141 research outputs found
« Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite
No full textBankruptcy law : justification and reform
This article deals with the Law and Economics approach of bankruptcy law. The author presents this field of research in two parts. First, he studies the conditions of ex post efficiency in the sense that stakeholders select the issue which maximizes the value of the financially distressed firm. In other words, the author justifies the existence of bankruptcy rules as a way of coordinating stakeholders on the optimal issue. Second, he studies the impact of bankruptcy rules on debtors’ and creditors’ ex ante behaviours, that is to say before the financial distress. At this time, he considers both alternative models of bankruptcy resolution and the impact of current bankruptcy rules on stakeholders’ strategies. Based on these new considerations, the author tries to explain the diversity of various national bankruptcy systems.
JEL Classification : G33, K29Cet article offre une revue de la littérature en économie du droit de la faillite. L’auteur montre comment l’économiste appréhende ce droit particulier et traite la question de son efficacité ex post et de son efficacité ex ante. Dans le premier cas, il juge le droit de la faillite au vu du critère de la maximisation de la valeur de l’entreprise en difficulté. Dans le second cas, l’auteur étudie comment l’économiste analyse les règles de droit par le prisme des effets qu’elles devraient normalement produire, notamment des incitations sur le comportement du débiteur et des créanciers. Il aborde, en particulier, les problèmes liés à la dissimulation des difficultés financières, à l’effort des dirigeants déterminant le résultat de l’entreprise, à la prise de risque ou aux stratégies d’enracinement des dirigeants. Enfin, l’auteur discute également l’hypothèse selon laquelle la diversité des codes de la faillite nationaux serait liée aux différences entre les systèmes financiers des pays.
Classification JEL : G33, K29Chopard Bertrand. « Ex post » vs « Ex ante » : le cas de l’économie du droit de la faillite . In: Revue d'économie financière, n°81, 2005. Fonctionnement des systèmes bancaires et financiers. pp. 291-303
Marketing A Hospitality Program And Its Product
No full textIn his dialogue entitled - Marketing A Hospitality Program and Its Product - Jürgen Chopard, Dr. es Sciences (Economics) Director, Centre International de Glion, Glion, Switzerland, Dr. Chopard initially offers: “The recruitment of qualified personnel is extremely difficult in an industry with a poor image; where career paths are not well defined. The author discusses the employment of marketing management techniques to improve the positioning of hospitality education and create a more attractive perception of the hotel industry.”
As outlined in the above paragraph, Dr. Chopard vectors-in on marketing strategies from two standpoints; the educational side with its focus on curriculum, and the larger, industry side with its emphasis on public perception and service. These are not necessarily, nor should they be viewed as disparate elements.
“ Although some professionals may see schools of hospitality education catering to two markets, students on one hand and industry on the other, in fact, their needs should be viewed as the same and hence a single market,” Dr. Chopard says to bolster his assertion.
“The marketing concept is a management orientation that holds that the key task of the organization is to determine the needs and wants of target markets and to adapt the organization to delivering the desired satisfactions more effectively and efficiently than its competitor,” the author confides, with an attribution.
From these information/definition leanings, Dr. Chopard continues on a path that promotes the Centre International de Glion, Glion, Switzerland, which he is affiliated with. Why, because they endorse the same principles he is explaining to you. That’s not a bad thing.
Essentially, what Dr. Chopard wants you to know is, education and business management are synonymous and therefore should share the same marketing designs and goals.
“It is hard to believe that as critically important a sector as education does not use for its own management the techniques which it teaches and which have largely been proved in other fields,” the author provides as counterpoint.
Since pedagogical needs so closely relate to the more pragmatic needs of the industry in general, these elements should seek to compliment and engage each other, in fact, collaboration is imperative, Dr. Chopard expresses a priori.
“The cooperation of future employers is indispensable in the preparation of the product, so that it is capable of providing the expected services. The need for close relations between training establishments and the hotel and catering industry seems obvious,” Dr. Chopard says.
