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Dissertations / Theses on the topic 'Distressed Debt'
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1
Richter, Nicholas. "Möglichkeiten und Grenzen des Distressed Debt Investing in Deutschland : am Beispiel von Unternehmensverbindlichkeiten /." Wiesbaden : Deutscher Universitäts-Verlag, 2006. http://sfx.metabib.ch:9003/sfx_locater?sid=ALEPH:EBI01&genre=book&isbn=978-3-8350-9423-9&id=doi:10.1007/978-3-8350-9423-9.
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Richter, Nicholas Peter. "Möglichkeiten und Grenzen des distressed debt investing in Deutschland am Beispiel von Unternehmensverbindlichkeiten." Wiesbaden Dt. Univ.-Verl, 2006. http://deposit.d-nb.de/cgi-bin/dokserv?id=2844623&prov=M&dok_var=1&dok_ext=htm.
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Eggenberger, Christina. "Herausforderungen für die Unternehmenssanierung durch den Sekundärmarkt für Kredite und Kreditrisiken am Beispiel des Distressed Debt Tradings und der Verbriefung." St. Gallen, 2008. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/03604428002/$FILE/03604428002.pdf.
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Wheetley, Amaya Tyler. "Nonperforming Loans: Asset Pricing and Determinants of Profitability." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1933.
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I formally analyze the role of nonperforming loan (NPL) characteristics in explaining NPL profit outcomes compared to the current pricing model for NPLs. I expected that factors included in the current NPL model would not be statistically significant in determining profit outcomes as those factors were considered in determining the purchase price of the asset. Surprisingly, I find that interest rates are statistically significant and negatively correlated with IRR. This is surprising because interest rates are considered in the current NPL pricing model. The results suggest that greater weight should be given to interest rates in determining the purchase price of an asset. Also surprising, I find that properties located in New York are negatively correlated with profitability. State assumption relating to costs and holding timelines are included in the current NPL model. However, the results suggest that additional consideration should be given to properties in New York when determining a purchase price. I also find that delinquent taxes have a slightly positive correlation with NPL Profitability. This was unexpected as delinquent taxes are deducted directly from the purchase price, suggesting a slightly greater significant than their dollar amount.
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Tanimura, Joseph Kiyoshi. "Taxes, financial distress and capital structure in the United States and Japan." Thesis, Connect to this title online; UW restricted, 2001. http://hdl.handle.net/1773/8745.
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Thompson, Samuel. "Understanding the relationship between debt problems and psychological distress." Thesis, University of East London, 2015. http://roar.uel.ac.uk/4539/.
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The proportion of people in the UK experiencing problems repaying debt has increased in recent years. A growing body of evidence suggests that there may be a relationship between debt problems and clinically significant psychological distress. However, the causal direction of this relationship is unclear. Furthermore, it seems likely that psychological factors influence the relationship, such that how people make sense of their financial situation determines, at least in part, the extent to which they experience distress. The present study aims to develop a richer understanding of the relationship between debt and psychological distress from the perspective of those experiencing both difficulties. The study was part of the Debt Counselling for Depression in Primary Care trial (DeCoDer). Semi-structured interviews were conducted with eight adults recruited through GP practices in Liverpool. All identified as having debt problems and significant depressive symptoms. A thematic analysis was undertaken from a social materialist perspective, focusing on how participants’ experience of debt problems impacted on their lives. Two over-arching themes were identified, each consisting of three sub-themes. Living with debt day-to-day described experiences of constant worry, material hardship and feelings of shame. Cumulative psychological impacts described the longer-term consequences of debt problems, highlighting in particular how debt threatened participants’ sense of themselves as valuable and led to a perceived loss of agency in the face of difficulties. Results of the analysis are discussed in light of psychological research and recent arguments from anthropology and political philosophy. The findings suggest that psychological processes of rumination, social comparison and identity threat may be significant factors in causing distress amongst people with debt problems, in part because of a wider social milieu in which not being able to pay one’s debts is seen as a moral failing. Implications for clinical practice and future research are discussed.
