Disciplines

Mergers, Acquisitions and Financial Restructuring


Discipline: EAD5954-3

Concentration area: 12139

Number of Credits: 8

Course load:

Theoretical
(Per week)
Practice
(Per week)
Studies
(Per week)
DurationTotal
42215120
Goals:
The objective of the course is to discuss the main issues related to financial structuring and restruc-turing of companies, developing the analytic competence of the postgraduate student. Among others, the themes are mergers and acquisitions, LBO/MBO, IPO/SEO, holdings, private equity funds, project finance, subsidized debt, debt restructuring, hybrid instruments.
The course has plural orientation, approaching the themes from the perspective of public and private companies, big and small, privately held and governmental, domestic and multinational, the reality of international and Brazilian financial market, real and financial sector.
Upon successful completion of this course, it is expected that the student will have a solid, compre-hensive and integrated vision of the subject in its current development state.

Justification:
Methodology
Prerequisites
There are no formal prerequisites. We recommend prior undergraduate level knowledge of finance, accounting, economic theory, statistics, and spreadsheets. Al texts and discussions are in English.
Teaching Strategy
The lectures use the method of dialogued exposition, that combines the explanation of the content with a high degree of student participation. This course is designed to combine the consolidated concepts of corporate finance with market practice, in order to generate knowledge for the evolution of both.
It is expected that before the lectures the student reads the recommended articles and analyses one of them.
During the semester the student writes an article that can be:
• The replication of a recent top journal article with domestic data.
• The proposal of a hypothesis and its econometric test with available data.
• A case study (or a multicase study) of recent restructuring with an emphasis on the contribution to the financial knowledge.
Resources
The course is based on a series of proposed articles, a part of which will be discussed in class.
Learning Assessment
The assessment is made with base on:
• The participation in the classroom discussions. It is expected a quantity-quality mix that con-tributes to the enrichment of the course and reflects the maturity obtained by the student.
• The quality of the article to be written. The articles are assessed in comparison with the level of the review in which they are expected to be published.

Content:
Program
Lectures Distribution
The course is held in 15 weekly lectures of 4 hours.
Content

Lecture Topic Content
1st INTRO-DUCTION General vision. Course presentation. M&A waves.
2nd INTRO-DUCTION Value. Concept and estimation. Drivers and value generation. Intangible assets. Enterprise and equity value.
3rd M&A Reasons. Synergy and opportunism. Strategic and financial acquires. Serial acquirer. Short term returns.
4th M&A Negotiation, pricing and course. Investment banks, boutiques and brokers. Due diligence, earn out, and escrow account. Post-acquisition integration. Reverse acquisition. Long term impacts. Article(?): identification of the articles to be written and of their conceptual reach.
5 th M&A Variants. LBO. Junk bonds. MBO. Carve-out, spin-off, split-off, sell-off.
6 th M&A Governance, tributary, and bankruptcy impacts of the property and capital structures and restructuring operations.
7 th EQUITY Property structure. Holding and property networks. Classes of controlling and minority interests. Shareholder agreements and corporate governance.
8 th EQUITY Private equity and angels. Venture capital and Buy-out funds. Sponsor, operator and coinvestor. Organic and acquisition bases growth. Platform and ad-on. Impact on the firm. Article(): partial vision of the articles that are being written.
9 th EQUITY Private equity, governance, and shareholder movements. Cash in and cash out. Tag and drag along. Way out and waterfall.
10 th EQUITY Share issues. IPO and SEO. Underwriting and reverse auction. Underpricing. PIPE. Going private.
11 th DEBT & HYBRIDS Debt. Permanent and transitory. Free and directed. Perpetual debt. Debt restructuring. Recovery funds.
12 th ARTICLE Articleo (): preliminary version of the articles.
13 th DEBT & HYBRIDS Project finance. Concessions and PPPs. Property and capital structure. Legal structure.
14 th DEBT & HYBRIDS Hybrids. Convertibles and coco bonds. Subordinated debt. Preferred shares similar to debt or to equity
15 th ARTICLE Article (): finished articles.

Avaliation methods:

Notes:
We recommend prior undergraduate level knowledge of finance, accounting, economic tehory, statistics, and spreadsheets.

Bibliography:
Bibliography
There are discussed many articles, as the ones in the following relation.

