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Liquidation, Failure, Bankruptcy, and Reorganization

In: Quantitative Corporate Finance

Author

Listed:
  • John B. Guerard

    (McKinley Capital Management, Inc.)

  • Eli Schwartz

    (Lehigh University)

Abstract

Not every company justifies the confidence its original investors placed in it. A free enterprise system is one of profit and loss. There is no guarantee that all capital will earn the “normal” rate of return. In a world of change, where sure knowledge of the future is lacking and decisions are made under conditions of more or less uncertainty, the operation of any business is a calculated risk. The data in Figure 1 depicts the failure rate per 10,000 firms in the United States during the 1930-1998 period.

Suggested Citation

  • John B. Guerard & Eli Schwartz, 2007. "Liquidation, Failure, Bankruptcy, and Reorganization," Springer Books, in: Quantitative Corporate Finance, chapter 0, pages 457-475, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-34465-2_19
    DOI: 10.1007/978-0-387-34465-2_19
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