In this article, we show that only distressed firms not identified as distressed by creditors are able to transfer wealth from creditors to shareholders. Using the number of years to future bankruptcy as a proxy for genuine distress and measures based on observable firm characteristics as...

type="main" <p>Open-market repurchase programs provide firms with the flexibility to manage the cash and risk aspects of their operations. We examine at which stage cash and risk matter in the typical stages of a repurchase program: announcement, implementation, and withdrawal. Cash and risk...</p>

We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...

We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to employ 'harmful' resistance that is not perceived as being motivated by shareholders' interests. We find that harmful resistance is associated with firms where managers have...

We find that corporate governance characteristics of acquiring firms (board ownership, board size, and block-holder control) have an economically and statistically significant impact on operating performance changes following mergers. We also show that dispersion of intra-board ownership stakes...

For air quality dispersion models, mobile source emissions, including both link- and traffic zone-level emissions, must be disaggregated into grid cells. Current gridding methods assign all traffic analysis zone level emissions to the single grid cell containing the TAX centroid. In this study,...

This qualitative study aimed to identify the motivating factors and the challenges related to the adoption of mobile payment (mPayment) by small business retailers. Data collected from semi-structured personal interviews with a small group of participants were analyzed applying a content...

Based on the theory of spatial econometrics, we test and process the urban and rural construction land data during the base period of planning and late period of planning in Bijie City. And we conduct comparative analysis of the spatial pattern and evolution characteristics of urban and rural...

In this article, we propose a generalized Gaussian process concurrent regression model for functional data, where the functional response variable has a binomial, Poisson, or other non-Gaussian distribution from an exponential family, while the covariates are mixed functional and scalar...

Last train timetable rescheduling aims at coordinating the arrival and departure times of feeder trains with connecting trains at transfer stations to eliminate the effect of unexpected incidents in train operations. It has become a challenging problem in the operations and management of urban...