Economic Distress, Financial Distress, And Dynamic Liquidation  

Oleh:

Kahl, Matthias

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 1 (2002), page 135-168.
Topik: FINANCIAL; liquidation; studies; financial management; debt restructuring; creditors
Fulltext: p 135.pdf (343.69KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Many firms emerging from a debt restructuring remain highly leveraged, continue to invest little, perform poorly and often reenter financial distress. The existing litera-ture interprets these findings as inefficiencies arising from coordination problems among many creditors or an inefficient design of bankruptcy law. In contrast, this paper emphasis that creditors lack the information that is needed to make quick and correct liquidation decisions. It can explain the long - term nature of financial distress solely as the resulf of dynamic learning strategies of creditors and suggests that it may be an unavoidable by product of an efficient resolution of financial distress.

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