Financial Management articles from December 1998

Financial Management archives from December 1998

The shareholder wealth implications of corporate lawsuits.(includes appendix)
December 22, 1998... The modern corporation interacts with the external environment in many ways. Examples of external interfaces include: suppliers of raw materials, labor, and intermediate products in input markets; suppliers of funds in capital markets;...

The comparative efficiency of small-firm bankruptcies: a study of the US and Finnish bankruptcy codes.
December 22, 1998... This paper compares the relative efficiency of the two major types of bankruptcy law. The first is the debtor-oriented American bankruptcy code; the second is the creditor- and liquidation-oriented legislation common in Europe. To make the...

Clientele effects and cross-security market making: evidence from calls of convertible preferred securities.
December 22, 1998... Convertible securities (e.g., convertible bonds and convertible preferred stocks) often include call provisions. Many studies find a negative average market reaction to calls of in-the-money convertible securities.(1) Harris and Raviv (1985)...

The underinvestment problem and corporate derivatives use.
December 22, 1998... In a perfect world such as that of Modigliani and Miller (1958), there would almost be no justification for corporations to engage in hedging, including those strategies that use derivatives. However, financial economics offers several...

1998 Wharton survey of financial risk management by US non-financial firms.(includes appendix)
December 22, 1998... This is the third in a series of surveys on financial risk management practice and derivatives use by nonfinancial corporations in the United States undertaken by the Weiss Center for International Financial Research of the Wharton School and...

Migration of corporate payments from check to electronic format: a report on the current status of payments.
December 22, 1998... The Treasury Management Association (TMA) is a professional association representing executives in treasury and financial management positions as well as those who provide services to the profession. TMA regularly conducts survey research to...

The importance of deviations from the absolute priority rule in Chapter 11 bankruptcy proceedings.
December 22, 1998... Frequent departures from the absolute priority rule (APR) in Chapter 11 bankruptcy proceedings have been of great interest to finance researchers over the past several years. Since the publication of Franks and Torous (1989), Eberhart, Moore,...

Currency and interest-rate derivatives use in US firms.
December 22, 1998... Because corporate use of derivatives is increasing so rapidly, practitioners, regulators, and academics need to know how and why firms use these relatively new financial contracts. Thus, the purpose of our paper is to study the patterns and...