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
收藏
页码：91 / 94
页数：4
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