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- Stuart C. Gilson
- 1989
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,… (More)
- Stuart C. Gilson
- 1990
In 111 publicly traded firms that either tile for bankruptcy or privately restructure their debt between 1979 and 198.5, bank lenders frequently become major stockholders or appoint new directors. On… (More)
- Stuart C. Gilson
- 1990
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 of… (More)
- Philippe Aghion, Oliver S. Hart, +7 authors Lynn M. LoPucki
- 2002
We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options… (More)
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 quality… (More)
- Stuart C. Gilson
- 1997
This study provides evidence that transaction costs discourage debt reductions by financially distressed firms when they restructure their debt out of court. As a result, these firms remain highly… (More)
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 that… (More)
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.… (More)