Facing Bad Debts:To Give Up or To Claim?

'The global financial tsunami of 2008 has affected all major export markets. The situation is much more severe than in previous crises.World trade is seriously affected as the credit crisis has led to an interruption in the normal

An Empirical Study on the Determination and Coliection Rules for Marital Community Debts

In dealing with the problem of determining whether a debt should be a marital community debt and how such a debt should be collected,judges may have different value orientations regarding the tradeoff between the protection of marriage and family and the protection of the creditors,which needs to be studied based on empirical evidence.After the Judicial Interpretationss[2018]No.2(Fa Shi[2018]No.2)was enacted,we analyzed 863 judgments and motions of the Supreme People's Court of the People's Republic of China(PRC)and the high people's courts,and found that under the framework of existing normative regime,judges can still reach different valuejudgmentssbasedondifferent interpretative techniques.Judges differed in interpreting the terms of“common intent,”“family daily needs,”“common livelihood,”and1“joint production and operation,”and they applied various debt collection rules.These facts indicate that sometimes judges have a complex value balancing process in marginal cases,and they have made different value judgmenttthroughh extending or confining debt determination rules or debt collection rules.In some other cases,the different application of rules indicate that judges have interpreted those rules in a wrong way.By studying the judges'existing value orientations and how judges made their decisions,we can evaluate whether existing rules for determining and collecting marital community debts have balanced conflicting values properly,and such facts can also build further consensus for the development of rules.

A Functional Comparison of Marital Debts in Common Law Jurisdictions:Lessons from the Model Not Accepting the Common Property Regime

Traditionally,the Common Law System exercises a legal separation of marital property regime between husband and wife;this regime still has interpretation theory value for functional comparison to that of China.The husband-wife personality integration in the early days of the Common Law System goes back to the original agency of necessity similar to that of the daily family agency of the Civil Law System;the aim was to strengthen marital coherence rather than protect creditors.The“daily family needs”should beidentifiedwithoutexcluding the husband-and-wife separation period,and be based on the consumption level during the time that a couple have lived together.The current mainstream mode of the Common Law System starts from the“Consensual Approach”under the legal regime of separation of property between husband and wife,and limits the“Purpose Theory”to cases of insufficient consensual evidence.Moreover,thismainstream mode is supplemented by the“Presumption Theory”that only exists as a method of proof,and is similar to the current Chinese position of co-debt and co-signing.When a nondebtor consents a debtor to borrow money in the name of husband and wife,this consent can be used as a yardstick to determine their marital community debt and to identify the nature of various debts in the context of marital community debt.

“文化边缘人”视阈下A Debt to Dickens的态度系统研究

本文基于马丁评价理论下的态度系统,对赛珍珠的语篇A Debt to Dickens进行研究。赛珍珠“文化边缘人”的身份,给她的生活带来了很多不安和惆怅,前期在众多东方人面孔的乡村,村民对其异域特色的样貌有许多偏见,因此她多用负面的判断和鉴赏资源描述了一段孤独的生活;后期其寻找到小说的快乐后,沉迷于阅读的魅力,所以多用正面的判断和鉴赏资源写出了她的明朗。研究发现,全文的判断和鉴赏资源数量较多,情感资源出现较少。态度系统有利于分析文本所暗含的感情走向,给读者理解文本提供了一个新的视角。

Impact of carbon disclosure on debt financing costs

Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.

State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Debts and Downgrades

An analysis of the context of the U.S. debt ceiling debate helps put the crisis into perspective The months-long debt ceiling debate in the United States has affected the global financial market,and its impact may further spread to the real economy and even

Local Debts on a National Scale

Local governments’ reliance on borrowed money to spur economic development ignites worries Recently proposed Ministry of Finance measures to supervise the financing platforms of local governments and to regulate and avert risks in managing local debts have met with

Cyberattack Ramifications, The Hidden Cost of a Security Breach

In this in-depth exploration, I delve into the complex implications and costs of cybersecurity breaches. Venturing beyond just the immediate repercussions, the research unearths both the overt and concealed long-term consequences that businesses encounter. This study integrates findings from various research, including quantitative reports, drawing upon real-world incidents faced by both small and large enterprises. This investigation emphasizes the profound intangible costs, such as trade name devaluation and potential damage to brand reputation, which can persist long after the breach. By collating insights from industry experts and a myriad of research, the study provides a comprehensive perspective on the profound, multi-dimensional impacts of cybersecurity incidents. The overarching aim is to underscore the often-underestimated scope and depth of these breaches, emphasizing the entire timeline post-incident and the urgent need for fortified preventative and reactive measures in the digital domain.

