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Short-term Price Reaction to Involuntary Bankruptcies Filed in Bad Faith: Empirical Evidence from Poland
Abstract
Purpose: Assessing the reaction of the prices of shares of companies listed in the Warsaw Stock Exchange to the public disclosure of information about the filing a bankruptcy petition in bad faith by creditors. Design/Methodology/Approach: Event study analysis. Findings: It can therefore be assumed that the filing of an unfounded bankruptcy petition does not, in the short term, have a statistically significant negative impact on the share price of the company being the subject of the petition Practical Implications: When information about the filing a bankruptcy petition appears and creditors submitted it in bad faith, it has not a negative impact on the share price in short term. It can be said that submitting such information is not an opportunity for an investor to receive an abnormal rate of return. Originality/value: Although there are many research results using event study analysis most of them are related to the US market. The originality of this paper is that this research is dedicated to petitions in bad faith for a selected developing country.
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- Publication version
- Accepted or Published Version
- DOI:
- Digital Object Identifier (open in new tab) 10.35808/ersj/1720
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- Category:
- Articles
- Type:
- artykuły w czasopismach
- Published in:
-
European Research Studies Journal
no. XXIII,
pages 873 - 889,
ISSN: 1108-2976 - Language:
- English
- Publication year:
- 2020
- Bibliographic description:
- Prusak B., Potrykus M.: Short-term Price Reaction to Involuntary Bankruptcies Filed in Bad Faith: Empirical Evidence from Poland// European Research Studies Journal -Vol. XXIII,iss. 4 (2020), s.873-889
- DOI:
- Digital Object Identifier (open in new tab) 10.35808/ersj/1720
- Sources of funding:
-
- Statutory activity/subsidy
- Verified by:
- Gdańsk University of Technology
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