haku: @indexterm capital markets / yhteensä: 931
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| Tekijä: | Dawkins, M. C. Rose-Green, E. |
| Otsikko: | Prior Wall Street Journal announcements of possible bankruptcy filings and price reactions to subsequent bankruptcy filings |
| Lehti: | Journal of Business Finance and Accounting
1998 : SEP-OCT, VOL. 25:7-8, p. 813-827 |
| Asiasana: | BANKRUPTCY CAPITAL MARKETS FINANCIAL INFORMATION SYSTEMS |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates the relation between prior Wall Street Journal announcements of possible bankruptcy filings and price reactions to subsequent bankruptcy filings. Price reactions to announcements of economic events are inversely related to te amount of surprise in the announcements. Prior announcements of possible bankruptcy filings increase the markets a priori assessment of firms' probability of bankruptcy, reducing the surprise in subsequent bankruptcy filings. The paper hypothesizes smaller price reactions to bankruptcy filings for firms where the WSJ previously published an article indicating that the firm may file for bankruptcy. |
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