| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3942 |
| 来源ID | Working Paper 3942 |
| Anatomy of Financial Distress: An Examination of Junk-Bond Issuers | |
| Paul Asquith; Robert Gertner; David Scharfstein | |
| 发表日期 | 1991-12-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper examines the events following the onset of financial distress for 102 public junk bond issuers. We find that out-of-court debt relief mainly comes from junk bond - holders; banks almost never forgive principal, though they do defer payments and waive debt covenants. Asset sales are an important means of avoiding Chapter 11 reorganization; however, they may be limited by industry factors. If a company simply restructures its bank debt, but either does not restructure its public debt or does not sell major assets or merge, the company goes bankrupt. The structure of a company's liabilities affects the likelihood that it goes bankrupt; companies whose bank and private debt are secured as well as companies with complex public debt structures are more prone to go bankrupt. Finally, there is no evidence that more profitable distressed companies are more successful in dealing with financial distress; they are not less likely to go bankrupt, sell assets, or reduce capital expenditures. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w3942 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561280 |
| 推荐引用方式 GB/T 7714 | Paul Asquith,Robert Gertner,David Scharfstein. Anatomy of Financial Distress: An Examination of Junk-Bond Issuers. 1991. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3942.pdf（527KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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