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[Academic Events] Workshop 11th PhD Workshop in Economics

10 December 2018 @ 08:30 - 11 December 2018 @ 14:30
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[Academic Events] Monday Lunch Seminar Giovanna Nicodano (Collegio Carlo Alberto)

10 December 2018 @ 12:45

"Does Bankruptcy Risk Increase Value?" Abstract We show that bankruptcy exposure increases ex-post average firm value due to a survivorship bias. The reason is that bankruptcy cancels rms with the lowest realized cash ows from databases. Such bias gives rise to known pricing puzzles. It generates a discount on diversified companies when diversification helps their survival. Moreover, it…

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