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Investing in Financially Distressed Firms

1990
Investing in Financially Distressed Firms

Author: Murali Ramaswami

Publisher: Praeger

ISBN: UCSC:32106009349041

Category: Business & Economics

Page: 200

View: 847

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Demonstrating that high average returns often accompany wise investment choices concerning bankrupt firms, the authors explain how to spot potential investment targets, assess investment risk, and profit from investing in firms undergoing reorganization following a bankruptcy filing.

Corporate Financial Distress and Bankruptcy

2010-03-11
Corporate Financial Distress and Bankruptcy

Author: Edward I. Altman

Publisher: John Wiley & Sons

ISBN: 9781118046043

Category: Business & Economics

Page: 439

View: 442

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A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.

Investment of Financially Distressed Firms

2018
Investment of Financially Distressed Firms

Author:

Publisher:

ISBN: 9286136242

Category:

Page: 35

View: 680

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This paper examines the relationship between net trade credit and firms' investment levels, focusing on financially distressed firms. First, it introduces a theoretical model to predict the role played by net trade credit as a coordination device differentiating firms by their degree of financial distress. Then, it tests these predictions by using a large panel of more than 10 million firms in 23 EU countries over the period 2004-2014. The authors show that while net trade credit has an overall negative impact on capital formation due to liquidity effects, the effect is less pronounced for firms that are in financial difficulties. It is suggested that distressed companies use capital expenditures to maintain vital business relations with their customers in order to participate in final profits via trade credit repayments.

Corporate Financial Distress, Restructuring, and Bankruptcy

2019-03-26
Corporate Financial Distress, Restructuring, and Bankruptcy

Author: Edward I. Altman

Publisher: John Wiley & Sons

ISBN: 9781119481805

Category: Business & Economics

Page: 368

View: 942

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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.

Distressed Debt Analysis

2004-11-15
Distressed Debt Analysis

Author: Stephen G. Moyer

Publisher: J. Ross Publishing

ISBN: 9781932159189

Category: Business & Economics

Page: 387

View: 200

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Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.

Bankruptcy & Distressed Restructurings

1999
Bankruptcy & Distressed Restructurings

Author: Edward I. Altman

Publisher: Beard Books

ISBN: 189312200X

Category: Law

Page: 436

View: 658

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Papers from a conference held March 1991 under the joint sponsorship of the New York University Salomon Center and a number of interested corporate contributors

Avoiding Financially Distressed Companies Using a Simple Value Investing Heuristic

2017
Avoiding Financially Distressed Companies Using a Simple Value Investing Heuristic

Author: Eben Otuteye

Publisher:

ISBN: OCLC:1305538840

Category:

Page:

View: 225

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In a previous presentation we showed how it is possible to use a set of financial ratios to create a value portfolio that is capable of outperforming the aggregate market. We labeled that method the O-S heuristic approach to value investing. This paper presents evidence that not only is the O-S heuristic capable of selecting desirable assets for inclusion in the portfolio, it also avoids 100% of companies that either become insolvent or experience some form of financial distress.

Financial Performance of Companies Listed on the Kuwait Stock Exchange. An Exploration Using Altman’s Z-Score Model

2016-08
Financial Performance of Companies Listed on the Kuwait Stock Exchange. An Exploration Using Altman’s Z-Score Model

Author: Payal Chadha

Publisher: Anchor Academic Publishing

ISBN: 9783960670438

Category: Business & Economics

Page: 93

View: 221

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A quantitative method was used to explore the financial performance of the firms listed on the Kuwait Stock Exchange. The number of firms explored was 196 out of a possible 206 (two firms are subsidiaries of one of the firms and others are insurance firms excluded from this study). The listed firms were observed from 2009-2014 to understand their status in the market and the direction they were heading towards. The financial data were gathered from the published annual reports of the respective firms and the financial statements from the Kuwait Stock Exchange website. This exploration is a stepping-stone for potential investors by showing the most profitable sectors for investment and for future researchers to predict accurate bankruptcy rates in the State of Kuwait.

Corporate Financial Distress and Bankruptcy

1993-03-08
Corporate Financial Distress and Bankruptcy

Author: Edward I. Altman

Publisher: Wiley

ISBN: 0471552534

Category: Business & Economics

Page: 384

View: 773

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Predict, Avoid, Manage—and Even Profit From—Bankruptcy With this new Second Edition of the first definitive guide This new edition of the premier business failure, insolvency, default, and bankruptcy guide provides financial professionals of every stripe with a master reference to the latest banking, credit, investment, legal, financial, and management thought and practice. To help readers combat corporate distress in the ’90s and beyond, distinguished author Edward I. Altman includes coverage of… Unique statistical tools—author-developed techniques for assessing firms’ distress potential, measuring debt price movements, benchmarking debt investor and market performance, establishing the present value of loans, and so much more. Junk bonds—Altman revisits this market to provide an in-depth analysis of the role and risk-return trade-offs of this controversial source of finance Emerging trends—complete explorations of debtor-in-possession lending, prepackaged bankruptcy, and the epidemic of fraudulent conveyance suits resulting from ill-conceived restructurings An evaluation of the Chapter 11 process, now under public scrutiny and criticism Bankruptcy reorganization case histories—real-world data to help readers carry out debtor valuation analyses and restructurings, featuring Duplan Corporation and Wheeling Pittsburgh Steel Corporation With this wealth of authoritative information and practical guidelines, bankruptcy creditors, debtors, investors, and third party professionals will have everything they need to predict, avoid, manage, and profit from corporate distress. "Corporate Financial Distress and Bankruptcy is an excellent analysis of an increasingly important topic. Professor Altman is the premier scholar in this area, and this book is a fitting reflection of that scholarship." —Ben Branch, Trustee Bank of New England Corporation Professor of Finance, University of Massachusetts "Corporate Financial Distress and Bankruptcy is an indispensable resource for all who are interested in bankruptcy. Ed Altman has collected, in a single volume, the history, legislative facts, statistics and analytic methods that I search for time and time again. This book is outstandingly comprehensive and up-to-date." —Martin S. Fridson, Managing Director Securities Research and Economics, High Yield Research Group Merrill Lynch

Distress Investing

2009-04-13
Distress Investing

Author: Martin J. Whitman

Publisher: John Wiley & Sons

ISBN: 9780470117675

Category: Business & Economics

Page: 272

View: 746

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Financial innovation, new laws and regulations, and the financial meltdown of 2007–2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance. Nobody understands this better than Martin Whitman—the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets—and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world. Divided into four comprehensive parts—the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy—this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals—from Kmart to Home Products International—will give you a better perspective of the business. Critical topics addressed throughout these pages include: Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing The "Five Basic Truths" of distress investing The difficulty of due diligence for distressed issues Distress investing risks—from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy Valuing companies by both going concern as well as their resource conversion attributes In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.