Distressed Securities
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Distressed Securities
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Author : Edward I. Altman
language : en
Publisher: Beard Books
Release Date : 1999
Distressed Securities written by Edward I. Altman and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Distressed Debt Analysis
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Author : Stephen G. Moyer
language : en
Publisher: J. Ross Publishing
Release Date : 2004-11-15
Distressed Debt Analysis written by Stephen G. Moyer and has been published by J. Ross Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-11-15 with Business & Economics categories.
Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.
The Art Of Vulture Investing
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Author : George Schultze
language : en
Publisher: John Wiley & Sons
Release Date : 2012-09-13
The Art Of Vulture Investing written by George Schultze 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 2012-09-13 with Business & Economics categories.
A detailed and compelling look at distressed securities investing in today’s market In the corporate world, “vulture” investors in distressed securities serve the same cleanup function as vultures do in the natural world: they deal with failing companies, digest bad debt, and mop up after bankruptcies. Since this market’s structural and legal complexities create greater inefficiencies than in other investment fields, it’s a style of investing that can make money during both booms and busts. While recent economic carnage has made opportunities for vulture investors, more convoluted bankruptcies, conflicts of interest, and even government intervention have made this arena harder to negotiate. Nobody understands this better than author George Schultze, founder of Schultze Asset Management. During his successful career as a vulture investor, he’s learned a number of lessons and developed an investment philosophy that has served him well. Now, in The Art of Vulture Investing, Schultze shares his valuable insights and experiences with you. Engaging and informative, this reliable guide offers a bird’s-eye into the opportunities and risks associated with vulture investing. And while it may not always be pretty, you’ll see exactly why this process is necessary for our economic ecosystem. Throughout this book, Schultze explains the theory and strategy of vulture investing in clear and lively prose, illustrating each concept with examples from his own varied experience that show how the landscape has changed in recent years. Offers valuable information on distressed securities investing since the 2007-2009 financial crisis Examines the opportunities and dilemmas for modern vulture investors Includes in-depth case studies of high-profile bankruptcies, including those of Chrysler Automotive and Tropicana Casinos and Resorts By its very nature, investing in distressed companies can be a complicated and risky business. But once the dust settles, these investments can yield extraordinary profits. The Art of Vulture Investing puts this discipline in perspective and shows you how to excel at this difficult, yet rewarding, endeavor.
Distress Investing
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Author : Martin J. Whitman
language : en
Publisher: John Wiley & Sons
Release Date : 2009-04-22
Distress Investing written by Martin J. Whitman 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 2009-04-22 with Business & Economics categories.
Financial innovation, new laws and regulations, and the financial meltdown of 2007 2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance. Nobody understands this better than Martin Whitman the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world. Divided into four comprehensive parts the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals from Kmart to Home Products International will give you a better perspective of the business. Critical topics addressed throughout these pages include: Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing The "Five Basic Truths" of distress investing The difficulty of due diligence for distressed issues Distress investing risks from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy Valuing companies by both going concern as well as their resource conversion attributes In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.
The Guide To Distressed Debt And Turnaround Investing
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Author : Kelly DePonte
language : en
Publisher:
Release Date : 2007
The Guide To Distressed Debt And Turnaround Investing written by Kelly DePonte and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Bankruptcy categories.
Buying And Selling Of Distressed Companies
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Author : Michael Teng
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2014-07-28
Buying And Selling Of Distressed Companies written by Michael Teng and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-28 with Business & Economics categories.
Why would anyone want to invest in a company that has declared or is near bankruptcy? Most people would not want to touch such a stock but there are many who specialize in this very field.Distressed securities are the securities such as stocks, bonds, other financial claims of a company that is close to or has reached financial distress. If a company has filed for bankruptcy, it is under financial distress. This category also includes bank debt and non-performing loans. They fail to make regular interest or principal payments, and they trade at yields higher than those of similar dated Treasuries. Who would want to invest here? Once their financial distress becomes evident, there is lot of panic selling and these then trade at deep discounts. At this stage, they present an attractive opportunity to anyone who has analysed their true worth. In recent years, private firms such as hedge funds, private equity firms have been among the largest buyers of distressed securities. They hold the securities until they have appreciated, and then sell them. This book examines the fundamental issues in relating to buying and selling of distressed companies. It is a sequel to the first highly successful book by the same author: Fundamentals of buying and selling companies.
Bankruptcy Distressed Restructurings
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Author : Edward I. Altman
language : en
Publisher: Beard Books
Release Date : 1999
Bankruptcy Distressed Restructurings written by Edward I. Altman and has been published by Beard Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
Papers from a conference held March 1991 under the joint sponsorship of the New York University Salomon Center and a number of interested corporate contributors
Examination Of The Fees And Performance Structure Of Distressed Securities Hedge Funds
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Author : Michel Guirguis
language : en
Publisher:
Release Date : 2019
Examination Of The Fees And Performance Structure Of Distressed Securities Hedge Funds written by Michel Guirguis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This article aims at testing empirically the major building blocks that affect the performance of distressed securities hedge funds: incentive fees, management fees, size, age, hurdle rate, high watermark provision and lockup period. Distressed securities are related to the corporate bonds of bankrupted companies that start to get out from the crisis and are trying to reduce their loan exposures in the market. It could be also trading in distressed companies that are going to bankrupt and their debt value are reduced. The corporate bonds and shares are traded in discounted values. Their price is low and the investors' anticipate a change in the management in terms of paying the debtors obligations. The risk that the hedge manager is exposed is that the company could increase its liabilities instead its assets and finally bankrupt. The stocks and bonds have no monetary value and the fund will display a negative NAV return. Therefore, the investors will face losses. Hedge funds or institutional investors buy distressed securities to better access the liquidity and the effort of the companies trying to get out from bankruptcy. Hedge fund mangers buy a high yield corporate bond from a company undergoing re-structuring. Hedge funds perform better when the economy is in recession and the companies are distressed. They examine the equity to debt ratio and accordingly they decide whether it is favourable to buy them at a discounted debt value and sell them at a higher price. The sample is provided from Data Feeder dataset. It is very comprehensive and includes distressed securities hedge funds for the period 1998 to 2003. There are other factors that could contribute to performance persistence such as lock-up periods, hurdle rate and high water mark.We are going to use a probit binary regression equation.
Workouts And Turnarounds
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Author : Dominic DiNapoli
language : en
Publisher: Irwin Professional Publishing
Release Date : 1991
Workouts And Turnarounds written by Dominic DiNapoli and has been published by Irwin Professional Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.
Corporate Financial Distress And Bankruptcy
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Author : Edward I. Altman
language : en
Publisher: John Wiley & Sons
Release Date : 2010-03-11
Corporate Financial Distress And Bankruptcy written by Edward I. Altman 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 2010-03-11 with Business & Economics categories.
A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.
