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The Competitors’ Response to a Bankruptcy Filing Announcement Made by a Stock-Listed Company Depending on Sector Characteristics

dc.contributor.authorKrzeczewska, Olga
dc.date.accessioned2021-12-14T09:00:08Z
dc.date.available2021-12-14T09:00:08Z
dc.date.issued2021
dc.identifier.citationKrzeczewska, O. (2021). The Competitors’ Response to a Bankruptcy Filing Announcement Made by a Stock-Listed Company Depending on Sector Characteristics. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia, Vol. 55, No. 1.pl_PL
dc.identifier.issn0459-9586
dc.identifier.urihttp://hdl.handle.net/11089/39997
dc.description.abstractThe main aim of the article is to determine how the bankruptcy filing announcement of a stock-listed company affects the market valuation of its competitors, depending on the sector characteristic. An event study was conducted on the example of returns to shares of companies comprised in the WIG index and operating in 9 sectors. It is indicated that the bankruptcy filing announcement is quickly (within one day) incorporated into the share prices of competitors of the announcing firm. It is confirmed that the direction of market reaction toward share prices of competitors is differentiated by the characteristics of the sector. Averaged results show that the competitive effect occurs in the sectors with a high level of concentration, while the contagion effect is noted in sectors with low concentration. Companies from sectors characterized by low leverage experience the competitive effect. No information transfer was found for a group of companies in sectors characterized by high leverage.pl_PL
dc.language.isoenpl_PL
dc.publisherUniwersytet Marii Curie-Skłodowskiej w Lubliniepl_PL
dc.relation.ispartofseriesAnnales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia;55
dc.rightsUznanie autorstwa-Użycie niekomercyjne 4.0 Międzynarodowe*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectcontagion effectpl_PL
dc.subjectcompetitive effectpl_PL
dc.subjectinformation transferpl_PL
dc.subjectbankruptcy filingpl_PL
dc.subjectevent studypl_PL
dc.titleThe Competitors’ Response to a Bankruptcy Filing Announcement Made by a Stock-Listed Company Depending on Sector Characteristicspl_PL
dc.typeArticlepl_PL
dc.page.number31-40pl_PL
dc.contributor.authorAffiliationUniversity of Łódź. Faculty of Economics and Sociology 39 Rewolucji 1905 r. St., 90-214 Łódź, Polandpl_PL
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dc.contributor.authorEmailolga.krzeczewska@uni.lodz.plpl_PL
dc.identifier.doi10.17951/h.2021.55.1.31-40
dc.relation.volume1pl_PL
dc.disciplineekonomia i finansepl_PL


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