tema tema artigo
Visão geral dívida ondas Hackbarth, D., Miao, J., & Morellec, E. (2006). Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics, 82(3), 519–550. doi:10.1016/j.jfineco.2005.10.003
Visão geral IPO ondas Boeh, K., & Dunbar, C. (2014). IPO waves and the issuance process. Journal of Corporate Finance, 25, 455–473. doi:10.1016/j.jcorpfin.2014.02.001
Visão geral IPO ondas Erel, I., Julio, B., Kim, W., & Weisbach, M. S. (2012). Macroeconomic Conditions and Capital Raising. Review of Financial Studies, 25(2), 341–376.
Visão geral M&A ondas Goel, A. M., & Thakor, A. V. (2010). Do Envious CEOs Cause Merger Waves? Review of Financial Studies, 23(2), 487–517. doi:10.1093/rfs/hhp088
Visão geral M&A ondas Maksimovic, V., Phillips, G., & Yang, L. (2013). Private and Public Merger Waves. Journal of Finance, 68(5), 2177–2217. doi:10.1111/jofi.12055
Visão geral M&A ondas Mariana, V. (2013). Mergers and Acquisitions Waves from the European Union Perspective. Annals of the University of Oradea, Economic Science Series, 22(2), 272–283.
Visão geral M&A ondas Martynova, M., & Renneboog, L. (2011). The Performance of the European Market for Corporate Control: Evidence from the Fifth Takeover Wave. European Financial Management, 17(2), 208–259. doi:10.1111/j.1468-036X.2009.00497.x
Motivos M&A comprador Gao, H. (2010). Market Misvaluation, Managerial Horizon, and Acquisitions. Financial Management (Wiley-Blackwell), 39(2), 833–850. doi:10.1111/j.1755-053X.2010.01094.x
Motivos M&A curto prazo Alexandridis, G., Petmezas, D., & Travlos, N. g. (2010). Gains from Mergers and Acquisitions Around the World: New Evidence. Financial Management (Wiley-Blackwell), 39(4), 1671–1695. doi:10.1111/j.1755-053X.2010.01126.x
Motivos M&A curto prazo Netter, J., Stegemoller, M., & Wintoki, M. B. (2011). Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009. Review of Financial Studies, 24(7), 2316–2357.
Motivos M&A estratégia Bernile, G., Lyandres, E., & Zhdanov, A. (2012). A Theory of Strategic Mergers. Review of Finance, 16(2), 517–575. doi:10.1093/rof/rfr013
Motivos M&A estratégia Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of Cross-Border Mergers and Acquisitions. Journal of Finance, 67(3), 1045–1082. doi:10.1111/j.1540-6261.2012.01741.x
Motivos M&A estratégia Hoberg, G., & Phillips, G. (2010). Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis. Review of Financial Studies, 23(10), 3773–3811.
Motivos M&A estratégia Ji-Yub (Jay) Kim, Jerayr (John) Haleblian, & Finkelstein, S. (2011). When Firms Are Desperate to Grow via Acquisition: The Effect of Growth Patterns and Acquisition Experience on Acquisition Premiums. Administrative Science Quarterly, 56(1), 26–60.
Motivos M&A estratégia Kwoka, J., & Shumilkina, E. (2010). The Price Effect of Eliminating Potential Competition: Evidence from an Airline Merger. Journal of Industrial Economics, 58(4), 767–793. doi:10.1111/j.1467-6451.2010.00433.x
Motivos M&A estratégia Phillips, G. M., & Zhdanov, A. (2013). R&D and the Incentives from Merger and Acquisition Activity. Review of Financial Studies, 26(1), 34–78.
Motivos M&A estratégia Pinkowitz, L., Sturgess, J., & Williamson, R. (2013). Do cash stockpiles fuel cash acquisitions? Journal of Corporate Finance, 23, 128–149. doi:10.1016/j.jcorpfin.2013.08.003
Negociação M&A agentes Bao, J., & Edmans, A. (2011). Do Investment Banks Matter for M&A Returns? Review of Financial Studies, 24(7), 2286–2315.
