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Journal of Restructuring Finance最新文献

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SOME MATHEMATICAL PROPERTIES OF THE PRICE OF AN ARBITRAGE PROFITABLE RISKLESS BOND 套利获利无风险债券价格的一些数学性质
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000415
S. C. Rambaud, María del Carmen Valls Martínez
{"title":"SOME MATHEMATICAL PROPERTIES OF THE PRICE OF AN ARBITRAGE PROFITABLE RISKLESS BOND","authors":"S. C. Rambaud, María del Carmen Valls Martínez","doi":"10.1142/S0219869X05000415","DOIUrl":"https://doi.org/10.1142/S0219869X05000415","url":null,"abstract":"It is well known that a discounting function describes the price of a default free bond. In this paper, some mathematical properties of this function are studied when it is subadditive. Subadditive discounting means that the total discount is minor when the year is divided into months and implies that the more divided the interval is into subintervals, the smaller the total discount will be. First, two sufficient conditions for a discounting function being subadditive (resp. superadditive) are shown; more precisely, the increase (resp. decrease) of the instantaneous discount rate and certain integral inequality are proposed as such sufficient conditions. On the other hand, the convexity (resp. concavity) of the Napierian logarithm of the discounting function is shown as a particular case of another more general sufficient condition. Finally, under certain conditions, subadditive discounting functions are necessarily regular.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126369874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
VALUE RELEVANCE OF TROUBLED DEBT RESTRUCTURINGS AND POLICY IMPLICATIONS 问题债务重组与政策影响的价值相关性
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000403
M. Aksu
{"title":"VALUE RELEVANCE OF TROUBLED DEBT RESTRUCTURINGS AND POLICY IMPLICATIONS","authors":"M. Aksu","doi":"10.1142/S0219869X05000403","DOIUrl":"https://doi.org/10.1142/S0219869X05000403","url":null,"abstract":"This paper investigates the beneficial economic consequences and market and accounting based valuation effects of troubled debt restructurings (TDRs) in financially distressed debtor firms. Relying on the implications of prior research and extant valuation theories, some empirical evidence on the beneficial outcomes and informativeness of TDR is first provided: significantly positive restructuring interval excess returns and higher excess returns to subsequently consummated restructurings and subsequent survivors. The market reaction to “full-settlement” and “modification of terms” types of TDR are also measured to evaluate the consistency of the FASB’s binary classification and recognition criteria with the market participants’ assessments. Finally, a valuation model conditional on book values and earnings is used to test the value relevance of the reported financial statement bottom lines and TDR related disclosure. The findings suggest that modifications are at least as beneficial and informative as full settlements. Hence, the recognition of the reduction in the liability and the related gain in the financial statements of firms that undertake modifications would be more congruent with the valuation effects assessed by market participants.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"02 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129506442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
OPTIMAL CAPITAL STRUCTURE IN THE TELECOMS INDUSTRY: MYTH OR REALITY? 电信业最优资本结构:神话还是现实?
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000439
M. Carapeto, Ameet. D. Shah
{"title":"OPTIMAL CAPITAL STRUCTURE IN THE TELECOMS INDUSTRY: MYTH OR REALITY?","authors":"M. Carapeto, Ameet. D. Shah","doi":"10.1142/S0219869X05000439","DOIUrl":"https://doi.org/10.1142/S0219869X05000439","url":null,"abstract":"This paper investigates the issue of optimal capital structure in the Telecoms industry through the birth and subsequent demise of the telecoms bubble. This period has been chosen because there was a substantial amount of debt issuance with a major impact on firms' capital structures. The focus is on the European telecoms industry, specifically BT Group, Deutsche Telekom, and France Telecom. The results show that an optimal capital structure does in fact exist within the telecoms sector and so firm value can be maximized with selective issuance of debt.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"148 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133878793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
COLLATERAL CONSTRAINTS, DEBT MANAGEMENT AND INVESTMENT INCENTIVES WITH A LOW DEFAULT PROBABILITY 抵押品约束、债务管理和低违约概率的投资激励
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000464
E. Agliardi, R. Andergassen
{"title":"COLLATERAL CONSTRAINTS, DEBT MANAGEMENT AND INVESTMENT INCENTIVES WITH A LOW DEFAULT PROBABILITY","authors":"E. Agliardi, R. Andergassen","doi":"10.1142/S0219869X05000464","DOIUrl":"https://doi.org/10.1142/S0219869X05000464","url":null,"abstract":"This paper analyzes the hedging decisions of an emerging economy which is exposed to market risks and whose debt contract is subject to collateral constraints. Within a sovereign debt model with default risk and endogenous collateral, the hedging policy is studied in a market where both futures and non-linear derivatives are available. In developing this model, the paper looks at the cost of sovereign default, financial constraints after default and hedging as an optimal debt managment tool. Finally, the paper presents a contract framework which provides a lower default probability.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124055258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Book Review: "Corporate Restructuring (Vols. 1 and 2)", Edited by John J. McConnell and David J. Denis 书评:“公司重组(第一卷和第二卷)”，由约翰J.麦康奈尔和大卫J.丹尼斯编辑
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000488
M. Mbemap
{"title":"Book Review: \"Corporate Restructuring (Vols. 1 and 2)\", Edited by John J. McConnell and David J. Denis","authors":"M. Mbemap","doi":"10.1142/S0219869X05000488","DOIUrl":"https://doi.org/10.1142/S0219869X05000488","url":null,"abstract":"","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131092382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
