This paper finds that frequent bond issuers get significantly better pricing than infrequent issuers, with yield spread discounts of up to 117 basispoints. We document firms' bond issue frequencies for windows from one week to six years before the current issue and relate them to yield spreads....

This paper documents the 73 billion in European bond tender offers from 1996 to 2005. European tender offers appear to be much larger than US offers and are seldom motivated by distress relief. Unlike prior research on bond tender offers, we investigate wealth effects to both shareholders and...

Royal Ahold (Koninklijke Ahold NV) was one of the major success stories in the 1990s and is one of the major failures in corporate governance, suffering a complete meltdown in 2003. This clinical study analyzes Ahold's growth strategy through acquisitions and isolates the cause of the failed...

The central question of this study involves the relation between the use of takeover defenses and IPO firm value. We report that management frequently uses takeover defenses before taking the firm public. The use of takeover defenses is primarily motivated by managerial entrenchment. IPO...

Going public often creates an agency conflict between the owner-manager and minority shareholders. This problem is especially severe in countries with poor legal investor protection, such as France. We examine the controlling position of owner-managers in French IPO firms. We find that investors...

This paper examines whether the stock market valuation impact is consistent with subsequent operating performance of firms. We use data for equity rights offerings - the widely adopted flotation method in the Netherlands. We first examine the stock market announcement effect of rights issues and...

This paper examines whether the stock market valuation impact is consistent with subsequent operating performance of firms. We use data for equity rights offerings - the widely adopted flotation method in the Netherlands. We first examine the stock market announcement effect of rights issues and...

This paper examines (i) whether market reactions to cross-listings differ across destination markets and (ii) to what extent the following explanations for value creation around cross-listings can account for differences in market reactions across cross-listings on various destination markets:...

Going public often creates an agency conflict between the owner-manager and minorityshareholders. This problem is especially severe in countries with poor legal investorprotection, such as France. We examine the controlling position of owner-managers inFrench IPO firms. We find that investors...

Managers have the choice to take the firm private themselves in a management buy-out or to seek private equity backing. We argue that managers seek private equity backing in case they are more constrained to finance the deal themselves. We confirm the hypothesis using a sample of UK...