By merging REIT SEO data with executive option exercise data, we investigate insider trading implications around REIT SEOs. Event study results show persistent negative abnormal returns for long-term SEO aftermarket performance. After isolating "strategic" option exercises of REIT insiders...

Studies have analyzed the impact of firm and issue characteristics but not liquidity and solvency components of financial distress on the use of bond covenants. Using a comprehensive database of corporate bonds from 2001 to 2012, we find that firm liquidity, measured by standardized Lambda, has...

The lockup is an agreement between issuing firms and underwriting investment bankers that prohibits firm insiders from selling shares prior to lockup expiry. Using a manually corrected sample of 7546 SEOs between 1988 and 2007, this study investigates the role of these agreements by separately...

Purpose -The purpose of this paper is to examine whether or not a calendar time anomaly exists in the number and discount of seasoned equity offerings (SEOs) from 1980-2004. Design/methodology/approach - Regression analysis was used on data from SEOs offered from 1980 to 2004 to determine the...

This paper introduces a second-order differentiability smoothing technique to the classical l <Subscript>1</Subscript> exact penalty function for constrained optimization problems(COP). Error estimations among the optimal objective values of the nonsmooth penalty problem, the smoothed penalty problem and the original...</subscript>

Penalty function is an important tool in solving many constrained optimization problems in areas such as industrial design and management. In this paper, we study exactness and algorithm of an objective penalty function for inequality constrained optimization. In terms of exactness, this...