Gilson, Stuart C; Hotchkiss, Edith S; Ruback, Richard S - In: Review of Financial Studies 13 (2000) 1, pp. 43-74
This study compares the market value of firms that reorganize in bankruptcy with estimates of value based on management's published cash flow projections. We estimate firm values using models that have been shown in other contexts to generate relatively precise estimates of value. We find that...