haku: @author Torous, W. N. / yhteensä: 9
viite: 2 / 9
| Tekijä: | Franks, J. R. Torous, W. N. |
| Otsikko: | An empirical investigation of US firms in reorganization. |
| Lehti: | Journal of Finance
1989 : JUL, VOL. 44:3, p. 747-769 |
| Asiasana: | ORGANIZATIONAL CHANGE BANKRUPTCY SECURITIES USA |
| Kieli: | eng |
| Tiivistelmä: | Thirty USA firms that have emerged from reorganization are empirically examined. The recontracting framework of Chapter 11 of the 1978 Bankruptcy Act is found to be complex, lengthy and costly. Violations of absolute priority in favour of stockholders are frequently encountered. These deviations may result from the bargaining process of Chapter 11 or from a recontracting process between creditors and stockholders, which recognizes the ability of stockholder-oriented management to preserve firm value. An investigation of the effects of Chapter 11 on the pricing of risky debt is also provided. |
SCIMA