Intra‐industry spillover effects: Evidence from bankruptcy filings
研究发现，同行企业破产后，其他公司会削减资本支出、减少新债发行并面临更高债务成本，且该效应随行业距离和破产显著性变化。
Abstract Firms contract capital expenditure, reduce new debt issuance and face a higher cost of debt following the bankruptcy of an industry peer. The spillover effect declines with industrial distance and strengthens with the saliency of the bankruptcy. Furthermore, industries that are externally financially dependent are more vulnerable to the contagion effect. The investment contraction is not driven by industry asset reallocation, the presence of distressed firms or strategic competitive behavior by peers. We establish causality by identifying idiosyncratic bankruptcies and implementing an instrumental variable estimation to mitigate the confounding effect of general industry conditions.