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Corporate Defaults, Workouts, and the Rise of the Distressed Asset Investment Industry

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  • Cumming, Douglas
  • Fleming, Grant

Abstract

We examine the formation and growth of the distressed asset investment industry during the late twentieth century, with specific focus on the strategies of the leading firms. The distressed asset investment industry is dominated by firms based in the United States and is relatively concentrated, due in large part to early movers developing distinctive investment capabilities through participation in landmark transactions, relationship-specific resources, and exploitation of scale effects. We argue that the participation of these firms in the bankruptcy and corporate restructuring markets has resulted in private-sector workouts becoming more competitive and more efficient over the last thirty years, especially in the United States.

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  • Cumming, Douglas & Fleming, Grant, 2015. "Corporate Defaults, Workouts, and the Rise of the Distressed Asset Investment Industry," Business History Review, Cambridge University Press, vol. 89(2), pages 305-330, July.
    • Handle: RePEc:cup:buhirw:v:89:y:2015:i:02:p:305-330_00
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    Cited by:

    1. Victor Zitian Chen & Sunny Li Sun, 2019. "Barbarians at the Gate of the Middle Kingdom: The International Mobility of Financing Contract and Governance," Entrepreneurship Theory and Practice, , vol. 43(4), pages 802-837, July.
    2. Cumming, Douglas & Fleming, Grant & Liu, Zhangxin (Frank), 2018. "Shadow banking in Asia: Foreign versus domestic lending to real estate projects," Emerging Markets Review, Elsevier, vol. 35(C), pages 137-147.
    3. Cumming, Douglas & Zhang, Yelin, 2016. "Alternative investments in emerging markets: A review and new trends," Emerging Markets Review, Elsevier, vol. 29(C), pages 1-23.

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