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Financial Management articles from December 2005
Publication covering account management.
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Financial Management archives from December 2005
Active institutional shareholders and costs of monitoring: evidence from executive compensation.(role in monitoring management)
December 22, 2005... Although evidence suggests that institutional investors play a role in monitoring management, not all institutions are equally willing or able to serve this function. We present a stylized model that examines the effects of institutional...
Enhancing security value by ownership restrictions: evidence from a natural experiment.
December 22, 2005... We present new evidence from a natural experiment to show circumstances in which ownership restrictions can enhance value. Our evidence is based on multiple restricted bond issues by an emerging market issuer at 150 basis points lower than...
Understanding the endogeneity between firm value and shareholder rights.
December 22, 2005... I explore the relation between firm value and the shareholder rights-based Governance Index "G, " which has become a popular measure of governance quality among researchers and investors. I show that the relation is not spuriously driven by...
Liquidity risk and venture capital finance.
December 22, 2005... This article provides theory and evidence in support of the proposition that venture capitalists adjust their investment decisions according to liquidity conditions on IPO exit markets. We refer to technological risk as a choice variable in...
Debt maturity structure and firm investment.
December 22, 2005... This study shows that the maturity structure of a firm's debt has a significant impact on its investment decisions. We show, after controlling for the effect of the overall level of leverage, that a higher percentage of long-term debt in total...
Auditor's reputation and equity offerings: the case of Arthur Andersen.
December 22, 2005... The certifying and monitoring role of auditors is valuable to clients. By examining the impact of Arthur Andersen's worsening reputation on its clients, we find a 200 basis point more negative reaction to seasoned equity offering (SEO)...