This innovative two-volume set reprints 24 of the most influential articles on corporate finance published during the period 1996–2003. Five topics are covered: capital structure, securities issuance, payout policy, corporate governance and diversification and internal capital markets.

We examine the expiration of the IPO quiet period, which occurs after the 25-super-th calendar day following the offering. For IPOs during 1996 to 2000, we find that analyst coverage is initiated immediately for 76 percent of these firms, almost always with a favorable rating. Initiated firms...

This chapter analyzes the securities issuance process, focusing on initial public offerings (IPOs) and seasoned equity offerings (SEOs). The IPO literature documents three empirical patterns: 1) short-run underpricing; 2) long-run underperformance (although this is contentious); and 3) extreme...