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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/128720
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/128720


    Title: Intra-Industry Bankruptcy Contagion: Evidence from the Pricing of Industry Recovery Rates
    Authors: 張元晨
    Chang, Yuanchen
    Miu*, Peter
    Liu, Wenchien
    Hsieh, Yi-Ting
    Contributors: 財管系
    Date: 2019-04
    Issue Date: 2020-02-20 14:30:04 (UTC+8)
    Abstract: How does bankruptcy contagion propagate among industry peers? We study the debt recovery channel of industry contagion by examining whether the cost of a company's debt is affected by the observed recovery rates of its bankrupt industry peers. Our results show that lower industry recovery rates are associated with higher loan spreads, but only when the contracts were originated during industry bankruptcy waves. Consistent with the debt recovery channel of industry contagion, we find that the negative effects of industry recovery rates are significantly stronger under situations where the effect is expected to be more salient.
    Relation: European Financial Management, Vol.forthcomin, pp.forthcomin
    Data Type: article
    DOI 連結: https://doi.org/10.1111/eufm.12217
    DOI: 10.1111/eufm.12217
    Appears in Collections:[財務管理學系] 期刊論文

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