Financial Management articles from December 2004

Financial Management archives from December 2004

The pricing of equity IPOs that follow public debt offerings.
December 22, 2004... We examine the underpricing of initial public offerings (IPOs) of equity by firms that make prior public debt offerings. We find that subsequent IPOs are associated with significantly lower underpricing. Further, the price dispersion of the...

The long-run performance of mergers and acquisitions: evidence from the Canadian stock market.
December 22, 2004... We study the long-term performance of 267 Canadian mergers and acquisitions that take place between 1980 and 2000, using different calendar-time approaches with and without overlapping cases. Our results suggest that Canadian acquirers...

Is acquiring-firm shareholder approval in stock-for-stock mergers perfunctory?
December 22, 2004... Despite mixed stock returns for acquirer shareholders in large stock-for-stock mergers, acquiring-firm merger proxy votes rarely fail; in the sample we examine, the average approval rate of votes cast is 95%. Our examination of whether merger...

Corporate finance in Europe: confronting theory with practice.
December 22, 2004... We present the results o fan international survey of 313 European CFOs on capital budgeting, cost of capital, capital structure, and corporate governance. We find that although large firms often use present value techniques and the capital...

Cross-country determinants of capital structure choice: a survey of European firms.
December 22, 2004... We survey managers in 16 European countries on the determinants of capital structure. Financial flexibility and earnings per share dilution are primary concerns of managers in issuing debt and common stock, respectively. Managers also value...

Is an article in a top journal a top article?
December 22, 2004... This study ranks 15 leading finance journals by the average number of Social Sciences Citation Index cites per articles for articles published in 1996. It also defines a "top article," compared to an "article in a top journal. " Using different...