• Publications
  • Influence
Termination Fees in Mergers and Acquisitions
The paper provides evidence on the effects of including a target termination fee in a merger contract. I test the implications of the hypothesis that termination fees are used by self-interestedExpand
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The price of corporate liquidity: Acquisition discounts for unlisted targets
This paper documents acquisition discounts for stand-alone private firms and subsidiaries of other firms (unlisted targets) of 15-30%, on average, relative to acquisition multiples for comparableExpand
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Inter-Firm Linkages and the Wealth Effects of Financial Distress Along the Supply Chain
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 bankruptcyExpand
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Target-firm information asymmetry and acquirer returns
We show that acquirer returns are significantly higher in stock-swap acquisitions of difficult-to-value targets, as measured by R&D intensity and idiosyncratic return volatility. This findingExpand
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Club Deals in Leveraged Buyouts
We analyze the pricing and characteristics of club deal leveraged buyouts (LBOs)--those in which two or more private equity partnerships jointly conduct an LBO. Using a comprehensive sample ofExpand
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Directors’ and Officers’ Liability Insurance and Acquisition Outcomes
We examine the effect of directors' and officers' liability insurance (D&O insurance) on the outcomes of merger and acquisition (M&A) decisions. We find that acquirers whose executives have a higherExpand
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Acquisitions Driven by Stock Overvaluation: Are They Good Deals?
Theory and recent evidence suggest that overvalued firms can create value for shareholders if they exploit their overvaluation by using their stock as currency to purchase less overvalued firms. WeExpand
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Directors' and officers' liability insurance and loan spreads
We analyze the effect of directors' and officers' liability insurance (D&O insurance) on the spreads charged on bank loans. We find that higher levels of D&O insurance coverage are associated withExpand
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Collars and Renegotiation in Mergers and Acquisitions
I examine the motivation for, and effect of, including a collar in a merger agreement. The most important cross-sectional determinants of the bid structure (cash vs. stock, and whether to include aExpand
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Industry contagion in loan spreads
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. ThisExpand
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