Download or read book Bankruptcy Costs Under Chapter 12 written by Robert N. Collender and published by . This book was released on 1992 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Financial Distress and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2010-03-11 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Costs of Bankruptcy written by Arturo Bris and published by . This book was released on 2009 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our paper explores a comprehensive sample of small and large corporate bankruptcies in Arizona and New York from 1995-2001. We find that bankruptcy costs are very heterogeneous and sensitive to measurement method. Still, Chapter 7 liquidations appear no faster or cheaper (in terms of direct expense) than Chapter 11 bankruptcies. But Chapter 11 seems to preserve assets better, and thereby allows creditors to recover relatively more. Our paper also provides a large number of further empirical regularities.
Download or read book The Importance of Bankruptcy Costs in Firms Capital Structure Decisions written by Gerald Reeed Jensen and published by . This book was released on 1988 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Costs of Corporate Bankruptcy written by Michelle J. White and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Costs of Bankruptcy Chapter 7 Cash Auctions vs Chapter 11 Bargaining written by Arturo Bris and published by . This book was released on 2004 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our paper explores a comprehensive sample of both small and large corporate bankruptcies in Arizona and New York from 1995-2001. We find that bankruptcy costs are very heterogeneous and sensitive to measurement method. Still, Chapter 7 liquidations seem more expensive in direct and equally expensive in indirect costs, than Chapter 11 bankruptcies. The paper provides a large number of further empirical regularities.
Download or read book The Costs of Corporate Bankruptcy written by Stephen J. Lubben and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: For almost as long as there have been bankruptcy laws, there have been complaints that the primary beneficiaries of these laws are insiders who administer the bankruptcy system. In recent decades, this line of criticism has carried with it an implicit criticism of bankruptcy courts, who are urged to more aggressively police the costs of bankruptcy. Indeed, at least one recent critic has unkindly suggested that the failure of the courts to control bankruptcy costs is the result of a corrupt bargain between bankruptcy courts and practitioners. Rarely addressed is why bankruptcy courts regulate professional costs at all. In most areas of American law, a professional is accountable solely to its client. Complaints about excessive cost might result in a separate malpractice action, but a client who thinks they have been overcharged for the defense of their speeding ticket will find little relief in traffic court. Why is bankruptcy different?This paper begins to look at this question with brief overview of the concept of bankruptcy costs, traditionally divided between direct and indirect costs. I next turn to a consideration of the process for overseeing bankruptcy costs. I briefly trace the history of court control of compensation in corporate bankruptcy, and then detail the current legal structure. The final part of the chapter then surveys the existing understanding of chapter 11 cost, and concludes with a some thoughts on the important questions that remain unanswered.In short, we know a bit about direct costs, but very little about any other sort of costs. Moreover, what we know is almost entirely lacking in context. This makes it quite hard to understand if the existing system of cost regulation is either useful or justified.
Download or read book An Analysis to Determine the Direct Cost of Bankruptcy and the Effect of Bankruptcy Costs on the Cash Distributions to Claimholders written by Michael R. Jones and published by . This book was released on 1979 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Market Implied Costs of Bankruptcy written by Johann Reindl and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper takes a novel approach to estimating bankruptcy costs by inference from market prices of equity and put options using a dynamic structural model of capital structure. This approach avoids the selection bias of looking at firms in or near default and therefore permits theories of ex ante capital structure determination to be tested. We identify significant cross sectional variation in bankruptcy costs across industries and relate these to specific firm characteristics. We find that asset volatility and growth options have significant positive impacts, while tangibility and size have negative impacts. Our bankruptcy cost variable estimate significantly negatively impacts leverage ratios. This negative impact is in addition to that of other firm characteristics such as asset intangibility and asset volatility. The results provide strong support for the tradeoff theory of capital structure.
