Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities
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| Format: | Abschlussarbeit Elektronisch E-Book |
| Sprache: | English |
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Vallendar
WHU - Otto Beisheim School of Management
2011
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| 245 | 1 | 0 | |a Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities |c submitted by Marc-Olivier Lücke |
| 264 | 1 | |a Vallendar |b WHU - Otto Beisheim School of Management |c 2011 | |
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Datensatz im Suchindex
| _version_ | 1804176672953466880 |
|---|---|
| adam_text | CONTENTS
LIST
OF
TABLES
......................................................................................................VII
LIST
OF
FIGURES
.....................................................................................................
IX
SYMBOLS
AND
ABBREVIATIONS
...............................................................................XI
1
INTRODUCTION
......................................................................................................
1
2
BANKRUPTCY
CODES
AND
RECOVERY
RISK
..........................................................
5
2.1
DEFAULT,
BANKRUPTCY,
AND
RESOLUTION
PROCEDURES
......................................
5
2.1.1
BARGAINING
AND
RESTRUCTURING
IN
FINANCIAL
DISTRESS
............................
6
2.1.2
DISTRESSED
EXCHANGES
..........................................................................
8
2.1.3
BANKRUPTCY
PROCEDURES
IN
THE
UNITED
STATES
....................................
11
2.1.4
BANKRUPTCY
COSTS
...............................................................................
14
2.1.5
CREDITOR
RIGHTS
AND
EQUITY
HOLDERS
BARGAINING
POWER
.................
18
2.2
COMPARISON
OF
U.S.
AND
U.K.
BANKRUPTCY
CODES
...................................
21
2.3
PREVIOUS
EMPIRICAL
STUDIES
......................................................................
26
3
CREDIT
RISK
MODEL
AND
HYPOTHESES
.............................................................
37
3.1
OVERVIEW
OF
STRUCTURAL
MODELS
.................................................................
37
3.2
FAN
AND
SUNDARESAN
(2000)
MODEL
...........................................................
47
3.3
HYPOTHESES
................................................................................................
50
3.4
SENSITIVITY
ANALYSIS
...................................................................................
53
4
EMPIRICAL
STUDY
OF
U.K.
AND
U.S.
RECOVERY
RATES
.....................................
57
4.1
DATA
SOURCES
AND
SAMPLE
SELECTION
..........................................................
57
4.2
CHOICE
AND
DEFINITION
OF
VARIABLES
...........................................................
62
4.3
RECOVERY
RATES
IN
DISTRESSED
EXCHANGES
.................................................
68
4.3.1
DESCRIPTIVE
STATISTICS
.........................................................................
69
4.3.2
REGRESSION
ANALYSIS
..........................................................................
74
4.3.3
REGRESSION
RESULTS
............................................................................
76
4.4
RECOVERY
RATES
IN
BANKRUPTCIES
..............................................................
83
4.4.1
DESCRIPTIVE
STATISTICS
.........................................................................
83
4.4.2
REGRESSION
ANALYSIS
...............................................
86
4.4.3
REGRESSION
RESULTS
............................................................................
87
4.5
RECOVERY
RATES
ON
AN
INSTRUMENT
LEVEL
..................................................
92
4.5.1
DESCRIPTIVE
STATISTICS
.........................................................................
92
4.5.2
REGRESSION
ANALYSIS
..........................................................................
93
4.5.3
REGRESSION
RESULTS
............................................................................
95
4.6
RECOVERY
RATES
AND
PRICES
AT
DEFAULT
......................................................
97
4.6.1
RETURN
CHARACTERISTICS
OF
DEFAULTED
DEBT
.........................................
97
4.6.2
EFFICIENCY
OF
DEBT
MARKETS
IN
PREDICTING
BANKRUPTCY
SETTLEMENTS
103
4.7
HYPOTHESES
TESTING
AND
INTERPRETATION
.....................................................
106
4.8
LIMITATIONS
AND
ALTERNATIVE
EXPLANATIONS
...............................................
107
4.8.1
MODEL
ASSUMPTIONS
..........................................................................
107
4.8.2
DATA
RESTRICTIONS
...............................................................................
110
4.8.3
UNOBSERVED
FACTORS
.........................................................................
ILL
5
CONCLUSION
......................................................................................................
115
APPENDIX
.............................................................................................................
119
BIBLIOGRAPHY
.......................................................................................................
129
LEGISLATION
..........................................................................................................
141
|
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| author_sort | Lücke, Marc-Olivier 1978- |
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| spelling | Lücke, Marc-Olivier 1978- Verfasser (DE-588)101691203X aut Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities submitted by Marc-Olivier Lücke Vallendar WHU - Otto Beisheim School of Management 2011 1 Online-Ressource graphische Darstellungen txt rdacontent c rdamedia cr rdacarrier Dissertation WHU - Otto Beisheim School of Management, Vallendar 2011 (DE-588)4113937-9 Hochschulschrift gnd-content https://opus4.kobv.de/opus4-whu/files/80/Luecke_Marc-Olivier_WHU_Diss_2011.pdf Verlag kostenfrei Volltext DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029229789&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lücke, Marc-Olivier 1978- Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities |
| subject_GND | (DE-588)4113937-9 |
| title | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities |
| title_auth | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities |
| title_exact_search | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities |
| title_full | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities submitted by Marc-Olivier Lücke |
| title_fullStr | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities submitted by Marc-Olivier Lücke |
| title_full_unstemmed | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities submitted by Marc-Olivier Lücke |
| title_short | Jurisdiction, deviations from absolute priority, and their impact on the valuation of defaulted securities |
| title_sort | jurisdiction deviations from absolute priority and their impact on the valuation of defaulted securities |
| topic_facet | Hochschulschrift |
| url | https://opus4.kobv.de/opus4-whu/files/80/Luecke_Marc-Olivier_WHU_Diss_2011.pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029229789&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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