Emerging from Chapter 11 Bankruptcy: Is It Good News or Bad News for Industry Competitors?
研究了264家1999-2006年从第11章破产中重生的公司，发现其行业竞争对手在长期内股票回报为负、财务表现恶化，且该效应在集中度高的行业、信用质量低的竞争对手、更高效的重生公司及破产持续时间更长时更显著。
A firm under Chapter 11 bankruptcy protection may emerge from bankruptcy in a more advantageous competitive position within its industry to the detriment of their industry rivals. Using a sample of 264 firms that emerged from Chapter 11 bankruptcy during the period 1999‐2006, I find that its industry competitors demonstrate negative postemergence long‐term equity returns and deteriorating financial performance. Additional tests indicate that this outcome is less likely due to overall industry distress. Competitors tend to be more adversely affected if they are in more concentrated industries, if they have lower credit quality, when a more efficient firm emerges, and when the duration of bankruptcy is longer. This study suggests a need to reconsider Chapter 11's role in promoting competition and allocation of resources given its negative externalities on industry competitors.