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Why Do Distressed Firms Acquire?

https://doi.org/10.2139/ssrn.2786721
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References needing attention

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The 8 references without a DOI — listed, not checked
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no DOI — not checkedSample firms have total assets over $100 million in 2012 dollars at the beginning of the year. The value on y-axis is Acquisition Expenditure, adjusted to firm size. Distress firms have a Altman's Z-score lower than 1.9 in the most recent fiscal year end prior to September 2012, and non-distressed firms have a Altman's Z-score higher than 2.8. HighSynd firms have above-median pre-DRC syndicated-loan ratios, while LowSynd indicates the lower half. Syndicated-loan ratio is the ratio of the total amount of all qualifying loan outstanding in August 2012 and total assets in the most recent fiscal year end prior to
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