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Corporate Financial Distress and Bankruptcy

A Survey

Corporate Financial Distress and Bankruptcy has moved into a public domain due to the recent global financial crisis that witnessed failures of many venerable institutions that were rescued by the government. This led to landmark legislation in the form of the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide resolution authority similar to private workouts but under government authority. This survey will highlight the resolution mechanisms not only in the private domain but also in the public domain and will use corporate finance paradigms to interpret some of these far-reaching developments in financial distress of systemic nature. Section II provides the institutional features of financial distress and bankruptcy, focusing on the workings of the US bankruptcy system. Section III provides a review of the major theoretical developments in corporate financial distress and bankruptcy. Section IV reviews the available empirical work on financial distress and bankruptcy and examines the question about the extent to which financial distress and bankruptcy costs are significant, and the extent to which these costs are internalized and externalized. The section also highlights important changes that have taken place over the last two decades in both private workouts and court-supervised resolution mechanisms. Section V looks at comparative bankruptcy codes around the world, which tend to vary along creditor rights and financial distress resolution mechanisms. Section VI examines the systemic nature of financial distress and bankruptcy. The authors provide a summary of all the discussions in Section VII so that readers can get a concise overview of the essential topics covered in this survey and some direction for future research on corporate financial distress and bankruptcy.

Section IV reviews the available empirical work on financial distress and bankruptcy and examines the question about the extent to which financial distress and bankruptcy costs are significant, and the extent to which these costs are ...

Corporate Financial Distress

A Complete Guide to Predicting, Avoiding, and Dealing with Bankruptcy

A comprehensive guide to predicting and dealing with corporate bankruptcy: how to anticipate financial crisis, manage a financial turnaround, and handle the legal, accounting and investment implications of bankruptcy. Discusses failure prediction and develops specific and aggregate business failure models for analyzing both private and publicly held firms. Provides complete documentation and analysis of failure prediction models in ten countries.

A comprehensive guide to predicting and dealing with corporate bankruptcy: how to anticipate financial crisis, manage a financial turnaround, and handle the legal, accounting and investment implications of bankruptcy.

Insolvency and Financial Distress

How to avoid it and survive it

Avoiding insolvency is a key challenge for any business: even in good economic times, one in three small businesses goes bust every year, and in the current fraught climate, companies of all sizes are facing financial distress. According to the UK government's Insolvency Service, in the first quarter of 2011 alone, there were over 4,000 compulsory liquidations and creditors' voluntary liquidations in total in England and Wales. In this book, Brian Finch offers information and advice for people connected with businesses in financial distress. The main aim is to avoid insolvency wherever possible or to otherwise mitigate the pain involved. The book tackles crucial issues such as: Spotting warning signs early on Understanding bankruptcy and its alternatives Dealing with practical problems Understanding the implications for directors Starting over

... and because it has the words 'DON'T PANIC' in large, friendly letters on the
cover.1 Telling a friend that I was writing this book, he responded that it is easy to
avoid financial distress and insolvency: all you need to do is make a profit. Well ...

Corporate Financial Distress and Bankruptcy

Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt

A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.

Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt Edward I.
Altman, Edith Hotchkiss. the poor performance of a firm is caused by the financial
distress itself (and therefore is an indirect cost), or whether it is caused by the ...

Financial Distress and Corporate Turnaround

An Empirical Analysis of the Automotive Supplier Industry

​The work of Martin Schmuck empirically investigates the phenomenon of financial distress and corporate turnaround in the automotive supplier industry. Based on a sample of 194 publicly listed automotive suppliers, the effectiveness of managerial, operational, financial, and asset restructuring activities is analyzed in a multivariate research setting. Archetypes for successful turnarounds are identified and matched with strategies of non-distressed companies.

3.1 Definitions 3.1.1 Financial distress The definition of distress in general and
the selection of a distress criterion have major implications on research results,
particularly in empirical research.156 Definitions of what constitutes good and
poor ...

Financial Distress, Corporate Restructuring and Firm Survival

An Empirical Analysis of German Panel Data

Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms’ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany’s revised bankruptcy legislation.

the resulting industry distribution of firms in the distress sample broadly
corresponds with the overall distribution of industries in the universe. The
industry distributions of the distress sample and the underlying WORLDSCOPE
universe are ...

Financial Statement Analysis and the Prediction of Financial Distress

Financial Statement Analysis and the Prediction of Financial Distress discusses the evolution of three main streams within the financial distress prediction literature: the set of dependent and explanatory variables used, the statistical methods of estimation, and the modeling of financial distress. Section 1 discusses concepts of financial distress. Section 2 discusses theories regarding the use of financial ratios as predictors of financial distress. Section 3 contains a brief review of the literature. Section 4 discusses the use of market price-based models of financial distress. Section 5 develops the statistical methods for empirical estimation of the probability of financial distress. Section 6 discusses the major empirical findings with respect to prediction of financial distress. Section 7 briefly summarizes some of the more relevant literature with respect to bond ratings. Section 8 presents some suggestions for future research and Section 9 presents concluding remarks.

The case of home mortgages where the unpaid principal balance exceeds the
market value of a home is a timely but simple example. 1.1 Why Predict Financial
Distress? At an intuitive level, it may seem self-evident that it would be important
 ...