Triggering economic growth to ensure financial stability:case study of Northern Cyprus

This study questions the importance of public debt in stable growth between 1980 and 2018,specifically,the Ricardian equivalence hypothesis and Keynesian view are questioned.This study used data obtained from the Northern Cyprus State Planning Office.A restricted vector autoregressive model is used to test the causal relationships between this model and public debt,government expenditure,total capital,consumption,investment,employment,net exports,exchange rate,and gross domestic product growth rate.To ensure financial stability,the variables that trigger economic growth through increased interactions were evaluated.Accordingly,unlike other studies,the Wald test results reveal that public debt does not have a direct effect on the gross national product but indirectly affects total capital,consumption,investment,and public expenditure,all of which influence real gross domestic product(RGDP).It has been observed that employment affects RGDP,consumption,government spending,and investment.There is also bidirectional causality between consumption,government spending,and RGDP.The estimates of the Ricardian equivalent hypothesis are important.However,today’s changing economic policies,declining real incomes,and consumer behavior in the face of ever-increasing inflation require that the theory be redesigned.Therefore,contrary to theoretical predictions,consumers are concerned about maintaining their standard of living rather than directing tax deductions to savings.Contrary to the claims of Keynesian researchers,no causal relationship is observed between public debt and growth in this study.However,public debt directly affects total capital,consumption,government spending,and investment,which are important for sustainable economic policy.

全球金融治理:赤字膨胀和必要改革

In recent years,due to the complex interplay of cyclical,structural,geopolitical,geoeconomic,and public health factors,the demand for global financial governance(GFG)has risen to new heights.The global foreign exchange market is undergoing disruptive adjustments;low-income countries are rapidly approaching a debt crisis;the gap in international development finance is widening;and the ongoing Ukraine crisis threatens to fragment and fracture the global economic and financial system.However,the current GFG system cannot address the above issues responsibly and effectively.This is largely because the system is a loose cooperation web based on soft laws instead of a closely integrated mechanism guided by hard rules.Reform on multiple fronts is required to improve the quality and relevance of GFG.This includes refocusing on key issues and ensuring that the system functions as a whole,prioritizing development,modernizing the international debt resolution framework,advancing the reform of international financial institutions,and thinking outside the box.Despite China’s late entry into the GFG system,it is an ardent advocator of international development cooperation,an active promoter of green finance,and a responsible participant in international efforts to address the debt crisis.With its Belt and Road Initiative,Global Security Initiative,Global Development Initiative,and unique path to modernization,China has offered the world an alternative development path while breathing new life into the old GFG system.

A Comparative Analysis of the Formation Path and Impact of Debt Risk in the US and Europe

Through the comparison of the sovereign debt risks of the two economies,this paper focuses on the analyses of the risk formation path and the fiscal sustainability at the macroeconomic level.Due to the differences in the external resources and coping measures that affect the risk formation of the two economies,as well as the differences in the institutional roots that lead to the rise of debt risks,the impact mechanism of sovereign debt risks is also different.Finally,theoretical and policy implications are given.

No-Arbitrage in Financial Economics: Solution of the Mystery of Implied Volatility and S&P 500 Volatility Index

We have shown that classic works of Modigliani and Miller, Black and Scholes, Merton, Black and Cox, and Leland making the foundation of the modern asset pricing theory, are wrong due to misinterpretation of no arbitrage as the martingale no-arbitrage principle. This error explains appearance of the geometric Brownian model (GBM) for description of the firm value and other long-term assets considering the firm and its assets as self-financing portfolios with symmetric return distributions. It contradicts the empirical observations that returns on firms, stocks, and bonds are skewed. On the other side, the settings of the asset valuation problems, taking into account the default line and business securing expenses, BSEs, generate skewed return distributions for the firm and its securities. The Extended Merton model (EMM), taking into account BSEs and the default line, shows that the no-arbitrage principle should be understood as the non-martingale no arbitrage, when for sufficiently long periods both the predictable part of returns and the mean of the stochastic part of returns occur negative, and the value of the return deficit depends on time and the states of the firm and market. The EMM findings explain the problems with the S&P 500 VIX, the strange behavior of variance and skewness of stock returns before and after the crisis of 1987, etc.

