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Corporate Restructuring And Its Macro Effects

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Corporate Restructuring And Its Macro Effects

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Author : Mr.Jongsoon Shin
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-27

Corporate Restructuring And Its Macro Effects written by Mr.Jongsoon Shin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-27 with Business & Economics categories.

This paper describes issues in Korea’s corporate sector, the need for restructuring, and the authorities’ initiatives and challenges. It then identifies lessons from other countries’ experience and conducts an econometric analysis based on cross-country aggregate data, compared with previous studies which mostly use firm-level data. This analysis finds that restructuring episodes, while sometimes challenging in the short term, have typically been associated with more rapid economic growth afterward. Corporate restructuring could have a negative effect on the labor and the financial markets in the short term, but is associated with positive growth through increased investment and capital productivity in the medium term, outpacing the negative effects.

Macro Effects Of Corporate Restructuring In Japan

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Author : Mr.Se-Jik Kim
language : en
Publisher: International Monetary Fund
Release Date : 2003-10-01

Macro Effects Of Corporate Restructuring In Japan written by Mr.Se-Jik Kim and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-01 with Business & Economics categories.

This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of productivity across firms, the paper simulates the effect of optimal restructuring, that is, reallocation of resources from less-productive firms to more-productive ones, on the dynamic path of aggregate output. The results show that the benefits of restructuring could substantially exceed the costs.

Corporate Restructuring And Its Macro Effects

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Author : Mr.Jongsoon Shin
language : en
Publisher: International Monetary Fund
Release Date : 2017-02-10

The Art Of Capital Restructuring

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Author : H. Kent Baker
language : en
Publisher: John Wiley & Sons
Release Date : 2011-06-07

The Art Of Capital Restructuring written by H. Kent Baker and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-07 with Business & Economics categories.

The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.

Corporate Restructuring

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Author : Michael Pomerleano
language : en
Publisher: World Bank Publications
Release Date : 2005

Corporate Restructuring written by Michael Pomerleano and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.

In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.

Creating Value Through Corporate Restructuring

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Author : Stuart C. Gilson
language : en
Publisher: John Wiley & Sons
Release Date : 2010-04-05

Creating Value Through Corporate Restructuring written by Stuart C. Gilson and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-05 with Business & Economics categories.

An updated look at how corporate restructuring really works Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to present new insight into corporate restructuring. Through real-world case studies that involve some of the most prominent restructurings of the last ten years, and highlighting the increased role of hedge funds in distressed investing, you'll develop a better sense of the restructuring process and how it can truly create value. In addition to "classic" buyout and structuring case studies, this second edition includes coverage of Delphi, General Motors, the Finova Group and Warren Buffett, Kmart and Sears, Adelphia Communications, Seagate Technology, Dupont-Conoco, and even the Eurotunnel debt restructuring. Covers corporate bankruptcy reorganization, debt workouts, "vulture" investing, equity spin-offs, asset divestitures, and much more Addresses the effect of employee layoffs and corporate downsizing Examines how companies allocate value and when a corporation should "pull the trigger" From hedge funds to financial fraud to subprime busts, this second edition offers a rare look at some of the most innovative and controversial restructurings ever.

Corporate Restructuring And Governance In Transition Economies

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Author : B. Dallago
language : en
Publisher: Springer
Release Date : 2007-03-21

Corporate Restructuring And Governance In Transition Economies written by B. Dallago and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-03-21 with Business & Economics categories.

This book analyzes and assesses corporate restructuring and governance in transition countries focusing on the Czech Republic, Hungary, and Russia. Using original material and publications in local languages, the book addresses the core issues for these countries in transformation into competitive market economies.

Mergers Acquisitions And Corporate Restructuring

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Author : Chandrashekar Krishnamurti
language : en
Publisher: SAGE Publications India
Release Date : 2008-02-06

Mergers Acquisitions And Corporate Restructuring written by Chandrashekar Krishnamurti and has been published by SAGE Publications India this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-06 with Business & Economics categories.

A book on mergers, acquisitions and corporate restructuring for students and practitioners of finance.

Corporate Restructuring

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Author : Bjørn Espen Eckbo
language : en
Publisher: Now Pub
Release Date : 2013-07

Corporate Restructuring written by Bjørn Espen Eckbo and has been published by Now Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07 with Business & Economics categories.

We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.

Financial Distress Corporate Restructuring And Firm Survival

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Author : Philipp Jostarndt
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-17

Financial Distress Corporate Restructuring And Firm Survival written by Philipp Jostarndt and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-17 with Business & Economics categories.

Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms’ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany’s revised bankruptcy legislation.

Corporate Restructuring And Its Macro Effects

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