The Effect of Financial Distress Announcement On Stockholders' Wealth of Lender
| Autor: | Shu-Chun Wu, 吳淑君 |
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| Rok vydání: | 2004 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 92 This thesis examines the wealth effects on lead lending banks when their borrowers suffer financial distress. The sample events include default and reorganization announcements, and the sample period is from year 1998 to 2003. The empirical results are as following: 1.The result shows that there is a significantly negative return for the lending bank when borrower announces default or reorganization. 2.Prior news of a default significantly reduces the informational content of subsequent reorganization announcements by their borrowers. 3.At last, the significantly negative cumulative abnormal return is affected by macroeconomics factors and bank’s exposure rate. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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