Post-IPO banks are far more likely to initiate dividends than nonfinancial firms. Moreover, dividend initiation has a major impact on the ultimate disposition of a newly public bank, increasing its likelihood of subsequent acquisition by around 40 percent and reducing the expected time until...

This paper documents the purposes of issuer tender offers to repurchase stock, as stated in SEC disclosures, over the period 1994 through 2006. We explore whether stated purposes affect announcement period returns and find evidence that returns are significantly lower if repurchases replace...

We study market reactions to seasoned equity issuances that were announced by financial companies between 2002 and 2013. To assess the risk and valuation implications of these seasoned equity issuances, we conduct an event analysis using daily credit default swap (CDS) and stock market pricing...