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The efficiency of bankruptcy process - theoretical and empirical analysis

dc.contributor.advisorPaunović, Blagoje
dc.creatorSpariosu, Todor
dc.date.accessioned2016-09-03T19:10:15Z
dc.date.available2016-09-03T19:10:15Z
dc.date.available2020-07-03T08:31:11Z
dc.date.issued2016-07-05
dc.identifier.urihttp://nardus.mpn.gov.rs/handle/123456789/6398
dc.identifier.urihttp://eteze.bg.ac.rs/application/showtheses?thesesId=3781
dc.identifier.urihttps://fedorabg.bg.ac.rs/fedora/get/o:12709/bdef:Content/download
dc.identifier.urihttp://vbs.rs/scripts/cobiss?command=DISPLAY&base=70036&RID=48156175
dc.description.abstractSocial sciences / economics of the firmen
dc.description.abstractPredmet ovog rada su teorijske i empirijske osnove za sagledavanje efikasnosti stečajnih postupaka i stečajnih sistema. Opšti cilj rada usmeren je na istraživanje efikasnosti stečajnog procesa u kontekstu relevantnih konceptualizacija, teorijskih orijentacija, praktičnih aspekata i rezultata empirijskih istraživanja. Rad je strukturiran u četiri celine. U prvom delu rada definisani su bazični pojmovi: finansijske nevolje, insolventnost i stečaj. Potom, su prezentovana dva dominantna teorijska pristupa stečajnom procesu: teorija nagodbe kreditora i teorija stečajne politike (ili deobe gubitaka). Ova dva teorijska pristupa razlikuju se ne samo po određivanju cilja stečajnog procesa, već i po poimanju njegovih bitnih elemenata. U nastavku se razmatra značenje koncepta efikasnosti u kontekstu insolventnosti. Najpre se sagledava relevantnost standarnih kriterijuma efikasnosti – Pareto i Kaldor- Hicks kriterijum, a potom i Posnerov princip maksimiziranja bogatstva. Ukazuje se na njihove prednosti i ograničenja, a uporedo se izlaže razlika između supstancijalnih i proceduralnih ciljeva zakonodavstava, uključujući i zakonodavstvo insolventnosti. Ovoj distinkciji ciljeva primeren je i alternativni koncept efikasnosti – koncept efikasnosti zasnovan na transakcionim troškovima. Ex ante i ex post efikasnost stečajnog procesa su njegove podjednako važne odrednice. Ex post efikasnosti se obično pridaje veći značaj jer je usredsređena na preusmeravanje imovine dužnika u produktivne upotrebe i na najveći stepen namirenja poverilaca. Stečaj ima i važnu ex ante funkciju, jer njegovi ex post ishodi određuju ne samo podsticaje dužnika i kreditora, već i cenu kredita i njegovu dostupnost. A dostupnost kredita i uslovi po kojima se oni odobravaju predstavljaju vrlo važan preduslov rasta preduzeća i važnu kompetitivnu prednost privreda. Iz tog razloga, kada se koncipiraju stečajni sistemi veoma se vodi računa i o ex ante aspektu efikasnosti, jer ona nije uvek kompatibilna sa ex post efikasnošću. Prvi deo završava prezentacijom dva standardna stečajna postuka: likvidacije i reorganizacije. Reorganizaciji se poklanja veći prostor jer je njena analitička osnova mnogo kompleksnija. Naročita pažnja se poklanja pregovaračkom procesu koji se može razumeti samo ako se u obzir uzmu svi legalni okviri koji ga strukturiraju.sr
dc.description.abstractThe research focuses on theoretical and empirical basis for understanding the efficiency of bankruptcy proceedings and insolvency systems. This dissertation aimed to investigate the efficiency of bankruptcy proceedings in the context of relevant conceptualization, theoretical orientations, practical aspects and results of empirical research. The dissertation is structured in four parts. In the first part are defined the basic concepts: financial distresses, insolvency and bankruptcy. Then, there have been presented two dominant theoretical approaches to the bankruptcy: creditors’ bargain theory and the bankruptcy-policy (or loss-distribution) theory. These two theoretical approaches differ not only in determining the objective of the bankruptcy process, but also for the understanding of its essential elements. Further on is considered the meaning of the concept of efficiency in the context of insolvency. Initially is regarded the relevance of standard efficiency criteria – Pareto and Kaldor-Hicks criterion, and then Posner's wealth maximization principle. We indicate on their advantages and limitations, and simultaneously expose the difference between substantive and procedural goals of legislation, including insolvency law. For this distinction an alternative concept of efficiency is suitable – the transaction cost efficiency. Ex ante and ex post efficiency of the bankruptcy process are its equally important determinants. Ex post efficiency is usually given greater importance because it is focused on redirecting the debtor's assets into productive use and the highest degree of creditors recovery. Bankruptcy has also an important ex ante function, because its ex post outcome determined not only incentives for debtors and creditors, but also the cost of the loans and their availability. Availability of loans and the conditions under that they are granted are very important precondition for the growth of enterprises and an important competitive advantage of economies. For this reason, when the bankruptcy systems are conceived it greatly takes into account the ex ante aspect of efficiency, because it is not always compatible with ex post efficiency. The first part ends with the presentation of two standard bankruptcy proceedings: liquidation (bankruptcy liquidation) and reorganization (bankruptcy reorganization).en
dc.formatapplication/pdf
dc.languagesr
dc.publisherУниверзитет у Београду, Економски факултетsr
dc.rightsopenAccessen
dc.sourceУниверзитет у Београдуsr
dc.subjectstečajni processr
dc.subjectbankruptcy proceedingen
dc.subjectefikasnostsr
dc.subjectinsolventnostsr
dc.subjectstečajna reorganizacijasr
dc.subjectbankrotstvosr
dc.subjectefficiencyen
dc.subjectinsolvencyen
dc.subjectbankruptcy reorganizationen
dc.subjectbankruptcyen
dc.titleTeorijska i empirijska analiza efikasnosti stečajnog procesasr
dc.titleThe efficiency of bankruptcy process - theoretical and empirical analysisen
dc.typedoctoralThesisen
dc.rights.licenseBY
dcterms.abstractПауновић, Благоје; Спариосу, Тодор; Теоријска и емпиријска анализа ефикасности стечајног процеса; Теоријска и емпиријска анализа ефикасности стечајног процеса;
dc.identifier.fulltexthttp://nardus.mpn.gov.rs/bitstream/id/4614/Disertacija4433.pdf
dc.identifier.fulltexthttp://nardus.mpn.gov.rs/bitstream/id/4615/Spariosu_Todor_Z.pdf


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