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Fairhurst, Keith. "Investigating funding board composition and turnaround potential of private firms in financial distress." Thesis, University of Pretoria, 2017. http://hdl.handle.net/2263/62694.
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Controlling shareholders of private firms may define "value of the firm" in terms of personal utility. They may thus prioritize their personal wealth over the firm. Furthermore, agency-based corporate governance may not apply to privately owned firms. This study looked at managers and owners of private firms as potentially risky decision makers. Financial distress was positioned as a boundary to agency theory-based corporate governance for private firms. Choices of shareholders in respect of board composition and the relationship between board composition and external sources of funding were investigated. Influence on turnaround potential, of management who are also shareholders, was also considered. Data from 104 business rescue plans were used for correlation and multiple hierarchical regression analyses. The mean return to secured creditors was 94 % and the mean return to unsecured creditors was 48 %. Unexpectedly a negative correlation between number of directors and free assets was determined. Yet, in the regression model for return to secured creditors, the significant variables were total directors and free assets. It is concluded that personal surety provided by directors may be detrimental to a private firm's free assets. For unsecured creditors, the significant variables were size; management shareholding, and return to secured creditors. The study was conducted between 2011 and 2016 using secondary data drawn from actual business rescue cases. In conclusion, the agency cost of debt construct was refined and an estimate for the agency cost of distressed debt, was presented. Research findings offer improved insight into agency theory for private firms with a foundation for improved corporate governance models. Theorists may use this research to extend understanding of the theory of the firm and corporate governance. Furthermore bankruptcy and turnaround theory may be enhanced by the findings of this research. Practitioners may use the findings to refine credit risk and pricing models.<br>Thesis (PhD)--University of Pretoria, 2017.<br>Business Management<br>PhD<br>Unrestricted
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Pereira, Raynolde. "Taxes, endogenous financial distress costs, and the choice between private and public debt." Diss., The University of Arizona, 2001. http://hdl.handle.net/10150/280709.
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This dissertation examines the role of taxes and financial distress costs in the incremental financing choice between private and public debt. Theory suggests it is easier to renegotiate and restructure private debt claims outside bankruptcy. While financial distress costs may matter in the choice between private and public debt, the primary motivation for this study is to examine whether the relationship between financial distress costs and the private-public debt choice is dependent on firm's marginal tax rates. The point being firms more likely to default on their debt will exploit tax savings using private debt claims. Using a sample from the SDC database, I find a positive relationship between the issuance of private debt and the proxy for firms' financial distress costs. Additionally, I find a positive and significant relationship between the interaction of taxes and financial distress costs and the issuance of private debt claims. This supports the argument that the relationship between financial distress costs and the choice of debt is dependent on the firm's tax status. The intuition is that while financial distress costs differ between private and public debt claims, firms are likely to exploit this cost differential in the presence of positive tax savings available through the issuance of debt. Overall, the results are robust to alternative specifications of financial distress costs. The empirical models also control for variables that may lead to cost differential between private and public debt claims. I find firms with high growth opportunities are more likely to issue private debt claims. Consistent with the economies of scale argument, I find public debt tend to be denominated in large issues. I also find that large firms are more likely to issue in public debt markets. One argument here is that large firms do not require the close monitoring provided by private lenders. Finally, as documented in prior studies, I find that regulated firms are less likely to issue private debt claims.
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Ehmke, David Christoph [Verfasser]. "Bond Debt Governance : A Comparative Analysis of Different Solutions to Financial Distress of Corporate Bond Debtors / David Christoph Ehmke." Baden-Baden : Nomos Verlagsgesellschaft mbH & Co. KG, 2018. http://d-nb.info/1175742651/34.
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ROSSI, PAOLA. "Relazioni di credito, difficoltà finanziarie e rinegoziazione del debito." Doctoral thesis, Università Cattolica del Sacro Cuore, 2014. http://hdl.handle.net/10280/2812.
