Bad_area() is a explicit call to the default constructor of the class Bad_area.
That is, what throw Bad_area() does is to return (throw) directly an anonimus instance of the class Bad_area.   
Is the same as in OO languages like Java or C#, when you return a instance directly. For example:
void foo() throws MyException
{
    if( error ) throw new MyException();
}
Note that that explicit calls to constructors are rarelly used in C++, because the lifetime of the instances is based on RAII.
There are only a few cases where a explicit call is a good idea, most of them are like your example, return statements. For example a point_2d class wich algebraic methods are easilly inlined:
struct point_2d
{
    float x;
    float y;
    point_2d(float _x = 0.0f , float _y = 0.0f) : x( _x ) , y( _y ) {}
    //Easy inlineable addition:
    point_2d operator+(const point_2d& lhs , const point_2d& rhs)
    {
        return point_2d{ lhs.x + rhs.x , lhs.y + rhs.y };
    } 
};
On the other hand, execpt that exceptional cases, direct calls to constructors must be avoided. Its common to see newebbies C++ code with a Java style. For example:
int main()
{
    point_2d* point = new point_2d( 10.0f , 10.0f ); //Ok, this is not exactly a call to
                                                     //to the ctor, but has the same meaning.
                                                     //WTF why you use dynamic memory here?
}
Or a correct C++ variable declaration, followed by a Java initialization:
int main()
{
    point_2d point;
    point = point_2d( 10.0f , 10.0f ); //WTF!!!
}
Depending on the compiler, or if the optimizations are turned off (Everybody knows that noobs never enable optimizations...), this result in:
- A call to point_2d constructor (The explicit call)
- A call to point_2d::operator=
- A call to point_2d destructor (Destruction of the temporal created by the ctor call).
Or, finally, the same but everything in the same line:
int main()
{
    point_2d point = point_2d( 10.0f , 10.0f ); //WTF!!!
}
That is a call to the point_2d constructor followed by a call to the point_2d copy constructor to initialize the variable with the created temporal.
Note that performance in this case is not the point, because thats not the C++ stye/way to do things. Everybody who writes C++ code in that way, should go to buy a good C++ book. Effective C++ was redited with upcoming Java-like programmers in mind.