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Informationen zum Autor MARTIN J. WHITMAN is Chairman and co-CIO of Third Avenue Management LLC. He has taught courses in value investing and distressed investing for the past thirty years at the Schools of Management at both Syracuse University and Yale University. Whitman is also the author of the Wiley titles Value Investing and The Aggressive Conservative Investor. FERNANDO DIZ is the Martin J. Whitman Associate Professor of Finance and Director of the Ballentine Investment Institute at Syracuse University. His research specialties are in the areas of trading, derivative securities, and value and distress investing. Diz has written for the Journal of Futures Markets, the Review of Financial Studies, and the Journal of Alternative Investments . Klappentext A comprehensive guide to distress investing around the worldIncreasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. Following this trend, a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender. Distress Investing puts this topic in perspective and covers the essential aspects of this discipline-from its theoretical underpinnings to its practical applications. The book features cases studies of some of the biggest distress investing situations, including Kmart and Pacific Gas & Electric. From the recent changes to U.S. bankruptcy code and creditor rights to cash bailouts, readers will learn how to analyze distressed situations such as pricing issues, arbitrage opportunities, tax disadvantages, and the reorganization of funding plans. Written by the leading practitioner of distress investing and coauthored by a leading academic in the field, this book is certain to become the bible on this topic for professional investors and students alike.Martin J. Whitman (New York, NY) is Chairman and Co-CIO of Third Avenue Management LLC. He is also the author of Value Investing (978-0-471-16292-6) and The Aggressive Conservative Investor (978-0-471-76805-0), from Wiley. Fernando Diz (Syracuse, NY) is the Martin J. Whitman Associate Professor of Finance and Director of The Ballentine Investment Institute at Syracuse University. Zusammenfassung A comprehensive guide to distress investing around the world Increasingly, corporate rehabilitation is more interesting than corporate liquidation to governments and capital markets. Following this trend, a mezzanine industry of mutual funds, hedge funds, and private investors has stepped up to fill the role of the traditional corporate lender. Inhaltsverzeichnis Foreword xiii Preface xv Acknowledgments xxii Part One The General Landscape Of Distress Investing Chapter 1 The Changed Environment 3 Trends in Corporate Debt Growth and Leverage before the Financial Meltdown of 2007-2008 4 Junk Bonds and the Levering-Up Period 6 The Syndicated Loan Market and Leveraged Loans 12 Financial Meltdown of 2007-2008 16 Principal Provisions of the 2005 Bankruptcy Act as They Affect Chapter 11 Reorganizations of Businesses 22 Chapter 2 The Theoretical Underpinning 27 What Market? 27 Toward a General Theory of Market Efficiency 29 External Forces Influencing Markets Explained 32 What Risk? 34 Capital Structure and Credit Risk 38 Valuation 39 The Company as a Stand-Alone Entity 41 Control and Its Vital Importance 42 Chapter 3 The Causes of Financial Distress 43 Lack of Access to Capital Markets 44 Deterioration of Operating Performance 46 Deterioration of GAAP Performance 48 Large Off-Balance-Sheet Contingent Liabilities 51 Chapter 4 Deal Expenses and Who Bears Them 53 Attorneys and Financial Advisers' Compe...
