The more the target knows about the bidder, the more difficult it is to pay with overpriced shares. Thus, under bidder opportunism, the fraction of stock...
This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an...
The large companies that currently file for Chapter 11 look very different than the typical Chapter 11 cases of the past. The liability side of debtors’...
Informal finance is often believed to be expensive and in limited supply. But most informal investors -- family and friends -- offer funds cheaply; and...
Using a sample of over 9,000 buyback announcements from 31 non-U.S. countries, we find support for the results of studies based on U.S. data: on average,...