Jostarndt Financial Distress, Corporate Restructuring and Firm Survival

An Empirical Analysis of German Panel Data
2007
ISBN: 978-3-8350-9437-6
Verlag: Deutscher Universitätsverlag
Format: PDF
Kopierschutz: Wasserzeichen (»Systemvoraussetzungen)

E-Book, Englisch, 201 Seiten, eBook

Reihe: Beiträge zur betriebswirtschaftlichen Forschung

Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms' choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany's revised bankruptcy legislation.



Dr. Philipp Jostarndt war wissenschaftlicher Mitarbeiter von Prof. Dr. Bernd Rudolph am Institut für Kapitalmarktforschung und Finanzierung der Universität München.

Zielgruppe

Research

Autoren/Hrsg.

Jostarndt, Philipp

Weitere Mitwirkende

Rudolph, Prof. Dr. Bernd

Inhaltsverzeichnis

1;Foreword;6
2;Preface;8
3;Table of Contents;10
4;List of Tables;15
5;List of Figures;17
6;Chapter 1 Introduction;18
6.1;1.1 Motivation;18
6.2;1.2 Course of examination;22
6.3;Bibliography for Chapter 1;25
7;Chapter 2 Data selection and sample descriptives;27
7.1;2.1 Sampling procedure;27
7.2;2.2 Data sources and sample structure;30
7.3;2.3 Sample representativeness;33
7.4;2.4 Sources of .nancial distress;34
7.5;Bibliography for Chapter 2;39
8;Chapter 3 Financial distress, corporate control, and management turnover: A German panel analysis;40
8.1;3.1 Introduction;40
8.2;3.2 Theory and propositions;42
8.3;3.3 Data and measurement;49
8.4;3.4 Empirical results;55
8.5;3.5 Summary and conclusions;73
8.6;Bibliography for Chapter 3;74
8.7;Appendices;78
9;Chapter 4 Of bail- outs and bankruptcies: An empirical study of distressed debt restructurings in Germany;86
9.1;4.1 Introduction;86
9.2;4.2 The economics of bankruptcy and debt restructuring;89
9.3;4.3 Data and hypotheses;100
9.4;4.4 Descriptive statistics and estimation results;106
9.5;4.5 Summary and conclusions;125
9.6;Bibliography for Chapter 4;127
9.7;Appendices;131
9.7.1;Methodology of multivariate analysis;135
9.7.2;Methodology of cumulative abnormal return and buy- and- hold abnormal return estimation;139
10;Chapter 5 Claimholder conflicts in distressed equity offerings: Evidence from German restructurings;142
10.1;5.1 Introduction;142
10.2;5.2 Theory and hypotheses;145
10.3;5.3 Data and descriptives;151
10.4;5.4 Methodology and empirical results;157
10.5;5.5 Summary and conclusion;169
10.6;Bibliography for Chapter 5;170
10.7;Appendices;173
11;Chapter 6 A study of .rm exit and survival in;177
12;Chapter 6 A study of firm exit and survival in financial distress;177
12.1;6.1 Introduction;177
12.2;6.2 Theory and propositions;180
12.3;6.3 Data and methodology;189
12.4;6.4 Estimation results;197
12.5;6.5 Summary and conclusions;204
12.6;Bibliography for Chapter 6;205
12.7;Appendices;209

Data selection and sample descriptives.- Financial distress, corporate control, and management turnover: A German panel analysis.- Of bail-outs and bankruptcies: An empirical study of distressed debt restructurings in Germany.- Claimholder conflicts in distressed equity offerings: Evidence from German restructurings.- A study of firm exit and survival in financial distress.

Über Autor(innen)

Dr. Philipp Jostarndt war wissenschaftlicher Mitarbeiter von Prof. Dr. Bernd Rudolph am Institut für Kapitalmarktforschung und Finanzierung der Universität München.