Distressed Securities
| Author | : Edward I. Altman |
| Publisher | : Beard Books |
| Total Pages | : 252 |
| Release | : 1999 |
| Genre | : Business & Economics |
| ISBN | : 9781893122048 |
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The Distressed Securities Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Distressed Securities Market PDF full book. Access full book title The Distressed Securities Market.
The Distressed Securities Market
| Author | : Philip Samuel Russel |
| Publisher | : |
| Total Pages | : 284 |
| Release | : 1996 |
| Genre | : Bankruptcy |
| ISBN | : |
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Distressed Debt Analysis
| Author | : Stephen G. Moyer |
| Publisher | : J. Ross Publishing |
| Total Pages | : 518 |
| Release | : 2004-11-15 |
| Genre | : Business & Economics |
| ISBN | : 1932159185 |
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Providing theoretical and practical insight, this book presents a conceptual, but not overly technical, outline of the financial and bankruptcy law context in which restructurings take place. The author uses numerous real- world examples to demonstrate concepts and critical issues. Readers will understand the chess-like, multi- move strategies necessary to achieve financially advantageous results.
Distress Investing
| Author | : Martin J. Whitman |
| Publisher | : John Wiley & Sons |
| Total Pages | : 330 |
| Release | : 2009-04-22 |
| Genre | : Business & Economics |
| ISBN | : 0470488433 |
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Financial innovation, new laws and regulations, and the financial meltdown of 2007 2008 are just a few of the forces that have shaped, and continue to shape, today's distress investment environment. Combine this with the fact that the discipline of distress investing doesn't always follow what conventional wisdom says, and you can see why it is one of the most challenging areas in finance. Nobody understands this better than Martin Whitman the legendary founder of Third Avenue Management LLC and a pioneer in the field of distressed markets and leading academic Dr. Fernando Diz of Syracuse University. That's why they decided to write Distress Investing. As an outgrowth of annual distress and value investing seminars the two have taught together at Syracuse University's Martin J. Whitman School of Management, this reliable resource will help you gain a better understanding of the essential principles and techniques associated with distress investing and show you how to effectively apply them in the real world. Divided into four comprehensive parts the General Landscape of Distress Investing, Restructuring Troubled Issuers, the Investment Process, and Cases and Implications for Public Policy this book comprehensively covers the practice of buy-and-hold investing in distressed credits, whether it be performing loans or the reinstated issues of a reorganized issuer. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, you'll quickly learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Along the way, case studies of both large and small distress investing deals from Kmart to Home Products International will give you a better perspective of the business. Critical topics addressed throughout these pages include: Chapter 11 bankruptcy and why it's not considered an ending, but rather a beginning when it comes to distress investing The "Five Basic Truths" of distress investing The difficulty of due diligence for distressed issues Distress investing risks from reorganization risk to risk associated with the alteration of priority of payments in bankruptcy Valuing companies by both going concern as well as their resource conversion attributes In today's turbulent economic environment, distress investing presents some enticing opportunities. Put yourself in a better position to excel at this endeavor with Distress Investing as your guide.
The Anatomy of Distressed Debt Markets
| Author | : Edward I. Altman |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 2018 |
| Genre | : |
| ISBN | : |
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We have often observed, e.g. Altman, Hotchkiss (2006), that the market for investing in distressed securities, (the so-called “vulture” markets), had captured the interest of increasing numbers of investors and analysts. These investors, sometimes categorized as “alternative asset” institutions, mainly hedge funds, now can convincingly argue that the market has matured into a genuine asset class, with a reasonably long history of data on return and risk attributes. And, we have been there every step of the way, researching its growth and performance, documenting its dynamics and nurturing the asset class growth with statistics and analytics.Our fascination with distressed firms and their outstanding securities began when the Chairman of an investor enterprise, The Foothill Group (now part of Wells Fargo), came to me (Altman) with an assignment to provide a descriptive and analytical “white” paper on what was generally known as “distressed” debt. This resulted in two monographs, one on Distressed Bonds (Altman, 1990) and a second on Distressed Loans (Altman, 1992). Our first task was to carefully define this market, after getting several interesting, but not sufficient, definitions from practitioners, such as bonds selling for less than 80% of par value. We established essentially two precise categories: (1) bonds or loans whose yield to maturity (later amended to option-adjusted yield) was equal to or greater than 10% (1,000 bps) above the 10-year U.S. government bond rate (later amended to be the U.S. government bonds with comparable duration) and (2) those bonds or loans of firms who have defaulted on their debt obligations and were in their restructuring, usually Chapter 11, phase. The former was categorized “Distressed” and the latter as “Defaulted”. We also included the equity securities of those firms, but did not attempt any documentation on distressed equity at that time.In addition to an increasing number of articles and reports on the Distressed Securities market and to the two aforementioned studies, several books related to the subject have been published (see our Literature Review, later). The purpose of this article is to document the descriptive anatomy of the distressed debt markets size, growth, major strategies, characteristics, and participants, and then to explore its performance attributes, reviewing the relevant 30-year period from 1987-2017.
