Bankruptcy and Distressed Restructurings: Analytical Issues and Investment Opportunities
- Book Review,
by Edward I. Altman (Editor)
Book Description
Seventeen substantial papers presented at an innovative 1991 conference to study and discuss corporate distressed restructurings and bankruptcies, including bankruptcy costs and distressed firm values, investing and trading, and strategic issues.
From the Publisher
In today's vulnerable and volatile business climate, corporate bankruptcy and chapter 11 reorganization is a common occurrence among U.S. corporations of all sizes and in all sectors. As a result, the market for distressed firms' debt and equity securities continues to capture the interest and imagination of the investment community. This book compiles the insights of more than 30 experts from both the practitioner and academic communities on a multitude of subjects including bankruptcy and liquidation costs, the determinants of successful Chapter 11 proceedings, competitor behavior related to distress, and investment opportunities in distressed and defaulted securities --- must reading for anyone involved in corporate finance, financial markets, economics, or law.
About the Author
Edward I. Altman 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 and is currently the Vice-Director of the Center. Prior to serving in his present position, Professor Altman chaired the Stern School's MBA Program for 12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney and Luigi Bocconi University in Milan. Dr. Altman has an international reputation as an expert on corporate bankruptcy and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Profesor Honorario" by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and a member of its Scientific and Technical Committee and to several foreign central banks. Dr. Altman was named to the Max L. Heine endowed professorship at Stern in 1988. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles. Professor Altman is one of the founders and an Executive Editor of the international publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the John Wiley Frontiers in Finance Series. Professor Altman has published over a dozen books and over 100 articles in scholarly finance, accounting and economic journals. He is the current editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of the recently published books on Recent Advances in Corporate Finance; Investing in Junk Bonds; Default Risk, Mortality Rates and the Performance of Corporate Bonds; Distressed Securities: Analyzing and Evaluating Market Potential and Investment Risk; Corporate Financial Distress and Bankruptcy and his most recent work on Managing Credit Risk: The Next Great Financial Challenge (1998). His work has appeared in many languages including French, German, Italian, Japanese, Korean, Portuguese and Spanish. Dr. Altman's primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management in banking, corporate finance and capital markets. He has been a consultant to several government agencies, major financial and accounting institutions and industrial companies and has lectured to executives in North America, South America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress, the New York State Senate, and several other government and regulatory organizations and is a Director and a member of the Advisory Board of a number of corporate, publishing, academic and financial institutions. Dr. Altman is Chairman of the Board of Trustees of the InterSchool Orchestras of New York and a member of the Board of Trustees of the Museum of American Financial History
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