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| Author: | Nai-fu, C. |
| Title: | Financial restructuring and common stock returns : A survey of the U.S. Experience. |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1988 : SEP, VOL. 40:9, p. 768-778 |
| Index terms: | CAPITAL MARKETS MERGERS TENDER OFFERS CAPITAL STRUCTURE OF COMPANIES USA |
| Language: | eng |
| Abstract: | Security offerings are generally perceived as negative information, repurchases as positive information, and exchanges of senior for junior claims as positive information about the firm. If the priority of security claims is the same in another country, the information effect of issuing, repurchasing or exchanging securities will be the same. If there is inflation, it will increase the nominal value of corporate assets and decrease the real value of any non-indexed debt obligation. Depending on the tax codes, it may provide incentives for corporations to restructure and those who try first will be able to profit. |
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