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Market reactions to bankruptcy filing disclosures and their relation to financial distress indicators.

机译：市场对破产备案披露的反应及其与财务困境指标的关系。

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摘要

Prior research on market reactions to bankruptcy filings has treated bankrupt firms as a uniform group with respect to the timing and manner of the bankruptcy filing disclosure. This view is limiting because important differences exist in the timing and manner of bankruptcy filing disclosure. For example, some firms never experience disclosure of their filing via the Wall Street Journal (WSJ) (absent disclosure firms). Other firms experience immediate disclosure of their filing in the WSJ (immediate disclosure firms), while the remaining firms experience a delay in disclosure of their filing (delayed disclosure firms). This study partitions firms into the three groups to investigate market reactions to bankruptcy filings and their relation to financial distress indicators.; Research question one assesses when the reach group's bankruptcy filings have information content, whether differences exist in the information content of each group's bankruptcy filings, and whether a directional relationship exists between groups with respect to the information content of their bankruptcy filings. Research question two assesses the strength of the relationship between market reactions to bankruptcy filings and the richness of firms' predisclosure information environment by examining the relationship between market reactions and WSJ attention measures. Research question three assesses whether a relationship exists between auditors' issuing or failing to issue going-concern modifications, subsequent bankruptcy filings, and the resulting market reactions for absent disclosure, immediate disclosure, and delayed disclosure firms.; Results for research question one indicate that bankruptcy filings appear to have information content, that the information content of the bankruptcy filings differs across groups, and that a directional relationship exists between groups with respect to the information content of their bankruptcy filings. Results for research question two indicate that an inverse relationship exists between abnormal price reactions to bankruptcy filings and WSJ attention measures, whereas a direct relationship exists between abnormal volume reactions to bankruptcy filings and WSJ attention measures. Results for research question three support the existence of a relationship between auditors' issuing or failing to issue going-concern modifications, subsequent bankruptcy filings, and the resulting abnormal volume reactions for absent disclosure and delayed disclosure firms.
机译：先前关于破产申请的市场反应的研究已将破产公司在破产申请披露的时间和方式上视为一个统一的团体。这种观点具有局限性，因为在破产申请披露的时间和方式上存在重大差异。例如，有些公司从未经历过《华尔街日报》（WSJ）披露其申请的情况（缺少披露公司）。其他公司立即在《华尔街日报》上披露了他们的备案（即时披露公司），而其余公司（延迟披露的公司）则经历了其披露的延迟。该研究将公司分为三类，以调查市场对破产申请的反应及其与财务困境指标的关系。研究问题之一是评估覆盖组的破产文件何时具有信息内容，每个组的破产文件的信息内容是否存在差异，以及各组之间关于其破产文件的信息内容是否存在方向关系。研究问题二通过考察市场反应与《华尔街日报》关注度之间的关系，评估了市场对破产申请的反应与企业披露前信息环境之间关系的强度。研究问题三评估了审计师的发行或未能发行持续经营的修改，随后的破产申请以及由此引起的市场对缺乏披露，立即披露和延迟披露的公司的反应之间的关系。研究问题一的结果表明，破产文件似乎具有信息内容，破产文件的信息内容在各组之间不同，并且各组之间就其破产文件的信息内容存在方向关系。研究问题二的结果表明，对破产备案的异常价格反应与《华尔街日报》关注度之间存在反比关系，而对破产备案的异常数量反应与《华尔街日报》关注度之间存在直接关系。研究问题三的结果支持在审计师签发或未能签发持续经营的修改，随后的破产申请以及因缺少披露和延迟披露公司而导致的数量异常反应之间存在某种关系。

著录项

  • 作者

    Dawkins, Mark Christopher.;

  • 作者单位

    The Florida State University.;

  • 授予单位 The Florida State University.;
  • 学科 Business Administration Accounting.; Business Administration General.
  • 学位 Ph.D.
  • 年度 1994
  • 页码 163 p.
  • 总页数 163
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;贸易经济;
  • 关键词

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