927 resultados para contractual debt subordination, mezzanine-finance, company law, comparative law, insolvency law


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The thesis "COMPARATIVE ANALYSIS OF EFFICIENCY AND OPERATING CHARACTERISTICS OF AUTOMOTIVE POWERTRAIN ARCHITECTURES THROUGH CHASSIS DYNAMOMETER TESTING" was completed through a collaborative partnership between Michigan Technological University and Argonne National Laboratory under a contractual agreement titled "Advanced Vehicle Characterization at Argonne National Laboratory". The goal of this project was to investigate, understand and document the performance and operational strategy of several modern passenger vehicles of various architectures. The vehicles were chosen to represent several popular engine and transmission architectures and were instrumented to allow for data collection to facilitate comparative analysis. In order to ensure repeatability and reliability during testing, each vehicle was tested over a series of identical drive cycles in a controlled environment utilizing a vehicle chassis dynamometer. Where possible, instrumentation was preserved between vehicles to ensure robust data collection. The efficiency and fuel economy performance of the vehicles was studied. In addition, the powertrain utilization strategies, significant energy loss sources, tailpipe emissions, combustion characteristics, and cold start behavior were also explored in detail. It was concluded that each vehicle realizes different strengths and suffers from different limitations in the course of their attempts to maximize efficiency and fuel economy. In addition, it was observed that each vehicle regardless of architecture exhibits significant energy losses and difficulties in cold start operation that can be further improved with advancing technology. It is clear that advanced engine technologies and driveline technologies are complimentary aspects of vehicle design that must be utilized together for best efficiency improvements. Finally, it was concluded that advanced technology vehicles do not come without associated cost; the complexity of the powertrains and lifecycle costs must be considered to understand the full impact of advanced vehicle technology.

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This phenomenological study explored Black male law enforcement officers’ perspectives of how racial profiling shaped their decisions to explore and commit to a law enforcement career. Criterion and snow ball sampling was used to obtain the 17 participants for this study. Super’s (1990) archway model was used as the theoretical framework. The archway model “is designed to bring out the segmented but unified and developmental nature of career development, to highlight the segments, and to make their origin clear” (Super, 1990, p. 201). Interview data were analyzed using inductive, deductive, and comparative analyses. Three themes emerged from the inductive analysis of the data: (a) color and/or race does matter, (b) putting on the badge, and (c) too black to be blue and too blue to be black. The deductive analysis used a priori coding that was based on Super’s (1990) archway model. The deductive analysis revealed the participants’ career exploration was influenced by their knowledge of racial profiling and how others view them. The comparative analysis between the inductive themes and deductive findings found the theme “color and/or race does matter” was present in the relationships between and within all segments of Super’s (1990) model. The comparative analysis also revealed an expanded notion of self-concept for Black males – marginalized and/or oppressed individuals. Self-concepts, “such as self-efficacy, self-esteem, and role self-concepts, being combinations of traits ascribed to oneself” (Super, 1990, p. 202) do not completely address the self-concept of marginalized and/or oppressed individuals. The self-concept of marginalized and/or oppressed individuals is self-efficacy, self-esteem, traits ascribed to oneself expanded by their awareness of how others view them. (DuBois, 1995; Freire, 1970; Sheared, 1990; Super, 1990; Young, 1990). Ultimately, self-concept is utilized to make career and life decisions. Current human resource policies and practices do not take into consideration that negative police contact could be the result of racial profiling. Current human resource hiring guidelines penalize individuals who have had negative police contact. Therefore, racial profiling is a discriminatory act that can effectively circumvent U.S. Equal Employment Opportunities Commission laws and serve as a boundary mechanism to employment (Rocco & Gallagher, 2004).

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Examines the Court of Appeal judgment in MWB Business Exchange Centres Ltd v Rock Advertising Ltd on whether a non-oral variation clause in a licence for the occupation of a commercial premises necessarily precluded an oral agreement to revise the licence fee payment schedule. Assesses whether the practical benefit obtained by the claimant from the change amounted to good consideration, notwithstanding the House of Lords ruling in Foakes v Beer.

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The Consumer Finance Division of the South Carolina State Board of Financial Institutions is responsible for the supervision, licensing and examination of all consumer finance companies, deferred presentment companies, check cashing companies, and non-depository mortgage lenders and their loan originators. This project specifically focuses on the licensing of Mortgage Lender/Servicer ( company), Mortgage Lender/Servicer Branch (branch) and Mortgage Loan Originator (loan originator) licenses. The problem statement is how the Division can handle increasing the number of mortgage loan originators in the state without delaying the time to process applications. The goal of this project is to make the current licensing process more efficient so that the Division can handle the increased workload without having to hire additional personnel.

