Managing Financial Distress and Valuing Distressed Securities: A Survey and a Research Agenda
综述了财务困境管理和困境证券估值的理论与实证研究，并介绍了《财务管理》特刊中九篇相关论文，适合关注企业重组、高杠杆和违约处理的学者。
The role of high leverage in corporate restructuring, popularity of junk bonds (original-issue, high-yield bonds) and the savings & loan crisis have been important aspects of the finance scene in the 1980s. A very active academic literature has developed in recent years on dealing with financial distress and the private and court-supervised mechanisms of resolving default. The purpose of this article is to survey the empirical and theoretical research on (i) managing financial distress, and (ii) valuing corporate securities incorporating payouts in troubled reorganizations. New research on both topics is contained in the nine papers presented in this Financial Distress Special Issue of Financial Management. These papers are also surveyed in the context of related past research.