Monetary policy shocks and distressed firms' stock returns: Evidence from the publicly traded US firms

被引：4

作者：

Kim, Seon Tae ^{[1
]}

Rescigno, Luca ^{[2
]}

机构：

[1] Univ Liverpool, Dept Econ Finance & Accounting, Management Sch, Liverpool, Merseyside, England

[2] Marzoito Sim Spa, Res Dept, Milan, Italy

来源：

ECONOMICS LETTERS | 2017年 / 160卷

关键词：

Monetary policy shock; Stock returns; Distressed firm; External financing; INTEREST-RATES; JAPAN;

D O I：

10.1016/j.econlet.2017.09.009

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study U.S. firms' stock-return sensitivities to monetary policy shocks over the 2001-2015 period. Expansionary monetary shocks disproportionately increase returns of a distressed firm which has profit substantially smaller than its interest expense and is in need of external financing. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：91 / 94

页数：4

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