Corporate Financial Distress
Corporate Financial Distress is a comprehensive guide to predicting and dealing with corporate bankruptcy. It shows readers how to anticipate a financial crisis, manage a financial turnaround, and handle the legal, accounting and investment implications of bankruptcy. This book also discusses failure prediction and develops specific and aggregate business failure models for analyzing both private and publicly held firms. Finally, Corporate Financial Distress provides complete documentation and analysis of failure prediction models in ten countries. With this wealth of authoritative information and practical guidelines, bankruptcy creditors, debtors, investors, and third party professionals will have everything they need to predict, avoid, manage, and profit from corporate distress.
Updated and revised to reflect the changing atmosphere in corporate America, this edition offers a comprehensive treatment regarding a variety of topics on the distressed firm, with coverage on the new models which analyze corporations and techniques to assess financial options.
Current case studies have been added to the bankruptcy chapters, allowing readers to work through typical analysis of corporate financial position and plan future strategies.
Altman describes a vast range of tools and techniques for anticipating financial crises, managing turnarounds, and dealing with the complex legal accounting, and investing consequences of bankruptcy.
This book also discusses 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.
You'll find updated information on the following:
Distressed firm investing—a unique, author-developed index that measures defaulted debt price movements and bench-marks market and investor performance
Distress assessment—a range of robust and practical statistical models for classifying and assessing the distress potential of firms
Credit assessment—a powerful statistical framework for bank loan valuation that establishes criteria for loan or investment loss reserves and even gives pricing guidelines for the commercial loan provider
Present value assessment—an innovative technique for deriving the present value of loans that enables banks to keep up with accounting standards that require assets and liabilities to be marked at market or "fair" values
Turnaround techniques—how to apply this book’s failure prediction models to help corporations return to financial health, including an illustrative case history featuring the GTI corporation
Literature review—throughout the book, the author evaluates the latest scholarly investigations into theoretical, empirical, and normative issues surrounding distressed firms
International dimension—a bibliography of failure prediction models applied outside the U.S. with a large number of industrialized and even third-world economy examples