• Publications
  • Influence
Alternative flotation methods, adverse selection, and ownership structure : evidence from seasoned equity issuance in the U.K.
We examine valuation effects of announcements of seasoned equity issuance and assess the impact of the choice of flotation method in the U.K. Rights offerings are predominant, but in 1986, BritishExpand
  • 199
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A Comparison of the Information Conveyed by Equity Carve-outs, Spin-offs, and Asset Sell-offs
We examine valuation effects on firms in the same industry as entities that are the subject of carve-outs (initial public offerings of subsidiary equity), spin-offs, and asset sell-offs. Share priceExpand
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The Value of Bank Durability: Borrowers as Bank Stakeholders
The authors examine the value of bank durability to borrowing firms. The analysis is based on theoretical models of the asset services view of intermediation that imply that private information andExpand
  • 402
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Methods of Payment in Asset Sales: Contracting with Equity versus Cash
We analyze intercorporate asset sales where equity is the means of payment, and compare the results to cash asset sales. Equity deals are value-enhancing for both buyers, 10%, and sellers, 3%, whileExpand
  • 63
  • 10
Ownership Concentration, Corporate Control Activity, and Firm Value: Evidence from the Death of Inside Blockholders
The authors analyze how ownership concentration affects firm value and control of public companies by examining effects of deaths of inside blockholders. They find shareholder wealth increases,Expand
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A Model of the Commercial Loan Rate
This paper explores the theoretical and empirical determinants of the commercial loan rate charged by commercial banks based on a model of financial intermediary behavior which assumes monopolisticExpand
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External monitoring and its effect on seasoned common stock issues
Abstract This paper demonstrates that the market reaction to announcements of seasoned stock offerings varies with the presence of outside agents - accounting firms, commercial banks, andExpand
  • 102
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An analysis of contagion and competitive effects at commercial banks
Abstract We examine whether an adverse event at one bank generates externalities for the banking industry, and assess whether the population of commercial banks is homogeneous. We find dividendExpand
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The Intra‐Industry Effects of Going‐Private Transactions
The authors demonstrate that bids to take firms private generate significantly positive valuation effects for industry rivals of target firms. These valuation effects cannot reflect either synergy orExpand
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Informational externalities of seasoned equity issues : Differences between banks and industrial firms
Abstract We examine share-price reactions of commercial bank common stock issues and find negative effects on rival commercial and investment banking firms. In comparison, we find no suchExpand
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