EMG Working Paper Series WP-EMG-05-2006 Value Creation in Distress Resolution: Market Impact of Restructuring Announcements in China

Abstract

We investigate the market impact of restructuring announcements made by distressed companies in China. Competition is new to the recently liberalized Chinese economy; inefficient firms fail, and the strong survive. This paper provides an analysis of successful restructuring mechanisms that are value enhancing and those that are not. We show that asset… (More)

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