#2006-044A "Corporate Response to Distress: Evidence from the Asian Financial Crisis"
by Mara Faccio, and Rajdeep Sengupta
July 2006

This paper provides a comprehensive examination of the ways in which companies respond to a country-wide crisis through the restructuring of their assets (through asset sales, mergers or liquidations) or liabilities. We find the restructuring of liabilities to be the most common type of response. More...