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Causes of financial distress following leveraged recapitalizations

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  • Denis, David J.
  • Denis, Diane K.
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Financial Economics.

    Volume (Year): 37 (1995)
    Issue (Month): 2 (February)
    Pages: 129-157

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    Handle: RePEc:eee:jfinec:v:37:y:1995:i:2:p:129-157

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    Web page: http://www.elsevier.com/locate/inca/505576

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Muscarella, Chris J & Vetsuypens, Michael R, 1990. " Efficiency and Organizational Structure: A Study of Reverse LBOs," Journal of Finance, American Finance Association, vol. 45(5), pages 1389-1413, December.
    2. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-66, September.
    3. Bluford H. Putnam, 1991. "Regulation And Capital Market Efficiency: Some Evidence From The U.S. Credit Crunch Of 1990," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(1), pages 92-95.
    4. Hite, Gailen L. & Owers, James E. & Rogers, Ronald C., 1987. "The market for interfirm asset sales : Partial sell-offs and total liquidations," Journal of Financial Economics, Elsevier, vol. 18(2), pages 229-252, June.
    5. Kaplan, Steven N & Stein, Jeremy C, 1993. "The Evolution of Buyout Pricing and Financial Structure in the 1980s," The Quarterly Journal of Economics, MIT Press, vol. 108(2), pages 313-57, May.
    6. Denis, David J. & Denis, Diane K., 1993. "Managerial discretion, organizational structure, and corporate performance : A study of leveraged recapitalizations," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 209-236, April.
    7. Kaplan, Steven N. & Stein, Jeremy C., 1990. "How risky is the debt in highly leveraged transactions?," Journal of Financial Economics, Elsevier, vol. 27(1), pages 215-245, September.
    8. Glenn Yago, 1991. "The Credit Crunch: A Regulatory Squeeze On Growth Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(1), pages 96-100.
    9. Stephen R. Waite, 1991. "The Eclipse Of Growth Capital," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(1), pages 77-85.
    10. J. Fred Weston, 1989. "Divestitures: Mistakes Or Learning," Journal of Applied Corporate Finance, Morgan Stanley, vol. 2(2), pages 68-76.
    11. Gilson, Stuart C., 1990. "Bankruptcy, boards, banks, and blockholders : Evidence on changes in corporate ownership and control when firms default," Journal of Financial Economics, Elsevier, vol. 27(2), pages 355-387, October.
    12. Steven N. Kaplan & Jeremy C. Stein, 1993. "THE EVOLUTION OF BUYOUT PRICING AND FINANCIAL STRUCTURE (OR, WHAT WENT WRONG) IN THE 1980s," Journal of Applied Corporate Finance, Morgan Stanley, vol. 6(1), pages 72-88.
    13. Gilson, Stuart C., 1989. "Management turnover and financial distress," Journal of Financial Economics, Elsevier, vol. 25(2), pages 241-262, December.
    14. John, Kose & Lang, Larry H P & Netter, Jeffry, 1992. " The Voluntary Restructuring of Large Firms in Response to Performance Decline," Journal of Finance, American Finance Association, vol. 47(3), pages 891-917, July.
    15. Ofek, Eli, 1993. "Capital structure and firm response to poor performance: An empirical analysis," Journal of Financial Economics, Elsevier, vol. 34(1), pages 3-30, August.
    16. Smith, Abbie J., 1990. "Corporate ownership structure and performance *1: The case of management buyouts," Journal of Financial Economics, Elsevier, vol. 27(1), pages 143-164, September.
    17. Michael C. Jensen, 1991. "Corporate Control And The Politics Of Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(2), pages 13-34.
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    Cited by:
    1. Lillian Cheung & Amnon Levy, 1998. "An integrative analysis of business bankruptcy in Australia," Journal of Economics and Finance, Springer, vol. 22(2), pages 149-167, June.
    2. Cotter, James F. & Peck, Sarah W., 2001. "The structure of debt and active equity investors: The case of the buyout specialist," Journal of Financial Economics, Elsevier, vol. 59(1), pages 101-147, January.
    3. Renneboog, L.D.R. & Simons, T., 2005. "Public-to-Private Transactions: LBOs, MBOs, MBIs and IBOs," Discussion Paper 2005-023, Tilburg University, Tilburg Law and Economic Center.
    4. Foreman, R. Dean, 2003. "A logistic analysis of bankruptcy within the US local telecommunications industry," Journal of Economics and Business, Elsevier, vol. 55(2), pages 135-166.
    5. Fiordelisi, Franco & Meles, Antonio & Monferrà, Stefano & Starita, Maria Grazia, 2013. "Personal vs. Corporate Goals: Why do Insurance Companies Manage Loss Reserves?," MPRA Paper 47867, University Library of Munich, Germany.
    6. Fiordelisi, Franco & Marqués-Ibañez, David, 2013. "Is bank default risk systematic?," Journal of Banking & Finance, Elsevier, vol. 37(6), pages 2000-2010.
    7. Gregor Andrade & Steven N. Kaplan, 1997. "How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed," NBER Working Papers 6145, National Bureau of Economic Research, Inc.
    8. Kalay, Avner & Singhal, Rajeev & Tashjian, Elizabeth, 2007. "Is Chapter 11 costly?," Journal of Financial Economics, Elsevier, vol. 84(3), pages 772-796, June.
    9. Ratner, Mitchell & Chiu, Chih-Chieh (Jason), 2013. "Hedging stock sector risk with credit default swaps," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 18-25.
    10. Hailemariam, Stifanos & Eije, Henk von & Werf, Jos van der, 2002. "Is there a ´privatization trap´? : the case of the manufacturing industries in Eritrea," Research Report 02A04, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    11. Peyer, Urs C. & Shivdasani, Anil, 2001. "Leverage and internal capital markets: evidence from leveraged recapitalizations," Journal of Financial Economics, Elsevier, vol. 59(3), pages 477-515, March.
    12. Gregory Kane & Frederick Richardson & Uma Velury, 2006. "The Relevance of Stock and Flow-Based Reporting Information In Assessing the Likelihood of Emergence from Corporate Financial Distress," Review of Quantitative Finance and Accounting, Springer, vol. 26(1), pages 5-22, February.
    13. Barber, Brad M. & Lyon, John D., 1996. "Detecting abnormal operating performance: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 41(3), pages 359-399, July.
    14. DeAngelo, Harry & DeAngelo, Linda & Skinner, Douglas J., 2000. "Special dividends and the evolution of dividend signaling," Journal of Financial Economics, Elsevier, vol. 57(3), pages 309-354, September.

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