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Analyst Ratings For Firms Filing And Reorganizing Under Chapter 11, Elena Precourt, Henry Oppenheimer
Analyst Ratings For Firms Filing And Reorganizing Under Chapter 11, Elena Precourt, Henry Oppenheimer
Accounting Department Faculty Journal Articles
Purpose
The purpose of this paper is to examine analyst followings of firms starting from one year prior to their filing for Chapter 11 and as the firms progress through bankruptcy proceedings with a focus on firms receiving “Hold” or better recommendations. The authors attempt to answer questions such as what the common characteristics of the firms receiving stronger than expected recommendations one year prior to filing for bankruptcy reorganization or while in bankruptcy are, and how the market reacts to the issuance of stronger ratings for those firms.
Design/methodology/approach
The authors design various regressions and apply them to a …