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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/128720

Please use this identifier to cite or link to this item: https://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 link:	https://doi.org/10.1111/eufm.12217
DOI:	10.1111/eufm.12217
Appears in Collections:	[Department of Finance] Periodical Articles

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