H1P: Public disclosure of an arrangement conclusion in restructuring proceedings results in above-average stock return rates (Event No. 1). | Confirmation of H1P. We observe positive and statistically significant (a = 0.05) abnormal rate of return on the event day. | There is no basis for considering the H1P hypothesis valid due to not observing any (positive or negative) statistically significant abnormal rates of return for ALL sample. The CAAR value is negative, but not statistically significant. |
H2P: Public disclosure of the court approval of an arrangement in restructuring proceedings results in above-average stock return rates (Event No. 2). | There is no basis for considering the H2P hypothesis valid due to not observing any (positive or negative) statistically significant abnormal rates of return for ALL sample. | There is no basis for considering the H2P hypothesis valid due to not observing any (positive or negative) statistically significant abnormal rates of return for ALL sample. The CAAR value is negative, but not statistically significant. |
H3P: Public disclosure of an arrangement approval in restructuring proceedings becoming final results in above-average stock return rates (Event No. 3). | Confirmation of H3P. We observe positive and statistically significant (a = 0.01) abnormal rate of return on the event day. | Confirmation of H3P. We observe positive and statistically significant (a = 0.01) abnormal rate of return on the event window. |
1 | Arithmetic mean | 41.3 | 132.2 | 90.9 |
2 | Median | 23.0 | 100.5 | 76.0 |
3 | Mode | 14.0 | 56.0 | 41.0 |
4 | Standard deviation | 47.4 | 90.2 | 61.6 |
5 | Kurtosis | 7.9 | 0.3 | 0.4 |
6 | Skewness | 2.8 | 1.1 | 1.0 |
7 | Range | 198.0 | 319.0 | 238.0 |
8 | Minimum | 12.0 | 27.0 | 13.0 |
9 | Maximum | 210.0 | 346.0 | 251.0 |
1 | ACTION | January 10, 2020 | August 7, 2020 | December 17, 2020 | August 6, 2019 | January 2, 2020 |
2 | AEDES | February 23, 2017 | April 19, 2017 | September 26, 2016 | February 16, 2017 | |
3 | ALUMAST | June 22, 2011 | July 5, 2011 | July 26, 2011 | January 24, 2011 | June 15, 2011 |
4 | ATONHT | February 28, 2020 | February 8, 2021 | September 25, 2019 | February 21, 2020 | |
5 | BIOMEDLUB | January 13, 2016 | June 6, 2016 | |||
6 | BUMECH | July 12, 2018 | September 19, 2018 | March 18, 2019 | February 9, 2018 | July 5, 2018 |
7 | DREWEX | October 7, 2014 | October 28, 2014 | May 12, 2014 | September 30, 2014 | |
8 | DUDA | September 15, 2009 | September 28, 2009 | February 25, 2009 | July 20, 2009 | |
9 | ELEKTROEX | December 5, 2005 | December 21, 2005 | July 7, 2005 | November 28, 2005 | |
10 | IDEON | August 8, 2013 | September 4, 2013 | October 15, 2013 | March 7, 2013 | August 1, 2013 |
11 | IDMSA | September 24, 2019 | October 17, 2019 | April 25, 2019 | September 17, 2019 | |
12 | IMAGIS | January 19, 2017 | March 28, 2017 | June 14, 2017 | August 22, 2016 | January 12, 2017 |
13 | INTAKUS | June 3, 2013 | June 21, 2013 | August 21, 2013 | December 27, 2012 | May 24, 2013 |
14 | INTERBUD | October 2, 2019 | November 14, 2019 | May 7, 2019 | September 25, 2019 | |
15 | INVICO | June 24, 2016 | July 14, 2016 | October 13, 2016 | January 26, 2016 | June 17, 2016 |
16 | MARKA | June 13, 2017 | July 18, 2017 | September 26, 2017 | January 12, 2017 | June 6, 2017 |
17 | MIRACULUM | May 23, 2011 | June 6, 2011 | December 21, 2010 | May 16, 2011 | |
18 | MONNARI | October 22, 2010 | May 6, 2010 | September 23, 2010 | ||
19 | ODLEWNIE | May 4, 2010 | May 18, 2010 | May 31, 2010 | December 1, 2009 | April 26, 2010 |
20 | PBG | August 25, 2015 | June 16, 2016 | March 26, 2015 | August 18, 2015 | |
21 | RAFAKO | January 13, 2021 | June 29, 2021 | July 17, 2020 | December 4, 2020 | |
22 | REGNON | December 2, 2011 | December 14, 2011 | February 20, 2012 | July 6, 2011 | November 25, 2011 |
23 | REGNON | May 25, 2018 | December 20, 2017 | May 18, 2018 | ||
24 | RUCHCHORZ | December 14, 2017 | July 6, 2017 | November 24, 2017 | ||
25 | SATIS | March 10, 2020 | July 5, 2019 | November 26, 2019 | ||
