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

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 ixAcknowledgments xiPreface xiiiPart One The Economic and Legal Framework of Corporate Restructuring and BankruptcyChapter 1 Corporate Financial Distress: Introduction and Statistical Background 3Chapter 2 An Introduction to Leveraged Finance 21Chapter 3 An Overview of the U.S. Bankruptcy Process 39Chapter 4 Restructuring Out-of-Court and the Cost of Financial Distress 71Chapter 5 Valuation of Distressed Firms 91Chapter 6 Corporate Governance in Distressed Firms 117Chapter 7 Bankruptcy Outcomes 135Chapter 8 International Evidence 147Part Two High-Yield Debt, Prediction of Corporate Distress, and Distress InvestingChapter 9 The High-Yield Bond Market: Risks and Returns for Investors and Analysts 165Chapter 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 189Chapter 11 Applications of Distress Prediction Models: By External Analysts 217Chapter 12 Distress Prediction Models: Catalysts for Constructive Change-Managing a Financial Turnaround 235Chapter 13 A Bottom-Up Approach to Assessing Sovereign Default Risk 245Chapter 14 The Anatomy of Distressed Debt Markets 265Chapter 15 Investing in Distressed Firm Securities 277Chapter 16 Modeling and Estimating Recovery Rates 295References 315Author Index 335Subject Index 343 "Sales handles: - Altman is a thought leader in bankruptcy analysis and credit default, and creator of the famous Z-Score Model. Tradeable credit-based financial instruments are now a $1 trillion market, and one of the most profitable areas of investment for many institutional investors and banks in the last year. Book exploits this hot trend. - Content will be brought up to date on state-of-the-art techniques for analyzing and predicting bankruptcies. Additional scholarly content should make the book more attractive to the growing number of academics who may be considering teaching a course in this area. - Update on current developments in bankruptcy law and practice. New bankruptcy cases studies. Market description: Risk managers, derivative dealers and marketers, and quants at financial institutions and insurance companies. Institutional investors and hedge funds. Professors and students"-- Provided by publisher "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"-- Provided by publisher