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This paper evaluates the performance of a survivorship bias-free data set of Portuguese funds investing in Euro-denominated bonds by using conditional models that consider the public information available to investors when the returns are generated. We find that bond funds underperform the market significantly and by an economically relevant magnitude. This underperformance cannot be explained by the expenses they charge. Our findings support the use of conditional performance evaluation models, since we find strong evidence of both time-varying risk and performance, dependent on the slope of the term structure and the inverse relative wealth variables. We also show that survivorship bias has a significant impact on performance estimates. Furthermore, during the European debt crisis, bond fund managers performed significantly better than in non-crisis periods and were able to achieve neutral performance. This improved performance throughout the crisis seems to be related to changes in funds’ investment styles.

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A partir de la dinámica evolutiva de la economía de las Tecnologías de la Información y las Comunicaciones y el establecimiento de estándares mínimos de velocidad en distintos contextos regulatorios a nivel mundial, en particular en Colombia, en el presente artículo se presentan diversas aproximaciones empíricas para evaluar los efectos reales que conlleva el establecimiento de definiciones de servicios de banda ancha en el mercado de Internet fijo. Con base en los datos disponibles para Colombia sobre los planes de servicios de Internet fijo ofrecidos durante el periodo 2006-2012, se estima para los segmentos residencial y corporativo el proceso de difusión logístico modificado y el modelo de interacción estratégica para identificar los impactos generados sobre la masificación del servicio a nivel municipal y sobre las decisiones estratégicas que adoptan los operadores, respectivamente. Respecto a los resultados, se encuentra, por una parte, que las dos medidas regulatorias establecidas en Colombia en 2008 y 2010 presentan efectos significativos y positivos sobre el desplazamiento y el crecimiento de los procesos de difusión a nivel municipal. Por otra parte, se observa sustituibilidad estratégica en las decisiones de oferta de velocidad de descarga por parte de los operadores corporativos mientras que, a partir del análisis de distanciamiento de la velocidad ofrecida respecto al estándar mínimo de banda ancha, se demuestra que los proveedores de servicios residenciales tienden a agrupar sus decisiones de velocidad alrededor de los niveles establecidos por regulación.

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El presente escrito se ocupa de estudiar el nexo de causalidad como elemento estructural de la responsabilidad cuando éste es difuso. Para ello, se pretende abordar la pérdida de la oportunidad como una teoría especial de causalidad que tiene lugar cuando el nexo causal no resulta claro, lo cual contradice la tesis preponderante de la doctrina y la jurisprudencia tradicional según la cual, la pérdida de la oportunidad es un criterio autónomo del daño. En su contenido se realiza una explicación del por qué se entiende la pérdida de la oportunidad como una teoría especial de causalidad y no como un criterio autónomo de daño, haciendo énfasis en el elemento de certeza que caracteriza al daño. Posteriormente, se advierte del tratamiento que la jurisprudencia le ha dado a la pérdida de la oportunidad. A su turno, el presente documento, indica la naturaleza jurídica de la pérdida de la oportunidad, afirmando que es una inferencia lógica que realiza el juez y no un hecho que altere el estado de las cosas como si sucede con el daño. Finalmente, se aborda la prueba de la teoría de la pérdida de la oportunidad mediante un cálculo de probabilidades y se identifican los pasos para realizar una adecuada reparación integral.

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El presente artículo, presenta un análisis de las decisiones de estructuración de capital de la compañía Merck Sharp & Dome S.A.S, desde la perspectiva de las finanzas comportamentales, comparando los métodos utilizados actualmente por la compañía seleccionada con la teoría tradicional de las finanzas, para así poder evaluar el desempeño teórico y real. Incorporar elementos comportamentales dentro del estudio permite profundizar más sobre de las decisiones corporativas en un contexto más cercano a los avances investigativos de las finanzas del comportamiento, lo cual lleva a que el análisis de este artículo se enfoque en la identificación y entendimiento de los sesgos de exceso de confianza y statu quo, pero sobre todo su implicación en las decisiones de financiación. Según la teoría tradicional el proceso de estructuración de capital se guía por los costos, pero este estudio de caso permitió observar que en la práctica esta relación de costo-decisión está en un segundo lugar, después de la relación riesgo-decisión a la hora del proceso de estructuración de capital.

