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We study the process of corporate restructuring for a sample of 298 firms during the 1989-98 period that announce that they are considering restructuring alternatives. We find that restructuring is a lengthy process, with the majority of the restructuring period occurring prior to any definitive...
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This chapter surveys the literature on the economics of radio, focusing on the broadcast industry in the United States. The first parts of the chapter provide a history of the radio industry and its regulation, and a guide to the data available for empirical research. The next part surveys the...
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-specific synergies to help interpret these opposing trends. In our theory and in the data, acquirer returns increase with the extent to … which synergies are unique to that bidder. The composition effect reflects bidder uniqueness. Overall, the evidence is … consistent with rising merger synergies that have become less bidder-specific …
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This research study has attempted to indirectly test the proposition that the probability of corporate failure is mainly related to the unsystematic component of the total risk. The authors conjecture confirms that managing the total cash-flow risk of the firm significantly affects both the...
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