• Publications
  • Influence
Common stock repurchases : An analysis of returns to bondholders and stockholders
Abstract This paper examines the effects of a common stock repurchase on the values of the repurchasing firm's common stock, debt and preferred stock, and attempts to identify the dominant factorsExpand
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Convertible debt issuance, capital structure change and financing-related information: Some new evidence
This paper provides evidence on the valuation effects of convertible debt issuance. Common stockholders earn significant negative abnormal returns at the initial announcement of a convertible debtExpand
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Governance and Boards of Directors in Closed-end Investment Companies
Boards of directors occupy a prominent position in the governance of corporations, and have been a focal point of SEC efforts to ensure that investment companies are serving the interests ofExpand
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Corporate financial policy and corporate control: A study of defensive adjustments in asset and ownership structure
Abstract This paper presents evidence that stockholder wealth declines on average when managers respond to attempted hostile takeovers with defensive changes in asset and ownership structure. TheExpand
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Repurchase Tender Offers and Earnings Information
Announcements of stock repurchase tender offers are examined as a source of information to the market on the firm's future earnings prospects and market risk level. We find positive average earningsExpand
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Standstill agreements, privately negotiated stock repurchases, and the market for corporate control
Abstract Standstill agreements are voluntary contracts which limit a substantial stockholder's ownership interest in a corporation for a specified number of years. They are often accompanied byExpand
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Trading rules, large blocks and the speed of price adjustment
Abstract In this paper large block stock transactions are examined in the context of a trading rule devised by Grier and Albin. The study makes use of the actual intra-day history of stockExpand
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An Analysis of the Impact of Deposit Rate Ceilings on the Market Values of Thrift Institutions
This paper examines the impact of changes in deposit interest rate regulations on the common stock values of savings and loan institutions. The analysis indicates that stockholder-owned savings andExpand
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