Debt Financing Bankruptcy Reorganization And Corporate Investment

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Debt Financing, Bankruptcy Reorganization and Corporate Investment

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Author : Simiao Zhou
Publisher :
ISBN 13 : 9780494676936
Total Pages : 0 pages
Book Rating : 4.6/5 (769 download)

Book Synopsis Debt Financing, Bankruptcy Reorganization and Corporate Investment by : Simiao Zhou

Download or read book Debt Financing, Bankruptcy Reorganization and Corporate Investment written by Simiao Zhou and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I investigate economic and policy implications of corporate debt financing. In the first chapter, I examine whether or not leverage has a negative effect on corporate investment due to a debt overhang problem. Existing empirical studies face a challenging endogeneity problem inherent in the investment-leverage relationship, the source of which is the firm's anticipation of its growth opportunities. I develop a novel approach to control for this problem by using analysts' earnings forecasts as an anticipation measure. I show that anticipations influence the investment-leverage relationship in that firms that do anticipate future growth opportunities suffer less from debt overhang. In the second chapter, I extend Chapter One's analysis to a dynamic setting. I first establish that there is a stable long-term relationship between investment and leverage, and then disentangle the short-term dynamics of leverage and investment and find that the deviation of leverage from its benchmark path has a negative impact on the change in investment. I also employ dynamic panel models to estimate the causal dynamic effects of leverage on investment. The estimations show that the impact is negative for recent leverage, but positive for leverage in the more distant past. Also, the effects of leverage are attenuated when the investment uncertainties are further controlled. This suggests that the firm's response to investment uncertainties might explain dynamic effects of leverage on investment. In Chapter Three, I investigate the effects of the U.S. Chapter 11 bankruptcy-reorganization law on firm operating performance, and adopt matching methods to account for self-selection and heterogeneity in firms' pre-filing characteristics. Matching methods entail the selection of a control group of non-bankrupt firms that are comparable to Chapter 11 filing firms in a wide range of pre-filing characteristics that affect filing decisions. Comparing the operating performances of the two groups, I find that filing firms' net cash flows, but not operating incomes, improve significantly during bankruptcy. Furthermore, firms reduce their leverage levels and incur lower interest expenses after bankruptcy. The results suggest that the reduction in interest expenses contributes to the improvement in firms' net cash flows during bankruptcy.

Debt Financing, Bankruptcy Reorganization and Corporate Investment

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Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (68 download)

Book Synopsis Debt Financing, Bankruptcy Reorganization and Corporate Investment by :

Download or read book Debt Financing, Bankruptcy Reorganization and Corporate Investment written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: PhD.

Corporate Bankruptcy and Financial Reorganization

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Author : Richard Squire
Publisher : Aspen Publishing
ISBN 13 : 1454881712
Total Pages : 649 pages
Book Rating : 4.4/5 (548 download)

Book Synopsis Corporate Bankruptcy and Financial Reorganization by : Richard Squire

Download or read book Corporate Bankruptcy and Financial Reorganization written by Richard Squire and published by Aspen Publishing. This book was released on 2016-10-05 with total page 649 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first edition of Corporate Reorganization in Bankruptcy is designed to teach students the legal and financial principles of business bankruptcy law. The casebook is ideal for second- and third-year law students who are considering a career in business bankruptcy specifically. Each chapter is comprised of case excerpts with questions to prompt discussion and analysis, short readings that summarize the relevant rules, doctrines, and financial concepts, and problems requiring students to apply the legal and financial principles learned from hypothetical fact patterns. With an emphasis on the principles of finance, Corporate Reorganization in Bankruptcy examines each of the major types of investors in a business corporation. In addition, it includes a thorough treatment of Section 363 sales, banking and systemic risk. The purchase of this Kindle edition does not entitle you to receive 1-year FREE digital access to the corresponding Examples & Explanations in your course area. In order to receive access to the hypothetical questions complemented by detailed explanations found in the Examples & Explanations, you will need to purchase a new print casebook.

Corporate Financial Distress, Restructuring, and Bankruptcy

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Author : Edward I. Altman
Publisher : John Wiley & Sons
ISBN 13 : 1119481805
Total Pages : 374 pages
Book Rating : 4.1/5 (194 download)

Book Synopsis Corporate Financial Distress, Restructuring, and Bankruptcy by : Edward I. Altman

Download or read book Corporate Financial Distress, Restructuring, and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2019-03-26 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.

