By Philipp Jostarndt
The financial ramifications of company monetary misery and financial disaster have lately won a lot cognizance in educational in addition to public coverage debates. yet empirical proof on how enterprises come across and reply to misery has remained sparse and inconclusive.
Philipp Jostarndt analyzes the anatomy of monetary misery for a wide pattern of German organizations. He stories distress-induced alterations in possession and keep an eye on, luck elements in distressed fairness infusions, and corporations’ selection among in- and out-of-court debt restructurings. furthermore, he conducts a survival research to envision the determinants of survival, acquisition, and financial disaster as substitute paths to go out monetary misery. He comprises either the company viewpoint in addition to the marketplace valuations of the undertaken restructurings and, the place acceptable, relates the findings to the microstructure of Germany’s revised financial ruin laws.
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Extra resources for Financial Distress, Corporate Restructuring and Firm Survival: An Empirical Analysis of German Panel Data
And D. McFadden (1983): “Alternative Estimators and Sample Designs for Discrete Choice Analysis,” in Structural Analysis of Discrete Data with Econometric Applications, ed. by C. Manski, and D. McFadden, pp. 2–50. MIT Press, Boston, MA. Ofek, E. (1993): “Capital Structure and Firm Response to Poor Performance,” Journal of Financial Economics, 34, 3–30. , and L. Zingales (1995): “What Do We Know About Capital Structure? Some Evidence from International Data,” The Journal of Finance, 50, 1421–1460.
4 Sources of ﬁnancial distress Firms enter the distress sample in case repeated interest coverage shortfalls. The year of the initial coverage shortfall is denoted as year 0 in distress time. Three distinct factors can cause a ﬁrm’s inability to cover its debt obligations: (1) Excessive leverage, (2) an industry downturn, and (3) poor ﬁrm-speciﬁc operating performance. com. Financials are subject to diﬀerent disclosure rules and much stricter regulation, which forbids comparison with regular Corporates.
Whether or not this fact causes methodological concerns due to panel attrition is inspected in Chapter 3. com. 1: Sample structure Scope and structure of data set. Stock price and balance sheet data are obtained from DATASTREAM and WORLDSCOPE, respectively. Basic ﬁrm data, ownership data, and board data are obtained from HOPPENSTEDT. Restructuring data is obtained from GENIOS, DOWJONES&REUTERS, and LEXISNEXIS. Competition and industry segment data is obtained from WORLDSCOPE. 3 Sample representativeness My distress sample is a subset of the universe of German listed ﬁrms covered by the German tapes of DATASTREAM and WORLDSCOPE, respectively.