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

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

Author: Edward I. Altman; Edith Hotchkiss
Publisher: John Wiley & Sons
ISBN: 9780471691891
Published In: December 2005
Format: Hardback , 368 pages
Jurisdiction: International or US ? Disclaimer:
Countri(es) stated herein are used as reference only

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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.

Edward I. Altman (New York, NY) is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He received his MBA and PhD in finance from the University of California, Los Angeles. Edith Hotchkiss (Chester Hill, MA) is Associate Professor of Finance at Boston College. She received her PhD from the Stern School of Business and her BA from Dartmouth College.

New to this edition

In this newly revised edition, credit and corporate bankruptcy experts Ed Altman and Edith Hotchkiss will update and expand upon all of these markets and issues. In addition to expanded empirical and descriptive aspects of bankruptcy and credit analysis, they offer 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.

Hallmark features

Both authors are professors: Edward I. Altman (New York, NY), PhD, MBA is the Max L. Heine Professor of Finance at the Stern School of Business, New York University and Edith Hotchkiss (Boston, MA), PhD, is Associate Professor of Finance at Boston College.
Altman is a thought leader in bankruptcy analysis and credit default, and creator of the famous Z-Score Model. Tradeable credit-based financial instruments are now a $1 trillion market, and one of the most profitable areas of investment for many institutional investors and banks in the last year. Book exploits this hot trend.
Content will be brought up to date on state-of-the-art techniques for analyzing and predicting bankruptcies. Additional scholarly content should make the book more attractive to the growing number of academics who may be considering teaching a course in this area.

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.

EDWARD I. ALTMAN, PhD, MBA, is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. Since 1990, he has directed the research effort in fixed income and credit markets at the NYU Salomon Center. Previously, Altman chaired the Stern School's MBA program for twelve years. He was inducted into the Fixed Income Analyst Society's Hall of Fame in 2001 and is an advisor to many financial, consulting, and governmental institutions. Dr. Altman is the Chairman of the Academic Advisory Council of the Turnaround Management Association and a member of its Board of Directors.

EDITH HOTCHKISS, PhD, is Associate Professor of Finance at Boston College. Her research has been published in the Journal of Finance, the Journal of Corporate Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Financial Intermediation.?She has served as an advisor in several recent Chapter 11 cases and is a member of the Board of Directors of the Turnaround Management Association.