Corporate Financial Distress, Restructuring, and Bankruptcy: Analyze Leveraged Finance, Distressed Debt, and Bankruptcy, Fourth Edition

  • 7h 50m
  • Edith Hotchkiss, Edward I. Altman, Wei Wang
  • John Wiley & Sons (US)
  • 2019

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.

About the Authors

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.

In this Book

  • Corporate Financial Distress—Introduction and Statistical Background
  • An Introduction to Leveraged Finance
  • An Overview of the U.S. Bankruptcy Process
  • Restructuring Out-of-Court and the Cost of Financial Distress
  • Valuation of Distressed Firms
  • Corporate Governance in Distressed Firms
  • Bankruptcy Outcomes
  • International Evidence
  • The High-Yield Bond Market
  • A 50-Year Retrospective on Credit Risk Models, the Altman Z-Score Family of Models, and Their Applications to Financial Markets and Managerial Strategies
  • Applications of Distress Prediction Models—By External Analysts
  • Distress Prediction Models—Catalysts for Constructive Change-Managing a Financial Turnaround
  • A Bottom-Up Approach to Assessing Sovereign Default Risk
  • The Anatomy of Distressed Debt Markets
  • Investing in Distressed Firm Securities
  • Modeling and Estimating Recovery Rates
  • References
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