Abstract
Results demonstrate that bankruptcy risk is not rewarded by higher returns. Surprisingly, firms with high bankruptcy risk earn lower than average returns since 1980.
Volume
53:3
Page
1131-1147
Year
1998
Categories
Financial and Statistical Methods
Risk Pricing and Risk Evaluation Models
Systematic Risk Models
Actuarial Applications and Methodologies
Enterprise Risk Management
Actuarial Applications and Methodologies
Valuation
Publications
Journal of Finance