Negociação M&A agentes Forte, G., Iannotta, G., & Navone, M. (2010). The Banking Relationship’s Role in the Choice of the Target’s Advisor in Mergers and Acquisitions. European Financial Management, 16(4), 686–701. doi:10.1111/j.1468-036X.2009.00481.x
Negociação M&A agentes Song, W., Wei, J. (Diana), & Zhou, L. (2013). The value of “boutique” financial advisors in mergers and acquisitions. Journal of Corporate Finance, 20, 94–114. doi:10.1016/j.jcorpfin.2012.12.003
Negociação M&A longo prazo Degryse, H., Masschelein, N., & Mitchell, J. (2011). Staying, Dropping, or Switching: The Impacts of Bank Mergers on Small Firms. Review of Financial Studies, 24(4), 1102–1140.
Negociação M&A longo prazo Goergen, M., O’Sullivan, N., & Wood, G. (2011). Private Equity Takeovers and Employment in the UK: Some Empirical Evidence. Corporate Governance: An International Review, 19(3), 259–275. doi:10.1111/j.1467-8683.2011.00853.x
Negociação M&A longo prazo Guo, S., Hotchkiss, E. S., & Song, W. (2011). Do Buyouts (Still) Create Value? Journal of Finance, 66(2), 479–517. doi:10.1111/j.1540-6261.2010.01640.x
Negociação M&A longo prazo Goergen, M., O’Sullivan, N., & Wood, G. (2011). Private Equity Takeovers and Employment in the UK: Some Empirical Evidence. Corporate Governance: An International Review, 19(3), 259–275. doi:10.1111/j.1467-8683.2011.00853.x
Negociação M&A negociação Denis, D. J., & Macias, A. J. (2013). Material Adverse Change Clauses and Acquisition Dynamics. Journal of Financial & Quantitative Analysis, 48(3), 819–847. doi:10.1017/S0022109013000288
Negociação M&A negociação Ferris, S. P., Jayaraman, N., & Sabherwal, S. (2013). CEO Overconfidence and International Merger and Acquisition Activity. Journal of Financial & Quantitative Analysis, 48(1), 137–164. doi:10.1017/S0022109013000069
Negociação M&A negociação Ye, P. (2014). Does the Disposition Effect Matter in Corporate Takeovers? Evidence from Institutional Investors of Target Companies. Journal of Financial & Quantitative Analysis, 49(1), 221–248. doi:10.1017/S0022109014000180
Variantes carve-out Desai, C. A., Klock, M. S., & Mansi, S. A. (2011). On the acquisition of equity carve-outs. Journal of Banking & Finance, 35(12), 3432–3449. doi:10.1016/j.jbankfin.2011.05.021
Variantes carve-out Fulghieri, P., & Sevilir, M. (2011). Mergers, Spinoffs, and Employee Incentives. Review of Financial Studies, 24(7), 2207–2241.
Variantes carve-out Perotti, E., & Rossetto, S. (2007). Unlocking value: Equity carve outs as strategic real options. Journal of Corporate Finance, 13(5), 771–792. doi:10.1016/j.jcorpfin.2007.03.007
Variantes carve-out Thompson, T. H., & Apilado, V. (2009). An examination of the impact of equity carve-outs on stockholder and bondholder wealth. Journal of Economics and Business, 61(5), 376–391. doi:10.1016/j.jeconbus.2009.02.001
Variantes carve-out Van den Bogaard, M. A., & Speklé, R. F. (2003). Reinventing the hierarchy: strategy and control in the Shell Chemicals carve-out. Management Accounting Research, 14(2), 79–93. doi:10.1016/S1044-5005(03)00020-9
Variantes LBO Achleitner, A.-K., Braun, R., Hinterramskogler, B., & Tappeiner, F. (2012). Structure and Determinants of Financial Covenants in Leveraged Buyouts*. Review of Finance, 16(3), 647–684.
Variantes LBO Ang, J., Hutton, I., & Majadillas, M. A. (2014). Manager Divestment in Leveraged Buyouts. European Financial Management, 20(3), 462–493. doi:10.1111/j.1468-036X.2013.12018.x
Variantes LBO Ivashina, V., & Kovner, A. (2011). The Private Equity Advantage: Leveraged Buyout Firms and Relationship Banking. Review of Financial Studies, 24(7), 2462–2498.
