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作者：CHATTERJEE, S; DHILLON, US; RAMIREZ, GG
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Fordham University
摘要：This paper examines a recent sample of public workouts for distressed high-yield debt. The nature of holdouts and the effectiveness of coercive tactics in alleviating the holdout problem is analyzed. Tender offers are in relatively less financial distress, exhibit more severe holdouts, and are more coercive than exchange offers. Tender offers also have higher completion rates and fewer Chapter 11 filings. Security prices react positively to announcements of tender offers, negatively to exchang...
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作者：KANG, JK; SHIVDASANI, A
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Rhode Island
摘要：We examine the role of corporate governance mechanisms during top executive turnover in Japanese corporations. Consistent with evidence from U.S. data, the likelihood of nonroutine turnover is significantly related to industry-adjusted return on assets, excess stock returns, and negative operating income, but is not related to industry performance. The sensitivity of nonroutine turnover to earnings performance is higher for firms with ties to a main bank than for firms without such ties. Outsi...
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作者：DUFFEE, GR
摘要：It has been previously documented that individual firms' stock return volatility rises after stock prices fall. This paper finds that this statistical relation is largely due to a positive contemporaneous relation between firm stock returns and firm stock return volatility. This positive relation is strongest for both small firms and firms with little financial leverage. At the aggregate level, the sign of this contemporaneous relation is reversed. The reasons for the difference between the ag...