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La tesi analizza come le relazioni tra banche e imprese influenzino la capacità di aziende in difficoltà di rinegoziare il loro debito. Dopo una rassegna della teoria, con particolare attenzione ai fallimenti di mercato che ostacolano la rinegoziazione (primo paper), la tesi approfondisce i problemi di coordinamento tra più banche in presenza di multiaffidamento (secondo paper). Un modello a giochi ripetuti viene utilizzato per descrivere la situazione di banche che si incontrano ripetutamente per discutere su numerose imprese in difficoltà. In tale contesto, il coordinamento è raggiunto seguendo una classica ,'trigger strategy', che prevede la punizione dei comportamenti opportunistici. All’aumentare del numero di banche, altre strategie possono essere utilizzate, come l’esclusione dei creditori considerati inaffidabili (‘ostracismo’), migliorando così la probabilità di cooperare. L’ultimo paper affronta questi temi empiricamente: le banche ristrutturano più facilmente aziende il cui debito è prevalentemente di origine bancaria, più grandi e con una migliore situazione economica e finanziaria prima della crisi. Al crescere del numero di banche la probabilità di ristrutturare e il credito concesso dopo la crisi aumentano fino ad una soglia, stimata tra tre e quattro banche, oltre la quale trovare un accordo diventa più difficile. Questo risultato può aiutare a spiegare la diffusione del multiaffidamento.<br>The thesis analyses how bank-firm relationships affect firms facing financial distress and their capability to renegotiate outstanding debt. The first paper reviews the theoretical contributions on this process and the market failures that hinder it. The second paper studies coordination problems among multiple banks. Banks have more than one distressed firm to face and, therefore, they come across repeatedly and behave strategically. This setting is modelled as a repeated game, wherein coordination is improved by following a classical trigger strategy, which threatens a punishment in case of free riding behaviours. As the number of lending banks increases, different strategies can be adopted, such as ostracism against untrustworthy players, thus improving the likelihood of cooperation. The last paper analyses empirically the issue: banks tend to restructure those firms they are more involved in, larger and with a better economic and financial situation before the distress event. A higher number of banks and more dispersed debt increase the restructuring probability, the new credit granted after the distress event and the survival probability, up to a threshold estimated between three and four banks, beyond which reaching an agreement becomes harder. This result gives a new rationale to multiple banking relations.
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Joos, Oscar, and Johanna Öhlin. "Capital structure's influence on volatility on in times of financial distress : An investigation on capital structure as a volatility influencer before, during and after the European debt crisis on the Stockholm Stock Exchange." Thesis, Umeå universitet, Företagsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-137227.
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The financial crisisand the European debt crisis wreaked havoc on many European economies and stock markets. Previous studies have shown that crises are associated with high debt and linked with lower growth. Studies also suggest that politicians underestimate the risks associated with high debt during economic upturn and that economic crises are usually connected with high volatility. Volatility is used as a measurement of risk since high volatility indicates larger market uncertainty of the valuation of the underlying asset. Previous studies have shown that volatility can be a good indication of a firm’s riskiness. As volatility and capital structure both relate to risk and are influenced by market reactions, investigating the impact that capital structure has on volatility during times of global financial market distress could provide insight and be an important tool for investors. This thesis will investigate firms listed on the Stockholm stock exchange, divided into seven industries, in order to find the impact capital structure may have on volatility, before, during and in the aftermath of the recent European debt crisis (2006-2016). The study will use a quantitative research method, with an objectivistic and positivistic research philosophy as well as a deductive research approach. By using multiple regression models, theoretical relations surrounding volatility and capital structure will be contrasted to the results of the study.The results of the study finds that capital structure does not play a significant part inchanges in volatility for firms during any investigated period when testing for all firms simultaneously. However, the same claim cannot be made for when each industry is tested individually. Empirical evidence showed that capital structure is a influencer for changes in volatility for the consumer goods industry prior to and after the debt crisis and in the consumer goods service industry after the debt crisis. Investors are urged to not be concerned by large debt levels, as long as they invest in largefirms and choose the right sectors. The financial sector is seen as the least risky, with low volatility levels. Furthermore, the basic material sector, despite outward appearances, should be avoided as it presents recent periods of unusually large volatility levels.
