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Essay

Is the Risk of Bankruptcy a Systematic Risk?

Essay specific features

 

Issue:

Business

 

Written by:

Arthur P

 

Date added:

March 1, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

6 / 1519

 

Was viewed:

1323 times

 

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Essay content:

However, results demonstrate that bankruptcy risk is not rewarded by higher returns. Thus, a distress factor is unlikely to account for the size and book-to-market effects. Surprisingly, firms with high bankruptcy risk earn lower than average returns since 1980. A risk-based explanation cannot fully explain the anomalous evidence...
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For example, Chan and Chen ~1991! find that "marginal" firms, or inefficient firms with high leverage and cash flow problems, seem to drive the small firm effect. Fama and French ~1992! conjecture that the book-to-market effect might be due to the risk of distress. Chan, Chen, and Hsieh ~1985! show that much of the size effect is explained by a default factor, computed as the difference between high-grade and low-grade bond returns...
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General issues of this essay:
Bankruptcy of Social Security Bankruptcy Bankruptcy Bankruptcy Is Bankruptcy Really A Fresh Start? Is the Risk of Bankruptcy a Systematic Risk? new bankruptcy laws The New Bankruptcy Law The New Bankruptcy Laws Bankruptcy Bankruptcy bankruptcy When Filing For Bankruptcy In Bankruptcy Chapter 13 Bankruptcy Law
 

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