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- W2157839097 abstract "The value premium is the empirical observation that low market/book “value” stocks have higher returns than high market/book “growth” stocks. In this paper, we report evidence that there is a value premium for firms in financial distress despite the anomalous observation that firms in financial distress have low returns and low values. We argue that profitability moderates distress-risk but increases growth-leverage and, thus, we test for a U-shaped relation between returns and profitability from these offsetting forces. We also find a hill-shaped relation between market/book and profitability. A U-shaped relation between returns and profitability and a hill-shaped relation between market/book and profitability generates a value premium for firms in financial distress. When market/book is low (high or low profitability), returns are high." @default.
- W2157839097 created "2016-06-24" @default.
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- W2157839097 date "2010-01-01" @default.
- W2157839097 modified "2023-10-16" @default.
- W2157839097 title "Financial Distress and the Value Premium" @default.
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- W2157839097 doi "https://doi.org/10.2139/ssrn.1694216" @default.
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