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Bankruptcy Spillover Effects on Oil and Gas Industry

Nguyen, Khoa - 2019

This paper studies bankruptcy spillover effects onto portfolios of non-bankrupt firms in oil and gas industry. Using hand-collected data on bankruptcy filings in oil and gas industry from 2000 to 2017, I find that, on average, the value-weighted portfolios of non-bankrupt oil and gas firms...

Persistent link: https://www.econbiz.de/10012897166

Buyer's Bankruptcy Risk, Sourcing Strategy, and Firm Value : Evidence from the Supplier Protection Act

Aral, Karca; Giambona, Erasmo; Wang, Ye - 2022

What should a distressed buyer’s sourcing strategy be? We find that this depends on the dynamics in a potential in-court bankruptcy. To establish causality, we use a novel sourcing data set in combination with a unique quasi-natural experimental setting provided by a regulatory shock that...

Persistent link: https://www.econbiz.de/10014359211

Spreading the misery? : sources of bankruptcy spillover in the supply chain

Kolay, Madhuparna; Lemmon, Michael L.; Tashjian, Elizabeth - In: Journal of financial and quantitative analysis : JFQA 51 (2016) 6, pp. 1955-1990

Persistent link: https://www.econbiz.de/10011654729

Investor Activism and Mergers and Acquisitions (M&A)

Singh, Akshay - 2016

This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the shareholders at the target firm as well as its acquirer. It used over thirty years of data to understand the impact of the activists’ demands of strategic significance for the firms....

Persistent link: https://www.econbiz.de/10014034757

Insolvenzrechtsreform und dieTheorie der Unternehmensfinanzierung

Breuer, Wolfgang; Haupt, Martin - RWTH <Aachen> / Lehrstuhl für … - 2002

The newly established German insolvency law has become effective since January 1st,1999. At first, we outline the … objectives followed up by the legislator with this insolvency law reform,the general measures taken to these ends, and the degree … alternative conditionsfor insolvency have been redefined. We examine more precisely the welfare-theoretical consequencesof these …

Persistent link: https://www.econbiz.de/10005858830

The Default Risk of Firms Examined with Smooth Support Vector Machines

Härdle, Wolfgang; Lee, Yuh-Jye; Schäfer, Dorothea; … - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2007

In the era of Basel II a powerful tool for bankruptcy prognosis isvital for banks. The tool must be precise but also easily adaptable tothe bank's objections regarding the relation of false acceptances (TypeI error) and false rejections (Type II error). We explore the suitabil-ity of Smooth...

Persistent link: https://www.econbiz.de/10005860752

A dialogue on the costs and benefits of automatic stays for derivatives and repurchase agreements

Duffie, Darrell; Skeel, David - 2012 - Last rev.: March 04, 2012

For nearly two years, the two of us have had a running discussion of the costs and benefits of automatic stays in bankruptcy for qualified financial contracts (QFCs) such as derivatives and repurchase agreements, particularly those held by systemically important major dealer banks. Under current...

Persistent link: https://www.econbiz.de/10009504439

Trade credit and the propagation of corporate failure : an empirical analysis

Jacobson, Tor; Schedvin, Erik von - 2012

We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure...

Persistent link: https://www.econbiz.de/10009612220

Hedge Funds and Chapter 11

Jiang, Wei - 2011

This paper studies the presence of hedge funds in the Chapter 11 process and their effects on bankruptcy outcomes. Hedge funds strategically choose positions in the capital structure where their actions could have a bigger impact on value. Their presence, especially as unsecured creditors, helps...

Persistent link: https://www.econbiz.de/10013134259

Top Management Resignation and Firms' Subsequent Bankruptcy

Beams, Joseph - 2011

Agency theory indicates that a moral hazard occurs when an agent (manager) with superior information has an incentive to behave inappropriately from the perspective of the principal (investor) with inferior information. Because of the superior information that top executives have, they will...

Persistent link: https://www.econbiz.de/10013117862

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