Bankruptcy, Credit Risk, and High Yield Junk Bonds [Hardcover]

Edward I. Altman (Author)

Book Description

Publication Date: February 25, 2002 | ISBN-10: 0631225633 | ISBN-13: 978-0631225638 | Edition: 1

This is the authoritative collection of the writings of Dr. Edward I. Altman, the world's leading authority on bankruptcy, corporate distress, and defaults, and creator of the widely-used Z-Score model. This book contains both classic and never-before-published articles, along with Altman's comprehensive introduction that places all the articles in context.

Editorial Reviews

Book Description

Edward Altman is the world's leading authority on bankruptcy, corporate distress, & defaults, & creator of the widely-used Z-score model. This book contains both classic & never-before published articles, along with Altman's comprehensive introduction that places all the articles in context.

From the Back Cover

This is the authoritative collection of the writings of Dr. Edward I. Altman, the world's leading authority on bankruptcy, corporate distress, and defaults, and creator of the widely-used Z-Score model. This book contains both classic and never-before-published articles, along with Altman's comprehensive introduction that places all the articles in context.

The four major and related themes explored here are:

• Distress Prediction Models.


• Credit Risk Management.


• High Yield "Junk" Bonds and Distressed Securities.


• Bankruptcy and Firm Valuation.

These articles span more than 30 years of contributions to scholarly and professional publications and for government regulatory and policy considerations. Altman's pioneering works have formed the basis for modern credit risk management procedures and policies by practitioners and regulators, and have motivated and guided works from other scholars around the globe.

See all Editorial Reviews

Product Details

• Hardcover: 576 pages
• Publisher: Wiley-Blackwell; 1 edition (February 25, 2002)
• Language: English
• ISBN-10: 0631225633
• ISBN-13: 978-0631225638
• Product Dimensions: 10 x 6.8 x 1.4 inches
• Shipping Weight: 2.4 pounds (View shipping rates and policies)
• Average Customer Review: 3.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #1,269,798 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

9 of 10 people found the following review helpful:

1.0 out of 5 stars Recycled and Outdated, July 17, 2002

By A Customer

This review is from: Bankruptcy, Credit Risk, and High Yield Junk Bonds (Hardcover)

Reading this guy's work is a real testimony to the staying power generated by doing something first. His 1967 paper on bankruptcy was the first to estimate a multivariate default prediction model. THAT'S 35 YEARS AGO. Things like computers and more data make both his estimation algorithm and parameter estimates relics of little significance, and his inability to recognize this is symptomatic of a more cluelessness exhibited in his discussion of other matters (he doesn't simply reference the old model; it's now irrelevant structure is examined and built upon throughout the book).

Very little of what is here is new, and what's new isn't that good either. Freshmen looking for succinct references to someone their professor has heard of but not read will appreciate this volume. I suggest reading S&P or Moody's research instead.

2 of 2 people found the following review helpful:

5.0 out of 5 stars Old it might be but still surprisingly accurate, August 13, 2004

By 

C. MUMMERY "Colin Mummery" (Örnsköldsvik, Sweden) - See all my reviews
(REAL NAME)   

This review is from: Bankruptcy, Credit Risk, and High Yield Junk Bonds (Hardcover)

I have written software based on Altman's original work and it still comes up with surprisingöy accurate results however there are still many issues about how modern companies are structured and the shift to a services based economy where people are one of the main assets of many corporations.