This paper presents a portfolio approach to estimating the average correlation coefficient of a group of stocks that are considered for portfolio analysis. The average correlation coefficient has been shown to produce a better estimate of the future correlation matrix than individual pairwise...

We show competition between underwriters even when fees are clustered. We study accelerated seasoned equity offerings (SEOs), which are now the predominant form of public SEO in the U.S., Canada, and Europe. Underwriters compete by establishing capacity sufficient to allow them to maintain close...

We examine interactions between firms issuing seasoned equity and their underwriters. Our approach contrasts with many studies which assume the interests of issuing firms and their underwriters are aligned, thus rendering distinctions between the two parties unimportant. We specifically examine...

We investigate the effect of mergers on corporate debt financing using time series analysis. We find that corporate debt use increases during periods of very high merger activity but is not significantly affected by variations within the normal range of merger activity. Traditional trade-off and...