Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt / Edition 3

Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt / Edition 3

by Edward I. Altman, Edith Hotchkiss
     
 

ISBN-10: 0471691895

ISBN-13: 9780471691891

Pub. Date: 12/02/2005

Publisher: Wiley

Since the publication of the last edition of Corporate Financial Distress and Bankruptcy in 1993—considered by many to be the most authoritative finance book on this topic—the 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

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Overview

Since the publication of the last edition of Corporate Financial Distress and Bankruptcy in 1993—considered by many to be the most authoritative finance book on this topic—the 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:

  • An introduction to, and statistical background of, corporate distress and bankruptcy
  • Evolution of the U.S. Bankruptcy Code, including the Bankruptcy Reform Act of 2005, and international comparisons
  • Post–Chapter 11 performance
  • Distressed firm valuation
  • Highly leveraged restructurings
  • Investing in distressed securities
  • The high-yield bond market: risks and returns for investors and analysts
  • Corporate governance in distressed firms

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 models—for example the Z-Score approach—to 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.

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Product Details

ISBN-13:
9780471691891
Publisher:
Wiley
Publication date:
12/02/2005
Series:
Wiley Finance Series, #289
Edition description:
Revised Edition
Pages:
368
Sales rank:
794,035
Product dimensions:
6.10(w) x 9.10(h) x 1.40(d)

Related Subjects

Table of Contents

Preface.

Acknowledgments.

About the Authors.

PART ONE: The Legal, Economic, and Investment Dimensions of Corporate Bankruptcy and Distressed Restructurings.

Chapter 1: Corporate Distress: Introduction and Statistical Background.

Chapter 2: Evolution of the Bankruptcy Process in the United States and International Comparisons.

Chapter 3: Post–Chapter 11 Performance.

Chapter 4: The Costs of Bankruptcy.

Chapter 5: Distressed Firm Valuation.

Chapter 6: Firm Valuation and Corporate Leveraged Restructuring.

Chapter 7: The High Yield Bond Market: Risks and Returns for Investors and Analysts.

Chapter 8: Investing in Distressed Securities.

Chapter 9: Risk-Return Performance of Defaulted Bonds and Bank Loans.

Chapter 10: Corporate Governance in Distressed Firms.

PART TWO: Techniques for the Classification and Prediction of Corporate Financial Distress and Their Applications.

Chapter 11: Corporate Credit Scoring–Insolvency Risk Models.

Chapter 12: An Emerging Market Credit Scoring System for Corporates.

Chapter 13: Application of Distress Prediction Models.

Chapter 14: Distress Prediction Models: Catalysts for Constructive Change—Managing a Financial Turnaround.

Chapter 15: Estimating Recovery Rates on Defaulted Debt.

References.

Author Index.

Subject Index.

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