Liquidation, Failure, Bankruptcy, and Reorganization

John B. Guerard and Eli Schwartz
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John B. Guerard: McKinley Capital Management, Inc.
Eli Schwartz: Lehigh University

Chapter Chapter 19 in Quantitative Corporate Finance, 2007, pp 457-475 from Springer

Abstract: Abstract Not every company justifies the confidence its original investors placed in it. A free enterprise system is one of profit and loss. There is no guarantee that all capital will earn the “normal” rate of return. In a world of change, where sure knowledge of the future is lacking and decisions are made under conditions of more or less uncertainty, the operation of any business is a calculated risk. The data in Figure 1 depicts the failure rate per 10,000 firms in the United States during the 1930-1998 period.

Date: 2007
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DOI: 10.1007/978-0-387-34465-2_19

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