Corporate Financial Distress and Bankruptcy

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Author : Edward I. Altman
Publisher : John Wiley & Sons
ISBN 13 : 1118046048
Total Pages : 314 pages
Book Rating : 4.1/5 (18 download)

Book Synopsis Corporate Financial Distress and Bankruptcy by : Edward I. Altman

Download or read book Corporate Financial Distress and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2010-03-11 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Corporate Debt Restructuring in Emerging Markets

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Author : Richard Marney
Publisher : Springer Nature
ISBN 13 : 3030813061
Total Pages : 422 pages
Book Rating : 4.0/5 (38 download)

Book Synopsis Corporate Debt Restructuring in Emerging Markets by : Richard Marney

Download or read book Corporate Debt Restructuring in Emerging Markets written by Richard Marney and published by Springer Nature. This book was released on 2021-09-02 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic and businesses look to pick up the pieces, this is even more true. For many, the financial hangover of the lockdowns and market disruptions linger and threaten their independence, even their survival. This peril is more acute in the emerging and frontier markets. Weaker economic fundamentals and institutional resiliency often intensify the challenge to return to pre-COVID-19 operating levels and financial sustainability. In this context, borrowers invariably must address the imbalance of substantial existing debt with the “new reality” of their business operations and revenues. This book, using case studies, presents a full, detailed narrative of a fictitious troubled bank in an emerging market, with characters, dialogues, and negotiations. It also includes a series of discussion questions with suggested answers, to draw out key issues from the case. In doing so, this initial narrative offers a substantive analysis of the five main phases and principles of a restructuring: (1) pre-restructuring, (2) the decision to restructure, (3) the case set-up, (4) structuring and negotiation, and lastly (5) implementation. In each chapter, the book outlines the main elements of the phases and shows how the elements are applied in practice. The book also presents separate chapters on exogenous shocks (with a focus on the COVID-19 pandemic as an example of such shocks), macroeconomics, and legal issues present in cross-border restructurings. It will be of interest to the international professional financial and legal community, primarily junior-to mid-level financiers, business people, and lawyers.

Bankruptcy & Distressed Restructurings

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Author : Edward I. Altman
Publisher : Beard Books
ISBN 13 : 9781893122000
Total Pages : 436 pages
Book Rating : 4.1/5 (22 download)

Book Synopsis Bankruptcy & Distressed Restructurings by : Edward I. Altman

Download or read book Bankruptcy & Distressed Restructurings written by Edward I. Altman and published by Beard Books. This book was released on 1999 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Papers from a conference held March 1991 under the joint sponsorship of the New York University Salomon Center and a number of interested corporate contributors

Creating Value Through Corporate Restructuring

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Author : Stuart C. Gilson
Publisher : John Wiley & Sons
ISBN 13 : 0470503521
Total Pages : 852 pages
Book Rating : 4.4/5 (75 download)

Book Synopsis Creating Value Through Corporate Restructuring by : Stuart C. Gilson

Download or read book Creating Value Through Corporate Restructuring written by Stuart C. Gilson and published by John Wiley & Sons. This book was released on 2010-04-05 with total page 852 pages. Available in PDF, EPUB and Kindle. Book excerpt: An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.

New Financing for Distressed Businesses in the Context of Business Restructuring Law

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Author : Sanford U. Mba
Publisher : Springer
ISBN 13 : 3030197492
Total Pages : 285 pages
Book Rating : 4.0/5 (31 download)

Book Synopsis New Financing for Distressed Businesses in the Context of Business Restructuring Law by : Sanford U. Mba

Download or read book New Financing for Distressed Businesses in the Context of Business Restructuring Law written by Sanford U. Mba and published by Springer. This book was released on 2019-06-29 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.

Distressed Investment Banking

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Author : Henry Furlow Owsley
Publisher : Beard Books
ISBN 13 : 1587982676
Total Pages : 236 pages
Book Rating : 4.5/5 (879 download)

Book Synopsis Distressed Investment Banking by : Henry Furlow Owsley

Download or read book Distressed Investment Banking written by Henry Furlow Owsley and published by Beard Books. This book was released on 2005 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive work on the role of the investment banker in a troubled company situation.

