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Economic History: Emerging Asia - Economic Transformation in East and South East Asia
Idé- och lärdomshistoria: Fortsättningskurs
Communism in East and Central Europe: Present, Past, and Future Perspectives
Kompletterande pedagogisk utbildning, inriktning musik
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The paper tests the hypothesis that highly leveraged firms lose market shares to their less leveraged rivals in an industry downturn. Both parametric and semiparametric regression methods are applied to analyse the relationships between firm performance and leverage. It is found that the highly leveraged firms in distressed industries face relatively lower sales growth and stock returns but are st