The influence of bankruptcy law on equity value of financially distressed firms: A European comparative analysis

The reaction of stock prices to bankruptcy filing has been frequently analysed in the financial literature. In this paper we adopt a different approach to that of traditional study, and endeavour to determine whether the reaction of markets is conditioned by the orientation of bankruptcy law. Our results lead us to conclude that it is actually the type of bankruptcy law that conditions the valuation of firm's stocks. We have also found that the drop in share value is greater in creditor-oriented systems, while the negative returns are lower in debtor-oriented systems.     

The uneasy case for rehabilitating small firms under the 1997-reorganization law in Belgium: evidence from reorganization plans

Using a sample of small Belgian firms that reorganized under the 1997 Law on Judicial Composition, I empirically review the law??s effectiveness to rehabilitate distressed debtors. The econometric findings show that firms with less pre-bankruptcy operational losses and a better cash position are more likely to successfully execute their reorganization plan and that certain debt restructuring measures can contribute to firm rescue. Despite these positive findings, many firms still failed to reorganise under the 1997-reorganization law, which resulted in constant criticism on its effectiveness leading up to its recent replacement in 2009. My data also shows that within the former reorganization procedure the Belgian debtor was faced with high debt instalment payments compared to international practice and that successful plan execution relied too much on the uncertain realization of the operational cash flow projections. In discussing the legal framework of the new Law on Corporate Continuity enacted in 2009??replacing the 1997-law??I argue that this new law is a more effective legislation to save distressed businesses.     

The evolution of outpatient commitment in the USA: from conundrum to quagmire

Outpatient commitment (OPC), a major form of involuntary community-based treatment, has evolved in the United States on a state-by-state basis amidst a storm of controversy. The polarizing debate that has gone on intensely about OPC for the last two decades has all too often been devoid of data. This article reviews the various arguments pro and con about OPC, and then examines the research on the effectiveness of OPC. Since the newest data seem to support OPC as a useful tool in dealing with specific subpopulations of persons with chronic mental illness, the paper examines the question of whether OPC is a legitimate use of government power. The most extensive analysis of this question to date has occurred in the New York State Courts which have supported the New York State OPC statute, Kendra's Law. The paper concludes with an examination of the future of OPC in the states, calling in particular for further research into the question of determining to whom, from a clinical point of view, should OPC be delivered.     

和谐社会：政府从治理到菩治的价值转向

治理在社会科学中的运用为政治发展理论注入了新的血液。政府作为治理主体之一,不断寻求治理方式的变革与优化。而政府从治理转向善治预示着秩序社会向和谐社会的价值增量变迁,政府善治与和谐社会的价值共性决定了两者的契合点在于转变传统政府思维与运作模式,构建政府与公民社会协调发展的互动制衡机制。     

The Unintended consequences of sentencing reforms: Using social chain theory to examine racial disparities in Female imprisonment

The current study uses social chain theory to examine the potential unintended effects of sentencing reforms on racial disparities in female imprisonment. Our analysis measures changes in the relative odds of Black to White female imprisonment using the Relative Rate Index (RRI) through panel regression modeling on 40 states from 1983 to 2008. Our final models indicate that four types of sentencing reforms had unintended perverse effects on racial disparities in prison admissions while Truth in Sentencing laws increased racial disparities in time-served. Eighteen combinations of sentencing reforms also significantly impacted disparities. Theoretical and policy implications are also discussed.     

