TY  - JOUR
T1  - Emerging from bankruptcy with when-issued trading
JF  - Financial Review
Y1  - 2012
A1  - Brooks,Raymond
A1  - Yang,Jimmy
KW  - Finance
AB  - 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.
VL  - 47
U2  - a
U4  - 8582115329
ID  - 8582115329
ER  -