A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models

This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.

EDWARD I. ALTMAN is the Max L. Heine Professor of Finance, Emeritus at New York University, Stern School of Business and Director of the Credit and Fixed Income Research Program at the NYU Salomon Center.

EDITH HOTCHKISS is a Professor of Finance at the Carroll School of Management at Boston College.

WEI WANG is an Associate Professor and RBC Fellow of Finance, and Director of Master of Finance – Beijing program at the Smith School of Business at Queen’s University, Canada.