Serving the creditors after insolvency filings: from value creation to value distribution

This paper provides original empirical evidence on the financial outcome of insolvency filings in Europe. We adopt a cross-country analysis of the determinants of recovery rates isolating three types of creditors (junior, senior, and new money claims). We investigate the structure of recoveries on a unique hand-collected sample of bankrupt firms in France, Germany, and the UK. We initially question value maximization, and study to which extent the legal provisions prevailing after insolvency filing can influence creditors’ overall recoveries. Three procedures differ significantly from our benchmark (UK liquidations). French continuation and UK receivership exert a positive influence onto total repayments, while such influence becomes negative under French liquidation. We relate this finding to the ability of the two former procedures to improve coordination among the creditors, monitoring of the debtor, and/or incentives to file early. We then analyze value distribution by examining competition between the categories of creditors. We show that the insolvency systems do not converge. Junior and senior creditors are better served under the German and the French continuation procedures than in any other bankruptcy path. At the opposite, the UK liquidation procedures fail to satisfactorily serve the junior/senior creditors. Still, nearly all the insolvency procedures support fresh financing by protecting quite well new money claims. Overall, we do not confirm any superiority of one family of insolvency system over another, but rather stress the importance of an appropriate design of the procedures, especially regarding the incentives they create before and after insolvency filing.     

Defining A Product Market for Spanish-Language Broadcast Media: Lessons from United States v. Univision Communications,Inc. and Hispanic Broadcasting

In 2003, a media merger with dramatic content and policy implications went largely unnoticed. Little attention was paid to the transaction because it did not affect the majority; it affected the largest minority population in the United States: Hispanics. Although up to 65% of Hispanics prefer Spanish-language media, most broadcast media now come from one corporation, Univision. In approving the consolidation of Univision and Hispanic Broadcasting, the FCC ignored product market findings by the Department of Justice as well as its own policy precedent, which includes numerous exceptions for Spanish programming to promote content and ownership diversity. Consistent with the FCC's mandate to protect the public interest, a demand-side analysis is undertaken, positioning the audience as consumer. Industry evidence, product market thresholds, and ownership rules are applied to United States v. Univision, Inc. and Hispanic Broadcasting, with the conclusion that a separate product market must exist for Spanish language broadcast media.     

Population and income: Is there a puzzle?

Abstract

This note presents wide evidence on the relationship between population and income for 125 countries for which data was available for the period 1950–2000. The main result is that there is a weak but negative relationship between population growth and per capita GDP, as income increases population expands at a slower rate. This relationship appears to be stronger for African countries and for Asian countries before 1970.     

Police Response to Intimate Partner Violence in Canada: Do Victim Characteristics Matter?

This study examines the role of sociodemographic factors and violence characteristics in influencing women's reporting behaviors and types of police intervention received in response to intimate partner violence (IPV) in Canada. A subset of female respondents to Canada's 1999 General Social Survey who experienced physical or sexual IPV by a male perpetrator and who had contact with the police as a result of the violence was used for this analysis (n = 383). Findings suggest significant racial, economic, and social variations in women's motivation for self-reporting violence to the police as well as in the types of law enforcement interventions administered by police in response to reports of IPV. Implications for policy development are examined.     

Administration, Governance, and Policy Tools in Welfare Policy Implementation

Landmark welfare reform legislation passed in 1996 has been operating by legislative extensions since its expiration in September 2002. At this writing, reauthorization has been derailed by controversy over various legislative proposals. In this article, we contribute to the welfare policy debate by studying the importance of specific policy tools and the role of public administration in the dramatic fall in welfare caseloads from 1996 to 2000. Using administrative and survey data on welfare programs in 44 states, we test our theory that caseload reduction is a function of administrative commitments, policy design, and administrative actions linked to five sets of governance variables: environmental factors, client characteristics, treatments, administrative structures, and managerial roles and actions. We find strong evidence that administrative action to move clients into work, coupled with administrative commitments, can provide important links between policy goals and policy outcomes.     

The Treaty of Amsterdam: Challenges of Flexibility and Legitimacy

The paper reviews key aspects of the new constitutional framework for the European Union, once the Treaty of Amsterdam has been ratified, in the light of the core challenges of managing flexible integration in an enlarged Union and securing adequate legitimacy for the integration project. Reviewing briefly the general debates on flexibility, and its relationship to different constitutional and political futures for the Union which are suggested by those involved in the debates, the paper examines the principal provisions governing what is termed 'closer cooperation' within the new Union treaties. The emphasis is placed on the framework provisions of the TEU, and those in the First Pillar. It is noticeable that the Treaty takes a 'non-ideological' approach to flexibility, eschewing direct support for those who interpret flexibility as meaning more or less integration in the future. It provides a framework for future cooperation which is likely to be too restrictive to be workable, except in very limited circumstances. However, particular instances of flexibility are provided in the Treaty, in the form of the opt-outs from the new free movement title and the communitarisation of Schengen for the United Kingdom, Ireland and Denmark, and some might even describe these as 'pick-and-choose'. The paper concludes by reviewing the flexibility debate against the background of the ongoing legitimacy challenge for the Union, arguing that, as currently conceived, flexibility is more to do with balancing political interests than with securing or enhancing legitimacy.     

Cultural Adaptation and Validation of the Movers Scale in a French-Canadian Population

The purpose of this paper is to present the results of a study that draws upon a collaborative research strategy and has two main objectives: 1) Translating and adapting into French the Measure of Victim Empowerment Related to Safety (MOVERS scale) (Goodman et al. Psychology of Violence, 5(4), 355-366, 2015a); 2) Validating the French version of the MOVERS scale in a population of French-Canadian women receiving shelter services. The French-Canadian MOVERS (FCM) was administered to 189 women receiving shelter services in the province of Québec (Canada). The factorial structure, reliability and validity of the FCM were tested. This paper highlights that the FCM replicates the three dimensions found in the original version (Goodman et al. Psychology of Violence, 5(4), 355-366, 2015a), displays significant correlations with measures of depression, anxiety and stress, self-esteem, perceived social support, satisfaction with life and self-efficacy, and has overall good reliability estimates. The FCM is a valid and reliable scale to assess safety-related empowerment among women receiving shelter services. Furthermore, the scale provides interesting opportunities to shelter workers, which will be discussed in the paper.

     

The Changing Shape of Intellectual Cooperation: From the League of Nations to UNESCO

This article elaborates on some of the key ideas that gave rise to and animated the International Commission on Intellectual Cooperation, a body which was among the last permanent organisations of the League of Nations. Although the Commission's efforts to cement intellectual relations among nations often went unappreciated, its proponents considered intellectual cooperation to be the very heart and soul of the League's Covenant. From the outset, the Commission sought to harmonise the world's various intellectual and cultural currents while maintaining respect for diversity. During its life, the Commission also became increasingly aware of the issue of its own cultural particularity and the vital need to incorporate perspectives and traditions other than those in which its origins lay. It was in grappling with these issues, and not just in pursuing its broader mandate, that the Commission can be said to be the forerunner of UNESCO.