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Wallberg, Martin, and David La. "Optimal kapitalstruktur : En undersökning tillämpad på skandinaviska och tyska företag." Thesis, Uppsala universitet, Nationalekonomiska institutionen, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-156767.
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This paper describes and develops a trade off model of optimal capital structure by Bradley et al. (1984). The model is then tested to examine how changes in corporate tax rates affect the optimal capital structure of firms. Based on theoretical implications of the model, four hypotheses are derived stating that firms’ optimal debt-to-value ratio is (1) negatively related to financial distress costs, (2) negatively related to non-debt tax shields, (3) negatively related to firm volatility and (4) positively related to the corporate tax rate. Based on the results of two regression models applied on 753 Scandinavian and German firms, we find empirical support for hypothesis 1 and 3 while we find no empirical support for hypothesis 2 and 4. These results can be explained by problematic empirical proxies and in the light of the pecking-order theory.
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Palmhag, Gabriel, and Mattias Mårtensson. "Bygg dig en konkursbuffert : - En studie om sex nyckeltal som kan innebära finansiell oro för små bolag inom byggbranschen." Thesis, Mittuniversitetet, Avdelningen för ekonomivetenskap och juridik, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:miun:diva-33937.
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Denna studies syfte var att analysera sex nyckeltal och se vilka samband dessa hade på riskbuffert sysselsatt kapital. Studien utfördes på 796 små byggbolag i Sverige under perioden 2009–2016 med hjälp av en binär logistisk regressionsanalys. Som teoretisk referensram användes working capital management och finansiell oro. Studien resulterade i att kapitalets omsättningshastighet, skuldränta och rörelsekapital/totala tillgångar uppvisade signifikanta negativa samband med riskbuffert sysselsatt kapital. Räntetäckningsgrad och avkastning på totalt kapital resulterade i signifikanta positiva samband med riskbuffert sysselsatt kapital. Skuldsättningsgrad resulterade intressant nog i ett icke signifikant negativt samband. Slutligendiskuterades byggbolagens sannolikhet för finansiell oro utifrån respektive nyckeltal.<br>The aim of this study was to examine the relation between six independent key ratios with riskbuffer on capital employed. The study was conducted on 796 small construction enterprises in Sweden during 2009–2016 with a binary logistic regression model. As theoretical framework, working capital management and financial distress was applied. The study concluded that the capital turnover rate, interest payable and working capital to total assets had significant negative relations with riskbuffer on capital employed. However, the interest cover ratio and return on total assets were both significant positively related withriskbuffer on capital employed. Debt-to-equity ratio resulted interestly enough in a nonsignificant negative relation. Lastly, with regards taken to every respective key ratio, the probability of financial distress among the construction firms was discussed.
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Baltazar, Paula Cristina Teixeira. "How do debt renegotiations differ between non-distressed and distressed firms?" Master's thesis, 2020. http://hdl.handle.net/10362/104083.
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Using a large sampleof US-loan amendments between 1997 and 2010, provided by DealScan, this comparative study aims to evaluate whether debt renegotiations impact differently distressed and non-distressed firms and which changes of the original contracts can be more relevant to reduce financial distress. Focusing on the primary terms of loans (amount, maturity, and spread), this study did not find evidence of this difference. The model generated gives no indication that changes of the original terms of the loan contributes to the reduction of firms’ financial distress. Nevertheless, this is an exploratory study which still depends on a better formulation of the concept of financial distress.
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"Normative framework for the regulation of holdout creditors in the sovereign debt market." Tulane University, 2020.
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archives@tulane.edu<br>The overarching argument in this study is that although sovereign distressed debt investors can create holdout problems during the debt restructuring of a defaulting sovereign, the reality is that they remain a linchpin for an efficient sovereign debt market that guarantees the flow of private credit for capital formation in the Global South. In other words, holdout creditors are a bit of a curate's egg, a necessary feature of the sovereign debt markets. They are not the “spawn of the devil”.
