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| 022 ## - INTERNATIONAL STANDARD SERIAL NUMBER |
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| International Standard Serial Number |
0304-405X |
| 952 ## - LOCATION AND ITEM INFORMATION (KOHA) |
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| -- |
PER |
| 245 ## - TITLE STATEMENT |
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| Title |
Spillovers from good-news and other bankruptcies: Real effects and price responses / by Nina Baranchuk & Michael J. Rebello |
| Statement of responsibility, etc |
Nina Baranchuk & Michael J. Rebello |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
Amsterdam |
| Name of publisher, distributor, etc |
Elsevier |
| Date of publication, distribution, etc |
August 2018 |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
Pages 228-249 |
| 440 ## - SERIES STATEMENT/ADDED ENTRY--TITLE |
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| Title |
Journal of Financial Economics |
| Volume number/sequential designation |
129 (2) |
| International Standard Serial Number |
0304-405X |
| 500 ## - GENERAL NOTE |
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| General note |
Abstract
We model debt restructurings that could endogenously end in bankruptcy, and study spillovers to competitors’ operating decisions, profits, restructuring outcomes and security prices. We show that while bankruptcy could cause the firm’s share price to drop, bankruptcy always signals good news about the firm. We identify the conditions under which a bankruptcy also signals good news about competitors. We demonstrate that when a firm’s bankruptcy costs are relatively small, bankruptcy raises its share price while lowering the prices of competitors’ shares and debt as well as boosting the probability that they will enter bankruptcy. When there is little information asymmetry about the firm’s prospects, or the information asymmetry is about industry prospects, bankruptcy raises competitors’ share and debt prices and lowers their probability of bankruptcy. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Restructuring |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Distress |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Spillover |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) |
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| Topical term or geographic name as entry element |
Feedback |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Source of classification or shelving scheme |
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| Item type |
Periodicals |