Suchergebnisse

This Master's thesis analyzes the enforcement measures that are realized by the bailiff - the forced sale of assets (the forced realization of the assets). The objectives of this thesis were: to identify the concept of enforcement process, to determine the place of realization of assets in the context of enforcement measures; to identify the conditions for the realization of the assets; to analyze three specific forms of realization of the assets, which are executed by the bailiff, to determine their problematic aspects and suggest possible solutions. By implementing the objectives, the goals of this thesis were reached, i.e. to determine whether the legal regulation of coercive sale of assets ensures the practical implementation of purposes raised in enforcement process, as well as seeking balance of interests between debtor and creditor. While exploring the legislation and judicial practice of enforcement proceedings, it was proved that non-comprehensive legal regulation of realization of the assets in enforcement proceedings causes practical problems, a different interpretation of the law and leads to violation of person's rights and interests.

This Master's thesis analyzes the enforcement measures that are realized by the bailiff - the forced sale of assets (the forced realization of the assets). The objectives of this thesis were: to identify the concept of enforcement process, to determine the place of realization of assets in the context of enforcement measures; to identify the conditions for the realization of the assets; to analyze three specific forms of realization of the assets, which are executed by the bailiff, to determine their problematic aspects and suggest possible solutions. By implementing the objectives, the goals of this thesis were reached, i.e. to determine whether the legal regulation of coercive sale of assets ensures the practical implementation of purposes raised in enforcement process, as well as seeking balance of interests between debtor and creditor. While exploring the legislation and judicial practice of enforcement proceedings, it was proved that non-comprehensive legal regulation of realization of the assets in enforcement proceedings causes practical problems, a different interpretation of the law and leads to violation of person's rights and interests.

AbstractThis study documents that sell‐offs, on average, are firm value enhancing, as both stockholders and bondholders gain from such transactions. Further, it reveals that sell‐offs can be wealth redistributing, value destroying, or value enhancing depending on the way the sale proceeds are distributed and the motive underlying the sell‐off. The wealth effects on stockholders and bondholders are not always symmetrical. Our results suggest that benefits from the sale of assets that do not strategically fit the firm's core business accrue primarily to stockholders, while benefits from distress‐related sell‐offs accrue to bondholders. Sell‐offs to thwart takeovers destroy firm value. We document that a significant proportion of sell‐offs results in wealth transfers between securityholders. Restrictive dividend covenants play an important role in protecting bondholders from wealth expropriation. Our analysis suggests that the relative size of the asset sale, the uses of the sale proceeds, and the degree of protection afforded bondholders via a dividend restriction may be relevant in explaining the direction of wealth transfer.

In this paper, we study a sample of 179 corporate asset sales in Taiwan between 1993 and 2003. We find that corporate asset sales in Taiwan enhance parent firm value with cumulative abnormal returns of 1.7715% for the pre-announcement five-day period and 0.6086% for the two-day announcement window. This finding is consistent with the evidence discovered in both UK and US. We also examine whether asset-sale gains are positively related to managerial performance, private lender monitoring, the use of proceeds, the type of asset sales, the profitability of asset sales, and the relative size of asset sales. Our cross-sectional regression results indicate that all variables, except private debt monitoring and relative size, appear with their predicted signs, but not all of them are statistically significant. During longer event windows, we find that only managerial performance measured by Tobin's q and the use of asset-sale proceeds can explain the gains from corporate asset sales in Taiwan.