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- Publications
- Influence
Market Discounts and Shareholder Gains for Placing Equity Privately
- M. Hertzel, R. Smith
- Economics
- 1 June 1993
Despite selling at substantial discounts, private placements of equity are associated with positive abnormal returns. The authors find evidence that discounts reflect information costs borne by… Expand
Inter-Firm Linkages and the Wealth Effects of Financial Distress Along the Supply Chain
- M. Hertzel, Z. Li, M. S. Officer, K. Rodgers
- Economics
- 1 February 2008
Extant research examines the extent to which bankruptcy has intra-industry valuation consequences. This study broadens the investigation by examining the wealth effects of distress and bankruptcy… Expand
Long‐Run Performance following Private Placements of Equity
- M. Hertzel, M. Lemmon, James S. Linck, L. Rees
- Economics, Business
- 1 December 2002
Public firms that place equity privately experience positive announcements effects, with negative post-announcement stock-price performance. This finding is inconsistent with the underreaction… Expand
Behavioral and Rational Explanations of Stock Price Performance Around SEOS: Evidence from a Decomposition of Market-to-Book Ratios
- M. Hertzel, Z. Li
- Economics
- 1 August 2010
We examine the extent to which investment opportunities and/or mispricing motivate equity issuance and contribute to post-issue stock underperformance. We decompose market-to-book ratios into… Expand
Inference from Streaks in Random Outcomes: Experimental Evidence on Beliefs in Regime Shifting and the Law of Small Numbers
- Elena Asparouhova, M. Hertzel, M. Lemmon
- Mathematics, Computer Science
- Manag. Sci.
- 1 November 2009
TLDR
Return Autocorrelations around Nontrading Days
- H. Bessembinder, M. Hertzel
- Economics
- 1993
We document a pattern in the serial dependence of security returns around nontrading days. The correlation of returns the second day after a weekend or holiday with returns the first day after is… Expand
Earnings Management Around Employee Stock Option Reissues
- J. Coles, M. Hertzel, Swaminathan L. Kalpathy
- Business
- 1 April 2006
We investigate market behavior in a setting where managerial incentives to manipulate earnings and market price should be apparent ex ante to market participants. We find evidence of abnormally low… Expand
Industry contagion in loan spreads
- M. Hertzel, M. S. Officer
- Business
- 1 March 2012
Spreads on new and renegotiated corporate loans are significantly higher when the loan originates (or is renegotiated) in the two years surrounding bankruptcy filings by industry rivals. This… Expand
Earnings and risk changes around stock repurchase tender offers
- M. Hertzel, P. C. Jain
- Economics
- 1 September 1991
Abstract This paper provides evidence that repurchase tender offer announcements convey favorable information about the level and riskiness of future earnings. We show that analysts revise their… Expand
Earnings and Risk Changes around Private Placements of Equity
- M. Hertzel, L. Rees
- Economics
- 1 January 1998
This paper investigates earnings and risk changes for a sample of firms that issued equity in a private placement. The study is motivated by empirical findings that announcements of public and… Expand