This paper investigates the new and growing practice of accelerated share repurchases (ASRs). In an ASR a firm hires an investment bank to borrow shares from existing investors. The investment bank delivers these shares to the firm, and the firm eliminates the shares immediately. The bank then...

This article analyzes the effect of computer breaches on publicly traded equities from 2005 to 2017. An event study is performed and breaches analyzed conditioned on whether the breach announcement has been made in the mainstream media or through other channels. We find that in the period prior...

The record merger and acquisition activity of 2006 and 2007 ushered in renewed criticism of fairness opinions. The focus of this research is to determine whether a fairness opinion and its accompanying proxy statement provide information required for shareholders to conclude on the inherent...

"Muni Bonds, Pension Liabilities and Investment Due Diligence" by Dr. Susan Mangiero, Dr. Israel Shaked and Mr. Brad Orelowitz, CPA examines financial reporting, fiduciary breach litigation, underwriting due diligence, pension funding and rating rules for the U.S. municipal bond market.At a time...

Academics and professionals frequently use the yield to maturity (YTM) as a proxy for the cost of debt when valuing firms using discounted cash flow (DCF). This paper demonstrates that this practice is incorrect because YTM is calculated based on promised cash flows, whereas the traditional DCF...

Autocallable contingent income securities, or autocalls, are a relatively new type of structured finance security whose payout is contingent on the performance of an underlying asset and that give investors an opportunity to earn high yields in a low interest environment. We collect data on...