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.
Autorentext
EDWARD I. ALTMAN is the Max L. Heine Professor of Finance, Emeritus at New York University, Stern School of Business and Director of the Credit and Fixed Income Research Program at the NYU Salomon Center.
EDITH HOTCHKISS is a Professor of Finance at the Carroll School of Management at Boston College.
WEI WANG is an Associate Professor and RBC Fellow of Finance, and Director of Master of Finance Beijing program at the Smith School of Business at Queen's University, Canada.
Klappentext
The go-to guide to understanding leveraged finance and high yield markets, corporate restructuring and bankruptcy, credit risk modeling, and default prediction, as applied in modern finance in the U.S. and abroad
Corporate Financial Distress, Restructuring, and Bankruptcy, Fourth Edition, brings an up-to-date and comprehensive look at distressed debt markets and bankruptcy, building on the seminal work of thought leader Edward Altman. Partnering with Ed for this edition are Edith Hotchkiss, who has contributed for more than 20 years as a scholar and advisor to the development of the distressed debt field, and Wei Wang, known for his distinguished record as both a scholar and authoritative lecturer to global audiences in the field of distressed debt and the global bankruptcy process. The new and expanded material reflects dramatic changes and lessons learned since the global financial crisis of 2008. The authors provide an accessible guide and all-new case studies illustrating topics including:
- Processes for debt restructuring in the U.S.
- Analysis of the U.S. Bankruptcy Code and International Insolvency Regimes
- The growth of the high-yield and distressed debt markets
- The latest techniques for analyzing and predicting default and bankruptcies and investing in distressed firms' securities
As the restructuring industry and the high yield and distressed markets continue to evolve, the methodologies and research findings described in this text will serve as a key reference for practitioners, academic researchers, policy makers, and students seeking a broad understanding of the world of distressed restructurings.
Inhalt
About the Authors ix
Acknowledgments xi
Preface xiii
Part One The Economic and Legal Framework of Corporate Restructuring and Bankruptcy
Chapter 1 Corporate Financial Distress: Introduction and Statistical Background 3
Chapter 2 An Introduction to Leveraged Finance 21
Chapter 3 An Overview of the U.S. Bankruptcy Process 39
Chapter 4 Restructuring Out-of-Court and the Cost of Financial Distress 71
Chapter 5 Valuation of Distressed Firms 91
Chapter 6 Corporate Governance in Distressed Firms 117
Chapter 7 Bankruptcy Outcomes 135
Chapter 8 International Evidence 147
Part Two High-Yield Debt, Prediction of Corporate Distress, and Distress Investing
Chapter 9 The High-Yield Bond Market: Risks and Returns for Investors and Analysts 165
Chapter 10 A 50-Year Retrospective on Credit Risk Models, the Altman Z-Score Family of Models, and Their Applications to Financial Markets and Managerial Strategies 189
Chapter 11 Applications of Distress Prediction Models: By External Analysts 217
Chapter 12 Distress Prediction Models: Catalysts for Constructive Change-Managing a Financial Turnaround 235
Chapter 13 A Bottom-Up Approach to Assessing Sovereign Default Risk 245
Chapter 14 The Anatomy of Distressed Debt Markets 265
Chapter 15 Investing in Distressed Firm Securities 277
Chapter 16 Modeling and Estimating Recovery Rates 295
References 315
Author Index 335
Subject Index 343