Clientele Change, Liquidity Shock, and the Return on Financially Distressed Stocks

By Zhi Da, Pengjie Gao. Journal of Financial and Quantitative Analysis, 2010

124 citations recorded by the source corpus.

Subfields: Finance

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Managing Underwriters and the Marketing of Seasoned Equity Offerings (2010, unknown): “Da and Gao (2010) find that a sharp rise in a firm’s financial distress risk triggers a clientele change for its stock, resulting in temporary selling pressure.”
Default Risk, Shareholder Advantage, and Stock Returns* (2008, unknown): “Da and Gao (2006) argue that some of the very high returns earned by small stocks with high default risk and a high book-to-market ratio are attributable to the illiquidity of these stocks.”
Leverage change, debt overhang, and stock prices (2011, background): “Da and Gao (2010), however, argue that Vassalou and”