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(Working paper;2013:3, Working paper, 2013)
We survey the empirical literature on corporate nancial restructuring, including breakup transactions (divestitures, spin-o s, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). ...
Are stock-financed takeovers opportunistic?
(Working paper;2013:4, Working paper, 2013)
We find that the probability of all-stock financed takeovers increases with measures of bidder overvaluation. However, when we instrument the bidder's pricing error using aggregate mutual fund flows, the reverse happens: ...