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Measuring Costs of Financial Distress

Student: Pestriakov Evgenii

Supervisor: Irina Ivashkovskaya

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2018

In this paper the research was conducted about the determinants of costs of financial distress (arise due to disability to pay for financial obligations and interpreted as a decline in operational activity in comparison to industrial average), which include financial leverage, volume of liquid assets, capital expenditures and proxy for relations with suppliers (accounts payable). In addition to that I used the probability of financial distress as a key independent variable, which was calculated separately from the main panel data regression model based on a pool of public companies in developing markets for a period 2003-2016.

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