CONTAGION AND COMPETITIVE INTRAINDUSTRY EFFECTS OF BANKRUPTCY ANNOUNCEMENTS - AN EMPIRICAL-ANALYSIS
成果类型：
Article
署名作者：
LANG, LHP; STULZ, RM
署名单位：
University System of Ohio; Ohio State University; New York University; National Bureau of Economic Research
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90024-R
发表日期：
1992
页码：
45-60
关键词：
摘要：
This paper investigates the effect of bankruptcy announcements on the equity value of the bankrupt firm's competitors. On average, bankruptcy announcements decrease the value of a value-weighted portfolio of competitors by 1%. This negative effect is significantly larger for highly levered industries and industries where the unconditional stock returns of the nonbankrupt and bankrupt firms are highly correlated; the effect is significantly positive for highly concentrated industries with low leverage, suggesting that in such industries competitors benefit from the difficulties of the bankrupt firm.
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