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Título:
FINANCIAL DISTRESS COSTS IN LATIN AMERICA: A CASE STUDY

Title:
 

Autor(es):
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Autor(es): SANZ, LUIS J; AYCA VARGAS, JULIO

Fuente del inglés:
JOURNAL OF BUSINESS RESEARCH, VOL.59, ISSUE 3, MAR., 2006, P.394-395 (DOC-01648)

Fuente del español:
 

País(es)
AMERICA LATINA

Materia(s):
DEUDA; CRISIS FINANCIERAS; ESTUDIO DE CASOS; FINANZAS--ADMINISTRACION

Resumen:
Little research has been carried out in less developed countries about the cost of financial distress. Restricted information and the fact that most companies are not publicly traded do not allow researchers to conduct studies like that of Andrade and Kaplan [Andrade, Gregor and Kaplan, Steven N., (1998). ┐How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed.┐ The Journal of Finance, Cambridge: Vol. 53, Issue 5, p. 1443, 51 pp.]. In order to partially surmount these barriers to attain a first estimate of financial distress costs in the region, we studied the experience of a Venezuelan firm faced with an acute financial crisis. This crisis effaced the book value of the firm's equity and more than halved the book value of its assets. Even though we where unable to separate the cost of financial distress from the cost of economic distress, we did find that distress costs were higher than previously reported numbers for developed countries.

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