Waseda Organizational and Financial Economics Seminar:
“Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?” (4/16)
講演者 / Speaker
FRANKS, Julian （Professor, London Business School）
日 時 / Date & Time
2018年4月16日（月） 16:30～18:00
会 場 / Venue
主 旨 / Outline
“Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11?”
This paper shows that public dissemination of trading information for registered corporate bonds reduces valuation errors in Chapter 11 bankruptcy reorganizations by about half, virtually eliminating unintended wealth transfers between claimants and consequent violations of the absolute priority rule.
The impact of dissemination is significantly greater where alternative market-based indicators of firm valuation, such as analyst estimates or outside bids for the company’s assets are lacking, and significantly lower where hedge funds are among the debtor’s largest unsecured claimants.
The results suggest that the transparency of market prices helps improve the distributional efficiency of Chapter 11 bankruptcy and provide support for proposals to increase the availability of market-based signals to aid the valuation process.
プログラム / Schedule
16:30～16:35 開会の挨拶（宮島 英昭 早稲田大学 高等研究所長 ／ 商学学術院 教授）
16:35～17:45 講演
17:45～17:55 質疑応答
17:55～18:00 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・研究者・教職員 等
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