The author reveals some flaws in hospitality marketing strategy, and then contrasts these against how a successful strategy could/should be implemented
Défaut de paiement stratégique et loi sur les défaillances d’entreprises
No full textL’enseignement qui est habituellement retenu des travaux empiriques réalisés à la suite de La Porta, Lopez-de-Silanes, Shleifer et Vishny (1997), est qu’il convient de promouvoir un haut niveau de protection juridique des créanciers. A l’inverse de cette recommandation, certains pays européens (Royaume-Uni, Allemagne) ont pourtant récemment réformé leurs dispositifs touchant au droit des défaillances dans un sens qui les rapprochent de pays qui traditionnellement privilégient la préservation des emprunteurs (Etats-Unis, France). Ce papier propose une analyse du bénéfice social d’une telle orientation du droit de la défaillance, dans un modèle stylisé où la capacité de remboursement de l’emprunteur est une information privée. On étudie tout d’abord l’effet de l’orientation des règles juridiques (système pro-créanciers versus pro-débiteurs) sur le comportement des parties au contrat en fonction du type de concurrence bancaire. Nous discutons ensuite les instruments à la disposition des autorités judiciaires afin de garantir que l’évolution d’un système pro-créanciers vers un système pro-débiteurs dégage un bénéfice social. Nos résultats suggèrent qu’il existerait, en fonction de l’objectif assigné au droit, une cohérence entre l’orientation des dispositifs encadrant la défaillance et l’intensité de la concurrence bancaire.
Thespoides bolivari Chopard 1916
No full textThespoides bolivari Chopard, 1916 (Figs. 1–2) The actual holotype (Fig. 1) is incomplete, as the mesothorax, metathorax and abdomen are all now missing. The only parts left are the pronotum, both forelegs, and the head, the latter partially damaged. The specimen bears three labels (Fig. 1). The original description of the complete insect was accompanied by three illustrations that are reproduced in Figure 2. After comparing this specimen with the original description and accompanying illustrations, the author was able to draw several conclusions about its identity, as follows: A) The only surviving parts of the type (i.e., the prothorax and head) conform to the original description of T. bolivari. The left foretibia and femur are notoriously smaller than the right ones, a clear sign of a regenerated lost limb; this anatomical feature of the type was not mentioned by Chopard. Analysis of pronotal proportions, armature of the forelegs and general habitus of these parts confirms that the type of T. bolivari is ascribed to Angela guianensis Rehn, 1906 (Table 1), a widespread and frequently collected species throughout the Amazon basin, including localities in Colombia. Consequently, the now missing parts of the type specimen (i.e., the mesothorax, metathorax and abdomen), which were described and illustrated by Chopard (Fig. 2), almost certainly belong to another species, as they depart markedly in form from the anatomy of other Angela spp., including A. guianensis. For example, the cerci in T. bolivari were originally described and illustrated as cylindrical, rather than laminar, the latter a putative synapomorphy of Angela and a character of widespread use in identification keys (e.g. Terra, 1995). Similarly, the wings of T. bolivari were described as “hairy”, a condition not observed in Angela. Accordingly, it is highly likely that the specimen studied by Chopard was a composite specimen comprised of disarticulated body parts from two different species, one of which was A. guianensis (Table 1). This likely explains why the abdomen was markedly shorter than the pronotum. B) Although the posterior thorax and abdomen are now lost, the original description provides clues about the identity of the other species. The wings depicted by Chopard (Fig. 2) exhibit characteristics typical of members of the family Thespidae, such as the vein pattern, the elongated stigma on the forewing and the conspicuous pilosity on the wing surface. Similarly, the triangular supra-anal plate is another feature commonly observed in Thespidae (Fig. 2). Unfortunately, the actual identity of this part of the type cannot be determined based on the description alone, but judging from the metrics provided by Chopard, it likely corresponded to a species of comparable size, such as members of Musonia Saussure, 1869 or Pseudomusonia Werner, 1909. C) The distal margin of the type specimen’s pronotum contains a residue of glue, which provides additional (though circumstantial) evidence that, at one time, the anomalous posterior elements of the specimen were glued to the anterior elements. D) Chopard (1916) assigned Thespoides to the subfamily Miopteryginae, a lineage that today constitutes the family Thespidae. Interestingly, the name Thespoides was inspired from the apparent similarities between the proposed genus and Angela (the species of which were assigned to Thespis at the