Norwegian financial institutions experienced a severe banking crisis in the late 1980s and early 1990s. This article examines the development of the two largest Norwegian banks before and during the crisis within a financial fragility approach. Deregulation of the markets for credits and lax...

We examine the time trends and determinants of the method of payment in M&As spanning four decades. The fraction of mixed payments tripled from about 10% before the turn of the century to 30% in the new century, while the fraction of stock (cash) payments peaked (bottomed out) in the late 1990s...

Using a large sample of unsolicited takeover attempts, we examine the determinants and effects of targets' choice to adopt poison pills either before or after unsolicited offers and to initiate defensive payouts. The probability of poison pill adoptions decreases with insider ownership, whereas...

Firms that undertake corporate events often exhibit atypical financial characteristics, such that future performance might be expected to change even before the event is announced. I investigate five methods for generating control samples in various sampling situations. The results indicate that...

This study examines the effect of financial flexibility and the level and certainty of operating performance on the choice to change dividends, pay special dividends, and repurchase shares. Firms that increase payouts have excess financial flexibility and exhibit positive concurrent income...