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Search results for: BANKRUPTCY LAW, LIQUIDATION, ‘POVERTY’ OF THE INSOLVENT ESTATE, EFFECTIVENESS OF BANKRUPTCY LAW, INSTITUTIONAL ECONOMICS
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The role of stakeholders on rejection of bankruptcy applications in the case of “poverty” of the estate: A Polish case study
PublicationThe aim of this article is to supplement the Law and Economics area of science with regard to the scope of the ex ante effectiveness of bankruptcy law using the example of Poland. Bankruptcy law is effective in the ex ante stage when it eliminates from the market insolvent entrepreneurs who cannot even afford to cover the costs of bankruptcy proceedings. In these cases, the bankruptcy court should dismiss the petition for bankruptcy...
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Bankruptcy Law Severity for Debtors: Comparative Analysis Among Selected Countries
PublicationPurpose: The objective of this paper is to propose the new indicator of bankruptcy law severity for debtors (BLSI-Bankruptcy Law Severity Index). On the basis of this index we conducted comparative analysis of debtor/creditor friendliness of bankruptcy laws among 27 selected countries. Design/Methodology/Approach: In the research the following methods were used: analysis of legal acts, literature review and expert method. Findings:...
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Financial Markets and Bankruptcy Systems: Is there a Relationship?
PublicationPurpose: Filling the cognitive gap in the theory of ex-post transaction costs, i.e., at the stage of enforcing market transactions by examining the relationship between friendliness/severity of the bankruptcy and restructuring law towards debtors, the level of development of financial markets, the effectiveness of the judicial system and the rate of debt recovery. Design/Methodology/Approach: In the research, the following methods...
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The impact of bankruptcy regimes on entrepreneurship and innovation. Is there any relationship?
PublicationThe literature review indicates that bankruptcy law may play an important role in and be one of the factors infuencing the development of entrepreneurship, innovation, and thus economic growth, among other things. In previous studies, the analysis of the impact of bankruptcy law on individual variables has been conducted independently. Our aim was to conduct a holistic analysis, taking several factors into account simultaneously....
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Bankruptcy system model and efficiency versus the entrepreneurship and innovation in selected European countries
Publicationmodel and its efficiency on the development of entrepreneurship and innovation in selected European countries and Turkey. This goal was achieved by examining the relationships between debtor-friendliness of the bankruptcy law model and its efficiency on one side and entrepreneurship and innovation on the other. The cross-sectional ANOVA test and OLS regression method were chosen as the research method. In order to verify the research...
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Predicting bankruptcy with the use of macroeconomic variables
PublicationRegarding the current global financial crisis, the firms can expect the increased uncertainty of their existence. The relevant literature includes extensive studies on bankruptcy prediction. Studies show that the most popular method used for prediction of firms' failures are discriminant analyses (30,3% of all models), then logit and probit models (21,3%), which all three are parametric models. The nature, the structure of the...
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Evaluation of the factors influencing business bankruptcy risk in Poland
PublicationThis article is devoted to the issue of assessing the causes of business failure. The presented studies answer two research questions – what are the causes of corporate bankruptcies in Poland and how to more efectively predict the scale of bankruptcies in the country. The author has conducted a study to analyze the specic endogenous and exogenous causes of company bankruptcy depending on the type of the bankruptcy with consideration...
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A comparative analysis of the effectiveness of corporate bankruptcy prediction models based on financial ratios: Evidence from Colombia, 2008 to 2015
PublicationLogit and discriminant analyses have been used for corporate bankruptcy prediction in several studies since the last century. In recent years there have been dozens of studies comparing the several models available, including the ones mentioned above and also probit, artificial neural networks, support vector machines, among others. For the first time for Colombia, this paper presents a comparative analysis of the effectiveness...
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Dynamic Bankruptcy Prediction Models for European Enterprises
PublicationThis manuscript is devoted to the issue of forecasting corporate bankruptcy. Determining a firm’s bankruptcy risk is one of the most interesting topics for investors and decision-makers. The aim of the paper is to develop and to evaluate dynamic bankruptcy prediction models for European enterprises. To conduct this objective, four forecasting models are developed with the use of four different methods—fuzzy sets, recurrent and...
