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Is The Risk Of Bankruptcy A Systematic Risk

Is the Risk of Bankruptcy a Systematic Risk?

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Title: Is the Risk of Bankruptcy a Systematic Risk?

Essay Details:

Subject: Business

Author: Howard C

Date: May 6, 2014

Level: University

Grade: B

Length: 6 / 1519

Essay text:

However, results demonstrate that bankruptcy risk is not rewarded by higher returns. Thus, a distress factor is unlikely to account for the size and book-to-market effects. Surprisingly, firms with high bankruptcy risk earn lower than average returns since 1980. A risk-based explanation cannot fully explain the anomalous evidence. SEVERAL STUDIES SUGGEST that the effects of firm size and book-to-market, probably the two most powerful predictors of stock returns, could be related to some sort of a firm distress risk factor. For example, Chan and Chen ~1991! find that "marginal" firms, or inefficient firms with high leverage and cash flow problems, seem to drive the small firm effect...

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