Corporate Financial Distress, Restructuring, and Bankruptcy: Analyze Leveraged Finance, Distressed Debt, and Bankruptcy (Wiley Finance) - Hardcover

Altman, Edward I.; Hotchkiss, Edith; Wang, Wei

Hardcover

ISBN 10: 1119481805 ISBN 13: 9781119481805

Verlag: Wiley, 2019

Inhaltsangabe

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.

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Über die Autorin bzw. den Autor

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.

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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.

Aus dem Klappentext

For more than thirty-five years since Altman's 1983 pioneering work, Corporate Financial Distress, Restructuring, and Bankruptcy has been the definitive guide to the science behind what happens when businesses fail. This fully revised, expanded, and updated Fourth Edition gives experienced managers, advisors, investment professionals, and academic researchers and instructors, as well as students new to the field, state-of-the-art knowledge of restructuring practices, distressed debt and high yield bond and loan markets, credit analysis and default prediction.

This new edition reflects major market developments and progress made since the global financial crisis. Joining the iconic Edward Altman, the Stern School of Business professor who created the Z-score model half a century ago, Edith Hotchkiss and new contributor Wei Wang continue to provide the in-depth coverage readers have relied on. The opening section of this volume examines the economic and legal framework of corporate bankruptcy and distressed restructurings and the leveraged finance market. Highlights of the expanded coverage of Section One include:

• Newly added chapters examining leveraged finance, out-of-court restructurings, and international insolvency codes
• An extensive stand-alone primer explaining the U.S. Chapter 11 process, providing an accessible summary of concepts important to legal, financial, and other professionals
• Discussion of current issues and complexities in governance of distressed firms
• A guide for best practices in valuation of distressed firms

Section Two provides insights into the latest techniques for modeling credit risk, especially for risky debt market issuers. Highlights include:

• An examination of risk and return in the high yield bond market
• A retrospective view of the Altman Z-score family of models and their use in practice over the last 50 years
• Estimation of default probabilities for both U.S. and sovereign issuers
• Modeling and measuring recovery rates
• Analytics for investing in distressed securities

Based on the most current research and practice, Corporate Financial Distress, Restructuring, and Bankruptcy, Fourth Edition offers a comprehensive look at the rapidly evolving restructuring industry.

Details zur Ausgabe

• Verlag: Wiley
• Erscheinungsdatum: 2019
• Sprache: Englisch
• ISBN 10: 1119481805
• ISBN 13: 9781119481805
• Einband: Tapa dura
• Auflage: 4
• Anzahl der Seiten: 368
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Nicht verfügbar