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The risk of corporate bankruptcy - the conceptual model
PublicationThis article concerns the assessment of different types of risks influencing the corporate bankruptcy risk. The author has developed conceptual model that explains the causes and the trajectories of the collapse of enterprises. In the analyses such factors as demographic, financial, market, political and operational factors influencing the risk of failure were taken into account.
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The trajectories of the financial crisis of companies at risk of bankruptcy
PublicationThis article concerns the assessment of the trajectory of the collapse of enterprises in Central Europe. The author has developed a model of a Kohonen artificial neural network. This model was used to determine 6 different classes of risk and was allowed to graphically determine the 5- to 10-year trajectory of going bankrupt. The study used data on 140 companies listed on the Warsaw Stock Exchange. This population was divided into...
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Consumer Bankruptcy Prediction Using Balanced and Imbalanced Data
PublicationThis paper examines the usefulness of logit regression in forecasting the consumer bankruptcy of households using an imbalanced dataset. The research on consumer bankruptcy prediction is of paramount importance as it aims to build statistical models that can identify consumers in a difficult financial situation that may lead to consumer bankruptcy. In the face of the current global pandemic crisis, the future of household finances...
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Chinese Law Research Guide
PublicationA journey of a thousand miles begins with a single step. This Research Guide will be the first step in your journey with Chinese law. China grows more important every day from a global perspective. However, studying and conducting research on Chinese law can be extremely challenging, especially if you do not know Mandarin well. This book is intended as a compact but comprehensive research guide that would provide students (especially...
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On some extensions of Murray's Law
PublicationThis paper cites the original Murray's law about optimal radii.Extensions to some class of non-newtonian flows that aredescribedby Ostwalda-de Waele model and newtonian flows foreliptical crosssections. A generalisation of Murray's law formultiobjectiveformulation is also given. It is shown that theoriginal formulation of optimal condition is a particular case ofmultiobjective formulation.
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Ways of Harmonising Polish Competition Law with the Competition Law of the EU
PublicationThis article discusses the harmonisation of laws within the EU focusing on the specific ways of achieving an approximation of the Polish legal system with European competition law. It identifies and gives an overview of three specific ways of harmonising national laws with EU antitrust provisions: (1) spontaneous (or bottom-up) harmonisation; (2) judicial harmonisation and; (3) legislative harmonisation by means of EU Directives....
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CORPORATE BANKRUPTCY PREDICTION IN POLAND AGAINST THE BACKGROUND OF FOREIGN EXPERIENCE
PublicationIn highly developed countries, research in the field of bankruptcy risk prediction has been conducted for many years. For example, in the United States, which can be considered a pioneering country, the first publications appeared in the early twentieth century. In Poland, due to political and economic reasons, the interest in this issue dates back to the early 1990s. For this reason, this publication attempts to answer the following...
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CORPORATE BANKRUPTCY PREDICTION IN POLAND AGAINST THE BACKGROUND OF FOREIGN EXPERIENCE
PublicationIn highly developed countries, research in the field of bankruptcy risk prediction has been conducted for many years. For example, in the United States, which can be considered a pioneering country, the first publications appeared in the early twentieth century. In Poland, due to political and economic reasons, the interest in this issue dates back to the early 1990s. For this reason, this publication attempts to answer the following...
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FORECASTING EXCHANGE RATES IN THE PROCESS OF THE ASSESSMENT OF CONSUMER RISK BANKRUPTCY IN CENTRAL EUROPE
PublicationThis paper focuses on the issue of forecasting the fluctuation of exchange rates as part of the early warning system against the risk of consumer bankruptcy. The author identified the main macroeconomic factors affecting the level of bankruptcies for households in Poland. The fluctuation of exchange rates, which directly affects the deterioration of the economic situation of borrowers who have opened credit accounts in a foreign...
