Publications

From the publisher: Stuart Gilson is one of the leading corporate restructuring experts in the United States, teaching thousands of students and consulting with numerous companies. Now, in the second edition of this bestselling book, Gilson returns to... View Details

December 2015
Article

Introduction: New Perspectives on Corporate Capital Structure

By: Viral Acharya, Heitor Almeida and Malcolm Baker

The National Bureau of Economic Research held a symposium titled "New Perspectives on Corporate Capital Structures" on April 5–6, 2013 in Cambridge, Massachusetts. In its call for the submission of theoretical and empirical papers for the symposium, the NBER noted that... View Details

Keywords: Capital Structure; Economic Growth; Financial Crisis; Corporate Finance

July 2021
Article

Multinationality and Capital Structure Dynamics: A Corporate Governance Explanation

By: Daniel Gyimah, Nana Abena Kwansa, Anthony K. Kyiu and Anywhere Sikochi

This paper examines the impact of corporate governance on capital structure dynamics. Using ordinary least squares regressions on 17,496 firm-year observations for 2,294 U.S. multinational companies (MNCs) over the period 1990–2018, we find that MNCs with strong... View Details

Keywords: Multinationality; Speed Of Adjustment; Corporate Governance; Multinational Firms and Management; Capital Structure

23 Apr 2014
Working Paper Summaries

Corporate Financial Policies in Misvalued Credit Markets

Keywords: by Jarrad Harford, Marc Martos-Vila & Matthew Rhodes-Kropf; Financial Services; Banking

2014
Working Paper

Corporate Financial Policies in Misvalued Credit Markets

By: Jarrad Harford, Marc Martos-Vila and Matthew Rhodes-Kropf

We theoretically and empirically investigate the repercussions of credit market misvaluation for a firm's borrowing and investment decisions. Using an ex-post measure of the accuracy of credit ratings to capture debt market misvaluation, we find evidence that firms... View Details

August 2000
Article

Corporate Reorganizations and Non-Cash Auctions

By: Matthew Rhodes-Kropf and S. Viswanathan

This paper extends the theory of non-cash auctions by considering the revenue and efficiency of using different securities. Research on bankruptcy and privatization suggests using non-cash auctions to increase cash-constrained bidder participation. We examine this... View Details

Keywords: Auctions; Revenue; Debt Securities; Insolvency and Bankruptcy; Privatization; Capital Structure; Bids and Bidding; Motivation and Incentives; Performance Efficiency; Contracts

April 2011
Article

Ownership Structure and the Cost of Corporate Borrowing

By: Chen Lin, Yue Ma, Paul Malatesta and Yuhai Xuan

This article identifies an important channel through which excess control rights affect firm value. Using a new, hand-collected data set on corporate ownership and control of 3,468 firms in 22 countries during the 1996-2008 period, we find that the cost of debt... View Details

Keywords: Borrowing and Debt; Cash Flow; Cost; Financing and Loans; Governance Controls; Ownership Stake; Business and Shareholder Relations

Forthcoming
Article

Crisis Interventions in Corporate Insolvency

By: Samuel Antill and Christopher Clayton

We model the optimal resolution of insolvent firms in general equilibrium. Collateral-constrained banks lend to (i) solvent firms to finance investments and (ii) distressed firms to avoid liquidation. Liquidations create negative fire-sale externalities. Liquidations... View Details

Keywords: Insolvent Firms; Government Intervention; Liquidation; Econometric Models; Insolvency and Bankruptcy; Policy

05 Oct 2009
Research & Ideas

The Vanguard Corporation

communities like leeches. The time is ripe for a new corporate model, driven by a new type of business leader, where creating business value also means creating value for society. Surprisingly, Kanter finds models for these so-called... View Details

Keywords: by Sean Silverthorne

2007
Chapter

Behavioral Corporate Finance: A Survey

By: Malcolm Baker, Richard Ruback and Jeffrey Wurgler

Research in behavioral corporate finance takes two distinct approaches. The first emphasizes that investors are less than fully rational. It views managerial financing and investment decisions as rational responses to securities market mispricing. The second approach... View Details

Keywords: Decisions; Prejudice and Bias; Debt Securities; Financial Management; Price; Theory; Investment; Problems and Challenges; Behavioral Finance; Corporate Finance

Article

The Error at the Heart of Corporate Leadership

By: Joseph L. Bower and Lynn S. Paine

Agency theory, a new model of governance promulgated by academic economists in the 1970s, is behind the idea that corporate managers should make shareholder value their primary concern and that boards should ensure they do. The theory regards shareholders as owners of... View Details

Keywords: Agency Theory; Business and Shareholder Relations; Leadership; Corporate Governance

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Fast Answer

Bloomberg: corporate actions calendar

What kind of information is included in Bloomberg's Corporate Action Calendar? In Bloomberg type CACT and hit GO to get to the Corporate Actions menu. You can search by: Date View Details

The Error at the Heart of Corporate Leadership

Agency theory, a new model of governance promulgated by academic economists in the 1970s, is behind the idea that corporate managers should make shareholder value their primary concern and that boards should ensure they do. The theory regards shareholders as... View Details

September 2022 (Revised January 2023)
Case

York Capital CLOs and WorldStrides International

By: Victoria Ivashina and William Vrattos

The case follows the debt restructuring of WorldStrides International, a travel program provider in the education market, after the onset of COVID-19. The pandemic severely impacted the travel industry, creating challenges for many companies like WorldStrides, which... View Details

Keywords: COVID-19 Pandemic; Debt Restructuring; CLO; Compliance; Debt Securities; Financing and Loans; Decision Making; Travel Industry; Education Industry

Educators

Purchase

In this video, produced by the National Committee on U.S.-China Relations, Prof. Rithmire speaks with Keith Abell about how the Chinese economy became so reliant on real estate development and debt and what the Evergrande crisis means. View Details

Research Summary

Organizational Change: The Market for Corporate Control and the Third Industrial Revolution

Michael C. Jensen is conducting research on organizational change and the corporate control market. Specifically, he is investigating the changing role of the corporation and competing organizational forms, such as leveraged buyout organizations, that are replacing... View Details

October 1990
Article

Bankruptcy, Boards, Banks, and Blockholders: Evidence on Changes in Corporate Ownership and Control When Firms Default

By: S. C. Gilson

In 111 publicly traded firms that either file for bankruptcy or privately restructure their debt between 1979 and 1985, bank lenders frequently become major stockholders or appoint new directors. On average, only 46% of incumbent directors remain when bankruptcy or... View Details

Keywords: Insolvency and Bankruptcy; Governance; Banks and Banking; Change; Business Ventures; Ownership