Essays in Corporate Restructuring, Reputation and Law PDF Download

Author: Andrea Polo
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 344

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Author: C. E. F. Rickett
Publisher: Brooker's Legal Information
ISBN: 9780864722034
Category : Bankruptcy
Languages : en
Pages : 265

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Author: Myeong-Hyeon Cho
Publisher:
ISBN:
Category :
Languages : en
Pages : 292

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Author: Florian Alexander Blechschmidt
Publisher:
ISBN:
Category : Corporate turnarounds
Languages : en
Pages :

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Author: Shai Y. Waisman
Publisher: Oxford University Press, USA
ISBN: 0199583773
Category : Business & Economics
Languages : en
Pages : 535

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Book Description
The Law and Practice of Restructuring in the UK and US is a practical guide to the restructuring of corporate debt and associated restructuring issues such as employees and pensions, from the perspective of both UK and New York law, the dominant systems of law in the world commercial and financial markets. At a time when many companies are looking at renegotiating and restructuring their debt agreements, this book provides a timely analysis of current techniques and likely developments in the field of corporate restructuring. An expert contributor team from both the US and UK combine their practical experience to cover all aspects of corporate restructuring. Through vivid exposure of the differences between the two jurisdictions, this book considers likely developments in the corporate restructuring landscape, for example the US Chapter 11 paradigm, as well as addressing lessons learned from past issues which are likely to feed into future develompents With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance and insolvency practitioners and their clients, both financial institutions and companies looking to restructure debt, as well as global accountancy firms and law and business schools worldwide.

Author: Oneil M. Harris
Publisher:
ISBN:
Category : Consolidation and merger of corporations
Languages : en
Pages : 486

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Corporate restructuring may be defined as the reorganization of a company with the aim of improving efficiency. This dissertation examines two corporate restructuring activities, namely (i) spinoffs and (ii) mergers and acquisitions. The first essay examines whether poison pill adoptions by impending spinoff subsidiaries is consistent with goal of shareholder wealth maximization. The main implication of my findings is that poison pills do not deter takeovers; not even in environments where takeovers are more likely. Hence, poison pill adoptions may not be motivated by entrenchment. However, since managers' motives are never clear, investors react adversely to poison pill adoptions because of concerns about potential abuse of power by management. Interestingly, the evidence suggests that poison pills have a positive effect on firm value over the longterm. One possible explanation for this finding is that the potential for abuse associated with poison pills promote shareholder activism. Since activist shareholders closely monitor managers, poison pills indirectly enhance firm value. The second essay examines whether spinoff withdrawals are in response to (i) the market reaction to the initial spinoff announcement, (ii) changes in the estimated value of the unit over the spinoff interval, and (iii) changes in expected spinoff gains owing to changes in market conditions within the subsidiary's industry. It takes 7 months to complete an announced spinoff, on average, over which time industry conditions are likely to change. The main implications of my findings are that managers learn from the market and track changes in industry conditions when making spinoff decisions. It appears that managers time spinoffs for periods when the subsidiary's industry valuations are high to fetch a better price in the market for the unit. These practices are consistent with the goal of maximizing shareholders' wealth. The third essay examines whether having outside blockholders with a higher propensity to monitor managers cause variations in (i) abnormal announcement returns, (ii) proportional wealth gains, (iii) takeover premiums, and (iv) payment methods. The evidence supports the view that the types of outside blockholders that targets and bidders have, in relation to their propensity to monitor managers, affect bargaining position. Firms that have outside blockholders with higher propensities to monitor managers experience higher takeover gains because monitoring limits takeover related agency costs. Therefore, acquisitions create agency problems for minority shareholders of the target and bidder firms, when managers are not monitored.

Author: Audra L. Boone
Publisher:
ISBN:
Category :
Languages : en
Pages : 131

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Author: Yungang Luh
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 406

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Author: Kevin M. J. Kaiser
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Author: Carl Leonard Schwellnus
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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