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An evaluation of effectiveness of fuzzy logic model in predicting the business bankruptcy
PublicationW artykule sprawdzono skuteczność pojedynczego modelu logiki rozmytej w prognozowaniu ryzyka upadłości przedsiębiorstw w Polsce. W badaniach wykorzystano wartości 14 wskaźników finansowych oraz ich dynamikę zmiany między pierwszym a drugim, drugim a trzecim oraz trzecim a czwartym rokiem objętymi analizą. We wnioskach omówiono różnicę w skutecznościach modelu uzyskanego na wartościach statycznych oraz dynamicznych wskaźników finansowych....
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Early warning models against bankruptcy risk for Central European and Latin American enterprises
PublicationThis article is devoted to the issue of forecasting the bankruptcy risk of enterprises in Latin America and Central Europe. The author has used statistical and soft computing methods to program the prediction models. It compares the effectiveness of twelve different early warningmodels for forecasting the bankruptcy risk of companies. In the research conducted, the author used data on 185 companies listed on the Warsaw Stock Exchange...
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Short-Term Price Reaction to Filing for Bankruptcy and Restructuring Proceedings—The Case of Poland
PublicationThis study aims to check market reaction to filing for bankruptcy and restructuring proceedings and to verify the short-term effect of a price reversal in the Polish market in the years 2004–2019. The research was conducted by dividing the analysed companies according to the procedure (bankruptcy and restructuring) and market (the main market and the NewConnect market). The research methodology used in the study is the event analysis...
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Tax law[w:] Polish Financial Law. Law: The Basic Concepts,
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The law of the Iterated Logarithm for random interval homeomorphisms
PublicationA proof of the law of the iterated logarithm for random homeomorphisms of the interval is given.
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Intraday price reaction to filing bankruptcy and restructuring proceedings – the evidence from Poland
PublicationThis chapter presents the results of research on the price reaction of shares listed on the Warsaw Stock Exchange to filing bankruptcy and/or restructuring applications. Event study was adopted as the research method, and it was performed at 10, 5, and 1-minute intervals. It was found that the reaction is rapid, as it takes 1–2 minutes after the information on bankruptcy and restructuring applications was made public. Significantly...
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Review of Research into Enterprise Bankruptcy Prediction in Selected Central and Eastern European Countries
PublicationIn developed countries, the first studies on forecasting bankruptcy date to the early 20th century. In Central and Eastern Europe, due to, among other factors, the geopolitical situation and the introduced economic system, this issue became the subject of researcher interest only in the 1990s. Therefore, it is worthwhile to analyze whether these countries conduct bankruptcy risk assessments and what their level of advancement is....
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A la recherche d’une coherence perdue – Possible Arguments for the Non-application of EU Law in Member States
PublicationThe European Union (EU) is an international organization which has a broad scope of competences that have been transferred to it by its Member States in the founding Treaties. The object of the article is to identify arguments raised, or that potentially might be raised, by national Constitutional Courts (and in the future possibly by other actors as well) to exclude in certain instances the application of EU law or EU jurisprudence...
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Sanctions and their role in preventing the appropriation of the creditor’s property rights in bankruptcy proceedings–the case of Poland
PublicationThe aim of this paper is to fill the cognitive gap regarding the role of sanc-tions in the protection of a creditor’s property rights in the event of an entrepreneur insolvency. The impact of sanctions on transaction costs, including their identifica-tion and types, as well as the impact on the protection of creditor rights, has been poorly recognized in the subject literature to date. This article investigates...
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Reforms of Polish Antitrust Law: Closer to, or Further From, the European Model? Journal of European Competition Law and Practice
PublicationThe Polish Act on the Protection of Competition and Consumers has been recently amended. Changes include the introduction of a two-phase based merger control, a more efficient leniency program, and the administrative liability of individuals involved in antitrust agreements.
