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

被引：461
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.
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页码：45 / 60
页数：16
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