Back to Search
Start Over
A Competing Risks Analysis of Corporate Survival.
- Source :
- Financial Management (Wiley-Blackwell); Winter2010, Vol. 39 Issue 4, p1697-1718, 22p
- Publication Year :
- 2010
-
Abstract
- This paper investigates how the characteristics of a Hong Kong-listed firm influence its odds of going bankrupt, being acquired, and going private. A competing risks model is estimated. Our results reveal that larger firms are more vulnerable to bankruptcy, and that fast-growing firms are more likely to be acquired. We also demonstrate that undervaluation is a key driver of going private. Despite the low agency cost due to the concentrated ownership structure, the propensity of Hong Kong-listed firms to go private still increases with the level of free cash flow. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 00463892
- Volume :
- 39
- Issue :
- 4
- Database :
- Complementary Index
- Journal :
- Financial Management (Wiley-Blackwell)
- Publication Type :
- Academic Journal
- Accession number :
- 55613645
- Full Text :
- https://doi.org/10.1111/j.1755-053X.2010.01127.x