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Bankruptcy prediction and structural credit risk models
(Cambridge University Press, 2008)
Introduction Default is triggered by a firm’s failure to meet its financial obligations. Default probabilities and changes in expected default frequencies affect markets participants, such as investors and lenders, since ...
Dividend increases and initiations and default risk in equity returns
(2011)
This study extends the Grullon, Michaely, and Swaminathan (2002) analysis by incorporating default risk. Using data for firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, ...
Losses, dividend reductions, and market reaction associated with past earnings and dividends patterns
(2011)
This paper examines investors' reactions to dividend reductions or omissions conditional on past earnings and dividend patterns for a sample of eighty-two U.S. firms that incurred an annual loss. We document that the market ...
Managerial discretion in distressed firms
(2007)
This study examines the earnings management behaviour of 455 distressed US firms that filed for bankruptcy during the period 1986-2001. We examine (a) possible earnings management during the years prior to bankruptcy-filing, ...
Earnings behaviour of financially distressed firms: The role of institutional ownership
(2007)
Using a sample of 859 U.S. bankruptcy-filing firms over the period 1986-2004, we examine the earnings behaviour of managers during the distressed period by looking at sources of abnormal accruals prior to the bankruptcy-filing ...
The effect of past earnings and dividend patterns on the information content of dividends when earnings are reduced
(2010)
This study pursues two objectives: first, to provide evidence on the information content of dividend policy, conditional on past earnings and dividend patterns prior to an annual earnings decline