EMERGING PATTERNS IN DEVIATIONS FROM ABSOLUTE PRIORITY RULES IN BANKRUPTCY 破产中偏离绝对优先规则的新模式
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000397
M. Carapeto
{"title":"EMERGING PATTERNS IN DEVIATIONS FROM ABSOLUTE PRIORITY RULES IN BANKRUPTCY","authors":"M. Carapeto","doi":"10.1142/S0219869X05000397","DOIUrl":"https://doi.org/10.1142/S0219869X05000397","url":null,"abstract":"This paper documents emerging patterns in deviations from absolute priority (DAPs) in Chapter 11 bankruptcies. Priority rules are violated in at least two-thirds of all cases, with equityholders benefiting in most situations of violation. However, DAPs have been decreasing over time, with the index of deviations from absolute priority rules more than halving over a 12-year period. This fact is best explained by the reduced bargaining power of the debtor, smaller complexity of the cases, and choice of bankruptcy venue. Interestingly, both unsecured creditors and equityholders now benefit from DAPs to the detriment of secured creditors.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129925673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
PREDICTION OF CORPORATE FINANCIAL DISTRESS OF PN4 COMPANIES IN MALAYSIA: A LOGISTIC MODEL APPROACH 马来西亚pn4公司财务困境预测:logistic模型方法
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000440
Mohamad Isa Hussain, A. Nassir, S. Mohamad, Taufiq Hasan
{"title":"PREDICTION OF CORPORATE FINANCIAL DISTRESS OF PN4 COMPANIES IN MALAYSIA: A LOGISTIC MODEL APPROACH","authors":"Mohamad Isa Hussain, A. Nassir, S. Mohamad, Taufiq Hasan","doi":"10.1142/S0219869X05000440","DOIUrl":"https://doi.org/10.1142/S0219869X05000440","url":null,"abstract":"The Malaysian economy suffered serious consequences from the 1997 Asian financial crisis. As a consequence, many listed companies became financially distressed due to mounting debts, huge accumulated losses, and poor cash flows. Under the provisions of Practice Note 4/2001 (PN4), issued by the Bursa Malaysia on February 15, 2001, 91 public listed companies, after fulfilling the criteria of PN4, were classified as financially distressed companies. Financial distress precedes bankruptcy; however, not all financially distressed companies will end up in bankruptcy. The main purpose of this paper is to use financial variables to predict potential financially distressed firms using the logistic regression model. Then the predictive ability of the prediction model was analyzed and the findings are encouraging and consistent for the sample analyzed and the period of study.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116250484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
DOES THE STRUCTURE OF DEBT AFFECT THE OUTPUT AND INVESTMENT STRATEGIES OF THE FIRM 债务结构是否影响企业的产出和投资策略
Journal of Restructuring Finance Pub Date : 2005-09-01 DOI: 10.1142/S0219869X05000427
Rashmi Banga, U. Sinha
{"title":"DOES THE STRUCTURE OF DEBT AFFECT THE OUTPUT AND INVESTMENT STRATEGIES OF THE FIRM","authors":"Rashmi Banga, U. Sinha","doi":"10.1142/S0219869X05000427","DOIUrl":"https://doi.org/10.1142/S0219869X05000427","url":null,"abstract":"The paper examines the impact of differential maturity structures of debt, i.e., short-term and long-term debts on the output, gross investments, and technology-upgrading strategies of the firms in certain oligopolistic industries in India. We first develop a simple theoretical model to motivate the analysis. The empirical analysis shows that debt as a whole may have a negative impact on the choice of output and investment levels of the firms. However, the short-term debts make firms behave in a conservative fashion vis-a-vis their output and investment strategies, while long-term debts make firms behave more aggressively. Debt, irrespective of its structure, forces the firms to upgrade their technology. Total debt is found to have a negative impact on profitability, but firms with higher long-term debts have higher profitability.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"02 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129358042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
RESTRUCTURING SELLER FINANCING AFTER A SMALL BUSINESS BUYOUT 小型企业收购后重组卖方融资
Journal of Restructuring Finance Pub Date : 2005-03-01 DOI: 10.1142/S0219869X0500035X
William A. Ogden, S. Sundaram
{"title":"RESTRUCTURING SELLER FINANCING AFTER A SMALL BUSINESS BUYOUT","authors":"William A. Ogden, S. Sundaram","doi":"10.1142/S0219869X0500035X","DOIUrl":"https://doi.org/10.1142/S0219869X0500035X","url":null,"abstract":"An option available to a small business owner who wishes to sell his company is to help a buyer with the financing. However, while intent on selling the business, she/he typically does not want to become a supplier of permanent capital. The seller can provide bridge financing until the buyer lines up a permanent capital source. This paper presents an EXCEL algorithm for estimating the amount the buyer must borrow to restructure the bridge loan. The algorithm is set up to minimize the buyer's interest expense while meeting loan covenants a lender imposes. The restructured financing can include a combination of short- and long-term loans in order to take advantage of the lower cost of short-term financing. An example demonstrates how the algorithm works.","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"148 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124143039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Book Review: "Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts and Breakups", Stuart C. Gilson 书评:《通过公司重组创造价值:破产、收购和拆分的案例研究》，斯图尔特·c·吉尔森著
Journal of Restructuring Finance Pub Date : 2005-03-01 DOI: 10.1142/S0219869X05000385
Winston T. H. Koh
{"title":"Book Review: \"Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts and Breakups\", Stuart C. Gilson","authors":"Winston T. H. Koh","doi":"10.1142/S0219869X05000385","DOIUrl":"https://doi.org/10.1142/S0219869X05000385","url":null,"abstract":"","PeriodicalId":207674,"journal":{"name":"Journal of Restructuring Finance","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114669577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 14
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