The presence of distressed debt investors in the market contributes to the liquidity and efficiency of the market. They enable non-litigant investors who would like to sell their debt and exit the market on their own volition to do so. In addition, they tend to put pressure on recalcitrant sovereign debtors who might not be acting in good faith. They therefore possess “nuisance value” that could spur efficiency in the sovereign debt market.
In this context, a universal framework for dealing with holdout problems during the debt restructuring of a defaulting sovereign is needed and that is what this study proposes. Such rules can be developed into a soft-law mechanism spearheaded by the International Monetary Fund (IMF). A global normative framework that has elements of nonmarket private standard setting and nonmarket public standard setting, is therefore proposed to address the disruptive and exploitative activities of these creditors in the sovereign debt market. This normative framework would strike the delicate balance between the rights of commercial creditors on the one hand, and interests of sovereign debtors on the other hand, and inject some measure of equity into the process.
In summary, this study challenges the contemporary negative and dismissive narratives about holdout creditors, and the assumption and unshaken faith placed on “restructuring or workout of sovereign debt” as the only favored path to alleviating the perennial problem of sovereign default and the attendant debt crises in the developing world.<br>1<br>MARIA OLUYEJU
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Chiwete, Chinwe. "An examination of insolvency alternatives for corporate and non corporate entities in South Africa." Diss., 2012. http://hdl.handle.net/2263/27928.
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The journey towards insolvency is often a gradual process, thus enabling a business or person in most circumstances to be aware of the danger ahead if adequate precautions are not taken. This position is recognized by the Statute, hence the definition given to a financially distressed company under the Companies Act1 to mean inability to pay all its debts within the immediately ensuring six months or the likelihood of going insolvent within the immediately ensuring six months. Rescue mechanisms are therefore aimed at ensuring that when faced with the signs of insolvency, a business for instance can be properly driven to become solvent again or at least restructured to achieve better realization of assets.2 Indeed, providing alternatives to insolvency is fast becoming a global trend as many countries now appreciate the need to give a person or business experiencing difficult times, the opportunity to rise again without necessarily going through the rigors of liquidation or sequestration. South Africa is not left out in the quest to assist over-indebted persons and provide them with alternative measures beside insolvency. The National Credit Act3 for instance seeks as one of its objectives to prevent over-indebtedness and where it occurs address same by means of debt rearrangement. This is in addition to certain provisions of the Magistrate CourtP a g e Act4 which allow a debtor the option of applying for an administration order and where granted make payment in instalments. The Companies Act also provides for business rescue as well as compromise between company and creditors.5 This research in brief analyses the above mentioned laws in South Africa that provide alternative measures for financially troubled or over-indebted debtors as applicable to corporate and non-corporate entities. The research considers whether these laws are sufficient to assist debtors in financial crisis, the effectiveness of these laws, challenges as well as loopholes taking into consideration what is applicable in other jurisdictions such as the United States, United Kingdom, Canada and Australia. The end of this research contains recommendations that would assist in achieving effective rescue mechanisms or alternatives to insolvency beneficial to both corporate and noncorporate entities in South African. Copyright<br>Dissertation (LLM)--University of Pretoria, 2012.<br>Mercantile Law<br>unrestricted
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Lin, Jui-Chang, and 林瑞昌. "An Empirical Study of Debt Restructuring for Financial Distress firms." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/25798738911145877260.
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碩士<br>淡江大學<br>會計學系<br>90<br>This study choses the samples from the the firms traded in the Taiwan Stock Exchange from 1981 to 2001, and tries to expand the samples of crisis companies with a broad definition of success and failure. Through logical regression and probit regression modes to build distinguish modes of debt resconstruction for those companies with financial crisis. The major findings of the study including：
1.Most Taiwan’s financial institutions have a propensity not to provide loans to companies attacked by financial crises until adjudications of restructure permission are obtained by courts.
