This paper reviews much of the scientific literature on the market for corporate control. The
evidence indicates that corporate takeovers generate positive gains, that target firm …

Event study methodology has been one of the most frequently used tools in financial
research in recent years. This study provides a review of the present state of knowledge and …

We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

This paper analyzes the explanatory power of some of the recent theories of optimal capital
structure. The study extends empirical work on capital structure theory in three ways. First, it …

Most empirical models of investment rely on the assumption that firms are able to respond to
prices set in centralized securities markets (through the" cost of capital" or" q"). An alternative …

This paper develops and tests two propositions. We demonstrate that there is a monotone
relation between the (expected) underpricing of an initial public offering and the uncertainty …

Empirical evidence suggests the existence of 'hot-issue'markets for initial public offerings: in
certain periods and in certain industries, new issues are underpriced and rationing occurs …

Based on courses developed by the author over several years, this book provides access to
a broad area of research that is not available in separate articles or books of readings …

This empirical study of security issues by UK companies between 1959 and 1974 focuses
on how companies select between financing instruments at a given point in time. It throws …

This study investigates the effect on stock prices of seasoned equity offerings. The results
demonstrate that the announcement of equity offerings reduces stock prices significantly. For …