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Recent Advances in Loop Heat Pipes with Flat Evaporator
PublicationThe focus of this review is to present the current advances in Loop Heat Pipes (LHP) with flat evaporators, which address the current challenges to the wide implementation of the technology. A recent advance in LHP is the design of flat-shaped evaporators, which is better suited to the geometry of discretely mounted electronics components (microprocessors) and therefore negate the need for an additional transfer surface (saddle)...
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Law regulation in Poland related to biofuels
PublicationThe situation in the area of using biofuels in transport mostly the law aspects was presented and discussed. In Poland there are various legal issues with biofuel production, examination and use. These include among the others: quality inspection, production costs and market prices of biofuels, forms of public and legal service for biofuel producers or programs of biofuels promotion. In order to popularise biofuels it is significant...
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UK travel agents’ evaluation of eLearning courses offered by destinations: an exploratory study.
PublicationThis study aims to develop an understanding of the use of e-learning courses created for travel agents by Destination Management Organizations (DMOs). It explores agents’ perceptions of such courses. The research examines the views of 304 UK-based travel agents using online survey and investigates whether age, sex, type of agency, work experience, and educational level have influence on e-learning uptake. The satisfaction of travel...
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Recycling of waste tires in the light of binding law in Poland
PublicationA risings of large quantities of used rubber products, especially used tires has been increasing every year in Poland, in 2006 it was 160 thousand. The waste management and recycling of used tires become a major environmental problem. Well known methods of utilization of used tires are presented in this article. The main problem is ignorance of the law by tyre manufactures and users. In Poland first act on waste introduces ban...
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In Defence of International Law, or Szymon Rundstein’s Idea of the Law of Nations
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THE ANALYSIS OF THE BANKRUPTCY OF ENTERPRISES EXEMPLIFIED BY THE VISEGRAD GROUP
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Regulatory approach to competition law in the practice of the Polish Competition Authority – critical assessment
PublicationThe text provides a critical analysis of the Polish practice of using competition law provisions as regulation provisions
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A policy view: gaps and weaknesses of substitution between biological products in law and economics dimension: the example of insulin
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Bankruptcy Prediction - History, Present and Future.
PublicationW artykule przedstawiono krótką wzmiankę dotyczącą dotychczasowych badań w obszarze zagrożenia przedsiębiorstw upadłością, techniki wykorzystywane do budowy modeli prognozowania upadłości przedsiębiorstw oraz metody stosowane w analizie porównawczej tego typu modeli.
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Revalorisation of the Szewalski’s concept of the law of varying the last-stage blade retraction in a gas-steam turbine
PublicationThe article presents the implementations of the free vortex law to the blade of the last stage of a gas-steam turbine. First, a thermodynamic analysis was carried out, determining the parameters at the inlet, then the number of stages of the high and low-pressure part of the turbine was constructed, together with the kinematics and velocity vectors for subsequent stages of the axial turbine. The last step of article was to take...
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Performance Analysis of the "Intelligent" Kirchhoff- Law - Johnson-Noise Secure Key Exchange
PublicationThe Kirchhoff-law - Johnson-noise (KLJN) secure key distribution system provides a way of exchanging theoretically secure keys by measuring random voltage and current through the wire connecting two different resistors at Alice’s and Bob’s ends. Recently new advanced protocols for the KLJN method have been proposed with enhanced performance. In this paper, we analyze the KLJN system and compare with the „intelligent” KLJN (iKLJN)...
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Relations between law, authority, and trust
PublicationW artykule przedstawiono relacje pomiędzy prawem, autorytetem i zaufaniem. Zwrócono uwagę, że prawo, a głównie jego egzekwowanie wynika z przymusu państwowego. Pozostałe natomiast kategorie są kształtowane przez inne czynniki. Rozważania mają charakter filozoficzny.
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Multi-Criteria Early Warning System Against Enteprise Bankruptcy Risk
PublicationW artykule tym autor porównuje skuteczność opracowanego przez niego wielokryterialnego systemu wczesnego ostrzegania firm z tradycyjnym modelem analizy dyskryminacyjnej prognozowania upadłości. System wczesnego ostrzegania oparty został na metodzie logiki rozmytej. Badania te są jedną z pierwszych prób na świecie wykorzystania logiki rozmytej w prognozowaniu zagrożenia bankructwem firm. Uzyskane wyniki świadczą o dużym potencjale...
