Analysis of Length of Time Spent in Chapter Bankruptcy
نویسندگان
چکیده
This paper investigates original issuers of high yield bonds in Chapter bankruptcy to determine which factors a ect the length of time spent in Chapter In order to do this analysis we propose a exible new duration model the censored partial regression model This model allows us to consider the e ect of some variable on the duration using a nonparametric functional form We nd that the choice of prepackaged Chapter the length of time negotiating before lling for Chapter the pro tability the highly leveraged transactions the participation on di erent disputes the role of vulture funds and some institutional changes turn out to be relevant to analyze this duration
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