Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/15838
Title: Bankruptcy protection and stock market behavior in the US airline industry
Authors: Gong, SXH 
Keywords: Airline
Bankruptcy
Competition
Event study
Stock price
Issue Date: 2007
Publisher: Elsevier Sci Ltd
Source: Journal of air transport management, 2007, v. 13, no. 4, p. 213-220 How to cite?
Journal: Journal of Air Transport Management 
Abstract: This study examines the effects of bankruptcy protection on the stock market behavior of US airlines and their domestic rivals. We find that Chapter 11 airlines experience both statistically and economically significant adverse price changes at the time of filing for bankruptcy. During the close-to-3 years after filing, however, these airlines experience significantly positive price changes. Their rivals experience significantly positive price reactions both at the time of the filing and up to 3 years post-filing. The evidence is consistent with substantial improvement in the financial condition of the bankrupt airlines after the reorganization, and with rivals gaining from the failures of other airlines.
URI: http://hdl.handle.net/10397/15838
DOI: 10.1016/j.jairtraman.2007.03.003
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