Do Spin‐offs Expropriate Wealth from Bondholders?
By William F. Maxwell, R. Rao. 2003
172 citations recorded by the source corpus.
Subfields: Accounting, Finance
View Paper: https://www.semanticscholar.org/paper/fd443a85072be844b9b330dca94432ff80687ffb
How researchers see this paper
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In Accounting
- Gonul Colak
- Toni M. Whited
- Lu Zhang
- Tor-Erik Bakke
- L. Frésard
- Dongmei Li
- Nemit Shroff
- Thierry Foucault
In Finance
- Gonul Colak
- Toni M. Whited
- Tor-Erik Bakke
- L. Frésard
- Lu Zhang
- Dongmei Li
- Thierry Foucault
- Nemit Shroff
Citations in the corpus
- Governance Mechanisms and Bond Prices (2007, unknown): “looking at spin-offs (Maxwell and Rao, 2003), mergers and acquisitions (Billet, King and Mauer, 2004), and seasoned equity offerings (Eberhart and Siddique, 2002)).”
- Spin-Offs, Divestitures, and Conglomerate Investment (2007, methodology): “First, we examine work that analyzes motives for spin-offs, such as Cusatis, Miles, andWoolridge (1993), Daley, Mehrotra and Sivakumar (1997), Krishnaswami and Subramaniam (1999), Desai and Jain (1999), and Maxwell and Rao (2003).”
- Corporate Governance and the Spinoff Decision (2007, unknown): “1 An increase in wealth for the firm’s equity holders can be partially attributable to a wealth transfer from bondholders (Maxwell and Rao, 2002).”
- Does Corporate Governance Matter to Bondholders? (2005, unknown): “8 For example, the stockholder-bondholder conflict is significant in spin-offs (Parrino, 1997; Maxwell and Rao, 2003), investment decisions (Parrino and Weisbach, 1999), and repurchases (Maxwell and Stephens, 2003).”
- Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers (2012, unknown): “3 Debt values fall in spinoffs (Maxwell and Rao, 2003), share repurchases (Maxwell and Stephens, 2003), takeovers and acquisitions (Shastry, 1990; Billet et al.”
- Top Management Incentives and the Pricing of Corporate Public Debt (2006, unknown): “…bondholders can also occur in firms whose risk may increase as a result of other types of managerial decisions, such as spin-offs (Parrino (1997), Maxwell and Rao (2003)), share repurchases (Maxwell and Stephens (2003)), takeovers (Shastri (1990)), acquisitions (Billet, King, and Mauer (2004)),…”
- Divestiture and Firm Performance: A Meta-Analysis (2010, unknown): “Although downplayed in Buckley’s (1991) review, subsequent research has adduced some limited support for the claimholder expropriation hypothesis (Maxwell & Rao, 2003).”