This paper examines whether CEO turnover within a bankrupt firm predicts the firm's likelihood to reemerge from bankruptcy proceedings as a reorganized entity. Using 836 bankruptcy cases filed under Chapter 11 of the United States Bankruptcy Code from 1989 through 2016, we show that firms that...

Using a sample from 1980 to 2018, we find evidence consistent with banks and insurers in the U.S. diversifying financial risk through their equity holdings. They tend to offset the risk of increased leverage by lowering the leverage of the non-financial firms in which they take an equity stake....

Purpose This study aims to examine how participation in the Belt and Road Initiative (BRI) affects province-level regional economic resilience. In the context of dual circulation – the new development paradigm proposed by the Chinese Government – participating in the BRI is an important...

Purpose This paper aims to explore and analyze how a focal firm, coming from emerging economies, of the multinational technology standard alliance ecosystem engages different actors of the alliance in value co-creation practice, contributing to product collaborative innovation and reciprocal...

Three different techniques for the estimation of a time-varying beta are investigated: a bivariate GARCH model, the Schwert and Seguin approach, and the Kalman filter method. These approaches are applied to a set of monthly Morgan Stanley country index data over the period 1970 to 1995 and their...

Although many studies have found a non-trivial incidence of beta instability for individual common stocks, there exists controversy over the beta stability characteristics to expect in portfolios formed from these stocks. The extent is examined to which portfolio formation can diversify away...

This paper provides evidence of the changing nature of interest-rate sensitivity of a banking and finance portfolio in Australia over the period 1978-1992. Specifically, the potential sensitivity to short- and long-term interest rate movements is examined in each of three subperiods (1978-1982,...