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Essay heading: Is the Risk of Bankruptcy a Systematic Risk?
Essay specific features
| Issue: |
Business |
| Written by: |
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| Date added: |
July 8, 2000 |
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| No of pages / words: |
6 / 1519 |
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0 times |
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Essay content:
Probability of bankruptcy is a
natural proxy for firm distress, and there is a well-developed literature on
bankruptcy prediction that provides powerful measures of ex ante bankruptcy
risk ~see Altman ~1993! for a review!. Evidence that bankruptcy risk
is systematic would support a distress factor explanation for the size and the
book-to-market effects...
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Evidence that bankruptcy risk
is systematic would support a distress factor explanation for the size and the
book-to-market effects.
Existing evidence on the relation of bankruptcy risk to systematic risk is
mostly circumstantial and often contradictory. Lang and Stulz ~1992! and
Denis and Denis ~1995! demonstrate that bankruptcy risk is related to aggregate
factors, which implies that bankruptcy risk could be positively related to systematic risk...
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