Kaum eine Fragestellung hat in der Finanzierungsliteratur der vergangenen Jahrzehnte eine sostarke und nachhaltige Beachtung gefunden, wie die der optimalen Kapitalstruktur vonUnternehmen. Der theoretische Literaturzweig ist weitgehend ausgereift und lässt sich imwesentlichen in zwei Lager...

For a sample of 267 financially distressed German corporations, I analyze firms'decision to recapitalize by raising fresh equity. I find evidence consistent with thehypothesis that wealth transfers from owners to creditor resulting from a costlydebt overhang present a potential impediment to a...

In this study we empirically investigate the effect of financial distress on cor-porate ownership and control. Our analysis is based on a panel of 267 Germanfirms that suffered from repeated interest coverage shortfalls and steep share pricedeclines between 1996 and 2004. We track each firm's...

We empirically investigate the determinants of successful debt restructurings fora sample of 116 financially distressed companies in Germany between 1997 and 2004.Of the sampled firms, about half successfully restructure their debt in a workoutwhile the other half fail and file an insolvency...