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Evidence on Debt Overhang from Distressed Equity Issues
We analyze the significance of the debt overhang problem for a large sample of UK firms. We find little evidence that debt overhang affects the firm's ability to raise equity and the likelihood ofExpand
  • 23
  • 1
Discounted But Not Diversified: Organizational Structure and Conglomerate Discount
I document a large and significant diversification discount in multi-division firms that are diversified neither industrially nor geographically. All divisions of these firms, which are calledExpand
  • 19
Spin‐Offs: Tackling the Conglomerate Discount
Spin‐offs and other restructuring actions have risen sharply in 2011, driven by the need to streamline business models and increase corporate values. These transactions can be an effective tool forExpand
  • 7
Two Puzzles about the Diversification Discount: Sfas # 131 and " Pseudo-conglomerates " Two Puzzles about the Diversification Discount: " Pseudo-conglomerates " and Sfas # 131
I document a large and significant diversification discount in multi-division firms that are diversified neither industrially nor geographically. All divisions of these firms, which are calledExpand