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The first chapter provides the first evidence on the gross capital flows reactions to the financial sector reform. I establish four new stylized facts. First, the reform is associated with an average increase of 0.03pp in both gross capital flows. Second, immediately after the reform both flows decrease, in the long term they stabilize at a higher than the pre-liberalization levels. Third, the short term dynamics is governed by debt flows, while the long term dynamics are driven by all of the components. Finally, only a complex reform leads to a positive effect. The results are robust to a wide range of robustness checks. In the second chapter we develop a novel theory to explain the recent phenomenon of reshoring, i.e. firms moving back their previously offshored business activities. We firstly provide the evidence for the importance of the quality behind the reshoring decision and then, building on Antoniades (2015) we develop a dynamic heterogeneous firms model with quality choice and offshoring. In the dynamic setting the location decision entails a tradeoff between payroll and quality-related costs. In equilibrium reshoring arises as some firms initially offshore, exploit the increase in profits due to lower wages and finally return to the domestic country in order to further increase the quality. The third chapter provides the new evidence suggesting that selling through global production networks might lead to export upgrade. I relate the sector-level GVCs participation indicators derived from the international Input-Output Tables to the data on the unit values of exports at the product-exporter level. We find a strong association between the export prices and forward participation, in particular for the developing countries. We document also a less robust negative relationship between the GVCs backward participation and unit values of exports.

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Smart contracts are the most advanced blockchain applications. They can also be used in the contractual domain for the encoding and automatic execution of contract terms. Smart contracts already existed before the blockchain, but they take advantage of the characteristics of that technology. Namely, the decentralised and immutable characters of the blockchain determine that no single contracting party can control, modify, or interrupt the execution of smart contracts. As every new phenomenon, blockchain-based smart contracts have attracted the attention of institutions. For example, in its Resolution of 3 October 2018 on distributed ledger technologies and blockchain, the European Parliament has stressed the need to undertake an in-depth assessment of the legal implications,starting from the analysis of existing legal frameworks. Indeed, the present research thesis aims to verify how blockchain-based smart contracts fit into contract law. To this end, the analysis starts from the most discussed and relevant aspects and develops further considerations. Before that, it provides a detailed description and clarifications about the characteristics, the functioning, and the development of the technology, which is an essential starting point for a high-level quality legal analysis. It takes into considerations already existing rules concerning the use of technology in the life cycle of contracts, from vending machines to computable contracts, and verifies its applicability to blockchain-based smart contracts. The work does not limit to consider the mere technology, but some concrete scenarios of adoption of blockchain-based smart contracts in the contractual domain. Starting from the latter, it focuses on the implications of blockchain-based smart contracts on contract formation, contract performance, and applicable law and jurisdiction.

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El 10 de mayo de 2022 se publicó el Reglamento (UE) 720/2022 relativo a la aplicación del apartado 3 del artículo 101 del TFUE a determinadas categorías de acuerdos verticales y prácticas concertadas. Entre las novedades más significativas introducidas por el Reglamento se encuentra la regulación de la distribución dual. La distribución dual es una situación en la que un fabricante decide distribuir sus productos directamente (utilizando sus propios distribuidores) y, al mismo tiempo, contratar a distribuidores independientes (que no tienen ninguna relación de propiedad con el fabricante). En efecto, en la distribución dual, el fabricante compite a dos niveles: por un lado, a nivel de fabricante -compite con otras empresas que fabrican productos potencialmente sustitutivos- y, por otro, a nivel de distribución -compite con distribuidores independientes en la venta de sus productos-. Es en este último nivel donde existe el riesgo de restringir la competencia cuando el fabricante impone restricciones (por ejemplo, precios mínimos u otras condiciones de venta) a sus distribuidores independientes. En consecuencia, en el presente trabajo se estudia, en primer lugar, la naturaleza del contrato de distribución tanto en el derecho español como en el derecho comparado. En segundo lugar, se analizan las principales cuestiones relacionadas con el modelo de distribución online, en primer lugar, se realiza un estudio exhaustivo de las plataformas digitales o marketplaces, analizando sus características, sus tipos y las partes que intervienen en ellas, en segundo lugar, se examina la posibilidad de calificar el contrato entre las plataformas digitales y el vendedor o prestador de servicios como contrato de distribución, analizando su contenido contractual y su encaje en el Reglamento (UE) 2019/1150. Finalmente, se concluye con una profundización en el sistema de distribución dual, así como un estudio de los intercambios de información que tienen lugar en un sistema de distribución dual.