time of Chopard’s publication). Both Angela and Thespis are now considered valid and distinct genera. These two facts suggest that Chopard himself was confused by the dual nature of the specimen before him, without realizing that it was a composite of non-conspecific, disarticulated parts. Regardless, his classification was based on the thespid traits of the type. Under Article 73.1.2 of the International Code of Zoological Nomenclature (ICZN, 1999) “ if the nominal species-group taxon is based on a single specimen, either so stated or implied in the original publication, that specimen is the holotype fixed by monotypy ”. Chopard described T. bolivari on the basis of a single specimen, citing it simply as the “type”. Chopard clearly considered the whole specimen as a single individual, therefore his procedure conforms to the ICZN and thus this specimen can be considered as the holotype. However, Article 73.1.5 states “ If a subsequent author finds that a holotype which consists of a set of components (e.g. disarticulated body parts) is not derived from an individual animal, the extraneous components may, by appropriate citation, be excluded from the holotype … ”. Thus, in agreement to Article 73.1.5 and to provide nomenclatural stability, the non-conspecific lost parts from the type of T. bolivari, already physically removed from the type, are removed from the description. In addition, Angela guianensis was described by Rehn (1906) ten years before Chopard’s Thespoides bolivari description, making it necessary to apply the “Principle of Priority” (ICZN Article 23.1). Accordingly, it is established that Thespoides bolivari as a new junior synonym of Angela guianensis. A summary of the taxonomy follows: Genus Angela Serville, 1839 = Thespoides Chopard, 1916 n. syn. Angela guianensis Rehn, 1906 = Thespis infuscata Chopard, 1911 = Thespoides bolivari Chopard, 1916 n. syn. In addition, the type of Thespis infuscata Chopard, 1911, also deposited at the MNCN was examined. This species is considered to be a junior synonym of A. guianensis by Giglio-Tos (1927), an action later accepted by Rehn (1935) that is herein corroborated. Because A. guianensis is a rather common species across the Amazon basin, further studies are needed to determine whether or not other synonyms remain to be discovered.Published as part of Rivera, Julio, 2014, On the identity and taxonomic status of the enigmatic mantid Thespoides bolivari Chopard, 1916 (Mantodea: Mantidae, Angelinae), pp. 269-273 in Zootaxa 3797 (1) on pages 269-272, DOI: 10.11646/zootaxa.3797.1.16, http://zenodo.org/record/491546
Strategic default and bankruptcy law
No full textWe compare the influence of bankruptcy law on the risk of default and the rate of liquidation by banks. We show that it depends on whether it is pro-creditors or pro-debtors oriented, and on the intensity of competition between banks. Then , we analyse the various tools at the disposal of public authority in order to accomdate the transition from a pro-creditors regime to a pro-debtors one. In a sense, our results suggest that there may exist a kind of consistency between the aims assigned to law, the orientation of bankruptcy law and the level of competition in the banking system.default risk, law & finance, bankruptcy law
Paraloxoblemmus angulifrons Chopard
No full textParaloxoblemmus angulifrons Chopard (Fig. 2.) Paraloxoblemmus angulifrons Chopard, 1951. Rec. Zool. Bot. Africa 64 (4): p. 305–307. Paraloxoblemmus angulifrons Chopard, 1961. Publ. Cult.Co. Diam. Angola 56: 37. Paraloxoblemmus angulifrons Chopard, 1967. Orth. Cat. 10: 131. The following description translated from Chopard (1951). The author provides the photos of type in NHMLA. This species is rather large in size. Coloration light brown, shiny. Head as wide as pronotum; occiput with 6 yellow short straight stripes, Frontorostrum very long, oblique ventrally, lateral margins straight, convergent, round at apex; a distinct ridge between vertex and rostrum. Face elongate, oblique, feebly concave in lateral aspect. Pronotum wider than long in mid line about 1.5: 1, very slightly wider near apex than at base; anterior margin slightly concave, posterior margin straight, dorsal surface of disc feebly convex, glabrous, light brown, median furrow with yellow stripe; lateral tear-drop markings yellow, fine hairy, covered with brown dots; lateral lobes of pronotum with ventral margin straight, anterior angle rounded, dorsally half brown, ventrally half yellow. Abdomen and cerci brown; subgenital plate large, apical portion with a small carina. Genitalia minute; epiphallus short, truncate at apex (in this respect it is similar to Gryllus domesticus), ventral parts rounded, extremely short, not exceeding the epiphallus in length. Legs brown, relatively short and robust, brown, covering with fine hairs. Fore tibia with large tympanum ovate in outer side, apex with 2 spines; tarsi short; metatarsus less than half the length of other segments, dorsal surface with 2 rows of spines. Middle legs similar to fore legs, longer than fore legs; middle tibia with 4 apical spurs. Hind tibia with long and strong spines, weakly movable, i/o= 7 / 8; ventral apical spurs very long; median spurs slightly longer than dorsal spur and reaching to half of metatarsus; armed with teeth i/o = 1 /7, 2 apical spurs. Tegmen reaching at abdominal segment V, round at apex; anal area very short; mirror oblique quadrate, with one short dividing vein; diagonal vein rather long, straight; chordal veins slightly curved inward, external pair parallel to one another; 2 oblique veins; apical portion very short, reduced to 2 rows of small cells. Wing absent. Specimen examined. 