This paper is the first to examine the determinants of acquisitions for the U.S. thrift industry during a period of market liberalization and widespread takeover activity, 1994 to 2000.(...)

In this paper we examine bankruptcy successes and failures before and after the credit crisis for those debtors that sought DIP loans. We found that post-crisis, for companies that filed for bankruptcy stand alone emergencies decreased (percentage-wise), while sales increased. Additionally, we...

The current paper analyzes the impacts of privatization of Sudan air carrier, Sudan Airways. The hypothetical framework in this study is that alternative policies other than privatization are feasible. Sudan airways represents the sovereignty of the country carrying its flag, its objectives is...

This is a PowerPoint presentation that discusses the corporate governance failures behind major corporate scandals of the earlier 21st century. Initially, it details both Enron and Parmalat cases, considered the most emblematic and richer ones from the 2001-2003 period. For each one, I present...

It is still a subject of debate whether the economic function of bankruptcy is to coordinate the insolvent company's creditors or to leave secured creditors the possibility to foreclose the company's residual assets. However, the bankruptcy procedure is more or less everywhere of marginal...

The global financial and economic crisis marks an important turning point for finance and the Asian growth model. Regional consensus is now supporting economic rebalancing away from the dominant focus on exports to developed markets and towards more a more balanced economic structure supported...

Our paper investigates a corporation's mergers and acquisitions (M&A) investment decisions across business cycles and their impact on the firm's involuntary exit hazard in a recession. We find that firms that concentrate most of their M&A activities in the good times (economic expansions) exit...

We analyze how the structure of executive compensation affects the risk choices made by bank CEOs. For a sample of acquiring US banks, we employ the Merton distance to default model to show that CEOs with higher pay-risk sensitivity engage in risk-inducing mergers. Our findings are driven by two...

In this study we contrast bankruptcy section 363 Sales with the traditional path of chapter 11 reorganization. We find that the likelihood to find a potential purchaser, the level of asymmetric information between shareholders and creditors, the extent of corporate sustainability, profitability,...

In a leveraged buyout, a company goes deep in debt and grants liens on its assets to finance the purchase of itself. The debt burden increases the company's risk of insolvency. The company's unsecured creditors are exposed to that risk without compensation. The parties to the leveraged buyout -...