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The objective of this paper is to test whether companies use corporate bond reopenings to exploit overvalued debt. Reopenings represent new debt offerings, which are characterized through identical configurations as an already outstanding bond, but with a market-adjusted price. Their advantage lies with the fact that fewer preparations are required compared to a new regular offering. For a set of European companies our results suggest that stockholders respond less positively to the announcements of reopenings than to regular offerings. This effect is stronger, the higher the pre-issue bond price run-up, and the stock price reaction is directly linked to the change in the firm’s debt value. Additionally, the prices of the reopened bonds drop on the announcement day. Therefore, in line with the window of opportunity theory, the firm’s management appears to use reopenings as a fast and inexpensive way to raise debt capital, which leads stockholders and bondholders to suspect an overvaluation and therefore to adjust their price expectations. The analysis also reveals that the redistribution of wealth from bondholders to stockholders is a major determinant for the observed price changes. [ABSTRACT FROM AUTHOR]

From the early months of the Spanish civil war (1936–9) the American Friends Service Committee (AFSC), the American Quakers’ central service organization, was engaged in a large-scale relief operation on both sides of the front line. While Quaker aid workers on the ground were running hospitals, orphanages and child feeding stations on the Republican and Nationalist side, the operation triggered a sometimes heated debate at home. Quakers had to bridge the tension between the universalist ethos of a transnationally connected and internationally active religious group whose individual parts, in turn, closely integrated into, and were largely dependent on a national framework of action consisting of governments, the media and national-based groups of donors and supporters. Against this backdrop the article will reflect on the complex and shifting meaning of humanitarian neutrality. In the article the author will show how the claim to neutrality, always contested and precarious, could work as a gate opener for humanitarian aid vis-à-vis state and non-state actors alike, as a platform for co-operation with international institutions as well as a deliberately used capital on an increasingly competitive ‘humanitarian market place’. [ABSTRACT FROM PUBLISHER]