The Equity Performance of Firms Emerging from Bankruptcy
研究131家美国破产法第11章重组后企业的股票回报，发现重组后200天内存在显著正超额收益，且该收益源于市场预期错误而非风险误测。
This study assesses the stock return performance of 131 firms emerging from Chapter 11. Using differing estimates of expected returns, we consistently find evidence of large, positive excess returns in 200 days of returns following emergence. We also examine the reaction of our sample firms' equity returns to their earnings announcements after emergence from Chapter 11. The positive and significant reactions suggest that our results are driven by the market's expectational errors, not mismeasurement of risk. The results provide an interesting contrast, but not a contradiction, to previous work that has documented poor operating performance for firms emerging from Chapter 11.