We study the pricing effects of dividend and earnings announcements by taking advantage of the unique setting in Japan where managers simultaneously announce the current year's dividends and earnings as well as forecasts of next year's dividends and earnings. Defining surprises as deviations...

The bankruptcy of Revco Drug Stores is one of the most notable in the history of highly leveraged transactions. This study considers the allegation that the leveraged buyout of Revco left it without adequate capital to survive. We use Monte Carlo simulation to determine Revco's financial...