Financial Management articles from December 1995

Financial Management archives from December 1995

Firm value and external blockholdings.
December 22, 1995... A growing body of theoretical and empirical literature exists in the area of ownership structure and its impact on corporate value. While the implications of inside ownership have been examined over several decades,(1) the literature on external...

Does the choice of auditor convey quality in an initial public offering?
December 22, 1995... This study examines the relationship between auditor quality and the characteristics of the Initial Public Offerings (IPOs) associated with it. Analyzing this relationship is interesting for at least two reasons. First, IPOs exhibit an average...

The dynamics of corporate dividend reductions. (includes appendix)
December 22, 1995... Commencing with the work of Lintner (1956), numerous studies have examined the dividend policies of corporations. Miller and Modigliani (1961) ignited the debate concerning the importance of dividend policy with their dividend irrelevance...

Employee stock ownership plans, firm performance, and monitoring by outside blockholders. (includes appendix)
December 22, 1995... The number of Employee Stock Ownership Plans (ESOPs) has increased dramatically in recent years, focusing attention on whether ESOPs are used to enhance employees' motivation or to prevent outside hostile bids. The ESOP awards a fraction of...

An upper bound for the firm's cost of employee stock options. (includes appendices)
December 22, 1995... Employee stock options (ESOs) are a popular and often significant component of executive compensation. It follows that information on the firm's cost of ESOs is necessary for designing executive compensation, for evaluating the cost of...