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Abstract
The study aims to empirically analyze the reaction of stock prices to the information about the conclusion and acceptance of a debtor–creditor arrangement under restructuring proceedings of companies listed on the stock exchange in Poland. The following main research hypothesis was verified: public disclosure of information about an arrangement conclusion and acceptance in restructuring proceedings results in above-average rates of return due to investments in the stocks of these entities in the short term. Three events were assessed: the public disclosure of information about the conclusion of a debtor–creditor arrangement (Event 1), its approval by a court (Event 2), and the decision becoming final (Event 3). The research method applied was the event study. Event 1 and Event 3 leads to an above-average and statistically significant increase in stock prices on the day of the event. In contrast, no statistically significant above-average rates of return accompanied Event 2.
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- Publication version
- Accepted or Published Version
- DOI:
- Digital Object Identifier (open in new tab) 10.2478/ijme-2022-0014
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- Category:
- Articles
- Type:
- artykuły w czasopismach
- Published in:
-
International Journal of Management and Economics
no. 58,
pages 279 - 298,
ISSN: 2299-9701 - Language:
- English
- Publication year:
- 2022
- Bibliographic description:
- Prusak B., Potrykus M.: Stock price reactions to an arrangement approval in restructuring proceedings – the case of Poland// International Journal of Management and Economics -Vol. 58,iss. 3 (2022), s.279-298
- DOI:
- Digital Object Identifier (open in new tab) 10.2478/ijme-2022-0014
- Verified by:
- Gdańsk University of Technology
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