November 17, 2009
Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition
Product Description
A comprehensive look at the enormous growth and evolution of distressed debt, corporate bankruptcy, and credit risk default
This Third Edition of the most authoritative finance book on the topic updates and expands its discussion of corporate distress and bankruptcy, as well as the related markets dealing with high-yield and distressed debt, and offers state-of-the-art analysis and research on the costs of bankruptcy, credit default prediction, the po… More >>
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Comments on Corporate Financial Distress and Bankruptcy: Predict and Avoid Bankruptcy, Analyze and Invest in Distressed Debt , 3rd Edition
Most people in the investing world don't read this book. But they should. It's a textbook so not something to breeze through at the beach. However, the techniques described in the book are very applicable to any company, not just those in disress or bankruptcy. In fact I did some work on EMC many years ago when they *appeared* to be growing rapidly but in reality they were getting into trouble. This was way back in the early 1990's when the stock collapsed from $78. Having shared my analysis with Wall Street types at the time I soon found myself there!
The main point is you can use this type of analysis effectively and because most people in general equity investing don't, it just might give you a bit more edge.
Rating: 5 / 5
High quality data and right up to date (Autumn 2006). The book is helpfully divided into two parts ~ the first half explains many of the useful topics needed to understand restructured debt and corporate distress and the second half gives detailed advice on building or understanding typical models on default probablities and the risk return assessment of distressed debt together with practical examples of valuing distressed companies and their debt. It also includes summaries of the legal implications, but there are much better books on that subject. I thought this was good value for the money.
Rating: 4 / 5