This paper describes and analyzes a relatively new method of equity-based restructuring, Targeted Stock. We examine announcement period share price reactions for completed, pending , and canceled offerings. Although the total number of completed transactions to date is small, we document a...

This paper describes and analyzes a relatively new method of equity-based restructuring, Targeted Stock. We examine announcement period share price reactions for completed, pending, and canceled offerings. Although the total number of completed transactions to date is small, we document a...

Much of the benefit from bank loans is generated by the specialized monitoring and information gathering role provided by financial institutions, including their role in facilitating the reorganization of firms experiencing financial distress. Despite these numerous benefits, it is somewhat...

We present a model which examines the impact of taxes and the method of payment on the asset sale decision. An important difference between a takeover and an asset sale is that the seller survives as a corporate entity in the latter transaction. Therefore, the net effect of an asset sale depends...

This paper describes and analyzes a relatively new method of equity-based restructuring, Targeted Stock. We examine announcement period share price reactions for completed, pending, and canceled offerings. Although the total number of completed transactions to date is small, we document a...

The authors examine the sensitivity of wage setting in two federal pay systems--the General Schedule (GS) system, covering white-collar workers, and the Federal Wage System (FWS), covering blue-collar workers--to local wages and cost-of-living. In 1978 and 1980, the years of the data, FWS wages...