Variantes LBO Jianxin Gong, J., & Yuching Wu, S. (2011). CEO Turnover in Private Equity Sponsored Leveraged Buyouts. Corporate Governance: An International Review, 19(3), 195–209. doi:10.1111/j.1467-8683.2010.00834.x
Variantes LBO Shivdasani, A., & Wang, Y. (2011). Did Structured Credit Fuel the LBO Boom? Journal of Finance, 66(4), 1291–1328. doi:10.1111/j.1540-6261.2011.01667.x
Variantes LBO Siegel, D., Wright, M., & Filatotchev, I. (2011). Private Equity, LBOs, and Corporate Governance: International Evidence. Corporate Governance: An International Review, 19(3), 185–194. doi:10.1111/j.1467-8683.2010.00842.x
Estr. propriedade estrutura de propriedade Franks, J., Mayer, C., Volpin, P., & Wagner, H. F. (2012). The Life Cycle of Family Ownership: International Evidence. Review of Financial Studies, 25(6), 1675–1712.
Estr. propriedade estrutura de propriedade Kim, W. (2012). Investor Protection and the Mode of Acquisition: Implications for Ownership Dilution and Formation of Pyramids. Financial Management (Wiley-Blackwell), 41(1), 55–93. doi:10.1111/j.1755-053X.2012.01178.x
Estr. propriedade estrutura de propriedade Ouimet, P. P. (2013). What Motivates Minority Acquisitions? The Trade-Offs between a Partial Equity Stake and Complete Integration. Review of Financial Studies, 26(4), 1021–1047.
Estr. propriedade estrutura de propriedade Brickley, J. A., Lease, R. C., & Smith Jr., C. W. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20, 267–291. doi:10.1016/0304-405X(88)90047-5
Estr. propriedade estrutura de propriedade Cumming, D., Fleming, G., & Johan, S. A. (2011). Institutional Investment in Listed Private Equity. European Financial Management, 17(3), 594–618. doi:10.1111/j.1468-036X.2011.00595.x
Estr. propriedade estrutura de propriedade Foley, C. F., & Greenwood, R. (2010). The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection. Review of Financial Studies, 23(3), 1231–1260.
Estr. propriedade estrutura de propriedade Henrekson, M., & Jakobsson, U. (2012). The Swedish Corporate Control Model: Convergence, Persistence or Decline? Corporate Governance: An International Review, 20(2), 212–227. doi:10.1111/j.1467-8683.2011.00889.x
Private equity anjos DeGennaro, R. P., & Dwyer, G. P. (2014). Expected Returns to Stock Investments by Angel Investors in Groups. European Financial Management, 20(4), 739–755. doi:10.1111/eufm.12002
Private equity PE/VC estratégia Lerner, J., Sorensen, M., & Strömberg, P. (2011). Private Equity and Long-Run Investment: The Case of Innovation. Journal of Finance, 66(2), 445–477. doi:10.1111/j.1540-6261.2010.01639.x
Private equity PE/VC estratégia Bengtsson, O. (2013). Relational venture capital financing of serial founders. Journal of Financial Intermediation, 22(3), 308–334. doi:10.1016/j.jfi.2013.04.002
Private equity PE/VC estratégia Caselli, S., Garcia-Appendini, E., & Ippolito, F. (2013). Contracts and returns in private equity investments. Journal of Financial Intermediation, 22(2), 201–217. doi:10.1016/j.jfi.2012.08.002
Private equity PE/VC estratégia Chemmanur, T. J., Krishnan, K., & Nandy, D. K. (2011). How Does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface. Review of Financial Studies, 24(12), 4037–4090.
Private equity PE/VC estratégia Chemmanur, T. J., Loutskina, E., & Tian, X. (2014). Corporate Venture Capital, Value Creation, and Innovation. Review of Financial Studies, 27(8), 2434–2473.
Private equity PE/VC estratégia Fang, L., Ivashina, V., & Lerner, J. (2013). Combining Banking with Private Equity Investing. Review of Financial Studies, 26(9), 2139–2173.
Private equity PE/VC estratégia Fidrmuc, J. P., Palandri, A., Roosenboom, P., & van Dijk, D. (2013). When Do Managers Seek Private Equity Backing in Public-to-Private Transactions?*. Review of Finance, 17(3), 1099–1139.
Private equity PE/VC estratégia Lahr, H., & Mina, A. (2014). Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments. Financial Management (Wiley-Blackwell), 43(2), 291–325.
Private equity PE/VC estratégia Lerner, J. (2011). The Future of Private Equity. European Financial Management, 17(3), 423–435. doi:10.1111/j.1468-036X.2010.00589.x
Private equity PE/VC estratégia Metrick, A., & Yasuda, A. (2010). The Economics of Private Equity Funds. Review of Financial Studies, 23(6), 2303–2341.
