We analyze the distressed firm's decision between Chapter 11 and an exchange offer. We construct a comprehensive data set on the financial characteristics and capital structure at 269 distressed firms, which, unlike previous studies, uses quarterly information and includes exhaustive data on...

This article studies the ability of an N‐factor Gaussian model to explain the stochastic behavior of oil futures prices when estimated with the use of all available price information, as opposed to traditional approaches of aggregating data for a set of maturities. A Kalman filter estimation...