El Fama/French Forum tiene una entrada interesante. Es la respuesta a una pregunta sobre por que las acciones de las empresas en bancarrota vale más que cero.
General Motors may illustrate the point. The SEC and FINRA issued an alert advising investors that the old GM stock, now trading under the ticker MTLQQ, will almost certainly be worthless when the company completes its liquidation. On its own website, the company warns, “Management continues to remind investors of its strong belief that there will be no value for the common stockholders in the bankruptcy liquidation process, even under the most optimistic of scenarios.” Despite these warnings, as of this writing the stock is trading at $0.58 per share. Of course, there is some chance the SEC, FINRA, and management are all wrong and shareholders will eventually receive substantially more than $0.58 — but it seems unlikely.