The Tennessee Valley Authority, as a federal corporation governed independently by a three-person board, undertook excessive investments in the 1980s based on erroneous projections of technology and demand growth for electricity. These capital outlays have been financed to pay back loans on...

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 Tennessee Valley Authority, as a federal corporation governed independently by a three-person board, undertook excessive investments in the 1980s based on erroneous projections of technology and demand growth for electricity. These capital outlays have been financed to pay back loans on...

An examination of sovereign defaults over the long term, from 1294 to 2008, shows that serial defaults are far rarer than the much-ballyhooed experience of the 1980s suggests. the only mass default in Europe since 1294 took place in the early nineteenth century during the Napoleonic Wars. The...