Corporate restructurings and the effect of ownership concentration on bond recovery rates : an empirical study of recovery rates in the Norwegian high yield bond market

dc.contributor.advisor	Mellberg, Johan Per Eric
dc.contributor.author	Joakim, Olav
dc.contributor.author	Skjæret, Andreas
dc.date.accessioned	2018-03-01T09:39:11Z
dc.date.available	2018-03-01T09:39:11Z
dc.date.issued	2017
dc.identifier.uri	http://hdl.handle.net/11250/2487889
dc.description.abstract	This study examines the effect of ownership concentration on recovery rates for 112 defaulted high yield bonds issued by Norwegian firms. We find evidence suggesting that concentrated ownership in the hands of the firm’s largest owner negatively affects bond recovery for secured bonds. The effect is insignficant for unsecured bonds. This suggests that large shareholders reduce bond recovery rates by a transfer of value in the negotiation process during financial reorganizations. Large shareholders have greater incentive to use their bargaining power in negotiations, compared to small shareholders.	nb_NO
dc.language.iso	eng	nb_NO
dc.subject	finance	nb_NO
dc.title	Corporate restructurings and the effect of ownership concentration on bond recovery rates : an empirical study of recovery rates in the Norwegian high yield bond market	nb_NO
dc.type	Master thesis	nb_NO
dc.description.localcode	nhhmas	nb_NO