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作者：KHANNA, N; POULSEN, AB
作者单位：University System of Georgia; University of Georgia
摘要：In this article, we provide evidence concerning the extent to which managers are to blame when their firms become bankrupt. We study a sample of firms that file for Chapter 11 and determine the actions taken by the firms' managers during the three-year period before the filing. We compare the sample with a control sample of firms that performed better. We suggest that the comparison provides evidence on the way managers act as their firms sink into financial trouble and whether financial distr...
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作者：BROWN, SJ; GOETZMANN, WN; ROSS, SA
作者单位：New York University
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作者：BROWN, SJ; GOETZMANN, WN
作者单位：Yale University
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作者：BROWN, SJ; GOETZMANN, WN; ROSS, SA
作者单位：Yale University
摘要：Empirical analysis of rates of return in finance implicitly condition on the security surviving into the sample. We investigate the implications of such conditioning on the time series of rates of return. In general this conditioning induces a spurious relationship between observed return and total risk for those securities that survive to be included in the sample. This result has immediate implications for the equity premium puzzle. We show how these results apply to other outstanding proble...
