Nottingham University Business School
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Yezhou Sha

BM (Hon) in Business Administration, MSc (Distinction) in Banking and Finance


Room: A2 (South Building)
Tel: +44 (0) 115 8467995
Email: lixys48@nottingham.ac.uk

Current Status: Writing up
Year of Registration: 2013
Expected Completion Date: /09/2016

Primary Funding Source:
China Scholarship Council (CSC)

Research Topic:
A study in the distress puzzle

Research Details:
Financial distress is the situation when a firm fails to meet its debt obligation. The distress puzzle is the following empirical finding firms with higher possibility of financial distress earn lower stock returns.

This research explores the distress puzzle, which impacts practices in capital market and theories in financial economics.
By now, this research is aiming to answer the following questions

Can negative distress risk-return relationship be viewed as the result from expected cash flow dispersion?
Is the profit from shorting high distress probability firms stocks gained by bearing distress risk?
Is financial distress the key to all anomalies in empirical asset pricing studies?

Research Supervisor/s: Xiafei Li and Beat Reber

Division: Industrial Economics and Finance


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Nottingham University Business School

Jubilee Campus
Nottingham
NG8 1BB

telephone: +44 (0) 115 846 6602
fax: +44 (0) 115 846 6667
email: business-enquiries@nottingham.ac.uk