Vulture funds and the fresh start accounting value of firms emerging from bankruptcy
研究秃鹫基金如何利用新起点会计的灵活性，在破产重组中操纵企业估值以增加自身收益，损害其他债权人利益。
Abstract We study how distress‐oriented hedge funds (vulture funds) play an important role in the fresh start valuation of firms emerging from Chapter 11 reorganization. We find that loan‐to‐own vultures acquire debt positions of the distressed firm that grant dominant power in the bankruptcy negotiations, and they then use the discretion allowed by fresh start accounting to introduce valuation bias in their favor. We show that the strategic influence over fresh start values can create opportunities to increase vulture investors’ returns at the expense of other claim holders.