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Investing in Financially Distressed Firms: A Guide to Pre- and Post-Bankruptcy Opportunities

Autor Susan Moeller, Murali Ramaswami
en Limba Engleză Hardback – 21 ian 1990 – vârsta până la 17 ani
This comprehensive new study examines the impact of the 1978 Bankruptcy Reform Act on firms that file under Chapter 11 and on investors who own shares or bonds in financially distressed corporations. 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. Both individual and institutional investors looking for new investment opportunities and students of corporate finance and financial management will find important new insights into the investment potential of financially distressed firms. Investing in Financially Distressed Firms represents a good buy for those who would like to hunt bargains in the broken angel sector of the market. Journal of High Yield Bond ResearchThis comprehensive new study examines the impact of the 1978 Bankruptcy Reform Act on firms that file under Chapter 11 and on investors who own shares or bonds in financially distressed corporations. 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. The legal issues involved in investing in bankrupt firms, the environment within which the bankrupt firm operates, and the relationship between stock market efficiency and bankrupt firms also receive thorough coverage. Both individual and institutional investors looking for new investment opportunities and students of corporate finance and financial management will find here important new insights into the investment potential of financially distressed firms.The volume begins with an introduction which sets the stage for the discussion that follows by describing the reasons for the increasing rates of corporate bankruptcy in the 1980s. The authors go on to explore the incentives for investing in bankrupt firms and offer pointers for investors considering such a move. In order to provide the reader with the tools necessary to evaluate potential investment opportunities, the authors also describe the reasons for corporate financial failure, the effects of reorganization on a firm, the differences between old and new bankruptcy laws, and the legal settlement of bankruptcy claims. An analytical model for predicting successful reorganization--and thus a potentially lucrative investment target--is described and illustrated as are models of stock market efficiency. The study concludes with four detailed case studies that illustrate the process of bankruptcy and the possible investment outcomes. The text is accompanied by numerous explanatory tables and figures.
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Specificații

ISBN-13: 9780899304045
ISBN-10: 0899304044
Pagini: 183
Dimensiuni: 156 x 235 x 20 mm
Greutate: 0.49 kg
Ediția:New.
Editura: Bloomsbury Publishing
Colecția Praeger
Locul publicării:New York, United States

Notă biografică

MURALI RAMASWAMI is Senior Vice President and Director of Product Development at the Travelers Investment Management Company. He has published extensively in the areas of microeconomics of industrial organization, corporate bankruptcy, futures and options, and global finance and is a frequent speaker at industry and academic seminars.SUSAN E. MOELLER is an Assistant Professor of Finance at the University of Michigan in Flint. She has published extensively in the areas of corporate bankruptcy and international finance.

Cuprins

PrefaceIntroductionShrewd Investors and Bankrupt FirmsThe Environment and Bankrupt FirmsThe Law and Reorganization of Bankrupt FirmsPrediction of Successful ReorganizationStock Market Efficiency and Bankrupt FirmsCase StudiesBibliographyIndex