Corporate Debt and Distress Risk in Emerging Markets Public Deposited

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Last Modified
  • March 22, 2019
Creator
  • De Asis Ruiz, Gonzalo
    • Affiliation: College of Arts and Sciences, Department of Economics
Abstract
  • This dissertation consists of two papers in the field of international finance, both under the general theme of corporate distress in emerging markets. In the first paper, I explore how the leverage and size of emerging market firms relates to their financial fragility. I also show that idiosyncratic shocks to large firms have macroeconomic effects. In the second paper, I estimate an emerging market-specific measure of distress risk and explore its asset pricing implications. I find that global financial conditions help explain changes in firms’ probability of default, and that distressed stocks earn a premium over their safer counterparts.
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Advisor
  • Hansen, Peter
  • Aguilar, Mike
  • Lundblad, Christian
  • Chari, Anusha
  • Ghysels, Eric
Degree
  • Doctor of Philosophy
Degree granting institution
  • University of North Carolina at Chapel Hill Graduate School
Graduation year
  • 2018
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