We show how the change to differential voting rights allows dominant shareholders to retain control even after selling substantial economic ownership in the firm and diversifying their wealth. This unbundling of cash flow and control rights leads to more dispersed economic ownership and a closer...

We assess valuation effects on creditors holding the private debt of client firms that file for Chapter 11 bankruptcy, and disaggregate the results by type of private creditor, form of bankruptcy resolution, and subsequent control bid activity. Among private creditors holding unsecured claims,...

We study the role and performance of private equity (PE) in corporate asset sales. Corporate sellers obtain significantly positive excess returns in PE deals, gains in wealth significantly greater than for intercorporate asset sales. Based on exit valuations for 98% of PE deals, we find gains in...