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.     

Great Expectations: Understanding Bali and the Climate Change Negotiations Process

This article reviews the December 2007 United Nations Climate Change Conference in Bali. It considers expectations for the meeting and whether the event delivered on these expectations. It also evaluates the long-term context of the meeting and examines the discussions in Bali on the post-2012 period (when the Kyoto Protocol's first 'commitment period' expires). The article finds that the Bali meeting did not necessarily meet public expectations or respond directly to the latest scientific assessments calling for urgent action. However, the article also finds that Bali was successful in the context of the prevailing political and diplomatic realities and the immense complexity of the climate change challenge – a problem that does not lend itself to a 'quick fix' solution. The article concludes that Bali produced a solid outcome that gives direction to future talks and sets a clear deadline for their completion. Finally, it argues that, contrary to some experts' opinion, the lack of detail in the Bali outcome may prove to be a strength rather than a weakness, since it provides flexibility to negotiators as they try to craft a consensus by the end of 2009.     

Restraining Gulliver: Institutional reform and the strengthening of state capacity and compliance

Governance in the developing world is fraught with problems of corruption, weak institutions, and inadequate expertise among bureaucrats. Failing to enforce laws and regulations is one way in which these problems manifest themselves. In this paper, we evaluate changes across three institutions charged with oversight or administration of labor justice in Mexico. We find that both autonomy from the executive and professionalization are necessary to improve compliance with labor law over time. Our study shows that professionalization can occur in several ways, including through training, merit hiring, and introducing experienced external administrators. The implications of the study are that reforms that increase the independence and legal authority of oversight institutions should be complemented by efforts to strengthen the professionalism of bureaucrats.     

Worldmaking,Legal Education,and the Saga Comic Book Series

International Journal for the Semiotics of Law - Revue internationale de Sémiotique juridique - This article argues that to disrupt legal education in a radical sense, students need to become...     

L’Oeuvre de Jerzy Wróblewski: Aux confins du paradigme analytique

Sans résumé     

“Sex change” in skeletal remains: Assessing how heat-induced changes interfere with sex estimation

The true impact of heat-induced changes in human bone regarding their sex estimation has not been comprehensively documented having a potentially negative impact on forensic anthropology. The objective of this paper was to evaluate how heat exposure affects sex estimation based on both morphological and metric features. The study focused in both low-to-medium intensity burns and high intensity burns. Selected sexually dimorphic features were analysed in 51 experimentally burnt skeletons from the 21st Century Identified Skeletal Collection. Bones were burnt to maximum temperatures between 450 °C and 1050 °C achieved after 75 to 257 min. Morphological methods tested in this study comprised the recommendations for hipbone features from Buikstra and Ubelaker (1994) and from Bruzek (2002). On the other hand, metric references tested here were the ones from Wasterlain (2000), Curate et al. (2016) and Gonçalves et al. (2013) focused on the humerus, femur, calcaneus and talus. Agreement was tested with Gwet’s AC1 test and was further assessed by calculating the relative amount of perfect agreements. Results demonstrated that heat-induced changes affected not only the scoring of morphological features burnt at high temperatures but also the scoring of features burnt at lower intensities. On the other hand, metric features were only considerably affected in high intensity burns, no major changes being documented for low-to-medium intensity burns. For low-to-medium intensity burns, the Bruzek and Curate et al. methods revealed a better agreement between the pre- and post-burning scores. For high intensity burns, better agreement was obtained by using the Bruzek (2002) and Gonçalves et al. (2013) methods. As expected, heat-induced warping, fracture and metric change had a major impact on the pre- and post-observations’ agreement. Contrary to what has been systematically assumed over the years, this impact is also quite substantial in bones burnt at low-to-medium burn intensities so caution is advised during the analysis of this kind of burnt skeletal material.     

Identifying with the Nation: Spain's Left-Wing Citizens in an Age of Crisis

This study analyses the extent, sense, and strategies employed by sympathisers with Spanish state-wide left-wing parties to ‘reconstruct’ their affective ties with the Spanish nation after the ‘monopolisation of patriotism’ by Franco's regime. Such an undertaking is further complicated within the context of economic crisis and intensified peripheral nationalism found in Catalonia and the Basque Country. This article applies qualitative analysis to the discourse of left-wing participants from 11 focus groups held in March 2012 amidst the economic (and political) crisis. As expected, this context of crisis favoured the emergence of explicit discourse on the Spanish nation, providing an opportunity to gain a better understanding of its nature. Findings show that welfare nationalism and social patriotism define the kind of attachment developed by the interviewees towards Spain better than the concept of constitutional patriotism, or any kind of ethnic-cultural feeling of belonging.     

The European Union and Latin America: ‘Transformative power Europe’ versus the realities of economic interests

Relations between the European Union (EU) and regional subgroups in Latin America (Mercosur, the Andean Community and Central America) are clear examples of ‘pure interregionalism’ and provide evidence of the EU's active promotion of regional integration. Within the context of these cases, this article explores what type of international power the EU wields, how interregionalism is embedded in that power, and how it is deployed. Combining strands of literature on EU–Latin American relations, interregionalism, EU external policy and power provides a framework within which interregionalism can be understood as an important normative and practical tool for the EU's external power projection. Drawing on official documentation and interviews with key individuals, the paper highlights the EU's articulation of power in interregional relations and reflects upon its mixed success. It concludes that, while imperial qualities and aspirations can be observed in the EU's penchant for interregionalism, the transformative power of the EU remains limited.