Jostarndt, P: Financial Distress, Corporate Restructuring an

2007
ISBN: 978-3-8350-0590-7
Verlag: Deutscher Universitätsvlg

Buch, Englisch, Band 116, 201 Seiten, Format (B × H): 148 mm x 210 mm, Gewicht: 333 g

Reihe: Beiträge zur betriebswirtschaftlichen Forschung

Research on corporate distress and bankruptcy and the accompanying e?orts of ?rms to restructure their operations and balance sheets have become an increasingly important ?eld in ?nancial economics and business administration. Especially in Germany where the recent period of economic downturn and large-scale bankruptcy ?lings coincided with extensivereformsofthebankruptcylegislationthetopichasenjoyedcontroversialdebates among economists, legal scholars and public policy makers. Yet so far insights from empirical research that can provide valuable guidance in these debateshaveremainedsparseandinconclusive. Onereasonforthelackofevidenceisthat common ?nancial theory on corporate restructuring is not fully compatible with the G- man institutional background and thus often allows only ambiguous predictions. Mo- over, empiricalinvestigationsofGermanrestructuringshavesofarbeenalmostimpossible due to the lack of exhaustive data. This holds in particular for private reorganizations, which present the predominant form of restructuring distressed ?rms in Germany. Many economically highly interesting aspects pertain to this ?nal stage in the corporate li- cycle. Forexample,thequestionwhetherthe?rm’smanagement,shareholdersorcreditors should trigger a formal bankruptcy proceeding or, alternatively, pursue a going-concern in an out-of-court workout has a myriad of economic implications.

Zielgruppe

Research

Autoren/Hrsg.

Jostarndt, Philipp

Weitere Mitwirkende

Rudolph, Prof. Dr. Bernd

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung
• Wirtschaftswissenschaften Betriebswirtschaft Management Unternehmensberatung, Unternehmenssubventionen
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen Finanzierung, Investition, Leasing

Inhaltsverzeichnis

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.