Paper by GSB Students Wins Turnaround Management Association Competition

Philippe Hespel,‘05 and Naftali Golzgaker, ‘06 won the Turnaround Management Association’s third annual Carl Marks Student Paper Competition. The competition recognizes outstanding achievement by students in the field of corporate renewal. Papers are evaluated according to how they address issues of corporate distress, financial restructuring and reorganization.

The paper by Hespel and Golzgaker explored the effect of financial, strategic, and operational decisions on the probability of a company to emerge successfully from bankruptcy. The paper will be available on the TMA website at the end of October.

The Carl Marks Advisory Group, a middle market merchant bank, sponsors the award.