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Search results for: BANKRUPTCY CAUSES
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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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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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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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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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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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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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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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THE ANALYSIS OF THE BANKRUPTCY OF ENTERPRISES EXEMPLIFIED BY THE VISEGRAD GROUP
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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 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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Assessment of Trajectories of Non-bankrupt and Bankrupt Enterprises
PublicationThe aim of this study is to show how long-term trajectories of enterprises can be used to increase the forecasting horizon of bankruptcy prediction models. The author used seven popular forecasting models (two from Europe, two from Asia, two from North America and one from Latin America). These models (five multivariate discriminant analysis models and two logit models) were used to develop 17-year trajectories separately for non-bankrupt...
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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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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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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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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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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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LONG-TERM RISK CLASS MIGRATIONS OF NON-BANKRUPT AND BANKRUPT ENTERPRISES
PublicationThis paper investigates how the process of going bankrupt can be recognized much earlier by enterprises than by traditional forecasting models. The presented studies focus on the assessment of credit risk classes and on determination of the differences in risk class migrations between non-bankrupt enterprises and future insolvent firms. For this purpose, the author has developed a model of a Kohonen artificial neural network to...
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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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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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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...
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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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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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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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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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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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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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An unusual case of gastrointestinal obstruction caused by bladder enlargement
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Searching for evaluation procedures for Web based courses - cases from EU projects
PublicationCentrum Edukacji Niestacjonarnej Politechniki Gdańskiej realizuje projekty Unii Europejskiej od 1997 roku. Większość projektów była ukierunkowana na dostarczanie kursów internetowych. Jednak nie wszystkie powstałe kursy mogą być wykorzystane jako dobrej jakości, gotowy do wprowadzenia produkt. W artykule, na bazie doświadczeń nabytych podczas realizacji projektów Leonardo da Vinci (1998-2004), przedstawiono ocenę jakości i osiągniętej...
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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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EVALUATION OF CAUSES OF CORROSION OF PLATE HEATEXCHANGER
PublicationPrzeprowadzono analizę zniszczeń korozyjnych wykrytych na płycie wymiennika ciepła stosowanego do chłodzenia silnika głównego statku. Stwierdzono obecność wżerów korozyjnych oraz korozji szczelinowej. Przedstawiono możliwe przyczyny wystąpienia w.w. uszkodzeń.
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Causes of Delay in Highway Projects in Pakistan”
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COMMON FIRE CAUSES IN INDUSTRIAL SITES
PublicationChapter presents common causes of fires in industrial places
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Review of Research into Enterprise Bankruptcy Prediction in Selected Central and Eastern European Countries (prezentacja na konferencji TWENTY-SIXTH ANNUAL CONFERENCE MULTINATIONAL FINANCE SOCIETY)
PublicationUlotka konferencyjna: http://www.mfsociety.org/modules/modMainContent/uploadFiles/miscFiles/1562848077-MFC2019-Booklet-for-Distribution_2019-06-25.pdf
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Induced Sheath Voltages In 110 Kv Power Cables – Case Study
PublicationThe paper considers shock hazard due to induced sheath voltages in 110 kV power cables. Various configurations of the metallic sheaths bonding and earthing (single-point bonding, both-ends bonding, cross-bonding) are analysed. Taking into account shock hazard and ability of the system to power transfer an optimal configuration is proposed.
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Induced sheath voltages in 110 kV power cables – case study
PublicationThis paper considers electric shock hazard due to induced sheath voltages in 110 kV power cables. The purpose of this paper is to find an optimal configuration of the power cable system, taking into account electric shock hazard and ability of the system to transfer maximal power. A computer simulations on a computer model of the local power system, comprising high voltage power cables, were carried out. This model enables to analyse...
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EXTREME RAINFALLS AS A CAUSE OF URBAN FLASH FLOODS; A CASE STUDY OF THE ERBIL-KURDISTAN REGION OF IRAQ
PublicationAim of the study The current paper aims to give a detailed evaluation and analysis of some extreme rainfall events that happened in the last decade in terms of spatial and temporal rainfall distribution, intensity rate, and exceedance probability. Moreover, it examines the effects of each analysed aspect on the resulting flash floods in the studied area. Material and methods In their glossary of meteorology, American Meteorology...
