Financial Management articles from December 2001

Financial Management archives from December 2001

Divergence of opinion, uncertainty, and the quality of initial public offerings.(Statistical Data Included)
December 22, 2001... Xuemin Yan (*) We explore the relation between investor uncertainty, divergence of opinion, and the performance of initial public offerings (IPOs). We examine three opening-day proxies: the percentage opening spread, time of first trade,...

The distribution of fees within the IPO syndicate.(Statistical Data Included)
December 22, 2001... Sami Torstila (*) This paper examines the division of fees within the IPO underwriting syndicate using data on 4,186 US IPOs in the 1990s. Like the 7% gross spread, the standard contract of 20% management fee, 20% underwriting fee, and 60%...

Do shareholders benefit from the adoption of incentive pay for directors?(Statistical Data Included)
December 22, 2001... Ashok Robin(*) We assess the stock market reaction to proposals of incentive plans for directors in a sample of 289 firms. The reaction is both economically and statistically insignificant. This result suggests that shareholders do not...

Reversing corporate diversification and the use of the proceeds from asset sales: The case of Thorn EMI.(Statistical Data Included)
December 22, 2001... Aris Stouraitis (*) The restructuring of Thorn EMI transformed a diversified conglomerate trading at a diversification discount into a focused music company, while creating considerable value for shareholders. At the peak of its...