How to Measure the Performance of Farms with Regard to Climate-Smart Agriculture Goals? A Set of Indicators and Its Application in Guadeloupe

Conceptualized by the Food and Agriculture Organization in 2010, climate-smart agriculture aims to simultaneously tackle three main objectives. These are increasing food security, building the resilience of agricultural systems for adaptation to climate change and mitigation of GHG. As much research focuses on one of these three objectives, our understanding of how agricultural systems address these three challenges simultaneously is limited by the lack of a comprehensive evaluation tool. In order to fill this gap, we have developed a generic evaluation framework that comprises 19 indicators that we measured in a sample of 12 representative farms of the North Basse-Terre region in Guadeloupe. The evaluation revealed clear differences in the performance of these farming systems. For example, nutritional performance varied from 0 to 13 people fed per hectare, the average potential impact of climatic conditions varied from 27% to 33% and the GHG emissions balance varied from +0.8 tCO(2eq)center dot ha(-1) to +3.6 tCO(2eq)center dot ha(-1). The results obtained can guide the design of innovative production systems that better meet the objectives of climate-smart agriculture for the study region. The evaluation framework is intended as a generic tool for a common evaluation basis across regions at a larger scale. Future prospects are its application and validation in different contexts

Ex post Efficiency of Bankruptcy Procedures: A General Normative Framework

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Corporate insolvency procedures in England: the uneasy case for liquidations

International audienceOur paper investigates a comprehensive sample of 574 English corporate insolvency cases, including direct liquidation cases. In contrast to other insolvency procedures, liquidations perform poorly on average and fail to produce satisfactory repayments to creditors. We run multinomial Logit regressions to explain the choice between liquidation and reorganization. We obtain three main results. First, we confirm that size matters: distressed firms owning low assets have higher chances of being liquidated immediately. Second, the presence of secured creditors decreases the risk of direct liquidation. This provides a clue that in England, the most-informed creditors adapt their strategies and turn away from the less-performing procedures. Third, we find that the likelihood of administration—which appears nowadays as the main alternative to direct liquidation—significantly depends on the proportion of fixed/current assets owned by the firms

The choice between informal and formal restructuring: The case of French banks facing distressed SMEs.

International audienceThis empirical paper investigates the paths leading to the resolution of financial distress for a sample of small and medium-sized French firms in default, focusing in particular on their decisions between bankruptcy and informal (out-of-court) renegotiations. The procedure is depicted as a sequential game in which stakeholders first decide whether to engage in an informal renegotiation. Second, conditional on opting for renegotiation, the debtor and its creditors may succeed or fail in reaching an agreement to restructure the firm’s capital structure. We test different hypotheses that capture (i) coordination and bargaining power issues, (ii) informational problems, (iii) firm characteristics, and (iv) loan characteristics. The empirical implementation is based on sequential LOGIT regressions. First, we find that the likelihood of informal renegotiations increases with loan size and the proportion of long-term debt. These two results support the argument that size matters when deciding whether to opt for informal renegotiation. Second, the probability of a successful renegotiation decreases when (i) the bank in charge of handling the process is the debtor’s “main” creditor and when (ii) the firm is badly rated and its management is considered faulty. Third, the estimations show that collateral plays a significant role in the first stage of the renegotiation process. However, it does not impact the likelihood of success in reaching a renegotiated agreement. Finally, some banks are clearly better than others at leading successful renegotiation processes

Severe or gentle bankruptcy law: Which impact on investing and financing decisions?

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