AN ESTIMATION OF THE HAZARD RATE OF FIRMS UNDER CHAPTER 11 PROTECTION

被引:26
作者
BANDOPADHYAYA, A
机构
[1] University of Massachusetts, Boston
关键词
D O I
10.2307/2109890
中图分类号
F [经济];
学科分类号
02 ;
摘要
The instantaneous probability (hazard rate) of a firm's exit from Chapter 11 protection is examined. Using the Weibull duration model, the effect of various regressors and the effect of the time a firm spends under Chapter 11 protection on this instantaneous probability is analyzed. I show that the hazard increases significantly under Chapter 11. Among the variables chosen. the interest burden of the firm and the capacity utilization of the firm's industry significantly increase the hazard. Other firm-specific variables like the long-term debt-to-assets ratio and the number of shares outstanding, and economy wide variables, like the prime interest rate and the gross national product growth rate have no significant effect on the hazard.
引用
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页码:346 / 350
页数:5
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