List Books » Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt
Authors: Edward I. Altman, Edith Hotchkiss
ISBN-13: 9780471691891, ISBN-10: 0471691895
Format: Hardcover
Publisher: Wiley, John & Sons, Incorporated
Date Published: December 2005
Edition: Revised Edition
EDWARD I. ALTMAN, PhD, MBA, is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. Since 1990, he has directed the research effort in fixed income and credit markets at the NYU Salomon Center. Previously, Altman chaired the Stern School's MBA program for twelve years. He was inducted into the Fixed Income Analyst Society's Hall of Fame in 2001 and is an advisor to many financial, consulting, and governmental institutions. Dr. Altman is the Chairman of the Academic Advisory Council of the Turnaround Management Association and a member of its Board of Directors.
EDITH HOTCHKISS, PhD, is Associate Professor of Finance at Boston College. Her research has been published in the Journal of Finance, the Journal of Corporate Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial Intermediation.?She has served as an advisor in several recent Chapter 11 cases and is a member of the Board of Directors of the Turnaround Management Association.
Since the publication of the last edition of Corporate Financial Distress and Bankruptcy in 1993considered by many to be the most authoritative finance book on this topicthe fields of corporate distress and bankruptcy, as well as related markets dealing with high-yield and distressed debt, have undergone enormous growth and change. Today, there's no doubt that bankruptcy is a big business, and over the last decade both professionals and academics have become increasingly interested in the activities surrounding this phenomenon.
In this newly revised Third Edition of Corporate Financial Distress and Bankruptcy, credit and corporate bankruptcy experts Ed Altman and Edith Hotchkiss update and expand the discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt. In addition to expanded empirical and descriptive aspects of bankruptcy and credit analysis, this Third Edition offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, bankruptcy and distressed restructuring, and the post-emergence period performance of bankrupt firms.
Divided into two comprehensive sections, Corporate Financial Distress and Bankruptcy, Third Edition addresses a number of key issues central to your understanding of the restructuring process in Section One and deals with the development and implications of models built to classify and predict corporate distress in Section Two. Specific topics covered in the opening section include:
In Section Two, models for estimating default probabilities are discussed, followed by explanations of their applications to many different scenarios, including distressed debt investing, turnaround management and other advisory capacities, and legal issues. With respect to the discipline of turnaround management, you'll become familiar with the possibility of using distressed firm predictive modelsfor example the Z-Score approachto assist the management of the distressed firm itself and facilitate its return to financial health.
Filled with in-depth insight and practical advice, Corporate Financial Distress and Bankruptcy, Third Edition offers a well-rounded look at the growth and evolution of distressed debt,?corporate bankruptcy and credit risk in today's dynamic business environment.
Ch. 1 | Corporate distress : introduction and statistical background | 3 |
Ch. 2 | Evolution of the bankruptcy process in the United States and international comparisons | 21 |
Ch. 3 | Post-chapter 11 performance | 78 |
Ch. 4 | The costs of bankruptcy | 93 |
Ch. 5 | Distressed firm valuation | 103 |
Ch. 6 | Firm valuation and corporate leveraged restructuring | 121 |
Ch. 7 | The high yield bond market : risks and returns for investors and analysis | 145 |
Ch. 8 | Investing in distressed securities | 183 |
Ch. 9 | Risk-return performance of defaulted bonds and bank loans | 203 |
Ch. 10 | Corporate governance in distressed firms | 219 |
Ch. 11 | Corporate credit scoring-insolvency risk models | 233 |
Ch. 12 | An emerging market credit scoring system for corporates | 265 |
Ch. 13 | Application of distress prediction models | 281 |
Ch. 14 | Distress prediction models : catalysts for constructive change - managing a financial turnaround | 297 |
Ch. 15 | Estimating recovery rates on defaulted debt | 307 |