USING CAPITAL STRUCTURE TO COMMUNICATE WITH INVESTORS: THE CASE OF CUC INTERNATIONAL
This article is a shorter, less technical version of “The Challenges of Investor Communication: The Case of CUC International,”Journal of Financial Economics (1995). We wish to thank the participants of the Financial Decisions and Control workshop at the Harvard Business School, accounting workshops at Northwestern University, Cornell University, and Stanford Summer Camp, the Corporate Finance Workshop at the National Bureau of Economic Research, Andrew Alford, Mary Barth, Ravi Bhushan, Stuart Gilson, Michael Jensen, Bob Kaplan, Richard Ruback, Doug Skinner, Ro Verrecchia, Jerry Zimmerman, and an anonymous referee for comments on an earlier draft of the paper. We would also like to thank Stuart Bell (CFO) and Stephen Greyser (Director) of CUC for helping us with this research. This research was funded by the Division of Research at HBS and the International Financial Research Center at MIT.
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