Distress Anomaly and Shareholder Risk: International Evidence : Distress Anomaly and Shareholder Risk

Détails

ID Serval
serval:BIB_E84CAD305ECB
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Distress Anomaly and Shareholder Risk: International Evidence : Distress Anomaly and Shareholder Risk
Périodique
Financial Management
Auteur(s)
Eisdorfer A., Goyal A., Zhdanov A.
ISSN
0046-3892
Statut éditorial
Publié
Date de publication
11/01/2018
Peer-reviewed
Oui
Langue
anglais
Résumé
Financially distressed stocks in the United States earn puzzlingly low returns giving rise to the distress risk anomaly. We provide evidence that the anomaly exists in developed countries, but not in emerging ones. Using cross-country analyses, we explore several potential drivers of returns to distressed stocks. The distress anomaly is stronger in countries with stronger takeover legislation, lower barriers to arbitrage, and higher information transparency. In contrast, shareholder bargaining power and expected stock return skewness in a country do not affect the anomaly. These findings suggest that various aspects of shareholders’ risk play an important role in shaping distressed stocks returns.
Mots-clé
Economics and Econometrics, Accounting, Finance, Economics and Econometrics, Accounting, Finance
Création de la notice
28/01/2018 23:13
Dernière modification de la notice
21/08/2019 6:11
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