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This paper proposes that a firm's choice of organizational form is a trade-off between the fit with its investment opportunity set, and its attempt to exploit periods of favourable market valuations for a given organizational form. To test this prediction, we identify 272 firms that go public in...
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We study the equity valuation effects of the conversion to income trust; a form of corporate restructuring that has recently become very popular in Canada. We document positive abnormal returns at the announcement of the conversion and we study the characteristics of the converting companies to...
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