Private equity PE/VC estratégia Metrick, A., & Yasuda, A. (2011). Venture Capital and Other Private Equity: a Survey. European Financial Management, 17(4), 619–654. doi:10.1111/j.1468-036X.2011.00606.x
Private equity PE/VC estratégia Nielsen, K. M. (2011). The Return to Direct Investment in Private Firms: New Evidence on the Private Equity Premium Puzzle. European Financial Management, 17(3), 436–463. doi:10.1111/j.1468-036X.2010.00562.x
Private equity PE/VC sociedade Ernst, S., Koziol, C., & Schweizer, D. (2013). Are Private Equity Investors Boon or Bane for an Economy?-A Theoretical Analysis. European Financial Management, 19(1), 180–207. doi:10.1111/j.1468-036X.2012.00586.x
Private equity PE/VC sociedade Imad’Eddine, G., & Schwienbacher, A. (2013). International Capital Flows into the European Private Equity Market. European Financial Management, 19(2), 366–398. doi:10.1111/j.1468-036X.2012.00604.x
Private equity PE/VC sociedade Kräussl, R., & Krause, S. (2014). Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985–2009. European Financial Management, 20(1), 179–205. doi:10.1111/j.1468-036X.2013.12012.x
PE governança PE/VC governança Acharya, V. V., Gottschalg, O. F., Hahn, M., & Kehoe, C. (2013). Corporate Governance and Value Creation: Evidence from Private Equity. Review of Financial Studies, 26(2), 368–402.
PE governança PE/VC governança Achleitner, A.-K., Betzer, A., Goergen, M., & Hinterramskogler, B. (2013). Private Equity Acquisitions of Continental European Firms: the Impact of Ownership and Control on the Likelihood of Being Taken Private. European Financial Management, 19(1), 72–107. doi:10.1002/eufm.569
PE governança PE/VC governança Achleitner, A.-K., Betzer, A., & Gider, J. (2010). Do Corporate Governance Motives Drive Hedge Fund and Private Equity Fund Activities? Ann-Kristin Achleitner, André Betzer and Jasmin Gider Corporate Governance Motives. European Financial Management, 16(5), 805–828. doi:10.1111/j.1468-036X.2010.00557.x
PE governança PE/VC governança Celikyurt, U., Sevilir, M., & Shivdasani, A. (2014). Venture Capitalists on Boards of Mature Public Firms. Review of Financial Studies, 27(1), 56–101.
PE governança PE/VC governança Humphery-Jenner, M. (2013). Diversification in Private Equity Funds: On knowledge-sharing, risk-aversion and limited-attention. Journal of Financial & Quantitative Analysis, 48(5), 1–50.
PE governança PE/VC way-out Achleitner, A.-K., & Figge, C. (2014). Private Equity Lemons? Evidence on Value Creation in Secondary Buyouts. European Financial Management, 20(2), 406–433. doi:10.1111/j.1468-036X.2012.00644.x
PE governança PE/VC way-out Ball, E., Chiu, H. H., & Smith, R. (2011). Can VCs Time the Market? An Analysis of Exit Choice for Venture-backed Firms. Review of Financial Studies, 24(9), 3105–3138.
PE governança PE/VC way-out Butler, A. W., & Goktan, M. S. (2013). On the role of inexperienced venture capitalists in taking companies public. Journal of Corporate Finance, 22, 299–319. doi:10.1016/j.jcorpfin.2013.06.004
PE governança PE/VC way-out Jelic, R., & Wright, M. (2011). Exits, Performance, and Late Stage Private Equity: the Case of UK Management Buy-outs. European Financial Management, 17(3), 560–593. doi:10.1111/j.1468-036X.2010.00588.x
PE governança PE/VC way-out Levis, M. (2011). The Performance of Private Equity-Backed IPOs. Financial Management (Wiley-Blackwell), 40(1), 253–277. doi:10.1111/j.1755-053X.2010.01141.x
PE governança PE/VC way-out Paeglis, I., & Veeren, P. (2013). Speed and consequences of venture capitalist post-IPO exit. Journal of Corporate Finance, 22, 104–123. doi:10.1016/j.jcorpfin.2013.04.005
Ações fechamento Sudarsanam, S., Wright, M., & Jian Huang. (2011). Target Bankruptcy Risk and Its Impact on Going Private Buyout Performance and Exit. Corporate Governance: An International Review, 19(3), 240–258. doi:10.1111/j.1467-8683.2011.00854.x
Ações fechamento Bharath, S. T., & Dittmar, A. K. (2010b). Why Do Firms Use Private Equity to Opt Out of Public Markets? Review of Financial Studies, 23(5), 1771–1818.