2.Factors that influence the choice of restructure, made by companies have financial crises, banks per se, replacement of the management, total assets, the ratio of loan to total liability, and the ratio of equity to total assets.
3.The key factors of successful restructure are the ratio of loan to liability, the ratio of equity to total assets, stockholders’ refunding, and the volatility ratio of fixed assets.
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Chen, Hung-Tse, and 陳宏澤. "Accounting Measures of Corporate Liquidity, Debt Policy, and Costs of Financial Distress for Taiwan Publicly Listed Companies." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/40102412863243803080.
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碩士<br>國立高雄第一科技大學<br>金融營運所<br>94<br>ABSTRACT
Financial distress results from a mismatch between the available liquid assets of
a company and its interest expenditure generated by debt. Mechanisms for dealing
with financial distress rectify the mismatch by either restructuring the liquidity ratio
or restructuring the debt contract. The costs of financial distress are those resulting
from the costs of liquid asset restructuring or the costs of debt contract restructuring.
The costs of financial distress have an important implication for financial policy of a
company. It will affect the company’s risk and profitability.
The multiple linear regression and the stepwise regression are applied to
investigate the relationship between the costs of financial distress and (1) the liquid
asset ratio, and (2) the debt ratio of the public companies listed in the TSE (Taiwan
Stock Exchange).
The empirical results show that：The financial distress costs have positive
impact on the liquid asset ratio. Furthermore, it is negatively related between the
financial distress costs and debt ratio. Overall, the evidence is consistent with the
hypothesized relationship of the study. The stepwise regression procedure further
shows that the significant variables in the regression model for companies listed in
TSE market. It, therefore, implies that the considerations, i.e. the predictor variables
in the regression models, for making proper decisions of financial policy should be adjusted for different industries.
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Aubrechtová, Kamila. "Finanční gramotnost české populace." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-353315.
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Anotation Topic of the master thesis is Financial literacy of the Czech population. The thesis puts focus on population in their early adulthood (age from 18 to 30 years) and is divided into 5 chapters. 1st chapter defines literacy, functional literacy and financial literacy. 2nd chapter describes main reasons and factors affecting financial literacy and pathological events as a possible consequence of low level of the financial literacy. 3nd chapter focuses on customer protection and shows particular options how to increase level of customer protection in an area of personal finance. 4th chapter clarifies financial terms important for proper understanding of realized survey described in 5th chapter of the thesis. The main goal of the survey as well as the thesis is to find out current level of financial literacy of the Czech population in their early adulthood (age from 18 to 30 years). Partial goals of the thesis are identification and description of groups achieving worse results in financial literacy test within the population, and description of negative effects to individual's behavior in the area of personal finance related to lower level of financial literacy.
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Lee, Chieh-Sun, and 李潔蓀. "A Study on the Relationships among Business Management Potency, Debt-Paying Ability and Operating Risk by Viewpoints of the Financial Analysis： A case of Main publicly-listed Distress Firms in Taiwan." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/18427361787239536661.
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碩士<br>清雲科技大學<br>國際企業管理研究所<br>98<br>The research is to analyze the interrelationships between business performance and operational risk through its debt-paying ability. Due to the financial data may not easily and directly be employed to investigate the interrelationships among business management potency, liquidity and operating risk, this study tries to detect their interactions by the relative theories and literatures .Hopefully, the theoretically analytical results would provide useful information for empirical study in the future.
This study uses main publicly-listed distress companies during 1994 and 1999 as samples to analyze the performance, debt-paying ability and operating risk to develop equation into model to avoid single equation that creates inaccuracy. In selecting the variable, integrating the relative variables from the literatures into model to avoid the potential variables to lost.
The result proves the potential risk, insufficient liquidity, during the business operation. If the public information is correct and real, the investor and finance company should be able to understand from financial report. Financial structure, performance, liquidity and profitability have closed link with corporation operation. Based on the experience and result, debt-paying ability should play the important role for financial institution to detect whither the business management potency of a firm to manage the operating risk.