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Secured Creditor Recovery Rates from Management Buy-outs in Distress

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Author Info

  • David Citron
  • Mike Wright
  • Rod Ball
  • Fred Rippington

Abstract

"bankruptcy" ; "secured debt" ; "financial distress resolution" .JEL classification: "G"33 , "G"32  Fina ncial support from Deloitte & Touche, Barclays Private Equity and Lloyds/TSB is gratefully acknowledged. The paper has benefited from comments of Eric de Bodt and other participants at the European Financial Management Association (EFMA) 2002 meeting in London. Thanks also to Ameziane Lasfer, Maria Carapeto, Steve Toms and participants at staff seminars at Nottingham University Business School and the Judge Institute, Cambridge, for comments on an earlier version. Copyright Blackwell Publishing Ltd, 2003.

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Bibliographic Info

Article provided by European Financial Management Association in its journal European Financial Management.

Volume (Year): 9 (2003)
Issue (Month): 2 ()
Pages: 141-161

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Handle: RePEc:bla:eufman:v:9:y:2003:i:2:p:141-161

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Citations

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Cited by:
  1. Mike Wright & Luc Renneboog & Tomas Simons & Louise Scholes, 2006. "Leveraged Buyouts in the U.K. and Continental Europe: Retrospect and Prospect," Journal of Applied Corporate Finance, Morgan Stanley, vol. 18(3), pages 38-55.
  2. Gürtler, Marc & Hibbeln, Martin, 2013. "Improvements in loss given default forecasts for bank loans," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2354-2366.
  3. M. Wright & D. S. Siegel & L. Scholes, 2012. "Private Equity Portfolio Company Performance During The Global Recession," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 12/795, Ghent University, Faculty of Economics and Business Administration.
  4. Hibbeln, Martin & Gürtler, Marc, 2011. "Pitfalls in modeling loss given default of bank loans," Working Papers IF35V1, Technische Universität Braunschweig, Institute of Finance.
  5. Marianna Succurro, 2012. "Bankruptcy systems and economic performance across countries: some empirical evidence," European Journal of Law and Economics, Springer, vol. 33(1), pages 101-126, February.
  6. Chrisman, James J. & Chua, Jess H. & Steier, Lloyd P. & Wright, Mike & McKee, D’Lisa N., 2012. "An agency theoretic analysis of value creation through management buy-outs of family firms," Journal of Family Business Strategy, Elsevier, vol. 3(4), pages 197-206.
  7. Cumming, Douglas & Siegel, Donald S. & Wright, Mike, 2007. "Private equity, leveraged buyouts and governance," Journal of Corporate Finance, Elsevier, vol. 13(4), pages 439-460, September.
  8. Achleitner, Ann-Kristin & Andres, Christian & Betzer, André & Weir, Charlie, 2008. "Economic consequences of private equity investments on the German stock market," CEFS Working Paper Series 2008-05, Center for Entrepreneurial and Financial Studies (CEFS), Technische Universität München.
  9. Dionysios Polemis & Dimitrios Gounopoulos, 2012. "Prediction of distress and identification of potential M&As targets in UK," Managerial Finance, Emerald Group Publishing, vol. 38(11), pages 1085-1104, November.
  10. Valkama, Petri & Maula, Markku & Nikoskelainen, Erkki & Wright, Mike, 2013. "Drivers of holding period firm-level returns in private equity-backed buyouts," Journal of Banking & Finance, Elsevier, vol. 37(7), pages 2378-2391.

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