Article (Scientific journals)
The solar shakeout – Capital market reactions to bankrupcty announcements in the German solar industry
Kaspereit, Thomas; Lopatta, Kerstin
2016In Zeitschrift für Energiewirtschaft, 40 (3), p. 139-158
Peer reviewed
 

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Keywords :
Solar industry; Bankrupcty; Event study
Abstract :
[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.
Disciplines :
Finance
Author, co-author :
Kaspereit, Thomas ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Center for Research in Economic Analysis (CREA)
Lopatta, Kerstin ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF)
External co-authors :
no
Language :
English
Title :
The solar shakeout – Capital market reactions to bankrupcty announcements in the German solar industry
Publication date :
2016
Journal title :
Zeitschrift für Energiewirtschaft
ISSN :
1866-2765
Publisher :
Springer, Braunschweig, Germany
Volume :
40
Issue :
3
Pages :
139-158
Peer reviewed :
Peer reviewed
Focus Area :
Finance
Available on ORBilu :
since 21 September 2016

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