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Product Description
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.
From the Inside Flap
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.
Corporate distress, including the legal processes of corporate bankruptcy reorganization (Chapter 11 of the Bankruptcy Code) and liquidation (Chapter 7), is a sobering economic reality reflecting the uniqueness of the American way of corporate "death." Read the first page
Concordance
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
The main point is you can use this type of analysis effectively and because most people in general equity investing don't, it just might give you a bit more edge.
The authors could have eliminated some of the academic discussions of competing theories of valuation and market theories. I'd love to find a book that really took a step by step practical approach for the small investor looking to buy distressed debt (much like The Intelligent Investor did for equities), but this was a great start and well worth reading for the beginner.
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