Issue Information ‐ TOC

• DOI: http://doi.org/10.1111/jacf.12199
• Date: 01 December 2016
• Published date: 01 December 2016

In This Issue: Capital Structure and Payout Policy

A Look Back at Modern Finance: Accomplishments and Limitations

An Interview with Eugene Fama

10 Eugene Fama, University of Chicago,

with Joel Stern, Stern Value Management

Proactive Leverage Increases and The Value of Financial Flexibility 17 David J. Denis, University of Pittsburgh, and

Stephen B. McKeon, University of Oregon

The Leveraging of Corporate America: A Long-Run Perspective on

Changes in Capital Structure

29 John R. Graham, Duke University, Mark T. Leary,

Washington University in St. Louis, and Michael R. Roberts,

University of Pennsylvania

Capital Structure Instability 38 Harry DeAngelo, University of Southern California, and

Richard Roll, Caltech and University of California at

Los Angeles

Which Creditors’ Rights Drive Financial Deepening

and Economic Development?

53 Charles W. Calomiris. Columbia University, Mauricio Larrain,

Ponticia Universidad Católica de Chile, and

José Liberti and Jason Sturgess, DePaul University

The Capital Structure of PE-Funded Companies (and How New Debt

Instruments and Investors Are Expanding Their Debt Capacity)

60 Joseph V. Rizzi, Macro Strategies LLC and DePaul University

Seniority Differentials in High Yield Bonds: Evolution, Valuation, and Ratings 68 Martin Fridson, Lehmann Livian Fridson Advisors LLC,

Yanzhe Yang and Jiajun Wang, FridsonVision LL

Do Corporate Managers Know When Their Shares Are Undervalued?

New Evidence Based on Actual (and Not Just Announced) Stock Buybacks

73 Amy Dittmar, University of Michigan, and

Laura Casares Field, University of Delaware

A Primer on the Financial Policies of Chinese Firms:

A Multi-country Comparison

86 Marc Zenner, Peter McInnes, Ram Chivukula, and

Phu Le, J.P. Morgan

Syndication of European Buyouts and its Effects on Target-Firm Performance 96 Nancy Huyghebaert, KU Leuven, and Randy Priem,

Financial Services and Markets Authority

Don’t Waste a Free Lunch: Managing the Advance Refunding Option 118 Andrew Kalotay, Andrew Kalotay Associates, Inc. and

Lori Raineri, Government Financial Strategies

The Economic Impact of Chapter 11 Bankruptcy versus Out-of-Court Restructuring 124 Donald Markwardt, Claude Lopez, and Ross DeVol,

Milken Institute

VOLUME 28 | NUMBER 4 | FALL 2016

APPLIED CORPORATE FINANCE

Journal of