Maxwell is with the University of Arizona. Rao is with Oklahoma State University. We are particularly grateful to the anonymous referee whose suggestions significantly improved the paper. We would like to thank seminar participants at Georgetown University, George Washington University, the University of Georgia, Oklahoma State University, Southern Methodist University, Texas Tech University, Virginia Tech, and William and Mary for helpful comments and suggestions. We also thank Ro Gutierrez, Jim Linck, Erik Lie, Dave Mauer, Allan Eberhart, Kumar Venkataraman, John Polonchek, Tom Gosnell, Bill Elliott, Tim Krehbiel, and Dave Carter for suggestions that improved the paper. Special thanks go to Martin Fridson, Merrill Lynch, and Mark Shenkman and Mark Flanagan, Shenkman Capital Management, for their insights and perceptions into how bondholders view and react to spin-offs. This paper was initiated while both authors were affiliated with Texas Tech University. We thank the Wayne and Gladys Valley Foundation for a research grant to obtain data for the study. Finally we would like to thank Keldon Bauer, Mark Swanstrom, Moe Sann, and Vusal Najafov for able research assistance.
Do Spin-offs Expropriate Wealth from Bondholders?
Version of Record online: 11 SEP 2003
© 2003 the American Finance Association
The Journal of Finance
Volume 58, Issue 5, pages 2087–2108, October 2003
How to Cite
Maxwell, W. F. and Rao, R. P. (2003), Do Spin-offs Expropriate Wealth from Bondholders?. The Journal of Finance, 58: 2087–2108. doi: 10.1111/1540-6261.00598
- Issue online: 11 SEP 2003
- Version of Record online: 11 SEP 2003
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