search query: @author Lease, R. C. / total: 10
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| Author: | Pinegar, J. M. Lease, R. C. |
| Title: | The impact of preferred-for-common exchange offers on firm value. |
| Journal: | Journal of Finance
1986 : SEP, VOL. 41:4, p. 795-814 |
| Index terms: | CAPITAL STRUCTURE OF COMPANIES CORPORATION TAX |
| Language: | eng |
| Abstract: | The impact of capital changes which have no corporate tax consequences is examined. Specifically,exchange offers involving preferred and common stock are analyzed. The results are that systematic changes in firm value occur when companies announce preferred-for-common exchange offers. There is also a weaker evidence suggesting the existence of agency cost effects or wealth redistributions across security classes. Consequently,the capital structure changes need not alter the tax status of the issuing firm to affect firm value. |
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