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Governance in financial distress and bankruptcy
(Working paper;2013:1, Working paper, 2013)
This chapter provides a survey of law, economics, and finance scholarship at the intersection of corporate governance and financial distress. In financial distress, both inside and outside of bankruptcy court, formal and ...
(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: ...
Partial Adjustment to Public Information in the Pricing of IPOs
(Working paper, 2016-01)
Extant literature shows that IPO first-day returns are correlated with market returns preceding the issue. We propose a new explanation for this puzzling predictability by adding a public signal to Benveniste and Spindt ...