Post-IPO banks are far more likely to initiate dividends than nonfinancial firms. Moreover, dividend initiation has a major impact on the ultimate disposition of a newly public bank, increasing its likelihood of subsequent acquisition by around 40 percent and reducing the expected time until...

Post-IPO banks are far more likely to initiate dividends than nonfinancial IPO firms. Moreover, dividend initiation has a significant impact on the ultimate disposition of a newly public bank, increasing its likelihood of subsequent acquisition by around 40% and reducing the expected time until...

This paper documents the purposes of issuer tender offers to repurchase stock, as stated in SEC disclosures, over the period 1994 through 2006. We explore whether stated purposes affect announcement period returns and find evidence that returns are significantly lower if repurchases replace...

Firms can reprice employee stock options to realign performance and retention incentives when stock price declines cause options to have insignificant expected values. Six-and-one option exchanges allow firms to avoid recognizing compensation expenses when repricing options, but appear unable to...