Sources of gains to shareholders from bankruptcy resolution

@inproceedings{Indro1999SourcesOG,
  title={Sources of gains to shareholders from bankruptcy resolution},
  author={Daniel C. Indro and Robert Leach and Wayne Y. Lee},
  year={1999}
}
Abstract Using a logistic regression model, we identify the characteristics of firms whose shareholders are likely to benefit from bankruptcy resolution. That is, winners (losers) are firms whose shareholders experience positive (negative) excess returns after bankruptcy filing. We find that winners are relatively smaller firms with higher proportions of convertible debt, tend to file for bankruptcy for strategic reasons, have low share-ownership concentration, and suffer comparatively larger… CONTINUE READING

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