Investing in Bankrupt Firms
研究了1973至1982年间选择破产的公司的投资特征，发现1978年破产改革法对活跃交易公司的破产决策无显著影响，破产证券交易虽增多但无异常收益，系统风险在破产申请后变化不大，但收益方差显著增加。
ABSTRACT We examine the investment characteristics of firms electing to enter bankruptcy, between 1973 and 1982. Comparisons are made before and after the Bankruptcy Reform Act of 1978. Our results indicate that the 1978 Act had no significant impact on bankruptcy decisions or resolutions for actively traded firms. Trading in bankrupt firms' securities is becoming more common, but no abnormal returns appear to be available. Systematic risk does not change significantly with the filing of bankruptcy, but there is a significant increase in return variance. The financial markets also react to various announcements of stages in the reorganization process.