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Essays in the Resolution of Bankruptcy and Financial Distress

Essays in the Resolution of Bankruptcy and Financial Distress PDF Author: Gunjan Seth
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

Book Description


Essays in the Resolution of Bankruptcy and Financial Distress

Essays in the Resolution of Bankruptcy and Financial Distress PDF Author: Gunjan Seth
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

Book Description


Essays on Bankruptcy and the Resolution of Financial Distress

Essays on Bankruptcy and the Resolution of Financial Distress PDF Author: Stanley D. Longhofer
Publisher:
ISBN:
Category :
Languages : en
Pages : 178

Book Description
That a firm's initial equityholders often emerge from Chapter 11 bankruptcy proceedings with more value than the absolute priority rule (APR) would suggest is now a generally accepted fact. The form in which this value is distributed, however, is less well understood. In particular, why do the original shareholders of some firms emerge from Chapter 11 bankruptcy with stock in the reorganized firm, while others receive warrants? The first essay of this dissertation proposes that informational asymmetries provide the answer to this question. By proposing a reorganization plan in which they receive warrants, the original stockholders of a firm with good future prospects can signal their superior information to the creditors in a way that firms with poor prospects will not wish to mimic. Violations of the APR are commonplace in private workouts, formal business reorganizations, and personal bankruptcies. While some theorists suggest they may arise endogenously, they are clearly magnified by the institutional structure of the bankruptcy code. The second essay shows that APR violations exacerbate credit rationing problems by reducing the payment lenders receive in default states. Furthermore, APR violations make default more likely to occur, raising the interest rate firms must pay when borrowing. Both of these problems arise even when APR violations have no impact on the borrower's incentive to undertake risk-shifting behavior. Typical folklore in corporate finance tells us that existing proportionate priority and absolute priority rules in bankruptcy have evolved in order to eliminate inefficiencies that result when lenders "rush" to retrieve their assets from a firm in financial distress. The final essay of this dissertation shows that when a firm is faced with a moral hazard problem first-come, first-served rules reduce lenders' incentives to free ride on the monitoring efforts of each other. As a result, these rules may reduce the total social cost of loan contracts compared to other bankruptcy rules. These first-come, first-served rules mimic important contractual arrangements found in real world debt contracts.

Resolution of Financial Distress

Resolution of Financial Distress PDF Author: Sris Chatterjee
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 21

Book Description


Resolution of Financial Distress

Resolution of Financial Distress PDF Author: George Allayannis
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 26

Book Description


Essays in Empirical Corporate Finance

Essays in Empirical Corporate Finance PDF Author: Qianqian Huang
Publisher:
ISBN:
Category : Business networks
Languages : en
Pages : 148

Book Description
Finally, the presence of investment banker directors is positively related to long-run operating and stock performance. Lastly, in the third essay, we study acquisitions of distressed targets. We find distressed acquisitions are usually associated with debt restructuring of the target debt, and the deals can be implemented with or without the aid of the bankruptcy court. We find target stakeholders generally prefer to complete the acquisition without court help, unless the hold-out problem that resides in debt structures would jeopardize a deal outside of Chapter 11. Firms that choose to be acquired within Chapter 11 are found to have more debt contracts outstanding and more public debt. We also find that target CEOs are more likely to retain their jobs following non-bankruptcy acquisitions or pre-negotiated acquisitions than in post-negotiated acquisitions, consistent with our conjecture that management benefits personally from arranging a sale as a resolution to the financial distress of the firm.

