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Secured Creditor Recovery Rates from Management Buy-outs in Distress

Author

Listed:
  • 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.

Suggested Citation

  • David Citron & Mike Wright & Rod Ball & Fred Rippington, 2003. "Secured Creditor Recovery Rates from Management Buy-outs in Distress," European Financial Management, European Financial Management Association, vol. 9(2), pages 141-161.
  • Handle: RePEc:bla:eufman:v:9:y:2003:i:2:p:141-161
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    References listed on IDEAS

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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. 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.
    4. 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.
    5. Wilson, Nick & Wright, Mike & Siegel, Donald S. & Scholes, Louise, 2012. "Private equity portfolio company performance during the global recession," Journal of Corporate Finance, Elsevier, pages 193-205.
    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. Charlie Weir & Peter Jones & Mike Wright, 2015. "Public to private transactions, private equity and financial health in the UK: an empirical analysis of the impact of going private," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 19(1), pages 91-112, February.
    8. 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, September.
    9. 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, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    10. Hibbeln, Martin & Gürtler, Marc, 2011. "Pitfalls in modeling loss given default of bank loans," Working Papers IF35V1, Technische Universität Braunschweig, Institute of Finance.
    11. 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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