This study investigates the motivations for and the wealth effects of 150 fixed price and 110 Dutch auction self-tender offers from the period 1981 to 1994. Like earlier studies, I find significantly positive abnormal returns around the announcements of the self-tender offers. However, unlike...

Using a database of more than 180,000 private companies from 2000 to 2009, we find that the benefits of holding more cash vary substantially with a firm’s size and the conditions it faces. Cash holdings matter most for small firms: when there are negative shocks to industry or macroeconomic...

Using a database of more than 180,000 private companies from 2000 to 2009, we find that the benefits of holding more cash vary substantially with a firm’s size and the conditions it faces. Cash holdings matter most for small firms: when there are negative shocks to industry or macroeconomic...

We study passive funds' conflicts of interest by examining their securities lending decisions. We show that passive funds' lending varies with the costs of lending for their families. Passive funds are less likely to lend a security if (i) active funds in their families have a sizable stake in...

We examine the conflicts of interest and the flow of information between divisions of financial institutions. Using data on analyst recommendations and stockholdings of investment banks advising acquirers in mergers, we find evidence that information from investment banking flows to other...

We examine companies that issue tracking stock or undertake a minority carve-out. These restructurings create equity claims on a business unit yet the parent retains control. Although the average announcement stock price effect is approximately 3%, our evidence implies that these equity...

This paper examines the relation between the performance and valuations of publicly-traded subsidiaries in the United States and the ownership stake of their parent companies. Cross-sectional and time-series tests demonstrate that subsidiaries in which the parent owns a substantial minority...