Ações fechamento Cumming, D., & Li, D. (2011). Run-up of Acquirer’s Stock in Public and Private Acquisitions. Corporate Governance: An International Review, 19(3), 210–239. doi:10.1111/j.1467-8683.2010.00838.x
Ações fechamento Geranio, M., & Zanotti, G. (2012). Equity Markets Do Not Fit All: an Analysis of Public-to-Private Deals in Continental Europe. European Financial Management, 18(5), 867–895. doi:10.1111/j.1468-036X.2010.00556.x
Ações fechamento Mehran, H., & Peristiani, S. (2010). Financial Visibility and the Decision to Go Private. Review of Financial Studies, 23(2), 519–547. doi:10.1093/rfs/hhp044
Ações fechamento Sudarsanam, S., Wright, M., & Jian Huang. (2011b). Target Bankruptcy Risk and Its Impact on Going Private Buyout Performance and Exit. Corporate Governance: An International Review, 19(3), 240–258. doi:10.1111/j.1467-8683.2011.00854.x
Ações IPO agentes Abrahamson, M., Jenkinson, T., & Jones, H. (2011). Why Don’t U.S. Issuers Demand European Fees for IPOs? Journal of Finance, 66(6), 2055–2082. doi:10.1111/j.1540-6261.2011.01699.x
Ações IPO agentes Bubna, A., & Prabhala, N. R. (2011). IPOs with and without allocation discretion: Empirical evidence. Journal of Financial Intermediation, 20(4), 530–561. doi:10.1016/j.jfi.2010.12.004
Ações IPO agentes Chemmanur, T. J., Hu, G., & Huang, J. (2010). The Role of Institutional Investors in Initial Public Offerings. Review of Financial Studies, 23(12), 4496–4540.
Ações IPO agentes Chiang, Y.-M., Hirshleifer, D., Qian, Y., & Sherman, A. E. (2011). Do Investors Learn from Experience? Evidence from Frequent IPO Investors. Review of Financial Studies, 24(5), 1560–1589.
Ações IPO agentes Liu, X., & Ritter, J. R. (2010). The Economic Consequences of IPO Spinning. Review of Financial Studies, 23(5), 2024–2059.
Ações IPO estratégia Chemmanur, T. J., He, S., & Nandy, D. K. (2010). The Going-Public Decision and the Product Market. Review of Financial Studies, 23(5), 1855–1908.
Ações IPO estratégia Hsu, H.-C., Reed, A. V., & Rocholl, J. (2010). The New Game in Town: Competitive Effects of IPOs. Journal of Finance, 65(2), 495–528. doi:10.1111/j.1540-6261.2009.01542.x
Ações IPO processo Cumming, D., Haß, L. H., & Schweizer, D. (2014). The fast track IPO – Success factors for taking firms public with SPACs. Journal of Banking & Finance, 47, 198–213. doi:10.1016/j.jbankfin.2014.07.003
Ações IPO processo Hanley, K. W., & Hoberg, G. (2010). The Information Content of IPO Prospectuses. Review of Financial Studies, 23(7), 2821–2864.
