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dc.contributor.authorvon Kalckreuth, Ulfen
dc.date.accessioned2009-01-28T16:01:33Z-
dc.date.available2009-01-28T16:01:33Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/19625-
dc.description.abstractIn 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 negative excess returns are the equilibrium outcome when a subset of participants is able to draw returns "in kind" from distressed companies. For firms close to bankruptcy, non-cash returns to ownership will be the dominant form of return to equity. If markets expect a contest for control, these returns will show up in stock valuation. The governance problem described here creates a link between the financial position of a firm and real allocation that may amplify macroeconomic real or financial shocks.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2005,40en
dc.subject.jelG12en
dc.subject.jelG14en
dc.subject.jelG33en
dc.subject.jelG34en
dc.subject.ddc330en
dc.subject.keywordstock market anomaliesen
dc.subject.keyworddefault risken
dc.subject.keywordprivate benefitsen
dc.subject.keywordmoral hazarden
dc.subject.keywordlimited liabilityen
dc.subject.stwKrisenmanagementen
dc.subject.stwZahlungsunfähigkeiten
dc.subject.stwBörsenkursen
dc.subject.stwKapitalertragen
dc.subject.stwKreditrisikoen
dc.subject.stwMoral Hazarden
dc.subject.stwTheorieen
dc.titleA "wreckers theory" of financial distress-
dc.typeWorking Paperen
dc.identifier.ppn504774662en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:4234en

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