I investigate the sources of value gains in public-to-private transactions by examining the wealth effects on industry rivals of target firms. For a sample of 279 public-to-private bids in the U.S. from 1980 to 2007, I find that agency hypothesis explains more of the cross-sectional variation in...

This thesis examines the relationship between real flexibility and financial structure using detailed economic and financial data on firms in 17 manufacturing industries. I investigate the impact of real flexibility on firms' finance capacity, namely, their ability to obtain debt, borrow...