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Recently, Physalaemus albifrons (Spix, 1824) was relocated from the Physalaemus cuvieri group to the same group as Physalaemus biligonigerus (Cope, 1861), Physalaemus marmoratus (Reinhardt & Lütken, 1862) and Physalaemus santafecinus Barrio, 1965. To contribute to the analysis of this proposition, we studied the karyotypes of Physalaemus albifrons, Physalaemus santafecinus and three species of the Physalaemus cuvieri group. The karyotype of Physalaemus santafecinus was found to be very similar to those of Physalaemus biligonigerus and Physalaemus marmoratus, which were previously described. A remarkable characteristic that these three species share is a conspicuous C-band that extends from the pericentromeric region almost to the telomere in the short arm of chromosome 3. This characteristic is not present in the Physalaemus albifrons karyotype and could be a synapomorphy of Physalaemus biligonigerus, Physalaemus marmoratus and Physalaemus santafecinus. The karyotype of Physalaemus santafecinus is also similar to those of Physalaemus marmoratus and Physalaemus biligonigerus owing to the presence of several terminal C-bands and the distal localization of the NOR in a small metacentric chromosome. In contrast, the Physalaemus albifrons karyotype has no terminal C-bands and its NOR is located interstitially in the long arm of submetacentric chromosome 8. The NOR-bearing chromosome of Physalaemus albifrons very closely resembles those found in Physalaemus albonotatus (Steindachner, 1864), Physalaemus cuqui Lobo, 1993 and some populations of Physalaemus cuvieri Fitzinger, 1826. Additionally, the Physalaemus albifrons karyotype has an interstitial C-band in chromosome 5 that has been exclusively observed in species of the Physalaemus cuvieri group. Therefore, we were not able to identify any chromosomal feature that supports the reallocation of Physalaemus albifrons.

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This study focused on the method known as lean production as a work-related psychosocial risk factor in a Brazilian multinational auto parts company after its merger with other multinational companies. The authors conducted a qualitative analysis of two time points: the first using on-site observation and key interviews with managers and workers during implementation of lean production in 1996; the second, 16 years later, comparing data from a document search in labor inspection records from the Ministry of Labor and Employment and legal proceedings initiated by the Office of the Public Prosecutor for Labor Affairs. The merger led to layoffs, replacements, and an increase in the workday. A class action suit was filed on grounds of aggravated working conditions. The new production model led to psychosocial risks that increased the need for workers' health precautions when changes in the production process introduced new and increased risks of physical and mental illnesses.

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Unplanned excision of soft tissue sarcomas is common because benign soft tissue lesions are very frequent. This study evaluated the impact of unplanned resections on overall survival, local recurrence and distant metastasis in patients with soft tissue sarcomas of the extremities. In total, 52 patients who were diagnosed with soft tissue sarcomas between May 2001 and March 2011 were analyzed in a retrospective study. Of these patients, 29 (55.8%) had not undergone previous treatment and the remaining 23 (44.2%) patients had undergone prior resection of the tumor without oncological planning. All subsequent surgical procedures were performed at the same cancer referral center. The follow-up ranged from 6 to 122 months, with a mean of 39.89 months. Age, lesion size and depth, histological grade, surgical margins, overall survival, local and distant recurrence and adjuvant therapies were compared. Residual disease was observed in 91.3% of the re-resected specimens in the unplanned excision group, which exhibited greater numbers of superficial lesions, low histological grades and contaminated surgical margins compared with the re-resected specimens in the planned excision group. No differences were observed in local recurrence and 5-year overall survival between the groups, but distant metastases were significantly associated with planned excision after adjustment for the variables. There was no difference between patients undergoing unplanned excision and planned excision regarding local recurrence and overall survival. The planned excision group had a higher risk of distant metastasis, whereas there was a high rate of residual cancer in the unplanned excision group.

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By comparing the SEED and Pfam functional profiles of metagenomes of two Brazilian coral species with 29 datasets that are publicly available, we were able to identify some functions, such as protein secretion systems, that are overrepresented in the metagenomes of corals and may play a role in the establishment and maintenance of bacteria-coral associations. However, only a small percentage of the reads of these metagenomes could be annotated by these reference databases, which may lead to a strong bias in the comparative studies. For this reason, we have searched for identical sequences (99% of nucleotide identity) among these metagenomes in order to perform a reference-independent comparative analysis, and we were able to identify groups of microbial communities that may be under similar selective pressures. The identification of sequences shared among the metagenomes was found to be even better for the identification of groups of communities with similar niche requirements than the traditional analysis of functional profiles. This approach is not only helpful for the investigation of similarities between microbial communities with high proportion of unknown reads, but also enables an indirect overview of gene exchange between communities.