A Competing Risks Analysis of Corporate Survival
研究了香港上市公司破产、被收购和私有化的决定因素，发现大公司更易破产、高增长公司更易被收购、低估是私有化的关键驱动因素。
This paper investigates how the characteristics of a Hong Kong‐listed firm influence its odds of going bankrupt, being acquired, and going private. A competing risks model is estimated. Our results reveal that larger firms are more vulnerable to bankruptcy, and that fast‐growing firms are more likely to be acquired. We also demonstrate that undervaluation is a key driver of going private. Despite the low agency cost due to the concentrated ownership structure, the propensity of Hong Kong‐listed firms to go private still increases with the level of free cash flow.