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altman 姓 名: Edward I. Altman
系 别: Finance Department
职 称: Max L. Heine Professor of Finance
办 公 室: Leonard N. Stern School of Business Kaufman Management Center
办公电话: (212) 998-0709 
传 真: (212) 995-4220 
E-mail: ealtman@stern.nyu.eduPersonal website

个人简介

Edward I. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He is the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. Prior to serving in his present position, Professor Altman chaired the Stern School's M.B.A. Program for 12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Dr. Altman was named to the Max L. Heine endowed professorship at Stern in 1988.

Dr. Altman has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Profesor Honorario" by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and to several foreign central banks. Professor Altman is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his M.B.A. and Ph.D. in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004. In 2005, Prof. Altman was named one of the "100 Most Influential People in Finance" by the Treasury & Risk Management magazine.

Professor Altman is one of the founders and an Executive Editor of the international publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the John Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and more than 130 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of a number of recent books, including Distressed Securities; and his most recent works on Managing Credit Risk and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2005) and Recovery Risk (2005. His work has appeared in many languages including French, German, Italian, Japanese, Korean, Portuguese and Spanish.

Dr. Altman's primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has been a consultant to several government agencies, major financial and accounting institutions and industrial companies and has lectured to executives in North America, South America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of a number of corporate, publishing, academic and financial institutions, including the New York State Common Retirement Fund's Investment Committee. He has been Chairman of the Academic Council of the Turnaround Management Association since 2002.

Dr. Altman is Chairman Emeritus and a member of the Board of Trustees of the InterSchool Orchestras of New York and a founding member of the Board of Trustees of the Museum of American Finance.

Academic Background

Ph.D., Finance, 1967

University of California, Los Angeles

M.B.A., Business Finance, 1965

University of California, Los Angeles

B.A., Economics, 1963

City College of New York

Career Experience

1967~Recently

Stern School of Business, New York University

讲授课程

lBankruptcy and Reorganization

lCorporate Finance

研究领域

lBankruptcy Analysis and Prediction

lCredit and Lending Policies

lRisk Management in Banking, Corporate Finance

研究成果

Recent Papers

 

The Role of Distressed Debt Markets, Hedge Funds and Recent Trends in Bankruptcy on the Outcomes of Chapter 11 Reorganizations

 

Ultimate Recovery Mixtures

 

The Return/Volatility Tradeoff of Distressed Corporate Debt Portfolios

 

The Value of Non-Financial Information in SME Risk Management

 

Z-Score Models� application to Italian companies subject to extraordinary administration

 

Corporate financial distress diagnosis model and application in credit rating for listing firms in China

 

Transparent and Unique Sovereign Default Risk Assessment

 

Z-Score Model�s Application to Italian Companies Subject to Extraordinary Administration

 

Revisiting the Altman Definition of Distressed Debt and a New Mechanism for Measuring the Liquidity Premium of the High-Yield Market

 

The Fate of the Euro: It is Still Italia!

 

Defaults and Returns in the High-Yield Bond and Distressed Debt Market: The Year 2011 in Review and Outlook

 

The Investment Performance and Market Dynamics of Defaulted Bonds and Bank Loans: 2011 Review and 2012 Outlook

 

Practitioner Related Publications

 

The value of non-financial information in small and medium-sized enterprise risk management

 

Italy: The Hero or the Villain of the Euro

 

Defaults and Returns in the High-Yield Bond and Distressed Debt Market: The Year 2010 in Review and Outlook

 

The Investment Performance and Market Dynamics of Defaulted Bonds and Bank Loans: 2010 Review and 2011 Outlook

 

Technical Appendix to �A Simple Empirical Model of Equity-Implied Probabilities of Default�

 

Toward a Bottom-Up Approach to Assessing Sovereign Default Risk

 

ZETA� Analysis: A new model to identify bankruptcy risk of corporations

 

Business Failure Classification Models: An International Survey

 

Predicting Financial Distress of Companies: Revisiting the Z-Score and ZETA� Models

 

Corporate Distress Diagnosis: Comparisons using Linear Discriminant Analysis & Neural Networks

