The market characteristics of failed companies: Extensions and further evidence

Castagna, A; Matolcsy, ZP

The market characteristics of failed companies: Extensions and further evidence

Castagna, A Matolcsy, ZP

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Publisher:: Wiley-Blackwell Publishing Ltd.
Publication Type:: Journal Article
Citation:: Journal of Business Finance & Accounting, 1981, 8 (4), pp. 467 - 483
Issue Date:: 1981-01

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Field	Value	Language
dc.contributor.author	Castagna, A	en_US
dc.contributor.author	Matolcsy, ZP https://orcid.org/0000-0001-6566-5079	en_US
dc.date.issued	1981-01	en_US
dc.identifier.citation	Journal of Business Finance & Accounting, 1981, 8 (4), pp. 467 - 483	en_US
dc.identifier.issn	0306-686X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/14045
dc.description.abstract	This article presents an analysis of the market characteristics of failed companies. The analysis includes an identification of their systematic characteristics, examination of the characteristics and timing of their continuous price adjustment prior to failure, comparison of the characteristics and timing of their continuous price adjustment during an economic upswing and downswing and a contrast of the characteristics and timing of the continuous price adjustment of mining companies and industrial companies. A description of the experimental design is also presented in the study. The major findings of the study are: failed companies have a higher systematic risk, than the a-priori value of one and that the market on average adjusts the prices of failed companies approximately thirty months prior to failure. Finally, the results suggest that mining companies have a shorter price adjustment period than industrial companies.	en_US
dc.publisher	Wiley-Blackwell Publishing Ltd.	en_US
dc.relation.ispartof	Journal of Business Finance & Accounting	en_US
dc.subject.classification	Finance	en_US
dc.title	The market characteristics of failed companies: Extensions and further evidence	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	8	en_US
utslib.for	150103 Financial Accounting	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	closed_access
pubs.consider-herdc	false	en_US
pubs.issue	4	en_US
pubs.volume	8	en_US

Abstract:

This article presents an analysis of the market characteristics of failed companies. The analysis includes an identification of their systematic characteristics, examination of the characteristics and timing of their continuous price adjustment prior to failure, comparison of the characteristics and timing of their continuous price adjustment during an economic upswing and downswing and a contrast of the characteristics and timing of the continuous price adjustment of mining companies and industrial companies. A description of the experimental design is also presented in the study. The major findings of the study are: failed companies have a higher systematic risk, than the a-priori value of one and that the market on average adjusts the prices of failed companies approximately thirty months prior to failure. Finally, the results suggest that mining companies have a shorter price adjustment period than industrial companies.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/14045