We show that investor preferences for diversity have had a significant effect on the initial returns earned by U.S. firms going public with gender diverse boards over the past decade. There is no difference in economic fundamentals, such as profitability, between these firms and firms without...

Death spiral convertibles are privately held convertible securities (preferred stock or debentures) with a conversion price that is set at a discount from the average (or sometimes the minimum) of past stock prices in a look-back period. Although, in theory, these securities have the potential...

The paper analyzes the value creation benefits of the holding form of organization in France by empirically examining the effects of non-controlling stake purchases on target shareholder wealth, operational performance and bidder shareholder returns for a sample of 122 stake purchases in French...

Companies often announce their intention to re-acquire shares via open market transactions. These programs are not firm commitments. By design, they provide managers the flexibility to forego repurchasing stock. Managers concerned with maximizing the wealth of long-term stockholders will tend to...

The paper analyses the value creation benefits of the holding form of organization in France. For a sample of 122 non-controlling stake purchases in French listed companies, stakes purchased by holding companies generate non- significantly price reactions in target firms, compared to a...

This paper introduces, analyzes, and values a new form of contingent convertible (CoCo) bond, a Call Option Enhanced Reverse Convertible (COERC). If an issuing bank’s market value of capital falls below a trigger, COERC investors would be issued many new equity shares that would heavily dilute...