Profitability and information uncertainty plays a significant role in explaining the positive returns, while liquidity and un profitability are the two key issues in negative returns. In addition, the involvement of hedge funds does not show signs of better stock performance.
The third essay explores the role hedge funds play as investors in bankrupt firms. The results show that their major contributions are to provide liquidity for and help the troubled firms improve their profitability. Compared the performances in post bankruptcy to pre-bankruptcy level, bankrupt firms with hedge funds involvement tend to be in better shape compared to the ones without any vulture investments, however, firms with hedge fund show comparable results with the ones with other vulture investors, such as private equities.
In addition, the above improvements only appear in the short run, and the involvement of hedge funds does not guarantee a better stock performance. Therefore, hedge funds are more of financial players, rather than strategic players, as hedge funds do not help the troubled firms go through a systematic restructuring to achieve sustainable improvements.
Open Access Dissertations. Advanced Search. This page is sponsored by the University Libraries. Privacy Copyright. This thesis is composed of two empirical studies on related issues in the process of formal bankruptcy reorganization of firms in Chapter The first essay chapter 2 is titled 'Debtor-in-possession loans and bankruptcy'. The second essay chapter 3 is titled 'Time in chapter A hazard rate analysis of corporate bankruptcy'.
The extensive sample includes loans made to 98 firms over the period to Successfully obtaining post-petition financing provides a strong indication of probability of recovery once a firm is in formal bankruptcy and is associated with improved measures of financial liquidity, increased probability of emergence from Chapter 11, and shorter time spent in formal bankruptcy.
The second essay, 'Time in Chapter A hazard rate analysis of corporate bankruptcy', examines the length of time firms spend in Chapter The rapid increase in Chapter 11 filings in the late s and early s has prompted an increased number of empirical studies of the corporate finance implications of the impact of Chapter 11 bankruptcy law.
One notable feature of these studies, and the one investigated in Chapter 3 of this thesis, is the great variability in the time firms spend under bankruptcy court supervision. The estimates from prior papers for the average time spent under court protection from creditors range from 3. Chapter 3 contributes to the empirical literature on financial distress by providing improved estimates on the time spent in Chapter It does so in two ways: by providing a significantly larger, more comprehensive sample of public firms under Chapter 11 since , thereby reducing the standard error of the estimated mean time under Chapter 11, and more importantly, by providing unconditional estimates of time spent under Chapter
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