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Management turnover and financial distress
Abstract This study investigates senior management turnover in financially distressed firms. In any given year, 52% of sampled firms experience turnover if they are either in default on their debt,Expand
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Bankruptcy, boards, banks, and blockholders: Evidence on changes in corporate ownership and control when firms default
Abstract In 111 publicly traded firms that either file for bankruptcy or privately restructure their debt between 1979 and 1985, bank lenders frequently become major stockholders or appoint newExpand
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Troubled debt restructurings*1: An empirical study of private reorganization of firms in default
Abstract This study investigates the incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy. In a sample of 169 financially distressedExpand
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Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms
This study provides evidence that transactions costs discourage debt reductions by financially distressed firms when they restructure their debt out of court. As a result, these firms remain highlyExpand
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CEO Compensation in Financially Distressed Firms: An Empirical Analysis
This paper studies senior management compensation policy in seventy-seven publicly traded firms that filed for bankruptcy or privately restructured their debt during 1981 to 1987. Almost one-third ofExpand
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Analyst Specialization and Conglomerate Stock Breakups
type="main" xml:lang="en"> This paper examines whether firms emerging from conglomerate stock breakups are able to affect the types of financial analysts that cover their firms as well as the qualityExpand
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Valuation of Bankrupt Firms
This study compares the market value of firms that reorganize in bankruptcy with estimates of value based on management’s published cash flow projections. We estimate firm values using models thatExpand
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Private Versus Public Debt: Evidence From Firms That Replace Bank Loans With Junk Bonds
We study firms that reduced private debt by repaying bank loans with proceeds from junk bonds. The debt contracts differ dramatically, and the contractual restrictions in bank debt are tighter.Expand
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Investing in Distressed Situations: A Market Survey
The practice of investing in distressed companies is popularly known as “vulture” investing. The risks of investing in this market are highly firm specific and idiosyncratic. Investors who are adeptExpand
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Creating Value Through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups
A collection of case studies illustrates real-world techniques, implementation, and strategies on corporate restructuring Over the period 1981-1998, public companies with combined assets of overExpand
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