This paper investigates the determinants of leveraged buyout (LBO)activity by comparing firms that have implemented LBOs to those that have not. The analysis considers sources of gains from LBOs as well as the costs that can arise from the large amount of debt included in their financial...

This paper compares U.S. firms which issued equity between 1976 and 1993 to those which issued debt. with an emphasis on determining the relative importance. Our results suggest that both the static tradeoff and pecking order explanations of capital structure choice theories are useful in...

We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest...

The Council of Institutional Investors is a group of public and private pension funds which collectively own over $800 billion in financial assets within the United States. The Council has provided a forum for these funds to coordinate and communicate with each other on a variety of matters...

The Council of Institutional Investors is a group of public and private pension funds which collectively own over $800 billion in financial assets within the United States. The Council has provided a forum for these funds to coordinate and communicate with each other on a variety of matters...

We examine the determinants and implications of holdings of cash and marketablequot; securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growthquot; opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firmsquot; that have the...