Year: 2009
Author: Reimund, Carsten, Schwetzler, Bernhard, Zainhofer, Florian
Credit and Capital Markets – Kredit und Kapital, Vol. 42 (2009), Iss. 1 : pp. 93–123
Abstract
Costs of Financial Distress: The German Evidence
In this paper we aim to verify the existence of costs of financial distress (cfd) for a sample of German CDAX firms using an ex-post approach originally due to Opler/Titman (1994). In contrast to this US-based study we do not find a significant interaction between high leverage and distress for German firms: firms in distressed industries with high ex ante leverage do not display lower sales growth than their ex-ante lower levered counterparts. (JEL G32, G33)
Journal Article Details
Publisher Name: Global Science Press
Language: English
DOI: https://doi.org/10.3790/kuk.42.1.93
Credit and Capital Markets – Kredit und Kapital, Vol. 42 (2009), Iss. 1 : pp. 93–123
Published online: 2009-04
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 31
Author Details
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