The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Anatomy of Financial Distress: An Examination of Junk-Bond Issuers
Abstract
This paper analyzes the ways in which financially distressed firms try to avoid bankruptcy through public and private debt restructurings, asset sales, mergers, and capital expenditure reductions. Our main finding is that a firm's debt structure affects the way financially distressed firms restructure. The combination of secured private debt and numerous public debt issues seems to impede out-of-court restructurings and increases the probability of a Chapter 11 filing. In addition, we find that, while asset sales are a way of avoiding Chapter 11, they are limited by industry factors: firms in distressed and highly leveraged industries are less prone to sell assets.
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Citations
Cites
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
The role of banks in reducing the costs of financial distress in Japan
Hoshi, T., Kashyap, A., & Scharfstein, D. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90021-q · Cited by 1,213
Self-citation
Cited by
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Firms, Contracts, and Financial Structure
Hart, O. (1995) · doi:10.1093/0198288816.001.0001 · Cited by 4,672
The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs
OPLER, T., & TITMAN, S. (1993) · The Journal of Finance · doi:10.1111/j.1540-6261.1993.tb05138.x · Cited by 486
Trade-Off and Pecking Order Theories of Debt
Frank, M. Z., & Goyal, V. K. (2007) · SSRN Electronic Journal · doi:10.2139/ssrn.670543 · Cited by 455
The Evolution of Buyout Pricing and Financial Structure in the 1980s
Kaplan, S. N., & Stein, J. C. (1993) · The Quarterly Journal of Economics · doi:10.2307/2118334 · Cited by 448
Metadata
- Authors
- Asquith, P., Gertner, R., & Scharfstein, D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1994-08-01
- Volume
- 109
- Issue
- 3
- Pages
- 625-658
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2891158800
- Cited by
- 939
- References
- 2
- FWCI
- 108.92
- Type
- journal article
- Language
- en
- Open access
- closed
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- Asquith, P., Gertner, R., & Scharfstein, D. (1994). Anatomy of Financial Distress: An Examination of Junk-Bond Issuers. The Quarterly Journal of Economics. https://doi.org/10.2307/2118416
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
