One possible explanation that bidding firms earned positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less developed capital markets. Examining 392 bidder firms during the 1960s, we...

A growing number of jurisdictions have adopted bankruptcy law reforms to aid debt restructuring. By utilizing a difference-in-differences model based on bankruptcy law reforms across six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following...

A growing number of jurisdictions have adopted bankruptcy law reforms to aid debt restructuring. By utilizing a difference-in-differences model based on bankruptcy law reforms across six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following...

A growing number of jurisdictions have adopted bankruptcy law reforms in the spirit of U.S. Chapter 11 to facilitate the restructuring of distressed corporate debt. This paper evaluates the impact of these reforms on firms' choice of debt structures. Using a difference-in-differences design...

This paper examines if Minority small business borrowers have the same access to loans from financial institutions as similar White borrowers. Using matching methods, we find that African-American borrowers are rejected at a higher rate (17-33% higher) than similar risk White-owned firms. We...

The use of panel data in corporate finance is ubiquitous to estimate the impact of managers' and/or shareholders' choices on firm value. We evaluate the properties of four existing and widely used estimators (pooled OLS, random-effects, first-difference, and fixed-effects), and find them to be...

One possible explanation that bidding firms earned positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less developed capital markets. Examining 392 bidder firms during the 1960s, we...