Corporate Defaults, Workouts, and the Rise of the Distressed Asset Investment Industry
研究了20世纪末困境资产投资行业的形成与增长，分析了领先企业的策略，发现该行业参与使私人部门重组更具竞争力和效率。
We examine the formation and growth of the distressed asset investment industry during the late twentieth century, with specific focus on the strategies of the leading firms. The distressed asset investment industry is dominated by firms based in the United States and is relatively concentrated, due in large part to early movers developing distinctive investment capabilities through participation in landmark transactions, relationship-specific resources, and exploitation of scale effects. We argue that the participation of these firms in the bankruptcy and corporate restructuring markets has resulted in private-sector workouts becoming more competitive and more efficient over the last thirty years, especially in the United States.