I am a professor of finance at Smith School of Business of Queen's University (Canada) and the founding director of Queen’s Master of Finance–Beijing program (in collaboration with Renmin University of China).
My primary research expertise is in corporate restructuring, bankruptcy, leveraged finance and high-yield bonds, and distressed investing. My research papers have been published in top finance journals such as the Journal of Finance, and featured in prominent media such as the Wall Street Journal.
I was invited to write finance cases for the Harvard Business School and have published eight case packages. These cases cover a wide range of corporate finance topics, including working capital management, short-term financing, capital structure, corporate valuation, payout policy, corporate restructuring, and merger& acquisitions. They have been adopted by many schools internationally. You can find a list of these cases in the "HBS Cases" page.
During my visit at the Wharton School of University of Pennsylvania from 2015-2018, I taught corporate restructuring and distressed M&As in their undergraduate, MBA, EMBA (both Philadelphia and San Francisco programs), and ExecEd programs. I was also a visiting associate professor at the Hong Kong University of Science and Technology Business School from 2015 to 2016. I worked in commodity derivative trading and financial engineering prior to the academic career.
I served on the Large Corporations Committee of the Bankruptcy & COVID-19 Working Group with a group of distinguished law and finance professors in the U.S.
Our first letter to the U.S. Senate and Congress leaders on proposing hiring more bankruptcy judges (HERE)
U.S. President Donald Trump signed the Bankruptcy Administration Improvement Act (BAIA), a bill based on our proposal into law on January 12, 2021.
Our second letter to the U.S. Senate and Congress leaders on the analysis of the number of judges needed (HERE)
Our third letter to the U.S. Senate and Congress leaders on whether a government funded lending facility is needed to support the financing of bankrupt firms (I performed most of the empirical analysis) (HERE)
I am organizing the first China Corporate Restructuring International Forum, which will take place in Beijing 2022.
Corporate Financial Distress, Restructuring, and Bankruptcy
By Edward Altman, Edie Hotchkiss, and Wei Wang
Endorsements for the book
“They did it again! The masters of distressed corporate debt and restructuring have again set the standard with the 4thedition of their world-leading textbook. This definitive and comprehensive treatment now incorporates the lessons of the Great Financial Crisis and includes an extensive primer on Chapter 11. The authors expanded and updated their in-depth coverage of valuation, default prediction, and recovery. This book is indispensable for MBA students and professional investors focused on private equity and distressed debt."
—Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Graduate School of Business, Stanford University
“The go-to book for anyone who is interested in the research and practice of distress investing and corporate restructuring. A very constructive approach for bankruptcy.”
—Wei Jiang, Arthur F. Burns Professor of Free and Competitive Enterprise, Columbia Business School, Columbia University
“Corporate Financial Distress, Restructuring, and Bankruptcy is a ‘must-have’ guide for experienced professionals and students alike. The authors provide an accessible yet incredibly comprehensive and insightful discussion (supplemented by effective use of case studies and data) of the critical elements of restructuring and bankruptcy, distressed, high-yield and leveraged finance markets, credit analysis, and default prediction. This text is more important than ever and I highly recommend it to anyone interested in truly understanding these topics.”
—Mark Kronfeld, Managing Director and Global Head of Restructuring, BlackRock
A comprehensive exploration of corporate restructurings—Altman, Hotchkiss and Wang have thoughtfully mapped out the terrain from which to navigate the often byzantine world of distressed investing. This volume is a must read for anyone trying to make sense of the complicated world of corporate restructurings and an indispensable resource tool for the uninitiated and serious investor alike.”
—David Matlin, Chief Executive Officer and Co-founder, MatlinPatterson Global Advisers LLC.
“This is a great book for people who want to work in the world of distressed debt and restructuring and for people who work in adjacent fields like private equity that want a practical understanding of distressed debt and restructuring. It should be required reading for any training program.”
—Michael Weinstock, Chief Executive Officer and Co-founder, Monarch Alternative Capital LP.
The Chinese edition of my joint book with Edward Altman and Edith Hotchkiss has been published by Renmin University Press of China. You can order the edition on most Chinese online platforms such as Taobao, JD, and Dangdang.