This paper studies the presence of hedge funds in the Chapter 11 process and their effects on bankruptcy outcomes. Hedge funds strategically choose positions in the capital structure where their actions could have a bigger impact on value. Their presence, especially as unsecured creditors, helps...

Using trading information of a comprehensive sample of relisted Chapter 11 firms in the past few decades, we find that the one-year market-adjusted buy-and-hold returns of post-reorg equity are over 50%. An equal-weighted calendar-time portfolio generates 7.2% annualized excess returns over a...

Purpose This paper aims to develop a robot for tightening charged bolt to solve the shortcomings of high labor intensity, low efficiency, high risk and poor reliability in artificially tightening drainage board bolt of strain clamp for high voltage transmission line. Realizing bolt-nut capture...