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...     

Legislative Twitter Style: Electoral Vulnerability,Social Media,and Constituency-Building in Large Multimember Electoral Systems

How do legislators use social media to cultivate their constituencies in large multimember electoral districts? Colombia's Senate nationwide district offers a suitable case to examine how lawmakers, through their behaviour on Twitter, geographically target their audiences. We employ microblog user geolocation methods which infer locations using textual content in order to identify where Colombian senators' Twitter ‘home’ is. We find that senators' location targeting on Twitter largely mirrors the geographical distribution of their votes. Deviations from that pattern mostly stem from their vulnerability to intraparty competition and the nature of their parties' organisation.     

Differences in Physical Fitness and Body Composition Between Active and Sedentary Adolescents: A Systematic Review and Meta-Analysis

Journal of Youth and Adolescence - Previous research analyzing the differences in physical fitness and body composition between active and sedentary adolescents aged 12–16 has not provided...     

Behavioural Response to a Sudden Health Risk: Dengue and Educational Outcomes in Colombia

Epidemics tend to have a debilitating influence on the lives of directly afflicted families. However, the presence of an epidemic can also change the behaviour and outcomes of those not directly affected. This paper makes use of a short, sharp, unexpected epidemic to examine the behavioural response of the public to a sudden shift in the perceived risk to one’s health and mortality. Our analysis finds that unafflicted school students change their behaviour substantially, affecting important life outcomes. In particular, we find that between 1.9 and 4.7 fewer students, out of a typical cohort of 47 pupils, sit their school leaving examination for every additional 10 cases of severe Dengue per 10 000 inhabitants in a municipality. We rule out several possible mechanisms, leaving an increase in the salience of the disease’s risks as a plausible explanation for our findings.     

First Generation in Chilean Higher Education: Tension between Access and Inclusion in a Segmented University System

We analysed the Chilean university student selection processes, comparing ‘First Generation’ and ‘Continuist’ students, using the Chilean Higher Education population databases (2000–2015). Findings confirm that 60 percent of participants in the selection process are First Generation students. The data registers an increasing self-exclusion phenomenon. Of the students who did not take the selection test after enrolling, 80 percent are First Generation and 18 are enrolled in a selective university, compared to 44 in the Continuist conglomerate. These differences may be explained by cultural capital in the Bourdieu sense, in conjunction with a diversified, massified and marketalised higher education system.