How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed
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This paper studies thirty-one highly leveraged transactions (HLTs) of the 1980s that subsequently became financially distressed. At the time of distress, all sample firms have operating margins that are positive and in the majority of cases greater than the median for the industry. Therefore, we
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美国国家经济研究局创建时间：
1997-08-01