Ações IPO processo Hao, (Grace) Qing. (2011). Securities litigation, withdrawal risk and initial public offerings. Journal of Corporate Finance, 17(3), 438–456. doi:10.1016/j.jcorpfin.2010.12.005
Ações IPO processo Wang, T. Y., Winton, A., & Yu, X. (2010). Corporate Fraud and Business Conditions: Evidence from IPOs. Journal of Finance, 65(6), 2255–2292. doi:10.1111/j.1540-6261.2010.01615.x
Ações IPO valor Akyol, A. C., Cooper, T., Meoli, M., & Vismara, S. (2014). Do regulatory changes affect the underpricing of European IPOs? Journal of Banking & Finance, 45, 43–58. doi:10.1016/j.jbankfin.2014.04.020
Ações IPO valor Banerjee, S., Dai, L., & Shrestha, K. (2011). Cross-country IPOs: What explains differences in underpricing? Journal of Corporate Finance, 17(5), 1289–1305. doi:10.1016/j.jcorpfin.2011.06.004
Ações IPO valor Bayar, O., & Chemmanur, T. J. (2012). What drives the valuation premium in IPOs versus acquisitions? An empirical analysis. Journal of Corporate Finance, 18(3), 451–475. doi:10.1016/j.jcorpfin.2012.01.007
Ações IPO valor Hahn, T., Ligon, J. A., & Rhodes, H. (2013). Liquidity and initial public offering underpricing. Journal of Banking & Finance, 37(12), 4973–4988. doi:10.1016/j.jbankfin.2013.09.004
Ações IPO valor Lowry, M., Officer, M. S., & Schwert, G. W. (2010). The Variability of IPO Initial Returns. Journal of Finance, 65(2), 425–465. doi:10.1111/j.1540-6261.2009.01540.x
Ações IPO valor Roosenboom, P. (2012). Valuing and pricing IPOs. Journal of Banking & Finance, 36(6), 1653–1664. doi:10.1016/j.jbankfin.2012.01.009
Ações PIPE Bengtsson, O., Dai, N., & Henson, C. (2014). SEC enforcement in the PIPE market: Actions and consequences. Journal of Banking & Finance, 42, 213–231. doi:10.1016/j.jbankfin.2014.02.002
Ações PIPE Chaplinsky, S., & Haushalter, D. (2010). Financing under Extreme Risk: Contract Terms and Returns to Private Investments in Public Equity. Review of Financial Studies, 23(7), 2789–2820.
Ações PIPE Dai, N., Jo, H., & Schatzberg, J. D. (2010). The Quality and Price of Investment Banks’ Service: Evidence from the PIPE Market. Financial Management (Wiley-Blackwell), 39(2), 585–612. doi:10.1111/j.1755-053X.2010.01085.x
Ações SEO Altı, A., & Sulaeman, J. (2012). When do high stock returns trigger equity issues? Journal of Financial Economics, 103(1), 61–87. doi:10.1016/j.jfineco.2011.08.007
Ações SEO Bradley, D., & Yuan, X. (2013). Information spillovers around seasoned equity offerings. Journal of Corporate Finance, 21, 106–118. doi:10.1016/j.jcorpfin.2013.01.006
Ações SEO Chan, P. T., & Walter, T. (2014). Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers. Journal of Banking & Finance, 44, 177–188. doi:10.1016/j.jbankfin.2014.04.006
Ações SEO Karpoff, J. M., Lee, G., & Masulis, R. W. (2013). Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings. Journal of Financial Economics, 110(3), 607–626. doi:10.1016/j.jfineco.2013.08.015
Ações SEO Lin, J.-C., & Wu, Y. (2013). SEO timing and liquidity risk. Journal of Corporate Finance, 19, 95–118. doi:10.1016/j.jcorpfin.2012.09.005
Dívida crédito Agarwal, S., & Hauswald, R. (2010). Distance and Private Information in Lending. Review of Financial Studies, 23(7), 2757–2788.
Dívida crédito Das, S., Kalimipalli, M., & Nayak, S. (2014). Did CDS trading improve the market for corporate bonds? Journal of Financial Economics, 111(2), 495–525. doi:10.1016/j.jfineco.2013.11.004
Dívida crédito De Haas, R., & Van Horen, N. (2013). Running for the Exit? International Bank Lending During a Financial Crisis. Review of Financial Studies, 26(1), 244–285.
Dívida crédito Fernando, C. S., May, A. D., & Megginson, W. L. (2012). The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers. Journal of Finance, 67(1), 235–270. doi:10.1111/j.1540-6261.2011.01711.x
Dívida crédito Lockhart, G. B. (2014). Credit lines and leverage adjustments. Journal of Corporate Finance, 25, 274–288. doi:10.1016/j.jcorpfin.2013.12.011
Dívida crédito Santikian, L. (2014). The ties that bind: Bank relationships and small business lending. Journal of Financial Intermediation, 23(2), 177–213. doi:10.1016/j.jfi.2013.11.004
Dívida crédito Schenone, C. (2010). Lending Relationships and Information Rents: Do Banks Exploit Their Information Advantages? Review of Financial Studies, 23(3), 1149–1199.
