This dissertation consists of three essays on empirical finance. In the first essay, I examine whether firms strategically substitute equity for debt to exploit market mispricing. I argue that previous studies reach conflicting conclusions about equity market timing because they neglect a...

We examine shareholders' wealth effects (both in the short- and the long-run) of UK frequent bidders acquiring public, private, and/or subsidiary targets with alternative methods of payment between 1987 and 2004. We find that, in the short-run, bidders break even when acquiring public targets...