Corporate financial distress and bankruptcy: a complete guide to predicting & avoiding distress and profiting from bankruptcy
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York [u.a.]
Wiley
1993
|
| Edition: | 2. ed. |
| Series: | Wiley frontiers in finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturangaben |
| Physical Description: | XVII, 356 S. graph. Darst. |
| ISBN: | 0471552534 |
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| adam_text | Contents
PART ONE THE LEGAL, ECONOMIC, AND INVESTMENT
DIMENSIONS OF CORPORATE BANKRUPTCY AND
DISTRESSED RESTRUCTURINGS
CHAPTER 1 CORPORATE DISTRESS: INTRODUCTION
AND STATISTICAL BACKGROUND 3
Defining Corporate Distress 3
Bankruptcy and Reorganization Theory 6
The Bankruptcy Industry Players 7
Causes of Business Failures 17
Age of Business Failures 18
CHAPTER 2 EVOLUTION OF THE BANKRUPTCY PROCESS 29
Equity Receiverships 29
The Chandler Act of 1938 30
Liquidation 33
The Bankruptcy Reform Act of 1978 37
CHAPTER 3 EVALUATING THE CHAPTER 11
BANKRUPTCY REORGANIZATION PROCESS 63
Time in Bankruptcy 63
Chapter 11 Resolution: Empirical Findings 65
Auctioning Off the Bankrupt Firm 68
Evaluation of This Proposal 71
Empirical Tests Comparing the Old Act versus the New Code 72
Another Response to the Proposal to Scuttle the
Chapter 11 Process 81
xiii
xiv Contents
Bankruptcy as a Business Strategy—An Abuse? 89
Conclusion 90
CHAPTER 4 EMERGING TRENDS IN BANKRUPTCY
REORGANIZATION 91
Fraudulent Conveyance 92
Debtor in Possession Lending 97
Prepackaged Bankruptcies 101
Concluding Comments 105
CHAPTER 5 RISKS AND RETURNS IN THE HIGH YIELD
JUNK BOND MARKET 107
Overview of Recent Market Dynamics 107
Returns and Risks to Investors 109
The Default Rate Controversy 113
Traditional Measures of Default Rates and Losses 113
Historical Default Rates 113
Rating Drift of Defaulted Bonds 119
The Mortality/Aging Approaches 121
Two Recent Studies—And Much Confusion 122
How Can We Explain 1991 s Return? 132
The Future of Junk Bonds 134
CHAPTER 6 FIRM VALUATION AND CORPORATE
LEVERAGED RESTRUCTURING 135
Corporate Restructurings 136
Successful and Unsuccessful LBOs 140
Linking Capital Structure Theory with Leveraged
Restructurings 142
Deleveraging—The Trend for the 1990s? 146
Leveraged Restructuring and Value—Three Examples 147
Linking Back to Financial Theory 152
Bankruptcy and Distressed Firm Costs 153
Empirical Evidence on Successful LBOs and Debt
Pay down 154
Contents xv
Conclusion 156
Appendix 6.A 156
CHAPTER 7 INVESTING IN DISTRESSED SECURITIES 161
Size of the Market 162
Distressed Securities Investor Profile 163
Returns on Distressed Securities 164
Monitoring Performance—A Defaulted Debt Index 167
1991 Results 168
Five Year Returns 169
From Birth to Near Death to Reincarnation (or Liquidation) I7l
Results 172
Diversification Benefits: Correlation with Other Securities 173
Market Importance 176
PART TWO TECHNIQUES FOR THE CLASSIFICATION
AND PREDICTION OF FINANCIAL DISTRESS AND
THEIR APPLICATIONS
CHAPTER 8 CLASSIFYING AND PREDICTING CORPORATE
DISTRESS: THE Z SCORE MODELS 179
Traditional Ratio Analysis 181
Multiple Discriminant Analysis 182
Development of the Z Score Model 184
Empirical Results 190
Early Warning and Trend Implications 199
Prediction Time to Bankruptcy—An Example 201
Adaptation for Private Firms Applications 202
Concluding Remarks 204
CHAPTER 9 ZETA ANALYSIS AND OTHER ATTEMPTS TO
CLASSIFY AND PREDICT BUSINESS FAILURES 207
The ZETA Study 207
Empirical Results 212
Comparison with the 1968 Z Score Model 217
xvi Contents
Distribution of ZETA 218
The ZETA Risk Evaluation Statistical Service 218
ZETA Accuracy over Time 219
Application Areas 221
ZETA Scores and Fundamental Betas 221
Other Bankruptcy Models 221
Models in the 1980s 236
Recursive Partitioning Analysis 237
Artificial Intelligence Systems for Assessing Financial Health 242
CHAPTER 10 APPLICATION OF DISTRESS PREDICTION
MODELS AND MORTALITY CONCEPTS IN BANKING 245
Valuation, Loss Reserves, and Loan Pricing 248
Valuing Corporate Loans 249
Loss Reserves 254
Optimum Cutoff Score Determination 254
An Early Specification 255
Additional Empirical Tests 256
Optimal Cutoff Score Analysis—Empirical Estimates 261
Are Failure Models Being Used? 264
Lending Officer Judgments versus Model Predictions 265
Conclusion 266