Dívida crédito Uchida, H., Udell, G. F., & Yamori, N. (2012). Loan officers and relationship lending to SMEs. Journal of Financial Intermediation, 21(1), 97–122. doi:10.1016/j.jfi.2011.06.002
Dívida garantias Berger, A. N., Espinosa-Vega, M. A., Frame, W. S., & Miller, N. H. (2011). Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information. Journal of Financial Intermediation, 20(1), 55–70. doi:10.1016/j.jfi.2010.01.001
Dívida renegociação Daniels, K. N., Hurtado, F. D., & Ramírez, G. G. (2013). An empirical investigation of corporate bond clawbacks (IPOCs): Debt renegotiation versus exercising the clawback option. Journal of Corporate Finance, 20, 14–21. doi:10.1016/j.jcorpfin.2012.11.001
Project finance dívida transitória DeAngelo, H., DeAngelo, L., & Whited, T. M. (2011). Capital structure dynamics and transitory debt. Journal of Financial Economics, 99(2), 235–261. doi:10.1016/j.jfineco.2010.09.005
Mezaninos coco bonds Berg, T., & Kaserer, C. (n.d.). Does contingent capital induce excessive risk-taking? Journal of Financial Intermediation. doi:10.1016/j.jfi.2014.11.002
Mezaninos coco bonds Corcuera, J. M., De Spiegeleer, J., Fajardo, J., Jönsson, H., Schoutens, W., & Valdivia, A. (2014). Close form pricing formulas for Coupon Cancellable CoCos. Journal of Banking & Finance, 42, 339–351. doi:10.1016/j.jbankfin.2014.01.025
Mezaninos coco bonds Koziol, C., & Lawrenz, J. (2012). Contingent convertibles. Solving or seeding the next banking crisis? Journal of Banking & Finance, 36(1), 90–104. doi:10.1016/j.jbankfin.2011.06.009
Mezaninos conversíveis Bechmann, K. L., Lunde, A., & Zebedee, A. A. (2014). In- and out-of-the-money convertible bond calls: Signaling or price pressure? Journal of Corporate Finance, 24, 135–148. doi:10.1016/j.jcorpfin.2013.11.002
Mezaninos conversíveis Chemmanur, T. J., Nandy, D., Yan, A., & Jiao, J. (2014). A theory of mandatory convertibles. Journal of Banking & Finance, 42, 352–370. doi:10.1016/j.jbankfin.2014.01.024
Mezaninos conversíveis Dorion, C., François, P., Grass, G., & Jeanneret, A. (2014). Convertible debt and shareholder incentives. Journal of Corporate Finance, 24, 38–56. doi:10.1016/j.jcorpfin.2013.10.008
Mezaninos conversíveis Duca, E., Dutordoir, M., Veld, C., & Verwijmeren, P. (2012). Why are convertible bond announcements associated with increasingly negative issuer stock returns? An arbitrage-based explanation. Journal of Banking & Finance, 36(11), 2884–2899. doi:10.1016/j.jbankfin.2012.03.019
Mezaninos conversíveis Finnerty, J. D. (2015). Valuing convertible bonds and the option to exchange bonds for stock. Journal of Corporate Finance, 31, 91–115. doi:10.1016/j.jcorpfin.2014.12.012
Mezaninos conversíveis Finnerty, J. D., Jiao, J., & Yan, A. (2012). Convertible securities in merger transactions. Journal of Banking & Finance, 36(1), 275–289. doi:10.1016/j.jbankfin.2011.07.003
Mezaninos conversíveis Henderson, B. J., & Zhao, B. (2014). More than meets the eye: Convertible bond issuers’ concurrent transactions. Journal of Corporate Finance, 24, 57–79. doi:10.1016/j.jcorpfin.2013.10.001
Mezaninos conversíveis King, T.-H. D., & Mauer, D. C. (2014). Determinants of corporate call policy for convertible bonds. Journal of Corporate Finance, 24, 112–134. doi:10.1016/j.jcorpfin.2012.06.011
Mezaninos conversíveis Lyandres, E., & Zhdanov, A. (2014). Convertible debt and investment timing. Journal of Corporate Finance, 24, 21–37. doi:10.1016/j.jcorpfin.2013.06.006
Mezaninos conversíveis Tewari, M., Byrd, A., & Ramanlal, P. (2015). Callable bonds, reinvestment risk, and credit rating improvements: Role of the call premium. Journal of Financial Economics, 115(2), 349–360. doi:10.1016/j.jfineco.2014.09.011