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» Resultado: 2 registros
| Registro 1 de 2 | |
| Autor: | Liebeskind, Julia-Porter - Opler, Tim-C - Hatfield, Donald-E |
| Título: | Corporate Restructuring and the Consolidation of US Industry |
| Fuente: | Journal of Industrial Economics. v.44, n.1. Blackwell Publishers |
| Páginas: | pp. 53-68 |
| Año: | Mar. 1996 |
| Resumen: | This study examines the impact of corporate restructuring measured at the industry level on industry concentration in 695 four-digit U.S. industries in the basic, manufacturing, and services sectors between 1981 and 1989. The results show a modest increase in median industrial concentration in sample industries between 1981 and 1989. The authors find no evidence that selloffs of assets at the industry level through horizontal mergers, acquisitions, and interfirm asset sales increased U.S. industrial concentration during the 1980s. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
| Registro 2 de 2 | |
| Autor: | Opler, Tim-C - Titman, Sheridan - |
| Título: | Financial Distress and Corporate Performance |
| Fuente: | Journal of Finance. v.49, n.3. American Finance Association |
| Páginas: | pp. 1015-40 |
| Año: | July 1994 |
| Resumen: | This study finds that highly leveraged firms lose substantial market share to their more conservatively financed competitors in industry downturns. Specifically, firms in the top leverage decile in industries that experience output contractions see their sales decline by 26 percent more than do firms in the bottom leverage decile. A similar decline takes place in the market value of equity. These findings are consistent with the view that the indirect costs of financial distress are significant and positive. Consistent with the theory that firms with specialized products are especially vulnerable to financial distress, we find that highly leveraged firms that engage in research and development suffer the most in economically distressed periods. We also find that the adverse consequences of leverage are more pronounced in concentrated industries. |
| Solicitar por: | HEMEROTECA J + datos de Fuente |
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