CONTAGION AND COMPETITIVE INTRAINDUSTRY EFFECTS OF BANKRUPTCY ANNOUNCEMENTS - AN EMPIRICAL-ANALYSIS

被引：457

作者：

LANG, LHP

STULZ, RM

机构：

[1] OHIO STATE UNIV,COLUMBUS,OH 43210

[2] NYU,NEW YORK,NY 10003

[3] NATL BUR ECON RES,CAMBRIDGE,MA 02138

来源：

JOURNAL OF FINANCIAL ECONOMICS | 1992年 / 32卷 / 01期

关键词：

D O I：

10.1016/0304-405X(92)90024-R

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：45 / 60

页数：16

共 17 条

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