Browsing by Issue Date, starting with "2024-08-20"
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- Bankruptcy as a planned business strategy? Evidence from the stock marketPublication . SERRA COELHO, LUÍS MIGUELPurpose This paper aims to investigate how the US stock market deals with the announcement of a strategic Chapter 11, a special type of corporate bankruptcy in which companies seek the protection of the law not as a last resort but as a planned business decision. Design/methodology/approachAn event study is conducted by using data concerning a group of US publicly traded companies that entered Chapter 11 for both strategic and nonstrategic reasons. Regression analysis is also used for robustness purposes. Findings This study reveals that initiating both strategic and nonstrategic Chapter 11 proceedings results in negative and statistically significant abnormal stock returns before and at the bankruptcy announcement date. However, in the period following the filing, the market gradually views strategic bankruptcy cases as positive news, whereas nonstrategic Chapter 11 filings continue to be perceived as distinctly negative. Originality/value To the best of the author's knowledge, this is the first paper that documents an asymmetric market reaction to the announcement of Chapter 11, suggesting that, in certain circumstances, managers can add value by filing a strategic bankruptcy.
- A multimethod interpolation approach for mapping the spatial distribution of rainfall in southwest Iberian PeninsulaPublication . Ruiz-Ortiz, Verónica; Maria Neto Paixão Vazquez Fernandez Martins, Helena; Granja Martins, Fernando Miguel; Vélez-Nicolás, Mercedes; Isidoro, Jorge; García-López, SantiagoEight spatial interpolation models were used to map the spatial distribution of precipitation in the southwestern sector of the Iberian Peninsula (22330 km2) over 40 years (1980/1981-2019/2020). Rainfall data from 103 meteorological stations were used to generate the interpolation models, namely inverse distance weight (IDW) with 6, 12 and 24 points, regression spline (RS), thin spline (TS), universal kriging with spherical and Gaussian variogram (UK_Sphe and UK_gauss, respectively) and multilinear regression (MR), based on physiographic and geographic variables. Furthermore, 32 rainfall stations were used to assess the performance of the previous methods through 7 statistical metrics Ordinary Least Squares (OLS), Root Mean Square Error (RMSE), Normalized root mean square error (NRMSE), Coefficient of determination (R2), Nash-Sutcliffe efficiency coefficient (NSE), Mean Absolute Error (Bias and MAE). Based on these metrics, UK_gauss and IDW_6 provided the best adjustments, whereas MR presented the highest errors. All methods were suitable to predict the spatial distribution of rainfall, but adjustments are conditioned by the features of the study area, gauge density and gauge spatial distribution.
- The sustainable use of halophytes in salt-affected land: state-of-the-art and next steps in a saltier worldPublication . Bazihizina, Nadia; Papenbrock, Jutta; Aronsson, Henrik; Hamed, Karim Ben; Elmaz, Özkan; Dafku, Zenepe; Custódio, Luísa; Rodrigues, Maria João; Atzori, Giulia; Negacz, KatarzynaSalinization is a major cause of soil degradation that affects several million hectares of agricultural land, threatening food security and the sustainability of agricultural systems worldwide. Nevertheless, despite the negative impact of salinity, salt-affected land also provides several important ecosystem services, from providing habitats and nurseries for numerous species to sustainable food production. This opinion paper, written in the framework of the EU COST Action CA22144 SUSTAIN on the sustainable use of salt-affected land, therefore, focuses on the potential of halophytes and saline agriculture to transform and restore key functions of these salt-affected and marginal lands. As the current knowledge on sustainable saline agriculture upscaling is fragmented, we highlight (i) the research gaps in halophyte and salinity research and (ii) the main barriers and potentials of saline agriculture for addressing food security and environmental sustainability in terms of population growth and climate change.