Seminar Invitation-Thursday 6 April-Josef Zechner

02-04-17 web.xrh 0 comment


Seminars at the Department of Banking and Financial Management.

Seminar Organizers: Dr. Michail Anthropelos, Prof. George Skiadopoulos

Seminar Invitation-Thursday 6 April-Josef Zechner

The Department of Banking and Financial Management announces the upcoming seminar with Prof. Josef Zechner, WU Vienna.

Josef Zechner will present:

Market Implied Costs of Bankruptcy


This paper examines bankruptcy costs using market prices of equity and put options during the financial crisis. Our approach avoids the usual selection bias and does not require the optimal tradeoff theory of capital structure to hold. We therefore can test this theory and we find strong support. We also identify significant variation in bankruptcy costs across and within industries and relate these to specific firm characteristics. Asset volatility, growth options, and labor intensity have significant positive impacts to bankruptcy costs, while tangibility, size, weak corporate governance, entrenched management, defined benefit pension plans, and inefficient asset utilization have negative impacts.

More information about Josef Zechner

Time and Place:

April 6, 2017

Time: 16.15-18.00

Place: Senate Hall (4th floor)

More upcoming Seminars 2017:

April 27, 2017
Roman Kozhan, Warwick Business School

May 5, 2017

Stefanos Delikouras, University of Miami