CHAPTER 11 DISTRESS PREDICTION MODELS:
CATALYSTS FOR CONSTRUCTIVE CHANGE—MANAGING
A FINANCIAL TURNAROUND 267
Active versus Passive Use of Financial Models 268
What the Z Score Told GTI 269
A Tool for Recovery 270
The Effects of Growth Fever 271
Taking Quick Action 271
Genesis of Strategy 272
Into the Safe Zone 275
Conclusion to the GTI Story 277
Contents xvii
CHAPTER 12 DISTRESS CLASSIFICATION MODELS FOR
NON U.S. COUNTRIES (A BIBLIOGRAPHY) 279
An International Bibliography 279
PART THREE UNDERSTANDING THE BANKRUPTCY
REORGANIZATION PROCESS (CASE STUDIES)
Introduction and Background 285
CHAPTER 10 THE DUPLAN CORPORATION CASE 287
Questions for Discussion 287
I. The Debtors 289
II. The Trustee s Administration 291
III. Assets and Liabilities 292
IV. Summary of Plan 293
V. Fairness and Feasibility 295
CHAPTER 14 WHEELING PITTSBURGH STEEL
CORPORATION 315
The Integrated Steel Industry 3I7
Factors Leading to Bankruptcy 319
Chapter 11 Filing and Capital Structure 320
Financial Condition after the Bankruptcy Filing 320
The Reorganization Process 322
The December 1988 Reorganization Plan 330
The Dual Plan 331
The July 1990 Plan 332
The October 1990 Plan 332
Company Outlook 334
Questions and Valuation Exercise 335
The Fairness and Feasibility of the Reorganization Plan 337
REFERENCES 339
INDEX 351
|
| adam_txt |
Contents
PART ONE THE LEGAL, ECONOMIC, AND INVESTMENT
DIMENSIONS OF CORPORATE BANKRUPTCY AND
DISTRESSED RESTRUCTURINGS
CHAPTER 1 CORPORATE DISTRESS: INTRODUCTION
AND STATISTICAL BACKGROUND 3
Defining Corporate Distress 3
Bankruptcy and Reorganization Theory 6
The Bankruptcy Industry Players 7
Causes of Business Failures 17
Age of Business Failures 18
CHAPTER 2 EVOLUTION OF THE BANKRUPTCY PROCESS 29
Equity Receiverships 29
The Chandler Act of 1938 30
Liquidation 33
The Bankruptcy Reform Act of 1978 37
CHAPTER 3 EVALUATING THE CHAPTER 11
BANKRUPTCY REORGANIZATION PROCESS 63
Time in Bankruptcy 63
Chapter 11 Resolution: Empirical Findings 65
Auctioning Off the Bankrupt Firm 68
Evaluation of This Proposal 71
Empirical Tests Comparing the Old Act versus the New Code 72
Another Response to the Proposal to "Scuttle the
Chapter 11 Process" 81
xiii
xiv Contents
Bankruptcy as a Business Strategy—An Abuse? 89
Conclusion 90
CHAPTER 4 EMERGING TRENDS IN BANKRUPTCY
REORGANIZATION 91
Fraudulent Conveyance 92
Debtor in Possession Lending 97
Prepackaged Bankruptcies 101
Concluding Comments 105
CHAPTER 5 RISKS AND RETURNS IN THE HIGH YIELD
"JUNK" BOND MARKET 107
Overview of Recent Market Dynamics 107
Returns and Risks to Investors 109
The Default Rate Controversy 113
Traditional Measures of Default Rates and Losses 113
Historical Default Rates 113
Rating Drift of Defaulted Bonds 119
The Mortality/Aging Approaches 121
Two Recent Studies—And Much Confusion 122
How Can We Explain 1991's Return? 132
The Future of Junk Bonds 134
CHAPTER 6 FIRM VALUATION AND CORPORATE
LEVERAGED RESTRUCTURING 135
Corporate Restructurings 136
Successful and Unsuccessful LBOs 140
Linking Capital Structure Theory with Leveraged
Restructurings 142
Deleveraging—The Trend for the 1990s? 146
Leveraged Restructuring and Value—Three Examples 147
Linking Back to Financial Theory 152
Bankruptcy and Distressed Firm Costs 153
Empirical Evidence on Successful LBOs and Debt
Pay down 154
Contents xv
Conclusion 156
Appendix 6.A 156
CHAPTER 7 INVESTING IN DISTRESSED SECURITIES 161
Size of the Market 162
Distressed Securities Investor Profile 163
Returns on Distressed Securities 164
Monitoring Performance—A Defaulted Debt Index 167
1991 Results 168
Five Year Returns 169
From Birth to Near Death to Reincarnation (or Liquidation) I7l
Results 172
Diversification Benefits: Correlation with Other Securities 173
Market Importance 176
PART TWO TECHNIQUES FOR THE CLASSIFICATION
AND PREDICTION OF FINANCIAL DISTRESS AND
THEIR APPLICATIONS
CHAPTER 8 CLASSIFYING AND PREDICTING CORPORATE
DISTRESS: THE Z SCORE MODELS 179
Traditional Ratio Analysis 181
Multiple Discriminant Analysis 182
Development of the Z Score Model 184
Empirical Results 190
Early Warning and Trend Implications 199
Prediction Time to Bankruptcy—An Example 201
Adaptation for Private Firms' Applications 202
Concluding Remarks 204
CHAPTER 9 ZETA ANALYSIS AND OTHER ATTEMPTS TO
CLASSIFY AND PREDICT BUSINESS FAILURES 207
