Distressed Debt Analysis: Strategies for. Have not added any PDF format description on Distressed Debt Analysis: Strategies for Speculative.

Author by: Edward I. Author by: Kazunari Ohashi Language: en Publisher by: International Monetary Fund Format Available: PDF, ePub, Mobi Total Read: 29 Total Download: 445 File Size: 49,9 Mb Description: Sizable risk capital from outside may be necessary to accelerate Japan's corporate restructuring to replace the stock of impaired bank loans. To attract risk capital, impaired loans must find market-clearing prices. However, the asymmetry in the bid-ask prices faced by banks and distressed-debt investors continues to stall efforts to create a liquid distressed-debt market. This paper asserts that the wedge between the prices faced by different participants is primarily a result of different valuation methods employed by banks and distressed-debt investors. On the one hand, banks do not recognize 'maturity default' that results in banks rolling over impaired-loan accounts, effectively turning them into perpetual debt, which is expected to capture any upside potential for value.

On the other hand, distressed-debt investors presently view their investments as equity stakes that require improved cash flows, unlike the buy-and-sell distressed-collateral market that existed in the mid-1990s. We suggest that bids from distressed-debt investors may not be as low as they are deemed by local banks and the asymmetry in prices may be reduced if banks value their claims as corporate equity.

Author by: Philipp Jostarndt Language: en Publisher by: Springer Science & Business Media Format Available: PDF, ePub, Mobi Total Read: 74 Total Download: 456 File Size: 51,6 Mb Description: Philipp Jostarndt studies distress-induced changes in ownership and control, success factors in distressed equity infusions, and firms’ choice between in- and out-of-court debt restructurings. In addition, he analyzes the determinants of survival, acquisition, and bankruptcy as alternative paths to exit financial distress. He includes both the firm perspective as well as the market valuations of the undertaken restructurings and, where applicable, relates the findings to the microstructure of Germany’s revised bankruptcy legislation.

Author by: Joseph Callaghan Language: en Publisher by: Cambridge Scholars Publishing Format Available: PDF, ePub, Mobi Total Read: 76 Total Download: 762 File Size: 55,7 Mb Description: This book provides a summary of state-of-the-art methods and research in the analysis of credit. It thereby supplies very useful insights into this vital area of finance that has previously been insufficiently taught and researched in academia. The book, which includes an overview of processes that are utilized for estimating the probability of default and the loss given default for a wide array of debts, will be useful in evaluating individual loans and bonds as well as managing entire portfolios of such assets. Halliday Resnick Krane Solutions Pdf here. Each of the chapters in the book is written by authors who presented and discussed their contemporary research and knowledge at the First International Conference on Credit Analysis and Risk Management that was held July 21–23, 2011 at Oakland University, Michigan, USA. This collection of writings by these experts in the field is uniquely designed to enhance the understanding of credit analysis in a fashion that permits a broad perspective on the science and art of credit analysis.

Author by: Niklas Wagner Language: en Publisher by: CRC Press Format Available: PDF, ePub, Mobi Total Read: 41 Total Download: 371 File Size: 55,5 Mb Description: Featuring contributions from leading international academics and practitioners, Credit Risk: Models, Derivatives, and Management illustrates how a risk management system can be implemented through an understanding of portfolio credit risks, a set of suitable models, and the derivation of reliable empirical results. Author by: Aditya Gade Language: en Publisher by: AIWMI Format Available: PDF, ePub, Mobi Total Read: 46 Total Download: 553 File Size: 41,7 Mb Description: The Certified Credit Research Analyst (CCRATM) is a comprehensive global education program designed to give an expert level understanding of credit markets to fresh graduates and experienced professionals. It integrates the fundamentals of financial analysis, credit analysis, rating methodologies, credit strategy and structuring. It offers the tools a candidate needs to occupy key positions in the world of finance, private banking, credit ratings and fixed income domain. Author by: Alexander Lipton Language: en Publisher by: OUP Oxford Format Available: PDF, ePub, Mobi Total Read: 33 Total Download: 197 File Size: 51,7 Mb Description: From the late 1990s, the spectacular growth of a secondary market for credit through derivatives has been matched by the emergence of mathematical modelling analysing the credit risk embedded in these contracts. This book aims to provide a broad and deep overview of this modelling, covering statistical analysis and techniques, modelling of default of both single and multiple entities, counterparty risk, Gaussian and non-Gaussian modelling, and securitisation.