The organizational values of law enforcement agencies: The impact of field training officers in the socialization of police recruits to law enforcement organizations

This article examines how the values communicated by Field Training Officers (FTOs) influence the behaviors of police recruits to conform to the norms of the police culture. Analysis and interpretation of the written responses of police recruits to a program evaluation form in a police department located in the western United States were used to identify the explicit and implicit values that were communicated during the Field Training Program (FTP). The findings of this study indicated that although positive explicit values were communicated during the FTP, several potentially negative implicit values were also communicated to police recruits. Consequently, the perceived status of the FTO is an important factor in police recruits learning job-related values. Recommendations are made for developing effective leadership strategies for bringing greater levels of congruency between the explicit and implicit values of law enforcement organizations that are communicated to police recruits during the training process and organizational socialization. Author Note: Wade Engelson is a lieutenant with the Fresno Police Department. He has been with the department for 12 years and is currently assigned as the Commander of the Special Investigations Bureau. He holds a Bachelor’s degree in Business/Economics and a Master’s degree in Public Administration from California State University, Fresno. He holds a Doctorate in Educational Leadership from the University of California, Davis/California State University, Fresno Joint Doctoral Program. He has taught in a variety of settings and has published articles in the fields of sexual harassment, organizational socialization, tactics, and training issues. His research interests include leadership issues, organizational socialization, and the hidden curriculum of organizations.     

The normative foundation of social science in law revisited: A reply to melton

Conclusion The primary thrust of Melton's argument is that opposition by organized psychology to the Bork nomination would have been consistent with the jurisprudential philosophy on which social science in law, as a scholarly movement, is based (p. 317). If APA is to justify opposition to Bork or future Supreme Court nominations (e.g., Souter), there should be a clearly identified normative foundation that directly leads to such advocacy. A stance based partly upon scholarship thatimplies reverence for constitutional values and partly upon preambles and principles of an ethical code is too slender a reed from which to cast APA's institutional support for a Supreme Court candidate. When such a stance is adopted, APA unfortunately becomes one of an increasing number of organizations attempting to influence political decisions by claiming allegiance to values consistent with democracy.Advocacy based on a normative foundation of social science in law jurisprudence could be justified by APA if, and only if, (a) there is an identifiable SSL jurisprudence, (b) there is consensus on the values underlying such a jurisprudence, and (c) adherence to these values argues against the nomination of Bork or others (e.g., Souter) to the Supreme Court. Because these conditions currently cannot be met, organized opposition to Supreme Court nominations cannot be justified on a normative foundation of SSL jurisprudence.Editor's Note: This issue marks the introduction of theComments section. Readers are invited to submit brief comments on articles published in this journal.     

The autonomy of law in the war on terror: A contribution from social systems theory

The article analyses the impact of post-2001 counterterrorism policies on the autonomy of law, focussing on American and British measures and adopting social systems theory as a theoretical framework. Contemporary societies are conceptualised as social systems in which law operates as an autonomous subsystem. Its autonomy primarily is based on constant reference by decisions to the binary coding “legal/illegal” associated with the application of specific legal principles and procedures. Following the terrorist attacks of 2001, the structure of societal differentiation has been under attack from a twofold risk. A political risk is posed by armed organisations such as Al-Qaeda because of their threats to states sovereignty. An additional risk in relation to law depends on extraordinary powers, such as those established by certain recent antiterrorism legislation and several executive provisions. States attempt to subordinate decisions related to the new counterterrorism policies to the test of their “efficiency/inefficiency” in guaranteeing security, at the expense of questions about their “legal/illegal” nature and legal constraints. An analysis of the special detention at Guantanamo Bay provides evidence of a complex set of decisions endangering the autonomy of law.     

The right to an effective remedy in European law: significance,content and interaction

China-EU Law Journal - One of the basic rights and a general principle of the European Union is the right to an effective remedy. In the paper is presented the basis of the right to an effective...     

Two steps forward and ten steps backwards: a retreat from shareholder value primacy,stakeholder theory,creditors and directors duties in the Commonwealth Caribbean

Directors’ duties in the Commonwealth Caribbean (CC) were shaped by English law and shareholder value primacy (SVP). Directors’ must act in the best interest of the solvent company for the benefit of its shareholders generally. No direct duty is owed to creditors at common law, save to consider their interests on insolvency. SVP prominence in the CC has yielded to the acceptance of Canadian corporate law and stakeholder theory. Through a comparative analysis of the law in the UK, Germany and Canada, this paper examines the impact of stakeholder theory on directors’ duties in Barbados and Jamaica.