Reference : The Solar Shakeout – Capital Market Reactions to Bankrupcty Announcements in the Germ...
Scientific journals : Article
Business & economic sciences : Finance
Finance
http://hdl.handle.net/10993/28438
The Solar Shakeout – Capital Market Reactions to Bankrupcty Announcements in the German Solar Industry
English
Kaspereit, Thomas mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA) >]
Lopatta, Kerstin mailto [University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > >]
2016
Zeitschrift für Energiewirtschaft
Springer
40
3
139-158
Yes
International
0343-5377
1866-2765
Braunschweig
Germany
[en] Solar industry ; Bankrupcty ; Event study
[en] This paper investigates how bankruptcy announcements in the German solar industry affect the stock market returns of announcing firms and their competitors. We show that German solar firms experience negative capital market reactions to their own bankruptcy announcements and to the announcements of their competitors. Cross-sectional analysis reveals that these negative Information externalities are magnified by higher leverage. Further analysis also indicates that these negative Information externalities are valuable predictors in short-term default probability models.
http://hdl.handle.net/10993/28438
http://download.springer.com.proxy.bnl.lu/static/pdf/931/art%253A10.1007%252Fs12398-016-0178-3.pdf?originUrl=http%3A%2F%2Flink.springer.com%2Farticle%2F10.1007%2Fs12398-016-0178-3&token2=exp=1474452483~acl=%2Fstatic%2Fpdf%2F931%2Fart%25253A10.1007%25252Fs12398-016-0178-3.pdf%3ForiginUrl%3Dhttp%253A%252F%252Flink.springer.com%252Farticle%252F10.1007%252Fs12398-016-0178-3*~hmac=83fbd5dfd1a682d615d22d808bbcf40549e4ac43c4bc3d8901830c6280774a63

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