This paper is a cross-sectional analysis of the relationship between common stock price reactions to announcements of convertible security calls and variables that represent possible determinants of changes in common stockholders' wealth. The variables are measures of the following effects of...

Boards of directors occupy a prominent position in the governance of corporations, and have been a focal point of SEC efforts to ensure that investment companies are serving the interests of individual investors. We analyze whether board structure and director independence in closed-end...

This paper is a cross-sectional analysis of the relationship between common stock price reactions to announcements of convertible security calls and variables that represent possible determinants of changes in common stockholders' wealth. The variables are measures of the following effects of...

Conservative financial policies are often criticized as serving the interests of managers rather than the interests of stockholders. We examine the operating performance and other characteristics of firms that for a five-year period held more than one-fourth of their assets in cash and cash...

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...

We investigate whether operating performance improves when a firm creates traded equity claims on a subsidiary without relinquishing control. We find that the change in a parent firm's operating performance following an equity carve-out is negatively related to the fraction of subsidiary shares...