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Generalization of Kramers-Krönig relations for evaluation of causality in power-law media
PublicationClassical Kramers-Krönig (K–K) relations connect real and imaginary parts of the frequency-domain response of a system. The K–K relations also hold between the logarithm of modulus and the argument of the response, e.g. between the attenuation and the phase shift of a solution to a wave-propagation problem. For square-integrable functions of frequency, the satisfaction of classical K–K relations implies causality in the time domain....
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The consequences of applying a new Polish Water Law Act for protection against urban flooding
PublicationPrevious legal regulations did not create conditions for a comprehensive solution to the problems of the urban melioration complex. For over 20 years, urban flooding caused by atmospheric precipitation has been systematically recurring in Poland. The article was elaborated on the experience resulting from the 2001 and 2016 floods in Gdansk (Poland). The newly adopted Water Law Act creates a foundation for a systemic solution...
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A constitutive law for concrete with smooth transition from continuous into discontinuous cracks’ description
PublicationPaper presents a constitutive model for concrete that combines a continuous and discontinuous crack’s description to simulate the concrete under tensile dominated loads. In a continuum regime, two different constitutive laws were used. First, a plasticity model with the Rankine failure criterion and an associated flow rule was used. Second, a constitutive law based on isotropic damage mechanics was formulated. Both model alternatives...
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Computational analysis of power-law fluids for convective heat transfer in permeable enclosures using Darcy effects
PublicationNatural convection is a complex environmental phenomenon that typically occurs in engineering settings in porous structures. Shear thinning or shear thickening fuids are characteristics of power-law fuids, which are non-Newtonian in nature and fnd wide-ranging uses in various industrial processes. Non-Newtonian fuid fow in porous media is a difcult problem with important consequences for energy systems and heat transfer. In this...
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Information Systems, Business and Law - Lessons Learnt
PublicationReferat prezentuje badania na styku wytwarzania systemów informatycznych, procesów biznesowych i powiązanych z nimi regulacji prawnych. Zawiera on opis doświadczeń wynikających z zastosowania zintegrowanej metody analizy technicznej i prawnej podczas wytwarzania systemu ochrony własności intelektualnej. Przedstawione doświadczenia i powiązane analizy mogą być przydatne podczas tworzenia taksonomii zagadnień na styku systemów informatycznych,...
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Analiza przestępstwa niealimentacji w prawie polskim. Analysis of the crime of non-alimentation in Polish law.
PublicationPrzedmiotowa monografia (składająca się ze wstępu, ośmiu rozdziałów oraz zakończenia) dokonuje analizy zagadnienia przestępstwa niealimentacji w prawie polskim, zarówno w aspekcie historycznym, jak i w zakresie obecnie...
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Entanglement in Hooke’s Law Atoms: an Effect of the Dimensionality of the Space
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Does being socially good save firms from bankruptcy? A systematic literature review and bibliometric analysis
PublicationThe purpose of the review was to find out, does being responsible saves firms from bank-ruptcy? What is the relationship between corporate social responsibility and default risk? What meth-ods and measures are used in the literature to evaluate this relationship? And what is the theoretical underpinning of the studies? Moreover, to explore what are the gaps for future work, Web of Science and Scopus databases were utilised to obtain...
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Warning systems of enterprises against the risk of bankruptcy : Artificial intelligence in financial management.
PublicationJest to tłumaczenie na jęz.angielski monografii autora z 2010 roku. Monografia została podzielona na trzy części. I tak, w części pierwszej przedstawiono ocenę przyczyn upadłości firm ze względu nie tylko na źródło (zewnętrzne lub wewnętrzne) przyczyn kłopotów finansowych przedsiębiorstw, ale także na etap kryzysu, w jakim ono się znajduje, cechy "demograficzne" organizacji i rodzaj upadłości. Zdefiniowano również czynniki wpływające...