@article {1969201,
	title = {Emerging from bankruptcy with when-issued trading},
	journal = {Financial Review},
	volume = {47},
	year = {2012},
	month = {2012},
	pages = {445-467},
	abstract = {We examine the set of firms that emerged from Chapter 11 bankruptcy and traded on a when-issued basis prior to their official return to the regular way in NASDAQ, Amex, or NYSE. We find that this when-issued market is liquid and price efficient. The when-issued closing price is a good indicator of the first closing price in the regular way market. Emerging firms that have when-issued trading experience lower regular way volatility and smaller relative spreads than those without when-issued trading. Our probit regressions show that firm size is an important determinant of the adoption of when-issued trading.},
	keywords = {Finance},
	author = {Brooks,Raymond and Yang,Jimmy}
}