Costs of Financial Distress: The German Evidence
AbstractIn this paper we aim to verify the existence of costs of financial distress (cfd) for a sample of German CDAX firms using an ex-post approach originally due to Opler/Titman (1994). In contrast to this US-based study we do not find a significant interaction between high leverage and distress for German firms: firms in distressed industries with high ex ante leverage do not display lower sales growth than their ex-ante lower levered counterparts.
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Bibliographic InfoArticle provided by Credit and Capital Markets in its journal Kredit und Kapital.
Volume (Year): 42 (2009)
Issue (Month): 1 ()
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Web page: http://www.credit-and-capital-markets.de/
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
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