I examine the dynamics of corporate diversification policies. Between 1980 and 1997, there is a net reduction in the proportion of U.S. firms that are diversified. It is largely driven by the 1980s. This trend is matched by a reduction in assets controlled by diversified firms. However, the...

I examine how financially distressed firms choose among three alternatives: traditional Chapter 11 bankruptcy, prepackaged bankruptcy, and out-of-court restructuring. In doing so, I investigate firm performance and capital structure, as well as the previously undocumented role of managerial...

This study investigates empirically the factors that determine whether firms borrow from banks and other finance companies versus issuing bonds for sale to the public. I analyze 1,560 new borrowings from banks, non-bank private lenders, and the public debt market by 1,480 U.S. public firms over...