In recent years, the level of detail in confidential data made available to social scientists has increased dramatically. Much of this has been due to the growth in secure data access facilities, which allow access to the most detailed data under strictly controlled conditions. One element of...

This dissertation documents the positive relationship between financial distress and equity issuance and shows that dilution explains the low stock returns of distressed firms. When the cross-section of firms is sorted by degree of distress, the value-weighted mean of the monthly net issuance...