The ZETA Study 207
Empirical Results 212
Comparison with the 1968 Z Score Model 217
xvi Contents
Distribution of ZETA 218
The ZETA Risk Evaluation Statistical Service 218
ZETA Accuracy over Time 219
Application Areas 221
ZETA Scores and Fundamental Betas 221
Other Bankruptcy Models 221
Models in the 1980s 236
Recursive Partitioning Analysis 237
Artificial Intelligence Systems for Assessing Financial Health 242
CHAPTER 10 APPLICATION OF DISTRESS PREDICTION
MODELS AND MORTALITY CONCEPTS IN BANKING 245
Valuation, Loss Reserves, and Loan Pricing 248
Valuing Corporate Loans 249
Loss Reserves 254
Optimum Cutoff Score Determination 254
An Early Specification 255
Additional Empirical Tests 256
Optimal Cutoff Score Analysis—Empirical Estimates 261
Are Failure Models Being Used? 264
Lending Officer Judgments versus Model Predictions 265
Conclusion 266
CHAPTER 11 DISTRESS PREDICTION MODELS:
CATALYSTS FOR CONSTRUCTIVE CHANGE—MANAGING
A FINANCIAL TURNAROUND 267
Active versus Passive Use of Financial Models 268
What the Z Score Told GTI 269
A Tool for Recovery 270
The Effects of Growth Fever 271
Taking Quick Action 271
Genesis of Strategy 272
Into the Safe Zone 275
Conclusion to the GTI Story 277
Contents xvii
CHAPTER 12 DISTRESS CLASSIFICATION MODELS FOR
NON U.S. COUNTRIES (A BIBLIOGRAPHY) 279
An International Bibliography 279
PART THREE UNDERSTANDING THE BANKRUPTCY
REORGANIZATION PROCESS (CASE STUDIES)
Introduction and Background 285
CHAPTER 10 THE DUPLAN CORPORATION CASE 287
Questions for Discussion 287
I. The Debtors 289
II. The Trustee's Administration 291
III. Assets and Liabilities 292
IV. Summary of Plan 293
V. Fairness and Feasibility 295
CHAPTER 14 WHEELING PITTSBURGH STEEL
CORPORATION 315
The Integrated Steel Industry 3I7
Factors Leading to Bankruptcy 319
Chapter 11 Filing and Capital Structure 320
Financial Condition after the Bankruptcy Filing 320
The Reorganization Process 322
The December 1988 Reorganization Plan 330
The Dual Plan 331
The July 1990 Plan 332
The October 1990 Plan 332
Company Outlook 334
Questions and Valuation Exercise 335
The Fairness and Feasibility of the Reorganization Plan 337
REFERENCES 339
INDEX 351 |
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| spelling | Altman, Edward I. 1941- Verfasser (DE-588)124062016 aut Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy 2. ed. New York [u.a.] Wiley 1993 XVII, 356 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Wiley frontiers in finance Literaturangaben Faillissement gtt Faillite - États-Unis ram Bankruptcy United States Insolvenz (DE-588)4072843-2 gnd rswk-swf Unternehmensplanung (DE-588)4078609-2 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Unternehmensplanung (DE-588)4078609-2 s Insolvenz (DE-588)4072843-2 s 1\p DE-604 DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015197678&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Altman, Edward I. 1941- Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy Faillissement gtt Faillite - États-Unis ram Bankruptcy United States Insolvenz (DE-588)4072843-2 gnd Unternehmensplanung (DE-588)4078609-2 gnd |
| subject_GND | (DE-588)4072843-2 (DE-588)4078609-2 (DE-588)4078704-7 |
| title | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_auth | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_exact_search | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_exact_search_txtP | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_full | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_fullStr | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_full_unstemmed | Corporate financial distress and bankruptcy a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| title_short | Corporate financial distress and bankruptcy |
| title_sort | corporate financial distress and bankruptcy a complete guide to predicting avoiding distress and profiting from bankruptcy |
| title_sub | a complete guide to predicting & avoiding distress and profiting from bankruptcy |
| topic | Faillissement gtt Faillite - États-Unis ram Bankruptcy United States Insolvenz (DE-588)4072843-2 gnd Unternehmensplanung (DE-588)4078609-2 gnd |
| topic_facet | Faillissement Faillite - États-Unis Bankruptcy United States Insolvenz Unternehmensplanung USA |
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