Secondaries Of Eclipsing Binaries. IV. The Triple System Lambda-Tauri

NSF AST 81-16409, AST 79-22014Astronom

The Creditors' Financial Reorganization Decision: New Evidence from Canadian Data

The paper examines a data set of 338 randomly selected financial reorganization plans filed in Canada during the period 1978-87. Creditors reject roughly 25% of reorganization plans, while about 20% of the plans creditors accept fail before completion, providing evidence of filtering failure in the reorganization process. A logit model of the creditors' reorganization decision produces two interesting results. Plans offering a high proportion of cash payments are more likely to be accepted by creditors, which we interpret as evidence that cash is a signal of financial viability. Plans with high ratios of secured debt are more likely to be accepted, which we interpret as evidence that secured creditors with insider knowledge signal information about the financial viability of firms to unsecured creditors. Ce document a pour but d'étudier le processus de réorganisation financière au Canada sur la base d'un échantillon de 338 propositions de réorganisations commerciales au cours de la période 1978-1987. Les données démontrent que 25 % des propositions sont rejetées par les créanciers non-garantis et qu'environ 20 % des propositions acceptées résultent éventuellement en un échec. Une analyse du comportement des créanciers lors du vote sur une proposition génère deux résultats intéressants. Premièrement, la probabilité d'acceptation d'une proposition augmente avec la proportion des paiements comptants fait aux créanciers. L'utilisation de paiements comptants est interprêtée comme un signal quand à la viabilité d'une firme. Deuxièmement, la probabilité d'acceptation d'une proposition augmente avec la proportion des créances garanties à l'intérieur de la firme. Ce résultat supporte la thèse à l'effet que les banques possèdent de l'information privilégiée sur la viabilité des entreprises et fournit une nouvelle évidence quant au rôle des banques dans la transmission de cette information vers les créanciers non-garantis.Financial reorganization; Creditors; Financial viability of firms, Réorganisation financière ; Créanciers ; Viabilité des entreprises

Should We Abolish Chapter 11 : Evidence from Canada

Over the last decade, Chapter 11 has been the brunt of serious criticism. Some American jurists arguing in favor of revising Chapter 11 have raised the possibility that the Canadian reorganization system might be a good alternative to the existing U.S. system. This article argues that there are fruitful lessons to be learned from the Canadian experience with court-supervised reorganization. Canadian evidence shows that acceptance, confirmation, and consummation rates of proposals are very high. Moreover, firms reorganizing in Canada are almost ten times more likely to survive reorganization than their American counterparts. Furthermore, Canadian data yield no support for the claim that problems with bankruptcy law result from an over-abundance of small firms in reorganization. The analysis also shows that the Canadian reorganization procedure offers a very rapid solution to financial distress and that creditors gain, in expected value terms, from reorganization over liquidation. Based on our evaluation of the relative performance of both systems, we argue that Chapter 11 be revised rather than repealed. Au cours de la dernière décennie, le Chapitre 11 du U.S. Bankruptcy Code a été l'objet de critiques importantes de la part de juristes et d'économistes américains. Récemment, un certain nombre de ces juristes ont soulevé la possibilité de réformer le Chapitre 11 sur la base du système canadien en matière de réorganisation commerciale. Le but du présent article est de démontrer que l'expérience canadienne en matière de réorganisation commerciale est révélatrice sur les réformes potentielles à apporter au Chapitre 11. Les données canadiennes montrent clairement que les taux d'acceptation, de confirmation et de succès des propositions commerciales sont très élevés. De plus, la probabilité de survie des firmes canadiennes en réorganisation est de dix fois supérieure à celle des firmes américaines. Les données canadiennes permettent également de rejeter l'affirmation selon laquelle l'échec de la procédure de réorganisation origine de son utilisation par les petites entreprises. Qui plus est, la procédure canadienne offre une solution rapide aux entreprises en difficultés financières et un rendement espéré aux créanciers supérieur par rapport à la procédure de liquidation. Sur la base de notre évaluation comparative des deux systèmes d'insolvabilité, nous suggérons la révision plutôt que l'abolition du Chapitre 11.Bankruptcy, Reorganization, Chapter 11, Bankruptcy Act, Faillite, Réorganisation, Chapitre 11, Loi sur la faillite

New Precision Orbits Of Bright Double-Lined Spectroscopic Binaries. III. HD 82191, Omega Draconis, And 108 Herculis

We have determined improved spectroscopic orbits for three double-lined binaries, HD 82191 (Am), omega Dra (F5 V), and 108 Her (Am), using radial velocities from the 2.1 m telescope at McDonald Observatory, the coude feed telescope at Kitt Peak National Observatory, and 2 m telescope at Fairborn Observatory. The orbital periods range from 5.28 to 9.01 days, and all three systems have circular orbits. The new orbital dimensions (a(1) sin i and a(2) sin i) and minimum masses (m(1) sin(3) i and m(2) sin(3) i) have accuracies of 0.2% or better. Our improved results confirm the large minimum masses of HD 82191 and also agree with the values previously found for. Dra. However, for the components of 108 Her our minimum masses are about 20% larger than the previous best values. We conclude that both components of HD 82191 as well as the primary of 108 Her are Am stars. However, the A9 secondary of 108 Her has normal abundances. We estimate spectral types of F4 dwarf and G0 dwarf for the components of. Dra. The primaries of the three binaries are synchronously rotating as is the secondary of 108 Her. The secondaries of HD 82191 and omega Dra are possibly synchronously rotating.NASA NCC5-511NSF HRD-9706268Astronom

New Precision Orbits Of Bright Double-Lined Spectroscopic Binaries. VIII. HR 1528, HR 6993, 2 Sagittae, And 18 Vulpeculae

Improved orbital elements for four A-star double-lined spectroscopic binaries have been determined with numerous new radial velocities. Three of the four systems, HR 1528, 2 Sge, and 18 Vul, have moderately short orbital periods of 7.05, 7.39, and 9.31 days, respectively, and also have circular or nearly circular orbits. Only HR 6993 with a period of 14.68 days has a significantly eccentric orbit. The close visual companion of 2 Sge has been detected spectroscopically, and its velocity measured. The orbital dimensions (a(1) sin i and a(2) sin i) and minimum masses (m(1) sin(3) i and m(2) sin(3) i) of the short-period binary components all have accuracies of 0.5% or better. We determine basic properties of the individual stars and compare them with solar-abundance evolutionary tracks to estimate their masses. Half of the eight components may be synchronously or pseudosynchronously rotating.NASANSFTennessee State UniversityState of Tennessee through its Centers of ExcellenceAstronom