Health expenditures and personal bankruptcies

Using household-level data from the Panel Study of Income Dynamics, we estimate the extent to which medical expenses are responsible for driving households to bankruptcy. Our results suggest that an increase of 10 percent in medical debts would cause a 27 percent increase in the filing propensity of households with primarily medical debt, and an approximately 36 percent increase in filing propensity of households where medical debts co-exist with primarily credit card debts. Studying the post-bankruptcy scenario, we find that filers are 19 percent less likely to own a home even several years after the filing, compared to non-filers. However, the consequences are less adverse for medical filers i.e. those who filed due to high medical bills compared to other filers.

China’s BRI Transportation Investments:Development Bonanza or Debt Trap?

Based on the China Global Investment Tracker(CGIT)database of 2005-2018,this paper creates a country-sector-year panel set for a study on the BRI’s investment effects on the transportation sector of BRI countries using the difference-in-differencesin-differences(DDD)method.Our study finds that the BRI has significantly increased transportation investments by Chinese companies in the BRI countries without causing significant rise in problem transactions.The"debt trap"narrative that the BRI aims to take control over host countries’sovereign rights in exchange for debt write-offs is not supported by evidence.Discussions on sub-samples reveal that the BRI has mainly propelled SOEs in making transportation investments to generate development effects in host countries,most of which are Asian countries,and that the preferred mode of investment is cross-border M&As.

“一带一路”沿线国家债务违约风险的识别与防范

目前,中国对于"一带一路"沿线国家的基础设施投资项目呈现稳健上升趋势,有力地巩固了"一带一路"倡议框架下地缘合作的经济基础,但也因此遭遇了不断涌现的主权债务违约风险问题。通过构建"一带一路"沿线国家债务违约风险的评价体系,研究发现,人均GDP、经济增长的波动性、通货膨胀率和负债率是影响"一带一路"沿线国家债务违约风险的主要因素。评价结果显示,以色列、文莱、立陶宛、斯洛伐克和新加坡的债务违约风险最低,也门、乌克兰、吉尔吉斯斯坦、尼泊尔、不丹和摩尔多瓦的债务违约风险最高。因此,应制定差异化的投资战略、引入第三方市场合作机制、推进重大基础设施项目的分阶段开发等,以防范应对债务违约风险,进一步增强债务投资项目可持续性。

Factors Affecting Financial Performance of Tourism Destination Firms Listed on Stock Exchanges in China

Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.

现金为王——美国银行破产浪潮借鉴与思考

银行是国民经济的命脉，资金是企业生存发展的血液。在一定意义上说，保银行就是保经济健康发展，银行出了问题，受害不仅是银行，而是关系到国家利益、人民利益。2008年，随着越来越多的美国银行破产倒闭，国际银行业在次贷危机的冲击下，无疑正面临着动荡的困境。本文以雷曼兄弟投资银行为例，分析了此次危机下美国银行破产的动因及其原理。反思美国的金融危机，得出对于高速发展中的中国金融业来说，只有保持市场稳定才是最理想的选择。

Effect of Corporate Debt on Firm Value

We have shown that three classic works considering the effects of corporate debt on the firm value,namely,Modigliani and Miller(1958,1963),Merton(1974),and Leland(1994),are wrong.Their main mistake is ignoring the business security expenses,BSEs.We suggest the model taking account of BSEs and apply it to the analysis of debt influence on the firm value and survival.Our modeling demonstrates that(1)the debt affects the firm value and its survival,(2)this influence is negative,diminishing the firm value and its chances to survive,(3)the pressure of the negative effect of debt increases as the debt grows,provoking the firm default.The debt can be beneficial for the firm if the loan is taken to improve its technology.The model helps estimate the chances to succeed in the technological modernization for various parameters of the firm and its business environment;and by that,to find the technology most suitable for the firm.It is shown that there is a serious problem in reading the market signals concerning a firm and using this information to control this firm.

从容器隐喻的角度看be deeply in debt的新译

许多字典和书籍都把be deeply in debt译成"债台高筑",一直以来,这已成为一个约定俗成的译法。然而,从隐喻特别是容器隐喻的角度看,英文与中文是两种完全不同的意象:be deeply in debt是陷入其中,而"债台高筑"则是凸起于地面上。本文通过分析be-in-something关系的容器隐喻及其已有的对应翻译,力求找到be deeply in debt的新译文。