in the condition of economic destabilization debt restructuring is the only way to help the population out of the debt trap. Special attention is paid to the analysis of the ways to harmonize the accumulation of household debt through restructuring, to identify its market mechanisms, and to prove that the state should provide extensive assistance to households trying to overcome the debt trap. Three options for the state participation in the restructuring process have been identified: institutional participation (when the state only provides regulatory support); design and implementation of state restructuring programs; adoption of regulations on compulsory restructuring. New Ukrainian norms and regulations related to forced debt restructuring are analyzed, and their social context is proved to be contradictory. On the one hand, the adoption of corresponding laws became a significant step towards maintaining the social stability of the Ukrainian population against the background of the growing poverty and increasing total indebtedness of the people (even in the sphere of payments for public utility services), and the growing currency risks. On the other hand, Ukrainian market players often show moral hazards of non-compliance with the conditions of debt discipline, which have become part of the financial behavior, negatively affecting the general financial culture.

The combination of lingering construction debt and bank loans underscore the fiscal tribulation of building a rural hospital from the ground up during trying times. To cover payroll and ongoing vendor expenses with little or no revenue, the hospital board turned to bank loans that now total more than $4.7 million. The air ambulance service facility, operated by Air Evac Lifeteam of O'Fallon, Missouri, adjoins the south side of the hospital grounds where a hangar provides shelter for a helicopter based on site.

The concept of entrepreneurial ecosystems has been gaining considerable attention during the past decade among practitioners, policymakers, and researchers. However, to date, entrepreneurial ecosystem research has been largely atheoretical and static, and it focused mostly on advanced economies. In this paper, we therefore do two things. We first systematically review entrepreneurial ecosystem literature and propose a conceptual model that explicates three entrepreneurial ecosystemdynamics based on resource, interaction, and governance logics, respectively. We then systematically review empirical studies of emerging economy entrepreneurial ecosystems to build a theoretical framework that highlights their salient features. We reveal three key findings that challenge the direct application of the model vis-à-vis advanced economy entrepreneurial ecosystems to emerging economy entrepreneurial ecosystems: resource scarcities, structural gaps, and institutional voids. Our findings contribute to entrepreneurial ecosystem literature in terms of ecosystem dynamics and contextualizing entrepreneurial ecosystems in emerging economies. We also provide policy implications for emerging countries in fostering new venture creation.

We survey institutional investors to better understand their role in the corporate governance of firms. Consistent with a number of theories, we document widespread behind-the-scenes intervention as well as governance-motivated exit. These governance mechanisms are viewed as complementary devices, with intervention typically occurring prior to a potential exit. We further find that long-term investors and investors that are less concerned about stock liquidity intervene more intensively. Finally, we find that most investors use proxy advisors and believe that the information provided by such advisors improves their own voting decisions.