Prior studies have shown that newly public firms exhibit a high degree of uncertainty and asymmetric information, with few reliable sources of information. These findings suggest that investors could benefit if some independent party is able to assess the quality of a newly public firm. Since...

Prior studies have shown that newly public firms exhibit a high degree of uncertainty and asymmetric information, with few reliable sources of information. These findings suggest that investors could benefit if some independent party is able to assess the quality of a newly public firm. Since...

This study provides large sample evidence on the effects of antitakeover provisions (ATPs) on takeover probability and premia in modern takeover contests. Despite the fact that hostile bids are uncommon during the 1990s-2000s, some ATPs have strong but opposing effects on takeover outcomes....

We use data from the Surveys of Small Business Finances to classify small privately held firms into four groups based upon their credit needs. Our results reveal strong and significant differences among each of these four groups of firms. Non-borrowers look very much like approved borrowers....