The Art of Vulture Investing
| Author | : George Schultze |
| Publisher | : John Wiley & Sons |
| Total Pages | : 230 |
| Release | : 2012-09-24 |
| Genre | : Business & Economics |
| ISBN | : 0470872640 |
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A detailed and compelling look at distressed securities investing in today’s market In the corporate world, “vulture” investors in distressed securities serve the same cleanup function as vultures do in the natural world: they deal with failing companies, digest bad debt, and mop up after bankruptcies. Since this market’s structural and legal complexities create greater inefficiencies than in other investment fields, it’s a style of investing that can make money during both booms and busts. While recent economic carnage has made opportunities for vulture investors, more convoluted bankruptcies, conflicts of interest, and even government intervention have made this arena harder to negotiate. Nobody understands this better than author George Schultze, founder of Schultze Asset Management. During his successful career as a vulture investor, he’s learned a number of lessons and developed an investment philosophy that has served him well. Now, in The Art of Vulture Investing, Schultze shares his valuable insights and experiences with you. Engaging and informative, this reliable guide offers a bird’s-eye into the opportunities and risks associated with vulture investing. And while it may not always be pretty, you’ll see exactly why this process is necessary for our economic ecosystem. Throughout this book, Schultze explains the theory and strategy of vulture investing in clear and lively prose, illustrating each concept with examples from his own varied experience that show how the landscape has changed in recent years. Offers valuable information on distressed securities investing since the 2007-2009 financial crisis Examines the opportunities and dilemmas for modern vulture investors Includes in-depth case studies of high-profile bankruptcies, including those of Chrysler Automotive and Tropicana Casinos and Resorts By its very nature, investing in distressed companies can be a complicated and risky business. But once the dust settles, these investments can yield extraordinary profits. The Art of Vulture Investing puts this discipline in perspective and shows you how to excel at this difficult, yet rewarding, endeavor.
Distressed Investment Banking
| Author | : Henry Furlow Owsley |
| Publisher | : Beard Books |
| Total Pages | : 236 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 1587982676 |
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The definitive work on the role of the investment banker in a troubled company situation.
Distressed and Defaulted Debt Securities
| Author | : Edward I. Altman |
| Publisher | : |
| Total Pages | : 17 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
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The market for investing in distressed and defaulted debt is continuing to receive a great deal of attention despite the shrinkage in the supply of new securities in 1993-1995 (first half). This is primarily due to the continued excellent return performance of defaulted bonds, the expected growth in the supply of new distressed and defaulted public and private debt paper, and the clearly documented relatively low correlation of returns with the more traditional debt and equity markets. This study reviews some of the important attributes of this unique investment vehicle and updates our analysis of the risk and return performance of the most extreme component of the distressed market defaulted debt.
Corporate Financial Distress and Bankruptcy
| Author | : Edward I. Altman |
| Publisher | : John Wiley & Sons |
| Total Pages | : 314 |
| Release | : 2010-03-11 |
| Genre | : Business & Economics |
| ISBN | : 1118046048 |
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A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the post-emergence period performance of bankrupt firms, and more.
Measuring the Effects of Distressed Securities Or Close to Bankruptcy Market Evaluation of Companies in the Whole Structure of the Hedge Fund
| Author | : Michel Guirguis |
| Publisher | : |
| Total Pages | : |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
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This article aims at measuring the effects of distressed securities or close to bankruptcy market evaluation of companies in the whole structure of the hedge fund. Distressed securities are related to the corporate bonds of bankrupted companies that start to get out from the crisis and are trying to reduce their loan exposures in the market. It could be also trading in distressed companies that are going to bankrupt and their debt value are reduced. The corporate bonds and shares are traded in discounted values. Their price is low and the investors' anticipate a change in the management in terms of paying the debtors obligations. The risk that the hedge manager is exposed is that the company could increase its liabilities instead its assets and finally bankrupt. The stocks and bonds have no monetary value and the fund will display a negative NAV return. Therefore, the investors will face losses. Hedge funds or institutional investors buy distressed securities to better access the liquidity and the effort of the companies trying to get out from bankruptcy. Hedge fund mangers buy a high yield corporate bond from a company undergoing re-structuring. Hedge funds perform better when the economy is in recession and the companies are distressed. They examine the equity to debt ratio and accordingly they decide whether it is favourable to buy them at a discounted debt value and sell them at a higher price. We test empirically the major building blocks that affect the performance of distressed securities hedge funds: incentive fees, management fees, size, age, hurdle rate, high watermark provision and lockup period. The sample is provided from Data Feeder dataset. It is very comprehensive and includes distressed securities hedge funds for the period 1998 to 2003. We apply a probit binary regression equation to test the factors that create and affect distressed securities hedge funds.
