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Investing in Chapter 11 stocks: Trading, value, and performance
Li, Yuanzhi; Zhong, Zhaodong - In: Journal of Financial Markets 16 (2013) 1, pp. 33-60
We address questions about Chapter 11 stocks regarding their trading environment, fundamental value, and performance. First, there exists active trading for Chapter 11 stocks throughout the bankruptcy process. Second, equity value after filing is positively related to asset value, asset...
Persistent link: https://www.econbiz.de/10010869358
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Gambling on the Stock Market : The Case of Bankrupt Companies
Coelho, Luis - 2009
market pricing implications of gambling-motivated trading. We find a strong, negative, and statistically significant post …
Persistent link: https://www.econbiz.de/10013155842
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Hazard stocks and expected returns
DeLisle, R. Jared; Ferguson, Michael F.; Kassa, Haimanot; … - In: Journal of banking & finance 125 (2021), pp. 1-22
Persistent link: https://www.econbiz.de/10012819764
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Do gamblers invest in lottery stocks?
Kormanyos, Emily; Hanspal, Tobin; Hackethal, Andreas - 2023
Previous studies document a relationship between gambling at the aggregate level and investments in securities with … lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to … examine whether gambling and trading act as substitutes or complements. We find that gamblers are more likely than average to …
Persistent link: https://www.econbiz.de/10013549653
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Do gamblers invest in lottery stocks?
Kormanyos, Emily; Hanspal, Tobin; Hackethal, Andreas - 2022
Previous studies document a relationship between gambling at the aggregate level and investments in securities with … lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records to … examine whether gambling and trading act as substitutes or complements. We find that gamblers are more likely than average to …
Persistent link: https://www.econbiz.de/10013547897
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Do gamblers invest in lottery stocks?
Kormanyos, Emily; Hanspal, Tobin; Hackethal, Andreas - 2022
Previous studies document a relationship between gambling activity at the aggregate level and investments in securities … with lottery-like features. We combine data on individual gambling consumption with portfolio holdings and trading records … to examine whether gambling and trading act as substitutes or complements. We find that gamblers are more likely than the …
Persistent link: https://www.econbiz.de/10013470234
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A nonlinear wealth transfer from shareholders to creditors around Chapter 11 filing
Li, Yuanzhi - In: Journal of Financial Economics 107 (2013) 1, pp. 183-198
Past literature has assumed that negative stock returns around Chapter 11 filing are solely due to new adverse information about firm value. This paper argues that there is also a nonlinear wealth transfer from shareholders to creditors causing shareholder loss. The magnitude of the wealth...
Persistent link: https://www.econbiz.de/10010593824
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A "wreckers theory" of financial distress
von Kalckreuth, Ulf - 2005
In recent years, a number of papers have established a new empirical regularity. Stocks of distressed firms vastly underperform those of financially healthy firms. It is not necessary to attribute the negative excess returns of distressed firms to inefficient or irrational markets. We show that...
Persistent link: https://www.econbiz.de/10010295785
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The economics of rating watchlists: Evidence from rating changes
Hirsch, Christian; Bannier, Christina E. - 2007
Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the 'watchlist (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...
Persistent link: https://www.econbiz.de/10010298385
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The economics of rating watchlists: evidence from rating changes
Hirsch, Christian; Bannier, Christina E. - 2007
Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the watchlist (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...
Persistent link: https://www.econbiz.de/10010298930