 

Predicting Corporate Bankruptcy: The Z-Score Model

 

Managing a Return to Financial Health

 

A Simple Empirical Model of Equity-Implied Probabilities of Default

 

Defaults & Returns in the High-Yield Bond & Distressed Debt Market: The Year 2009 in Review & Outlook

 

The Investment Performance & Market Dynamics of Defaulted Bonds & Bank Loans: 2009 Review & 2010 Outlook

 

Bank Debt versus Bond Debt: Evidence from Secondary Market Prices

 

Avoiding Chapter 22: Why Post-Emergence Liquidity, Profitability and Leverage Make All the Difference

 

The Z-Metrics Methodology for Estimating Company Credit Ratings and Default Risk Probabilities

 

The Reemergence of Distressed Exchanges in Corporate Restructurings

 

The Value of Qualitative Information in SME Risk Management

 

Post-Chapter 11 Bankruptcy Performance: Avoiding Chapter 22

 

An Emerging Market Credit Scoring System for Corporate Bonds

 

Commentary: Bankruptcy With A Twist

 

Why GM Should File for Bankruptcy with a DIP-Twist Help from Its Friends

 

Defaults and Returns in the High-Yield Bond Market: The Year 2007 in Review and Outlook

 

The Investment Performance and Market Size of Defaulted Bonds and Bank Loans: 2007 Review and 2008 Outlook

 

Global Debt Markets in 2007: New Paradigm or the Great Credit Bubble?

 

Corporate Financial Distress Diagnosis in China

 

The Investment Performance and Market Size of Defaulted Bonds and Bank Loans: 2006 Review and 2007 Outlook, February 2007

 

Default and Returns in the High-Yield Bond Market 2006 in Review and Outlook, February 2007

 

About Corporate Default Rates, 2007

 

Default Recovery Rates and LGD in Credit Risk Modeling and Practice: An Updated Review of the Literature and Empirical Evidence, 11/2006

 

Modeling Credit Risk for SMEs: Evidence from the US Market, 11/2006

 

Are Historically Based Default and Recovery Models in the High-Yield and Distressed Debt Markets Still Relevant in Today's Credit Environment? - 10/2006

 

Effects of the New Basel Capital Accord on Bank Capital Requirements for SMEs

 

The Effects of Rating Through the Cycle on Rating Stability, Rating Timeliness and Default Prediction, March 2005

 

Current Conditions in the High Yield and Defaulted Debt Markets, 2006

 

Informational Efficiency of Loans Versus Bonds: Evidence from Secondary Market Prices, 11/2003

 

How Rating Agencies Achieve Rating Stability, 4/2004

 

Default Recovery Rates in Credit Risk Modeling: A Review of the Literature and Empirical Evidence, 12/2003

 

Market Size and Investment Performance of Defaulted Bonds & Bank Loans: 1987-2002, 2/2002

 

An Integrated Pricing Model for Defaultable Loans and Bonds

 

The Link between Default and Recovery Rates: Theory, Empirical Evidence and Implications, 3/2003

 

Defaults and Returns on High Yield Bonds: The Year 2002 in Review and the Market Outlook, 2/2003

 

Corporate Distress Prediction Models in a Turbulent Economic and Basel II Environment, 9/2002

 

Market Dynamics and Investment Performance of Distressed and Defaulted Debt Securities, 12/1998

 

Predicting Financial Distress of Companies: Revisiting the Z-Score and Zeta�Models, 7/2000

 

Credit Ratings and the BIS Reform Agenda, 3/28/2001

 

The Equity Performance of Firms Emerging from Bankruptcy, 11/1998

 

The Anatomy of the High Yield Bond Market, 9/21/1998

 

An Analysis Critique of the BIS Proposal on Capital Adequacy and Ratings, 1/2000

 

The Importance and Subtlety of Credit Rating Migration, 9/1997

 

Emerging Market Corporate Bonds�A Scoring System, 5/15/1995

 

The Japanese Non-Performing Loans Problem: Securitization as a Solution, 4/14/1999

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