A Competing Risks Analysis of Corporate Survival
Publication in refereed journal

香港中文大學研究人員
替代計量分析
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其它資訊
摘要This paper investigates how the characteristics of a Hong Kong-listed firm influence its odds of going bankrupt, being acquired, and going private. A competing risks model is estimated. Our results reveal that larger firms are more vulnerable to bankruptcy, and that fast-growing firms are more likely to be acquired. We also demonstrate that undervaluation is a key driver of going private. Despite the low agency cost due to the concentrated ownership structure, the propensity of Hong Kong-listed firms to go private still increases with the level of free cash flow. © 2010 Financial Management Association International.
著者He Q., Chong T.T.-L., Li L., Zhang J.
期刊名稱Financial Management
出版年份2010
月份12
日期1
卷號39
期次4
出版社Financial Management Association International
出版地United States
頁次1697 - 1718
國際標準期刊號0046-3892
語言英式英語

上次更新時間 2020-30-11 於 23:45