Corporate Distress and Restructuring with Macroeconomic Fluctuations: The Cases of GM and Ford
Although macroeconomic factors are part of several models for evaluation of credit risk, there is little effort to distinguish between effects of such factors and "intrinsic" factors on changes in credit risk. We argue that lenders, management, courts and traders in distressed securities would benefit from information about the degree to which macroeconomic factors affect changes in the likelihood
