This study investigates the link between bankruptcy and security legislation and potential credit losses faced by banks based on a cross-country study for the United States (US), the United Kingdom (UK) and Germany. Focusing on corporate credit, we find that legislation produces the highest credit risk in the US, followed by Germany, while UK law is found to be most favorable for banks. US banks gains from the higher number of informal restructurings (without losses) but lose from the low level of recovery in formal proceedings. German banks demand more credit risk mitigants than UK and US banks do, but still recover less than do UK banks. To be at par with UK banks, US banks would have to recover more than twice as much in formal proceedings, while German proceedings would have to be shortened by about one half.
‘Commerce and manufactures gradually introduced order and good government,’ wrote Adam Smith in his Wealth of Nations, ‘and with them, the liberty and security of individuals.’ However, Philipp Robinson Rössner shows how, when looked at in the face of history, it has usually been the other way around. This book follows the development of capitalism from the Middle Ages through the industrial revolution to the modern day, casting new light on the areas where premodern political economies of growth and development made a difference. It shows how order and governance provided the foundation for prosperity, growth and the wealth of nations. Written for scholars and students of economic history, this is a pioneering new study that debunks the neoliberal origin myth of how capitalism came into the world.
Originally appearing at the same time as the pacifist novel All Quiet on the Western Front, this powerful collection provides a glimpse into the hearts and minds of an enemy that had been thoroughly demonized by the Allied press. Composed by German students who had left their university studies in order to participate in World War I, these letters reveal the struggles and hardships that all soldiers face. The stark brutality and surrealism of war are revealed as young men from Germany describe their bitter combat and occasional camaraderie with soldiers from many nations, including France, Great Britain, and Russia. Like its companion volume, War Letters of Fallen Englishmen, these letters were carefully selected for their depth of perception, the intensity of their descriptions, and their messages to future generations. "Should these letters help towards the establishment of justice and better understanding between nations," the editor reflects in his introduction, "their deaths will not have been in vain." This edition contains a new foreword by the distinguished World War I historian Jay Winter.
A deeper understanding of how consumers think, feel and act is vital to the success of management and provides valuable information for managerial decision making in many areas of business. One key to this understanding is brand knowledge, which is the representation of a brand in consumers’ minds. Unfortunately, a substantial amount of relevant knowledge within people’s minds is unconscious and cannot be retrieved, accessed and recalled by consumers. As a consequence, certain methods of retrieval are required, such as projective techniques. The method this book works with is the collage technique, an expressive projective method. The aim of this book is to create a multi-layered approach that facilitates the interpretation of collages without the need of any additional information given by the participants, based on metaphor analysis, color theory, a communication model and structural analysis.
A philosophical investigation into the connections between trust and violence The limiting of violence through state powers is one of the central projects of the modern age. Why then have recent centuries been so bloody? In Trust and Violence, acclaimed German intellectual and public figure Jan Philipp Reemtsma demonstrates that the aim of decreasing and deterring violence has gone hand in hand with the misleading idea that violence is abnormal and beyond comprehension. We would be far better off, Reemtsma argues, if we acknowledged the disturbing fact that violence is normal. At the same time, Reemtsma contends that violence cannot be fully understood without delving into the concept of trust. Not in violence, but in trust, rests the foundation of true power. Reemtsma makes his case with a wide-ranging history of ideas about violence, from ancient philosophy through Shakespeare and Schiller to Michel Foucault, and by considering specific cases of extreme violence from medieval torture to the Holocaust and beyond. In the midst of this gloomy account of human tendencies, Reemtsma shrewdly observes that even dictators have to sleep at night and cannot rely on violence alone to ensure their safety. These authoritarian leaders must trust others while, by means other than violence, they must convince others to trust them. The history of violence is therefore a history of the peculiar relationship between violence and trust, and a recognition of trust's crucial place in humanity. A broad and insightful book that touches on philosophy, sociology, and political theory, Trust and Violence sheds new, and at times disquieting, light on two integral aspects of our society.
This study investigates the link between bankruptcy and security legislation and potential credit losses faced by banks based on a cross-country study for the United States (US), the United Kingdom (UK) and Germany. Focusing on corporate credit, we find that legislation produces the highest credit risk in the US, followed by Germany, while UK law is found to be most favorable for banks. US banks gains from the higher number of informal restructurings (without losses) but lose from the low level of recovery in formal proceedings. German banks demand more credit risk mitigants than UK and US banks do, but still recover less than do UK banks. To be at par with UK banks, US banks would have to recover more than twice as much in formal proceedings, while German proceedings would have to be shortened by about one half.
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