Download or read book The Irrelevance of Bankruptcy Costs to the Theory of Optimal Capital Structure written by Robert A. Haugen and published by . This book was released on 1977 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Bankruptcy written by Jagdeep S. Bhandari and published by Cambridge University Press. This book was released on 1996-03-29 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection is the first comprehensive selection of readings focusing on corporate bankruptcy. Its main purpose is to explore the nature and efficiency of corporate reorganization using interdisciplinary approaches drawn from law, economics, business, and finance. Substantive areas covered include the role of credit, creditors' implicit bargains, nonbargaining features of bankruptcy, workouts of agreements, alternatives to bankruptcy, and proceedings in countries including the United States, United Kingdom, Europe, and Japan. The Honorable Richard A. Posner, Chief Judge of the U.S. Court of Appeals for the Seventh Circuit, offers a foreword to the collection.
Download or read book Corporate Financial Distress Restructuring and Bankruptcy written by Edward I. Altman and published by John Wiley & Sons. This book was released on 2019-03-26 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Measuring the Costs of Chapter 11 Cases written by Stephen J. Lubben and published by Eleven International Publishing. This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the costs of both large Chapter 11 cases, that are the subject of much academic and popular attention, and the more typical Chapter 11 cases that are numerically more common. The book calls for a more subtle, less combative examination of Chapter 11. Given the current economic reality in the US, the debate is of special importance. Author S.J. Lubben's findings include: ** the time spent in Chapter 11 has no relationship to cost once a fully specified model is considered. ** references to a professional's "burn rate" are thus misleading, inasmuch as it implies a fixed or constant cost to Chapter 11. Costs ebb and flow through the course of the case. ** repackaged Chapter 11 cases are not significantly cheaper than regular Chapter 11 cases. ** cases filed in New York or Delaware do not cost more. In fact, these jurisdictions seem to actually reduce Chapter 11 costs, likely because of their greater experience with complex Chapter 11 cases. ** fee examiners do not reduce the costs of big Chapter 11 cases. ** the complexity and compensation structure of the professionals retained, which may itself reflect further aspects of complexity, are the key determinants of cost. Debtor size is but a loose proxy for these factors, but is itself of reduced relevance once a fuller model is developed. ** complexity is associated with economies of scale, resulting in lower Chapter 11 costs for the largest, most complex cases.
Download or read book The Economics of Bankruptcy Reform written by Philippe Aghion and published by . This book was released on 1992 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.
Download or read book Costs in Bankruptcy and Insolvency A table of costs revised and settled by the Commissioners General Rules and Orders m ade under the 5th and 6th Victoria cap 122 sect 70 and the practice to be observed in every Court etc written by D. H. RICHARDSON and published by . This book was released on 1843 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bankruptcy Distressed Restructurings written by Edward I. Altman and published by Beard Books. This book was released on 1999 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Download or read book Broke written by Katherine Porter and published by Stanford University Press. This book was released on 2012-01-11 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: About 1.5 million households filed bankruptcy in the last year, making bankruptcy as common as college graduation and divorce. The recession has pushed more and more families into financial collapse—with unemployment, declines in retirement wealth, and falling house values destabilizing the American middle class. Broke explores the consequences of this unprecedented growth in consumer debt and shows how excessive borrowing undermines the prosperity of middle class America. While the recession that began in mid-2007 has widened the scope of the financial pain caused by overindebtedness, the problem predated that large-scale economic meltdown. And by all indicators, consumer debt will be a defining feature of middle-class families for years to come. The staples of middle-class life—going to college, buying a house, starting a small business—carry with them more financial risk than ever before, requiring more borrowing and new riskier forms of borrowing. This book reveals the people behind the statistics, looking closely at how people get to the point of serious financial distress, the hardships of dealing with overwhelming debt, and the difficulty of righting one's financial life. In telling the stories of financial failures, this book exposes an all-too-real part of middle-class life that is often lost in the success stories that dominate the American economic narrative. Authored by experts in several disciplines, including economics, law, political science, psychology, and sociology, Broke presents analyses from an original, proprietary data set of unprecedented scope and detail, the 2007 Consumer Bankruptcy Project. Topics include class status, home ownership, educational attainment, impacts of self-employment, gender differences, economic security, and the emotional costs of bankruptcy. The book makes judicious use of illustrations to present key findings and concludes with a discussion of the implications of the data for contemporary policy debates.
