We examine the role of leverage in tender offers for widely held firms. Leverage allows raiders to appropriate part of the value gains arising from takeovers, hence reducing the takeover premium and mitigating the free-rider problem.(...)

We explore the determinants of yield differentials between long-term sovereigen bonds in Europa area. There is a common trend in yield differentials, which is correlated with the measure of tghe international risk factor. In contrast, liquidity differentials display sizeable hetrogeneity and no...