haku: @author John, K. / yhteensä: 20
viite: 10 / 20
| Tekijä: | Gilson, S. C. John, K. Lang, L. H. P. |
| Otsikko: | Troubled debt restructuring: an empirical study of private reorganization of firms in default |
| Lehti: | Journal of Financial Economics
1990 : OCT, VOL. 27:2, p. 315-353 |
| Asiasana: | CORPORATE FINANCE DEBT FINANCING BANKRUPTCY |
| Kieli: | eng |
| Tiivistelmä: | The incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy are investigated. In a sample of 169 distressed companies, about half successfully restructure their debt outside Chapter 11. Firms more likely to restructure their debt privately have more intangible assets, owe more of their debt to banks, and owe fewer lenders. Analysis of stock returns suggests that the market is also able to discriminate ex ante between the two sets of firms, and that stockholders are systematically better off when their debt is restructured privately. |
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