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Costs of Financial Distress: The German Evidence
Reimund, Carsten | Schwetzler, Bernhard | Zainhofer, Florian
Credit and Capital Markets – Kredit und Kapital, Vol. 42 (2009), Iss. 1 : pp. 93–123
4 Citations (CrossRef)
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Dr. Carsten Reimund, c/o Handelshochschule Leipzig (HHL), Lehrstuhl Finanzmanagement und Banken, Jahnallee 59, D-04109 Leipzig.
Prof. Dr. Bernhard Schwetzler, c/o Handelshochschule Leipzig (HHL), Lehrstuhl Finanzmanagement und Banken, Jahnallee 59, D-04109 Leipzig.
Dr. Florian Zainhofer, c/o Handelshochschule Leipzig (HHL), Lehrstuhl Finanzmanagement und Banken, Jahnallee 59, D-04109 Leipzig.
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Abstract
Costs of Financial Distress: The German Evidence
In this paper we aim to verify the existence of costs of financial distress (cfd) for a sample of German CDAX firms using an ex-post approach originally due to Opler/Titman (1994). In contrast to this US-based study we do not find a significant interaction between high leverage and distress for German firms: firms in distressed industries with high ex ante leverage do not display lower sales growth than their ex-ante lower levered counterparts. (JEL G32, G33)