東華大學圖書館 |

語系: 繁體中文

說明(常見問題)

回圖書館首頁

手機版館藏查詢

登入

回首頁 到查詢結果 [ null ]

切換: 標籤 | MARC模式 | ISBD

Incentives, Information, and Investm...

Yang, Yan,

FindBook

Google Book

Amazon

博客來

Incentives, Information, and Investments in Chapter 11 Bankruptcies /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Incentives, Information, and Investments in Chapter 11 Bankruptcies // Yan Yang.
作者:	Yang, Yan,
面頁冊數:	1 electronic resource (159 pages)
附註:	Source: Dissertations Abstracts International, Volume: 86-04, Section: A.
Contained By:	Dissertations Abstracts International86-04A.
標題:	Success. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31517824
ISBN:	9798342113342

Incentives, Information, and Investments in Chapter 11 Bankruptcies /
Yang, Yan,

Incentives, Information, and Investments in Chapter 11 Bankruptcies /Yan Yang. - 1 electronic resource (159 pages)

Source: Dissertations Abstracts International, Volume: 86-04, Section: A.

As business cycles generate ebb and flow in economic activities, the recurring corporate failures have highlighted how critical bankruptcy regimes are in reviving and stabilizing the economy. The Chapter 11 bankruptcy protection offers a court-supervised venue for defaulting companies to shed debt burdens, reallocate resources to potentially more productive uses, and obtain new capital. Bankruptcy affects not only distressed firms but also healthy firms. The rules of bankruptcy influence the capital structure and investment activities of firms distant from financial distress ex-ante. Therefore, it is crucial to understand the evolution of bankruptcy regimes and their implications for financial market participants. Exploring rich institutional details in Chapter 11 bankruptcies, this dissertation consists of three essays that investigate incentives, information, and investments within this context. The first essay is related to "incentives". It examines why managers of bankrupt companies retain top-tier investment banks as financial advisors during Chapter 11 bankruptcies. While these advisors facilitate faster resolutions, they also support incumbent management's control. The second essay is about "information". It analyzes the stock trading activities of hedge funds serving on the Unsecured Creditors' Committee (UCC) of a bankrupt firm. It shows that these hedge funds have higher portfolio turnover and make large trades in the few quarters after accessing material nonpublic information from the UCCs. The third essay, focusing on "investments", examines the performance of equity issued by public companies that emerged from Chapter 11 bankruptcy, namely, post-reorg equity. Although there was significant initial outperformance, it has diminished in recent years due to market expectation corrections and increased participation of institutional investors. Collectively, these essays offer a comprehensive understanding of the dynamics in Chapter 11 bankruptcies, shedding light on their broader implications for financial markets and economic recovery strategies.

English

ISBN: 9798342113342Subjects--Topical Terms:

518195
Success.

Incentives, Information, and Investments in Chapter 11 Bankruptcies /
LDR:03368nmm a22004093i 4500 001 2434162
005 20250912100605.5
006 m o d
007 cr|nu||||||||
008 261011s2024 miu||||||m |||||||eng d
020 $a 9798342113342
035 $a (MiAaPQD)AAI31517824
035 $a (MiAaPQD)QueensUCan_197433139
035 $a AAI31517824
040 $a MiAaPQD $b eng $c MiAaPQD $e rda
100 1 $a Yang, Yan, $e author. $3 3824049
245 1 0 $a Incentives, Information, and Investments in Chapter 11 Bankruptcies / $c Yan Yang.
264 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2024
300 $a 1 electronic resource (159 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 86-04, Section: A.
500 $a Advisors: Wang, Wei.
502 $b Ph.D. $c Queen's University (Canada) $d 2024.
520 $a As business cycles generate ebb and flow in economic activities, the recurring corporate failures have highlighted how critical bankruptcy regimes are in reviving and stabilizing the economy. The Chapter 11 bankruptcy protection offers a court-supervised venue for defaulting companies to shed debt burdens, reallocate resources to potentially more productive uses, and obtain new capital. Bankruptcy affects not only distressed firms but also healthy firms. The rules of bankruptcy influence the capital structure and investment activities of firms distant from financial distress ex-ante. Therefore, it is crucial to understand the evolution of bankruptcy regimes and their implications for financial market participants. Exploring rich institutional details in Chapter 11 bankruptcies, this dissertation consists of three essays that investigate incentives, information, and investments within this context. The first essay is related to "incentives". It examines why managers of bankrupt companies retain top-tier investment banks as financial advisors during Chapter 11 bankruptcies. While these advisors facilitate faster resolutions, they also support incumbent management's control. The second essay is about "information". It analyzes the stock trading activities of hedge funds serving on the Unsecured Creditors' Committee (UCC) of a bankrupt firm. It shows that these hedge funds have higher portfolio turnover and make large trades in the few quarters after accessing material nonpublic information from the UCCs. The third essay, focusing on "investments", examines the performance of equity issued by public companies that emerged from Chapter 11 bankruptcy, namely, post-reorg equity. Although there was significant initial outperformance, it has diminished in recent years due to market expectation corrections and increased participation of institutional investors. Collectively, these essays offer a comprehensive understanding of the dynamics in Chapter 11 bankruptcies, shedding light on their broader implications for financial markets and economic recovery strategies.
546 $a English
590 $a School code: 0283
650 4 $a Success. $3 518195
650 4 $a Recidivism. $3 1458367
650 4 $a Reputations. $3 3562920
650 4 $a Criminology. $3 533274
650 4 $a Finance. $3 542899
650 4 $a Law. $3 600858
690 $a 0770
690 $a 0627
690 $a 0508
690 $a 0398
690 $a 0454
710 2 $a Queen's University (Canada). $e degree granting institution. $3 3765623
720 1 $a Wang, Wei $e degree supervisor.
773 0 $t Dissertations Abstracts International $g 86-04A.
790 $a 0283
791 $a Ph.D.
792 $a 2024
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31517824