In an environment of asymmetric information, banks face information externalities due to their role as intermediaries of information. In particular, bank insiders will possess private information from monitoring loan customers. Accordingly, outsiders may interpret changes in a bank's financial...

We compile a diverse sample of 208 debt tender offers executed by 189 firms during the period 1989 - 1996. On average, tender offers are wealth-creating events, with cumulative equity announcement returns of 1.47%. Tender offers financed with equity fail to add value, but those financed with...

We examine situations where the same fund manager simultaneously manages mutual funds and hedge funds. We refer to this as side-by-side management. We document 294 such cases involving 694 mutual funds and 538 hedge funds. Proponents of this practice argue that it is essential to hire and retain...