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Corporate Financial Distress, Restructuring, and Bankruptcy

Analyze Leveraged Finance, Distressed Debt, and Bankruptcy

Edward I. Altman Edith Hotchkiss Wei Wang



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John Wiley & Sons Inc
24 April 2019
Series: 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.
By:   Edward I. Altman, Edith Hotchkiss, Wei Wang
Imprint:   John Wiley & Sons Inc
Country of Publication:   United States
Edition:   4th Edition
Dimensions:   Height: 235mm,  Width: 164mm,  Spine: 22mm
Weight:   708g
ISBN:   9781119481805
ISBN 10:   1119481805
Series:   Wiley Finance
Pages:   368
Publication Date:   24 April 2019
Audience:   Professional and scholarly ,  Undergraduate
Format:   Hardback
Publisher's Status:   Active
About the Authors ix Acknowledgments xi Preface xiii Part One The Economic and Legal Framework of Corporate Restructuring and Bankruptcy Chapter 1 Corporate Financial Distress: Introduction and Statistical Background 3 Chapter 2 An Introduction to Leveraged Finance 21 Chapter 3 An Overview of the U.S. Bankruptcy Process 39 Chapter 4 Restructuring Out-of-Court and the Cost of Financial Distress 71 Chapter 5 Valuation of Distressed Firms 91 Chapter 6 Corporate Governance in Distressed Firms 117 Chapter 7 Bankruptcy Outcomes 135 Chapter 8 International Evidence 147 Part Two High-Yield Debt, Prediction of Corporate Distress, and Distress Investing Chapter 9 The High-Yield Bond Market: Risks and Returns for Investors and Analysts 165 Chapter 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 189 Chapter 11 Applications of Distress Prediction Models: By External Analysts 217 Chapter 12 Distress Prediction Models: Catalysts for Constructive Change-Managing a Financial Turnaround 235 Chapter 13 A Bottom-Up Approach to Assessing Sovereign Default Risk 245 Chapter 14 The Anatomy of Distressed Debt Markets 265 Chapter 15 Investing in Distressed Firm Securities 277 Chapter 16 Modeling and Estimating Recovery Rates 295 References 315 Author Index 335 Subject Index 343

EDWARD I. ALTMAN is the Max L. Heine Professor of Finance, Emeritus at New York University, Stern School of Business and Director of the Credit and Fixed Income Research Program at the NYU Salomon Center. EDITH HOTCHKISS is a Professor of Finance at the Carroll School of Management at Boston College. WEI WANG is an Associate Professor and RBC Fellow of Finance, and Director of Master of Finance Beijing program at the Smith School of Business at Queen's University, Canada.

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