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The Maturity Structure of Corporate Debt
The authors provide an empirical examination of the determinants of corporate debt maturity. Their evidence offers strong support for the contracting-cost hypothesis. Firms that have few growthExpand
Private benefits from control of public corporations
We analyze the pricing of 63 block trades between 1978 and 1982 involving at least 5% of the common stock of NYSE or Amex corporations. These blocks are typically priced at substantial premiums toExpand
Stealth trading and volatility
Absorbable surgical sutures that are dimensionally stable within the body may be prepared by the extrusion of polylactide polymer, including copolymers of L(-) lactide with up to 35 mole percent ofExpand
Price Discovery and Trading After Hours
We examine the effects of trading after hours on the amount and timing of price discovery over the 24-hour day. A high volume of liquidity trade facilitates price discovery. Thus prices are moreExpand
Corporate payout policy: Cash Dividends versus Open-Market Repurchases☆
Theories of corporate payout policy do not explain the observed form of distributions to shareholders. Although open-market repurchases appear to have tax advantages, cash dividends areExpand
The Joint Determination of Leverage and Maturity
We examine theories of leverage and debt maturity, focusing on the impact of a firm's investment opportunity set and regulatory environment in determining these policies. Using results on strategicExpand
Private Placements and Managerial Entrenchment
We re-examine old evidence and provide new evidence on private placements of large-percentage blocks of stock. Our goal is to judge whether the prevailing hypotheses of monitoring and certificationExpand
Negotiated Block Trades and Corporate Control
The authors identify negotiated trades of large-percentage blocks of stock as corporate control transactions. When a block trades and the firm is not fully acquired, cumulative abnormal returnsExpand
The Priority Structure of Corporate Liabilities
Most discussions of corporate capital structure effectively assume that all debt is the same. Yet debt differs by maturity, covenant restrictions, conversion rights, call provisions, and priority.Expand
On the Debt Capacity of Growth Options
If debt capacity is defined as the incremental debt optimally associated with an additional asset, then the debt capacity of growth options is negative. The underinvestment costs of debt increase andExpand