Distressed Debt Analysis

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Author : Stephen G. Moyer
Publisher : J. Ross Publishing
ISBN 13 : 1932159185
Total Pages : 518 pages
Book Rating : 4.9/5 (321 download)

Book Synopsis Distressed Debt Analysis by : Stephen G. Moyer

Download or read book Distressed Debt Analysis written by Stephen G. Moyer and published by J. Ross Publishing. This book was released on 2004-11-15 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.

Business Bankruptcy

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Author : Adam J. Levitin
Publisher : Aspen Publishing
ISBN 13 : 1543847080
Total Pages : 1221 pages
Book Rating : 4.5/5 (438 download)

Book Synopsis Business Bankruptcy by : Adam J. Levitin

Download or read book Business Bankruptcy written by Adam J. Levitin and published by Aspen Publishing. This book was released on 2022-09-14 with total page 1221 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purchase of this ebook edition does not entitle you to receive access to the Connected eBook on CasebookConnect. You will need to purchase a new print book to get access to the full experience including: lifetime access to the online ebook with highlight, annotation, and search capabilities, plus an outline tool and other helpful resources. Levitin’s Business Bankruptcy: Financial Restructuring and Modern Commercial Markets, Third Edition is a comprehensive textbook on business reorganization law, covering modern financing structures, out-of-court restructuring and Chapter 7 and Chapter 11 bankruptcy. Business Bankruptcy: Financial Restructuring and Modern Commercial Markets provides students with a contemporary stand-alone business bankruptcy text. Designed to teach financial restructuring law in a realistic twenty-first century commercial context, the book uses problem sets to explore not only Chapter 7 and 11 bankruptcy, but also out-of-court restructuring, modern financial products and transactions, and advanced in-court restructuring topics. New to the Third Edition: Coverage of Subchapter V small business reorganizations Expanded coverage of labor and pension issues Expanded coverage of sub rosa restructuring plans Expanded coverage of restructuring support agreements and rights offerings Revised coverage of fraudulent transfers Professors and students will benefit from: Unique coverage of out-of-court restructuring providing students with realistic view of contemporary restructuring practice and shows what Chapter 11 adds to the financial restructuring toolkit. Detailed coverage of modern financial products and markets— derivatives, securitization, loan syndications, and claims trading—familiarizing students with the dynamics of the modern restructuring landscape. Comprehensive expository text clearly explains the operation of the Bankruptcy Code and the policy issues involved. In-depth case-studies contextualizing judicial decisions within larger strategic picture. Incorporation of actual deal documents, including a bond indenture, a loan syndication agreement, ISDA Master Agreement, and a restructuring support agreement. Modular design enabling optional coverage of advanced topics.

Corporate Reorganization and Bankruptcy

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Author : Mark J. Roe
Publisher : West Publishing Company
ISBN 13 :
Total Pages : 710 pages
Book Rating : 4.F/5 ( download)

Book Synopsis Corporate Reorganization and Bankruptcy by : Mark J. Roe

Download or read book Corporate Reorganization and Bankruptcy written by Mark J. Roe and published by West Publishing Company. This book was released on 2000 with total page 710 pages. Available in PDF, EPUB and Kindle. Book excerpt: Students will learn the major elements of corporate reorganization in Chapter 11 of the Bankruptcy Code, along with the major facets of bankruptcy that influence financing transactions. The hidden message behind these materials is how to understand complex financial deal-making and how to integrate finance with law in the context of bankruptcy.

Investing in Financially Distressed Firms

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Author : Murali Ramaswami
Publisher : Praeger
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.:/5 (321 download)

