THREE ESSAYS IN CORPORATE FINANCE

• Main Author: Maslinawati Mohamad (Author)
• Format: Thesis Book
• Language: English
• Published: Sussex, United Kingdom University of Sussex. School of Business, Management and Economics 2017
• Subjects: Corporations > Finance; Financial statements; Cash flow
• Online Access: Click Here to View Status and Holdings.

 Three essays in corporate finance + Tools Mohamad, Maslinawati (2017) Three essays in corporate finance. Doctoral thesis (PhD), University of Sussex. [img] PDF - Published Version Download (3MB) Abstract The financial crisis that started in 2008 led to issues of corporate financial distress and bankruptcy. The global financial crisis has resulted in many venerable institutions being rescued by the government. There is an ongoing research debate in law and economic theories about the efficiency of the US bankruptcy code (Senbet and Wang, 2012; Jory and Madura, 2010; Zhang, 2010; Faelten and Vitkova, 2014). Due to the global financial crisis, there is a fundamental issue questioning whether the bankruptcy law (e.g., Chapters 11 and 7 of the US Bankruptcy Code) is efficient in rehabilitating economically efficient but financially distressed firms and liquidating economically inefficient firms (Senbet and Wang, 2012). Mergers and acquisition (hereafter M&A) involving financially distressed targets and bankrupt targets have become a common practise in the US. Theoretically, restructuring is meant to be a way of reorganizing operations and generating extra resources. However, due to the complexity of businesses and recent global financial crises, there is inconsistency in the association of rewards for Chief Executive Officers (CEOs) and management with the firm's performance.