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At the time they occurred, the savings and loan insolvencies were considered the worst financial crisis since the Great Depression. Contrary to what was then believed, and in sharp contrast with 2007–2009, they in fact had little macroeconomic significance. Savings and Loan (S&L) remediation...
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Lai, Li, Conover, and Wu (2010) propose a four-factor financial distress model to explain stock returns in the U.S. and Japanese markets. We examine this model in the stock markets of Australia, and six Asian markets (Hong Kong, Indonesia, Korea, Malaysia, Singapore, and Thailand). We find broad...
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illiquid securities. We also examine the relationship between the liquidity of the securities held in the portfolios of closed …-end mutual funds (portfolio liquidity) and the liquidity of the closed-end funds’ shares (fund-share liquidity). Using a sample … closed-end funds. We also find that the liquidity of closed-end funds’ portfolios is positively associated with the liquidity …
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Largay and Stickney (1980) was hugely consequential for the accounting and financial community as it demonstrated through the W. T. Grant bankruptcy the importance of operating cash flow to the firm. While there is no dispute about the result, their analysis is not statistical and relies...
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