Book Synopsis Investing in Financially Distressed Firms by : Murali Ramaswami

Download or read book Investing in Financially Distressed Firms written by Murali Ramaswami and published by Praeger. This book was released on 1990-01-22 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive new study examines the impact of the 1978 Bankruptcy Reform Act on firms that file under Chapter 11 and on investors who own shares or bonds in financially distressed corporations. Demonstrating that high average returns often accompany wise investment choices concerning bankrupt firms, the authors explain how to spot potential investment targets, assess investment risk, and profit from investing in firms undergoing reorganization following a bankruptcy filing. Both individual and institutional investors looking for new investment opportunities and students of corporate finance and financial management will find important new insights into the investment potential of financially distressed firms. Investing in Financially Distressed Firms represents a good buy for those who would like to hunt bargains in the broken angel sector of the market. Journal of High Yield Bond Research This comprehensive new study examines the impact of the 1978 Bankruptcy Reform Act on firms that file under Chapter 11 and on investors who own shares or bonds in financially distressed corporations. Demonstrating that high average returns often accompany wise investment choices concerning bankrupt firms, the authors explain how to spot potential investment targets, assess investment risk, and profit from investing in firms undergoing reorganization following a bankruptcy filing. The legal issues involved in investing in bankrupt firms, the environment within which the bankrupt firm operates, and the relationship between stock market efficiency and bankrupt firms also receive thorough coverage. Both individual and institutional investors looking for new investment opportunities and students of corporate finance and financial management will find here important new insights into the investment potential of financially distressed firms. The volume begins with an introduction which sets the stage for the discussion that follows by describing the reasons for the increasing rates of corporate bankruptcy in the 1980s. The authors go on to explore the incentives for investing in bankrupt firms and offer pointers for investors considering such a move. In order to provide the reader with the tools necessary to evaluate potential investment opportunities, the authors also describe the reasons for corporate financial failure, the effects of reorganization on a firm, the differences between old and new bankruptcy laws, and the legal settlement of bankruptcy claims. An analytical model for predicting successful reorganization--and thus a potentially lucrative investment target--is described and illustrated as are models of stock market efficiency. The study concludes with four detailed case studies that illustrate the process of bankruptcy and the possible investment outcomes. The text is accompanied by numerous explanatory tables and figures.

Corporate Bankruptcy

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Author : Jagdeep S. Bhandari
Publisher : Cambridge University Press
ISBN 13 : 9780521457170
Total Pages : 584 pages
Book Rating : 4.4/5 (571 download)

Book Synopsis Corporate Bankruptcy by : Jagdeep S. Bhandari

Download or read book Corporate Bankruptcy written by Jagdeep S. Bhandari and published by Cambridge University Press. This book was released on 1996-03-29 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, creditors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries including the United States, United Kingdom, Europe, and Japan. The Honorable Richard A. Posner, Chief Judge of the U.S. Court of Appeals for the Seventh Circuit, offers a foreword to the collection.

The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies

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Author : H. Peter Nesvold
Publisher : McGraw Hill Professional
ISBN 13 : 0071750304
Total Pages : 496 pages
Book Rating : 4.0/5 (717 download)

Book Synopsis The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies by : H. Peter Nesvold

Download or read book The Art of Distressed M&A: Buying, Selling, and Financing Troubled and Insolvent Companies written by H. Peter Nesvold and published by McGraw Hill Professional. This book was released on 2010-12-17 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pessimists see distressed M&A . . . Optimists see distressed M&A Opportunities abound in “bankruptcy beauties”—both in good times and bad. Distressed mergers and acquisitions used to be the domain of a handful of specialists, who generated handsome profits by unlocking value in troubled companies. Now, you can learn the secrets for participating in these deals with knowledge and confidence. The Art of Distressed M&A provides the critical information needed to manage the unique complexities of buying, selling, and financing troubled companies. The Art of Distressed M&A arms you with creative solutions to seemingly impossible problems and helps you to avoid common pitfalls. This comprehensive guide enables you to: Understand the roles, rights, and responsibilities of debtors, secured creditors, unsecured creditors, advisors, trustees, and bankruptcy courts Navigate through complicated valuation, financing, legal, accounting, and tax issues Communicate effectively and make informed proposals in multiparty negotiations Create the optimal deal structure—from prepackaged plans of reorganization to 363 sales to loan-to-own transactions The Art of Distressed M&A also highlights practical examples using recent bankruptcy cases following the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and is the first publication of its kind since The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.

Corporate Bankruptcy in America

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Author : Edward I. Altman
Publisher :
ISBN 13 :
Total Pages : 230 pages
Book Rating : 4.3/5 (512 download)

Book Synopsis Corporate Bankruptcy in America by : Edward I. Altman

Download or read book Corporate Bankruptcy in America written by Edward I. Altman and published by . This book was released on 1971 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: