Stock Market Response to Voluntary Liquidations and Reorganizations of Real Estate Corporations
分析了房地产公司宣布自愿清算或重组时的股票价格反应，发现清算公告带来正面反应，重组公告带来负面反应，且1978年破产改革法前后结果一致。
Announcements of voluntary liquidation or reorganization by real estate corporations are analyzed. There is a positive stock price response to announcement of liquidation, and a negative stock price response to announcements of reorganization. Results were the same before and after the 1978 Bankruptcy Reform Act took affect.