Nearly one-third of asset sale announcements are preceded by a public statement of intent to sell. These voluntary disclosures generate significant average returns of 1.1% and bias returns around actual asset sales towards zero. Due to opportunistic managerial behavior, preannouncements occur...

This paper investigates the timing of a firm's first security issue in public capital markets. We explain fluctuations over time in initial public offerings of bonds and stocks. We study Belgium in the period 1839-1935, a setting with poor investor protection, no tax distortions and changing...

Convertible arbitrageurs combine long positions in convertibles with short positions in the underlying stock. We exploit worldwide differences in short-sale constraints to examine whether convertible arbitrage short selling creates downward pressure on convertible issuers' stock prices. Using a...