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- W2261638966 abstract "This paper uses the collapse of the junk bond market in the early 1990s as an exogenous adverse shock to external capital to examine whether asymmetric timely loss recognition (ATLR) mitigates underinvestment. This study also investigates whether speculative-grade (SPG) firms adjust ATLR upward in response to the adverse shock to their primary source of credit. For a sample of 450 firm-years over the period 1988-1991, I find that high ATLR firms experience a smaller reduction in investment from the pre- to post-collapse period relative to low ATLR firms, suggesting that ATLR attenuates underinvestment that otherwise would follow. I also document that the effect of ATLR on investment is more pronounced for SPG firms that lack collateral, indicating that ATLR serves as a substitute for collateral to enhance SPG firms’ debt capacity. Further analyses reveal that ATLR increases for SPG firms from the pre- to post-collapse period, and this increase is stronger for SPG firms with greater debt financing needs. This evidence suggests that SPG firms adjust ATLR to enhance their ability to obtain debt financing in response to private lenders’ demand for it." @default.
- W2261638966 created "2016-06-24" @default.
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- W2261638966 date "2014-01-01" @default.
- W2261638966 modified "2023-09-27" @default.
- W2261638966 title "Asymmetric Timely Loss Recognition, Adverse Shocks to External Capital, and Underinvestment: Evidence from the Collapse of the Junk Bond Market" @default.
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- W2261638966 doi "https://doi.org/10.2139/ssrn.2467015" @default.
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