Corporate Financial Distress, Restructuring, and Bankruptcy by Edward I. Altman, Edith Hotchkiss, and Wei Wang (Wiley, ISBN 978-1-119-48180-5)
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Book: Financial Risk Manager Handbook Plus Test Bank
Author: Philippe Jorion
ISBN: 978-0-470-90401-5
Chapter 20 starts the actuarial side of credit risk. Instead of inferring default from market prices, you look at history, ratings, and explicit definitions of what “default” even means. That sounds boring until a CDS contract disagrees with a bondholder about whether restructuring counts.
Book: Corporate Financial Distress, Restructuring, and Bankruptcy
Authors: Edward I. Altman, Edith S. Hotchkiss, Wei Wang
ISBN: 9781119481850
Chapter 1 of Altman, Hotchkiss, and Wang opens with a blunt reality check. Corporate bankruptcy isn’t some edge case. It’s a recurring feature of the U.S. economy, and it keeps getting bigger.