Postbankruptcy Performance and Management Turnover
研究197家从第11章破产保护中走出的上市公司，发现超40%在三年后仍亏损，32%再次破产或私下重组，且原管理层参与重组与业绩差强相关，质疑破产程序能否有效挽救困境企业。
ABSTRACT This article examines the performance of 197 public companies that emerged from Chapter 11. Over 40 percent of the sample firms continue to experience operating losses in the three years following bankruptcy; 32 percent reenter bankruptcy or privately restructure their debt. The continued involvement of prebankruptcy management in the restructuring process is strongly associated with poor post‐bankruptcy performance. The substantial number of firms emerging from Chapter 11 that are not viable or need further restructuring provides little evidence that the process effectively rehabilitates distressed firms and is consistent with the view that there are economically important biases toward continuation of unprofitable firms.