We explore the motives and consequences of bond tender offers announced in connection with mergers and acquisitions (M&A). We find merging firms use bond tender offers strategically to renegotiate with bondholders to gain financial flexibility by reducing leverage and eliminating covenants, and...

Recent studies suggest the transfer of privileged information via social ties but do not explicitly examine the cost of these ties to shareholders. We document a significant, positive relation between stock transaction costs and a company's social ties to the investment community. Social ties...

We document an inverted-U relation between targetiveness (probability of being targeted) and firm size. However, this pattern describes stock offers and is more pronounced during hot markets with greater overvaluations. For cash offers we find a negative and monotonic relation. These contrasting...

An understanding of the spatial variation in the impacts of living near reservoirs, dams, and undevelopable land is important in explaining residential property values. While there is a body of literature on the effects of proximity to dams and reservoirs on housing prices, little known research...

Microeconomic applications of semi-parametric models with an endogenous variable have been largely ignored. Recognizing spatial heterogeneity captured by semi-parametric cost function models can impact economies of scale estimates. We estimate several cost function models, using panel data for...