Public Policy & Financial Economics: Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession

Public Policy & Financial Economics: Essays In Honor Of Professor George G Kaufman For His Lifelong Contributions To The Profession PDF Author: Douglas D Evanoff
Publisher: World Scientific
ISBN: 981322956X
Category : Business & Economics
Languages : en
Pages : 313

Book Description
The central goal of this volume was to assemble outstanding scholars and policymakers in the field of financial markets and institutions and have them articulate significant market developments in their particular areas of expertise during the past few decades.Not just a celebratory volume, Public Policy and Financial Economics selected internationally recognized financial economists who have worked with Professor Kaufman during his years of scholarly research, and have a combined mastery of specialized financial markets themes and, very importantly, knowledge of public policies in the areas. All 15 chapters offer unique, innovative, and exciting expositions of several critical topics in financial economics.

Across the Great Divide

Across the Great Divide PDF Author: Martin Neil Baily
Publisher: Hoover Institution Press
ISBN: 0817917845
Category : Business & Economics
Languages : en
Pages : 417

Book Description
The financial crisis of 2008 devastated the American economy and caused U.S. policymakers to rethink their approaches to major financial crises. More than five years have passed since the collapse of Lehman Brothers, but questions still persist about the best ways to avoid and respond to future financial crises. In Across the Great Divide, a co-publication with Brookings Institution, contributing economic and legal scholars from academia, industry, and government analyze the financial crisis of 2008, from its causes and effects on the U.S. economy to the way ahead. The expert contributors consider post-crisis regulatory policy reforms and emerging financial and economic trends, including the roles played by highly accommodative monetary policy, securitization run amok, government-sponsored enterprises (GSEs), large asset bubbles, excessive leverage, and the Federal funds rate, among other potential causes. They discuss the role played by the Federal Reserve and examine the concept of "too big to fail." And they review and assess resolution frameworks, considering experiences with Lehman Bros. and other firms in the crisis, Title II of the Dodd-Frank Act, and the Chapter 14 bankruptcy code proposal.

151 Essays

151 Essays PDF Author: S C Gupta
Publisher: Arihant Publications India limited
ISBN: 9313160285
Category :
Languages : en
Pages : 483

Book Description
151, that’s Not at all the Number of Essays covered in the Bestselling Book, Penned by Renowned Author Mr. S C Gupta, 151 Essays is a Complete Guide to help students learn the art of essay writing through More than 160 Essays covering the panoramic view of topics on Contemporary, Social, Environmental, Political, Education, Economic, Science & Technology, International, Personalities, Proverbial & Idiomatic, Sports and Many More The Book starts with a focus on developing the craft of essay writing which needs detailed knowledge of the topic, discipline of mind, analytical skills to draw a conclusion, rich vocabulary to express the thoughts, grammatical accuracy and coherence of thoughts and ideas for contextual writing. The Book is divided in 2 Major Parts, the first part prepares you to know-how of the Essay Writing be it Understanding an Essay, Part of an Essay, Steps to write an effective and Interesting Essay and Essay Sketching Techniques. the Second Part Contains All the Latest and Updated Topics from all the Field of life i.e. GST, Digital India, NET Neutrality, Black Money, Drone Technology, Juvenile Justice Act 1925, Social Networking Sites, Honor Killing, Electoral Reforms and Indian Democracy, FDI Effect on Retail Stores, Role of Agriculture in Economic Reform, Indian Civil Nuclear Strategy, Terrorism In India & It’s Changing Face, Global Climate Change, Students & Politics, Right to Education, Kalpana Chawla, Narendra Modi, Sunder Pichai, IPL, Sports is it Loosing it’s Integrity, Habit- a Good Servant but a Bad Master, Communication face to face or Facebook and Many burning and Important Topics. While these are important and Critical Topics Author has put a clear and easy language to Understand, Vocab Cards to understand difficult words, Latest and Updated Data to understand actual status Essays Plays an important role in competitive exams hence it’s a must have book for all aspirants.

Global Waves of Debt

Global Waves of Debt PDF Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403

Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Financial Regulatory Reform

Financial Regulatory Reform PDF Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781983540875
Category :
Languages : en
Pages : 100

Book Description
FINANCIAL REGULATORY REFORM: Financial Crisis Losses and Potential Impacts of the Dodd-Frank Act