The choice of model of normal returns in event studies has been widely discussed in the literature. While researchers frequently continue to use an array of alternatives, there is currently some tendency to favour cruder but simpler mean- or market-adjusted returns models. This paper presents a...

Management buy-outs have become an international phenomenon, yet important differences exist between countries in the nature of buy-outs. In the early 1990s, the differential impact of recession has brought two important issues to the fore. The first involves the contribution of buy-outs to...