1 male, Repub. Peop. Congo: Lae, Likouala R. Nov. 1981; H. A. Regustens. (Fig 2) The specimen from Los Angeles County Museum was dissected for genitalic examination. (Fig. 2 D). Measurements (in mm): Body length: 26.0. Tegmen length: 10.0. Tegmen width: 10.0. Head length: 10.0. Head width: 6.0. Distance between antennae: 2.0. Distance between eyes: 2.5. Pronotum length: 11.0. Length of hind femora: 21.0. Width of hind femora: 5.0. Length of cerci: 20.0. Karny (1907) measurements as follows (in mm): Body length: 25.0. Frontorostrum: 5.0. Pronotum length: 4.0. Hind femur: 12.8. Hind tibia: 10.0. Tegmen: 7.6. This species seems to be related to Paraloxoblemmus loxoblemmoides Karny, from Sudan. It is different from in its larger size, frontorostrum much more rounded at apex and the tegmina shorter and more blunt. According to Karny (1907) the frontorostrum of Paraloxoblemmus loxoblemmoides is longer than this species (1.9–3.4 mm). Unfortunately, Karny (1907) did not note the condition of the hind tibia spur. Despite this, it seems to be related to Asiatic Loxoblemmus. Distribution. AF/ Congo, Angola, Lulua River; Uganda.Published as part of Yang, Jeng-Tze, 2015, Revision of Paraloxoblemmus Karny (Orthoptera: Gryllidae; Gryllinae) with a new combination, Paraloxoblemmus longifrons (Chopard 1969), and lectotype designation for Paraloxoblemmus loxoblemmoides (Karny), pp. 339-345 in Zootaxa 3914 (3) on pages 341-343, DOI: 10.11646/zootaxa.3914.3.7, http://zenodo.org/record/24208
Paraloxoblemmus longifrons Chopard 1969, n. comb.
No full text<i>Paraloxoblemmus longifrons</i> (Chopard, 1969) n. comb. <p>(Figs. 3)</p> <p> <i>Loxoblemmus longifrons</i> Chopard, 1969 n. syn.</p> <p> <i>Loxoblemmus longifrons</i> Otte, 1994. Orth. Spec. File 1: 13. <i>Loxoblemmus longifrons</i> Chopard, 1967. Orth. Cat. 10: 130–131.</p> <p>Tegmina moderately long, reaching at middle of abdominal segment VI; dorsal field with 2 harp veins; mirror with dividing complex; apical margin reclined; apical area short.</p> <p>Hind tibia with lateral spines i/o= 6/5; apical spurs i/o= 3/3, the length order of each apical spur from inner side, in formula 1-1-5-4-2-3. Tympanum open only on outer side.</p> <p>The type specimen (Fig. 3 -A, B) is faded in color, general color reddish brown but with no markings. Right hind leg and the tibiae and tarsi of remainder legs missing.</p> <p> The male genitalia (Fig. 3 -D, E) had been dissected and attached together with specimen by a previous worker. The author examined the male genitalia in detail after he clearing it gently in KOH. These genitalia are very different from <i>Loxoblemmus</i> in many aspects. The ectoparamere and epiphallus with cornua are not distinctly produced and with non-bifurcate median portion, the genitalia similar to that of <i>Gryllus domesticus,</i> and in <i>Velarifictorus</i> or <i>Modicogryllus</i>.</p> <p>Measurements (in mm) Male (Holotype): Body length: 21.2. Head length: 4.5. Head width: 5.6. Face length: 8.2. Face width: 5.6. Pronotum length: 4.5. Pronotum width: 5.4.Tegmen length: 10.0. Tegmen width: 5.5. Wing length: absent: Fore femur length: 5.5. Fore tibia length: 4.7. Hind femur length: 13.5. Hind femur width: 4.4. Hind tibia length: 8.2. Cerci length: --- (damaged)</p> <p> <b>Specimens examined.</b> Holotype: male, " Holotype "; " SIAM. upper plran R., 12-IV-1926, W.R.S. Ladell."; "Pres. by Com. Inst. Ent. B.M. 1953-680."; <i>Loxoblemmus longifrons</i>, type, L. Chopard det.</p> <p> <b>Distribution.</b> EA/ Thailand.</p> <p> The holotype is in BMNH, London. The male genitalia had dissected and attached together with the holotype. According to Randell (1964), the morphology of male genitalia is very different from those of <i>Loxoblemmus</i> Saussure.</p>Published as part of <i>Yang, Jeng-Tze, 2015, Revision of Paraloxoblemmus Karny (Orthoptera: Gryllidae; Gryllinae) with a new combination, Paraloxoblemmus longifrons (Chopard 1969), and lectotype designation for Paraloxoblemmus loxoblemmoides (Karny), pp. 339-345 in Zootaxa 3914 (3)</i> on pages 343-344, DOI: 10.11646/zootaxa.3914.3.7, <a href="http://zenodo.org/record/242080">http://zenodo.org/record/242080</a>
L’effacement des dettes des particuliers surendettés : une étude empirique des décisions judiciaires
No full textAn Empirical Analysis of French Personal Bankruptcy Law.
