Can Banks Promote Enterprise Restructuring?: Evidence From a Polish Bank's Experience

In this paper, we take a detailed look at one Polish bank's experiences with financial sector reforms focusing on a bank-led enterprise-restructuring plan that linked directly bank privatization and recapitalization to bad-debt workouts. Based on personal interviews and original statistical data, we evaluate the performance of Bank Depozytowo-Kredytowy (BDK) in promoting financial and operational restructuring of its clients. We found that BDK continued to provide soft lending to keep four old military-industrial companies afloat and actually increased its exposure to these companies during the program. The five success stories among BDK's clients were companies that had external agents other than the bank promoting and monitoring their operational restructuring. From our case study of BDK, we conclude that, while banks may play a role in financial restructuring of their clients, their ability to affect operational restructuring is quite limited. Moreover, state-owned banks are particularly vulnerable to incentive problems when dealing with large state-owned enterprises that may be too big or too political to fail.http://deepblue.lib.umich.edu/bitstream/2027.42/39678/3/wp294.pd

Can Banks Promote Enterprise Restructuring?: Evidence From a Polish Bank's Experience

In this paper, we take a detailed look at one Polish bank's experiences with financial sector reforms focusing on a bank-led enterprise-restructuring plan that linked directly bank privatization and recapitalization to bad-debt workouts. Based on personal interviews and original statistical data, we evaluate the performance of Bank Depozytowo-Kredytowy (BDK) in promoting financial and operational restructuring of its clients. We found that BDK continued to provide soft lending to keep four old military-industrial companies afloat and actually increased its exposure to these companies during the program. The five success stories among BDK's clients were companies that had external agents other than the bank promoting and monitoring their operational restructuring. From our case study of BDK, we conclude that, while banks may play a role in financial restructuring of their clients, their ability to affect operational restructuring is quite limited. Moreover, state-owned banks are particularly vulnerable to incentive problems when dealing with large state-owned enterprises that may be too big or too political to fail.financial restructuring, operational restructuring, Polish banking reform, bank conciliatory procedures

Approximately coloring graphs without long induced paths

It is an open problem whether the 3-coloring problem can be solved in polynomial time in the class of graphs that do not contain an induced path on $t$ vertices, for fixed $t$. We propose an algorithm that, given a 3-colorable graph without an induced path on $t$ vertices, computes a coloring with $\max\{5,2\lceil{\frac{t-1}{2}}\rceil-2\}$ many colors. If the input graph is triangle-free, we only need $\max\{4,\lceil{\frac{t-1}{2}}\rceil+1\}$ many colors. The running time of our algorithm is $O((3^{t-2}+t^2)m+n)$ if the input graph has $n$ vertices and $m$ edges

Realization of XNOR and NAND spin-wave logic gates

We demonstrate the functionality of spin-wave logic XNOR and NAND gates based on a Mach-Zehnder type interferometer which has arms implemented as sections of ferrite film spin-wave waveguides. Logical input signals are applied to the gates by varying either the phase or the amplitude of the spin waves in the interferometer arms. This phase or amplitude variation is produced by Oersted fields of dc current pulses through conductors placed on the surface of the magnetic films.Comment: 5 pages, 2 figure

Exhaustive generation of kk-critical H\mathcal H-free graphs

We describe an algorithm for generating all $k$-critical $\mathcal H$-free graphs, based on a method of Ho\`{a}ng et al. Using this algorithm, we prove that there are only finitely many $4$-critical $(P_7,C_k)$-free graphs, for both $k=4$ and $k=5$. We also show that there are only finitely many $4$-critical graphs $(P_8,C_4)$-free graphs. For each case of these cases we also give the complete lists of critical graphs and vertex-critical graphs. These results generalize previous work by Hell and Huang, and yield certifying algorithms for the $3$-colorability problem in the respective classes. Moreover, we prove that for every $t$, the class of 4-critical planar $P_t$-free graphs is finite. We also determine all 27 4-critical planar $(P_7,C_6)$-free graphs. We also prove that every $P_{10}$-free graph of girth at least five is 3-colorable, and determine the smallest 4-chromatic $P_{12}$-free graph of girth five. Moreover, we show that every $P_{13}$-free graph of girth at least six and every $P_{16}$-free graph of girth at least seven is 3-colorable. This strengthens results of Golovach et al.Comment: 17 pages, improved girth results. arXiv admin note: text overlap with arXiv:1504.0697