26 | SFINKS | February 11, 2021 | March 10, 2021 | September 10, 2020 | February 4, 2021 | |
27 | TXM | May 25, 2020 | June 17, 2020 | August 31, 2020 | December 18, 2019 | May 18, 2020 |
28 | VISTAL | July 25, 2019 | September 4, 2019 | February 8, 2019 | July 4, 2019 | |
29 | VIVID | September 16, 2020 | November 5, 2020 | April 21, 2020 | September 9, 2020 | |
30 | WILBO | October 29, 2014 | November 12, 2014 | June 3, 2014 | October 22, 2014 | |
31 | WORKSERV | July 30, 2020 | December 17, 2020 | |||
32 | ZREMB | November 15, 2018 | December 5, 2018 | February 26, 2019 | July 19, 2018 | November 7, 2018 |
33 | BUDOPOL | December 19, 2015 | May 25, 2016 | For these companies, a lack of price changes within the adopted estimation window was observed, and thus they were excluded from the research sample. | ||
34 | ESTAR | |||||
35 | GETBACK | January 25, 2019 | June 6, 2019 | February 26, 2020 | ||
36 | UNIFIED | February 21, 2020 | May 14, 2020 | |||
37 | VERTE | November 15, 2017 | January 19, 2018 |
1 | ALL ( |
−2.4% | 2.0% | 2.5% | −0.4% | −2.2% | −2.9% |
Adjusted Patell Z | −2.066 | 1.991 | 1.680 | −1.894 | −2.311 | −0.992 | |
Adjusted Patell Z |
0.039** | 0.047** | 0.093* | 0.058* | 0.021** | 0.321 | |
IN ( |
−2.2% | 2.0% | 4.5% | 0.2% | −1.4% | −3.3% | |
Adjusted Patell Z | −1.515 | 1.670 | 2.768 | −1.615 | −1.535 | −0.772 | |
Adjusted Patell Z |
0.130 | 0.095* | 0.006*** | 0.106 | 0.125 | 0.440 | |
OUTSIDE ( |
−3.0% | 1.9% | −3.5% | −2.2% | −4.6% | −1.7% | |
Adjusted Patell Z | −1.513 | 1.094 | −1.438 | −0.994 | −1.970 | −0.649 | |
Adjusted Patell Z |
0.130 | 0.274 | 0.151 | 0.320 | 0.049** | 0.516 | |
2 | ALL ( |
−0.6% | 0.3% | −3.6% | 1.5% | 0.1% | −1.9% |
Adjusted Patell Z | −0.575 | 0.815 | −1.168 | 0.411 | −0.307 | −1.089 | |
Adjusted Patell Z |
0.566 | 0.415 | 0.243 | 0.681 | 0.759 | 0.276 | |
IN ( |
−0.7% | 0.5% | −4.1% | 2.4% | 0.1% | −1.9% | |
Adjusted Patell Z | −0.504 | 1.027 | −1.077 | 0.777 | −0.342 | −1.145 | |
Adjusted Patell Z |
0.614 | 0.305 | 0.282 | 0.437 | 0.732 | 0.252 | |
OUTSIDE ( |
−0.2% | −0.6% | −1.2% | −3.1% | 0.5% | −1.8% | |
Adjusted Patell Z | −0.274 | −0.315 | −0.441 | −0.743 | 0.018 | −0.091 | |
Adjusted Patell Z |
0.784 | 0.753 | 0.659 | 0.457 | 0.986 | 0.928 | |
3 | ALL ( |
0.8% | 5.2% | −0.6% | 2.9% | −2.7% | 3.8% |
Adjusted Patell Z | 1.209 | 2.861 | 1.272 | 0.882 | −1.553 | 2.290 | |
Adjusted Patell Z |
0.227 | 0.004*** | 0.203 | 0.378 | 0.120 | 0.022** | |
IN ( |
−0.8% | 9.6% | −3.0% | 2.8% | −3.0% | 4.5% | |
Adjusted Patell Z | 0.247 | 3.905 | −0.226 | −0.247 | −0.054 | 0.428 | |
Adjusted Patell Z |
0.805 | 0.000*** | 0.821 | 0.805 | 0.957 | 0.669 | |
OUTSIDE ( |
2.8% | −0.5% | 2.6% | 3.1% | −2.2% | 2.9% | |
Adjusted Patell Z | 1.552 | −0.173 | 2.195 | 1.628 | −2.299 | 2.986 | |
Adjusted Patell Z |
0.121 | 0.863 | 0.028** | 0.104 | 0.022** | 0.003*** |
Population of the companies under study | 37 | 36 | 32 |
Final study sample | 32 | 32 | 30 |
Bankruptcy (liquidation) proceedings (business activities) | 793 | 576 | 377 | 348 | 572 | 538 | 616 | 711 | 703 | 701 | 650 | 530 | 537 | 558 | 574 | 507 | 373 |
Bankruptcy proceedings with the possibility to make an arrangement (in accordance with the |
n/a | n/a | 70 | 63 | 119 | 117 | 107 | 166 | 180 | 122 | 91 | 26 | - | - | - | - | - |
Restructuring proceedings (in force under the Restructuring Act of 15 May 2015) | - | - | - | - | - | - | - | - | - | - | - | 204 | 348 | 417 | 445 | 380 | 562 |
Simplified restructuring proceedings (out of court, in force until November 30, 2021) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 356 | 1190 |
1 | ALL ( |
−3.4% | 11:21 | −1.392 | 0.164 | |
IN ( |
−0.2% | 11:13 | −0.426 | 0.670 | ||
OUTSIDE ( |
−13.0% | 0:8 | −2.005 | 0.045 | ** | |
2 | ALL ( |
−4.2% | 12:20 | −0.742 | 0.458 | |
IN ( |
−3.8% | 11:16 | −0.532 | 0.595 | ||
OUTSIDE ( |
−6.3% | 1:4 | −0.714 | 0.475 | ||
3 | ALL | 9.5% | 19:11 | 2.681 | 0.007 | *** |
IN ( |
10.1% | 11:6 | 1.618 | 0.106 | ||
OUTSIDE ( |
8.8% | 8:5 | 2.403 | 0.016 | ** |