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Creditor-on-Creditor Violence and Secured Debt Dynamics
Antill, Samuel; Wang, Neng; Jiang, Zhaoli - National Bureau of Economic Research - 2024
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
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Bankruptcy Section 363 Sales : Choices and Consequences
Parnes, Dror - 2011
In this study we contrast bankruptcy section 363 Sales with the traditional path of chapter 11 reorganization. We find … creditors' correlation problem affect the ultimate bankruptcy choice. We further detect that the process of 363 Sales exhibits …, regular chapter 11 (363 Sales) typically provides better equity performance among financial institutions (non-financial firms …
Persistent link: https://www.econbiz.de/10013133444
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Is attack the best form of defence? : a competing risks analysis of acquisition activity in the UK
Dickerson, Andrew P.; Gibson, Heather D.; Tsakalōtos, … - 1999 - Revised March 1999
probability of takeover. A subsidiary issue is whether such a strategy has any impact on their subsequent probability of … takeover. …
Persistent link: https://www.econbiz.de/10011530493
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Determinants of acquisition and failure : stylized facts and lessons for empirical studies
Köke, F. Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10011446202
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A Note on Distressed Investing : Buying Companies by Acquiring Their Debt
Moyer, Steve - 2012
Our objective in this paper is to provide a pedagogical discussion of the process by which creditors take control of distressed firms. Distress or vulture investing requires a high level of business acumen combined with deep knowledge of accounting, finance, and corporate and restructuring law....
Persistent link: https://www.econbiz.de/10013100486
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Acquiring Distressed and Bankrupt Concerns
Moeller, Scott - 2012
This paper discusses acquisitions of distressed and bankrupt concerns. It starts with a description of the different types of targets (healthy, distressed, bankrupt) and provides insightful comparisons of deal and firm characteristics using the above classification, while recognizing the...
Persistent link: https://www.econbiz.de/10013102096
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Consolidation in Light of Solvency II – The Impact of Mergers and Acquisitions on Insurers’ Default Risk
Lange, Marc - 2019
As a result of Solvency II, academics and practitioners anticipate further consolidation in the insurance industry as the new regulatory framework rewards well-diversified insurers with lower capital requirements and challenges smaller insurers to meet the (operational) regulatory requirements....
Persistent link: https://www.econbiz.de/10012890549
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The Performance of Acquisitions by High Default Risk Bidders
Bruyland, Evy - 2019
We investigate the takeover strategies of high default risk acquirers and their value impact. We find that these …
Persistent link: https://www.econbiz.de/10012894337
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Why Do Distressed Firms Acquire?
Zhang, Eden Quxian - 2018
In recent years, acquisition made by distressed firms have become economically important. This paper explores the rationale behind such acquisitions using a natural experiment. Exploiting a recent tax change, which reduces debt restructuring costs for certain creditors and decreases bankruptcy...
Persistent link: https://www.econbiz.de/10012936076
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Leveraged Buyouts and Financial Distress
Ayash, Brian - 2019
Do leveraged buyout transactions increase the chance of bankruptcy? While corporate finance theory predicts that such … provide new evidence that is consistent with the prediction of the theory. Tracking a sample of 484 public to private LBOs for …
Persistent link: https://www.econbiz.de/10012866191