This paper explores the mechanisms employed by French judges to discharge personal debts of over-indebted households in exchange for the liquidation of their assets. We use an original database consisting of judiciary decisions between 2003 and 2005. We highlight the determinants of selection between debtorswhose debts are cancelled and those who are ordered to repay them. Debtorswho are less able to repay have a greater chance of benefiting froma fresh start. If the repayment capacity increases by 1%, the predicted probability of debt discharge decreases by a little more than 1%. Overall, courts erase household debts in a rather restrictiveway, applying criteria not limited to an assessment of debtors’ financial situation.Cet article analyse le mécanisme judiciaire de traitement des situations de surendettement de ménages français. Nous étudions les conditions sous lesquelles un particulier bénéficie d’un effacement de ses dettes en échange d’une liquidation de son patrimoine. Nous réalisons un travail empirique sur la base d’observations issues d’une base de données originale de décisions judiciaires rendues par des tribunaux d’instance de 2003 à 2005. Une hausse de 1 % de la capacité de remboursement du débiteur diminue la probabilité de bénéficier d’une procédure de rétablissement personnel d’un peu plus de 1%. Au total, l’effacement du passif est décidé de manière assez restrictive par les tribunaux, sur la base de critères ne se limitant pas à une simple appréciation financière de la situation des débiteurs.Blazy Régis, Chopard Bertrand, Langlais Eric, Ziane Ydriss. L’effacement des dettes des particuliers surendettés : une étude empirique des décisions judiciaires. In: Économie & prévision, n°202-203, 2013. Economie du droit. pp. 81-99
Euceraia femorata Chopard 1918, syn. nov.
No full textEuceraia femorata (Chopard, 1918) Euceraia bos Piza, 1950 Aracuincola laminatus Piza, 1980 syn. nov. Araçuincola, emended to Aracuincola Piza, 1980 syn. nov. of Euceraia Hebard, 1927 The two male type specimens from northern Brazil not only belong to the genus Euceraia, but share the conspicuous black markings on the forelegs with E. femorata described from French Guiana. They also fit Grant’s (1964) redescription of the latter species very well. This author synonymized E. bos under E. femorata, with the same black markings on the forelegs, described by Piza already in 1950, also from northern Brazil.Published as part of Chamorro-Rengifo, Juliana & Braun, Holger, 2010, The Tettigoniidae (Orthoptera) described by Salvador de Toledo Piza Jr. and deposited in the collection of the University of São Paulo, Escola Superior de Agricultura " Luiz de Queiroz ", Brazil, pp. 41-66 in Zootaxa 2635 on page 55, DOI: 10.5281/zenodo.19840
Enchères, redressement ou liquidation judiciaire
No full textCet article offre une revue argumentée et critique de la littérature consacrée à l’utilisation d’un mécanisme d’enchères dans le traitement des défaillances d’entreprises au travers de deux questions. Quels sont les avantages et les inconvénients des deux systèmes a priori rivaux, l’enchère et la procédure collective fondée sur une analyse détaillée des possibilités de redressement de l’entreprise effectuée par le tribunal ? Puis, quelles sont les difficultés posées par l’introduction d’une procédure d’enchères dans un système juridique hermétique à cet instrument? Par ce biais, c’est la question plus générale de la réforme des procédures collectives fortement encadrées par le tribunal qui est abordée.This article reviews developments concerning how firms, their stakeholders or bankruptcy courts may use auctions to resolve financial and economic distress. In our analysis, we give special attention to the two major following questions. First, what are the comparative advantages and limits of the two rival systems : the auction and the reorganization procedure where an official decides whether the firm should be continued or liquidated? Second, how to introduce auctions in a reorganization process where bankruptcy court has a great influence
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