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Determination of Failure Causes of a Steam Turbine Casing
PublicationThe paper presents results of research and failure analysis undertaken to determine failure causes of a steam turbine casing. After 130,000 hours of service the crack in a outer shell of the turbine casing was found. The inner shell of the casing was made of cast steel grade G21CrMoV5-7, and the outer shell of grade G20CrMo4-5. Following research were performed in order to determine causes of the casing failure: chemical analysis;...
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Analysis of causes of crude oil tankers' disasters
PublicationW referacie przedstawiono dane statystyczne dotyczące rozlewów ropy surowej oraz opis katastrof tankowców w latach 1999-2003. Zlekceważenie problemów poprawnej eksploatacji wielokrotnie kończy się tragicznie. Z tych powodów wypełniony ropą grecki tankowiec ''Amaragos'' czy też maltańska ''Erika'' złamały się na pół i poszły na dno. Przykładów takich jest więcej. W referacie przedstawiono analizę przyczyn rozlewów olejowych według...
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Biomechanical causes for failure of the Physiomesh/Securestrap system
PublicationThis study investigates the mechanical behavior of the Physiomesh/Securestrap system, a hernia repair system used for IPOM procedures associated with high failure rates. The study involved conducting mechanical experiments and numerical simulations to investigate the mechanical behavior of the Physiomesh/Securestrap system under pressure load. Uniaxial tension tests were conducted to determine the elasticity modulus of the Physiomesh...
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Geochemical Changes in Aquatic Environment Caused by Deep Dredging - A Case Study: The Puck Bay (Baltic Sea)
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The potential causes of cyanobacterial blooms in Baltic Sea estuaries
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Research on causes of corrosion in the municipal water supply system
PublicationThis paper presents results of failure analysis study to characterize the corrosion damage that occurred in the water supply system in Krakow. This analysis includes: electrochemical noise, linear polarization and resistometric measurements. Water aggressiveness of four water intakes was defined using Langelier and Ryznar indices. Results from this indices did not reveal the causes of considerable corrosion losses in water systems....
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Analysis of false alarm causes in video fire detection systems
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When technology use causes stress: Challenges for contemporary research
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Causes of damage and methods of repairing floor made on polystyrene concrete
PublicationThe paper describes damages, tests and repair of the floor made on existing ceiling and expanded polystyrene concrete underlay. The floor was built on a reinforced concrete ceiling with an area of about 1050 m2. Significant damage in the form of cracks, detachments and unevenness was found in the floor. In order to determine the causes of damage, in situ tests and laboratory tests were carried out. It was found that the damage...
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Safety issues referred to induced sheath voltages in high-voltage power cables – case study
PublicationLoad currents and short-circuit currents in high-voltage power cable lines are sources of the induced voltages in the power cables’ concentric metallic sheaths. When power cables operate with single-point bonding, which is the simplest bonding arrangement, these induced voltages may introduce an electric shock hazard or may lead to damage of the cables’ outer non-metallic sheaths at the unearthed end of the power cable line. To...
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Trust-IT - a framework for trust cases
PublicationArtykul prezentuje wyniki uzyskane w ramach prac zmierzających do wytworzenia zintegrowanego srodowiska wspomagającego analizę zaufania do systemów i infrastruktur informatycznych. Elementy tego środowiska obejmują język i metodykę trorzenia i pielęgnacji dowodów zaufania (ang. trust case), mtode integrowania z nimi materiału dowodowego, narzędzia wspomagajace zarządzanie dowodami zaufania oraz scenariusze ich wykorzystania w różnych...
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Streaming caused by non periodic ultrasound.
PublicationOpracowano wzory na generację przepływów rotacyjnych przez falę akustyczną dowolnego typu. Równania ewolucyjne wyprowadzone, wyniki porównywane są teorią dla wielkości uśrednionych. Impuls dodatniej polarności służy przykładem fali akustycznej. Przedstawiono czasowe, przestrzenne wykresy na podstawie obliczeń numerycznych oraz linie pędu przepływu rotacyjnego.
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The reflected wave caused by acoustic pulses.
PublicationPowstanie fali przeciwnego kierunku w odnoszeniu do dominującej fali akustycznej w przepływach lepkich nieliniowych przeanalizowane. Równania kierujące powstaniem fali odbicia i odpowiednie wykresy przedstawione.