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Corporate Response to Distress: Evidence from the Asian Financial Crisis
This paper provides a comprehensive examination of corporate responses to financial distress
during an economy-wide crisis, specifically through the restructuring of assets (through asset sales,
mergers, or liquidations) and/or liabilities. Using firm-level data from five countries hardest hit
by the East Asian financial crisis of 1997-98, this study contrasts the effects that financial and
corporate governance variables have on restructuring choices.