01087nas a2200157   4500008004100000245005400041210005300095260000900148300001200157490000700169520061900176653001200795100002000807700001600827856008600843       2012                        eng d00aEmerging from bankruptcy with when-issued trading0 aEmerging from bankruptcy with whenissued trading  c2012  a445-4670 v473 aWe 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.10aFinance1 aBrooks, Raymond1 aYang, Jimmy  u/biblio/emerging-bankruptcy-when-issued-trading-1