This dissertation is an investigation of the nature of voluntary corporate restructuring during the period 1971 through 1987. Voluntary restructurings are those types of reorganization where management provides the impetus for the change. In contrast, involuntary restructurings, for example hostile tender offers and leveraged buyouts, are those where an outside party takes an active interest in acquiring the firm. In the sample investigated, it is found that the wealth effect of voluntary restructuring is approximately seven times that of involuntary restructuring.
