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dc.contributor.authorBhattacharjee, Arnaben_GB
dc.contributor.authorHigson, Chrisen_GB
dc.contributor.authorHolly, Seanen_GB
dc.contributor.authorKattuman, Paulen_GB
dc.date.accessioned2004-06-16T16:05:05Z
dc.date.available2004-06-16T16:05:05Z
dc.date.created2002-03en_GB
dc.date.issued2004-06-16T16:05:05Z
dc.identifier.urihttp://www.dspace.cam.ac.uk/handle/1810/304
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/304
dc.description.abstractUsing data over a 34-year span on UK quoted firms, this paper seeks to identify the factors that increase the likelihood of exit of firms. Firms may disappear through the mutually precluding events of bankruptcies and acquisitions. We use a competing-risks hazard model to determine characteristics leading to each outcome. Hazard models make use of the data on timing of these alternative outcomes and we exploit this to focus attention on how the hazards change over the business cycles, conditional on the post-listing age of the firm. We find that the volatility in macro environment has a role in determining, in different ways, the hazard of firms going bankrupt or being acquired.en_GB
dc.format.extent735755 bytes
dc.format.mimetypeapplication/pdfen_GB
dc.format.mimetypeapplication/pdf
dc.language.isoen_GB
dc.publisherFaculty of Economics
dc.relation.ispartofseriesCambridge Working Papers in Economics
dc.rightsAll Rights Reserveden
dc.rights.urihttps://www.rioxx.net/licenses/all-rights-reserved/en
dc.subjectAcquisitions
dc.subjectMacroeconomic Instability
dc.subjectCompeting risks
dc.subjectCox proportional hazards model
dc.subject.classificationClassification-JEL: E32, D21, C41, L16en_GB
dc.subject.otherBankruptcyen_GB
dc.titleMacro Economic Instability and Business Exit: Determinants of Failures and Acquisitions of Large UK Firmsen_GB
dc.typeWorking Paperen
dc.identifier.doi10.17863/CAM.5155


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