nad a22 4500 551468521 20181215081821.0 cr unu---uuuuu 181215s2018 xx s 000 0 eng 10.5167/uzh-159685 doi 10.1016/j.jcorpfin.2018.06.003 doi (ZORA)oai:www.zora.uzh.ch:159685 330 ddc Garcia Emilia Financial distress and competitors' investment [Elektronische Daten] [Emilia Garcia] closedAccess eu-repo This paper analyzes whether the financial distress of a firm affects the investment decisions of non-distressed competitors. On average, firms in distress impose indirect costs to non-distressed competitors by increasing costs of credit in the industry and hence restricting credit access and investment. These average negative effects continue to hold in the absence of industry downturns and are temporary. However, negative effects are mitigated for firms with stronger balance sheets or in concentrated markets, suggesting that firms with strong balance sheets prey on their weaker rivals to improve their market position. Department of Banking and Finance zora Journal of Corporate Finance 51:182-209 https://www.zora.uzh.ch/id/eprint/159685/1/1-s2.0-S0929119917305680-main.pdf text/html WWW-Backlink auf das Repository 1 Journal Article PeerReviewed zora ZORA 856 40 https://www.zora.uzh.ch/id/eprint/159685/1/1-s2.0-S0929119917305680-main.pdf text/html WWW-Backlink auf das Repository ZORA 100 1- Garcia Emilia ZORA 773 0- Journal of Corporate Finance 51:182-209 BK010053 XK010053 XK010000 ZORA ZORA ZORA Journal Article closedAccess